All case studies
Goat Funded Trader

$4.66M in revenue, built from zero.

Goat Funded TraderWebsite

Industry
Forex prop trading
Channels
Meta Ads, Google Ads
Services
Performance Media, Performance Creatives
ROAS
8.6×
Conversions
30,342
Ad spend
$542K
Avg CPA
$17.9

Sep 2023 - Jan 2025, 17 months

Who is Goat Funded Trader

Goat Funded Trader is a forex prop trading firm: it gives traders simulated capital and pays out real rewards. We took on paid acquisition on Meta and Google, with English-language creative for international markets.

Where we started

We started from nothing: no account history and no conversion data. Every funnel, on both channels, had to be built from scratch.

What we changed

  1. Two channels, built from scratch

    We set up acquisition funnels on Meta and Google from day one, with no past data to lean on, and worked them until both were profitable.

  2. Europe and Italy, run apart

    Prospecting for Europe and a separate campaign for Italy, each with its own budget, and retargeting on its own. On Meta in Dec 2024 - Jan 2025: Europe 17.5× ROAS, Italy 15.6×, retargeting 23.4×.

  3. One offer a day for Christmas

    From Dec 6 to Dec 25 the account ran an advent calendar: a new deal every day, from discount codes to account giveaways. The ad that announced it returned 34× ROAS.

    Goat Funded Trader ad
    34× ROAS
  4. Budget scaled step by step

    Spend went up only as fast as returns held. Over 17 months that took the account past half a million dollars, at an average ROAS of 8.6×.

Campaign and ad figures as reported by Meta Ads Manager, Dec 2024 - Jan 2025.

The ads that ran

ROAS per ad as reported by Meta Ads Manager, Dec 2024 - Jan 2025.

Where the return came from

Meta Ads
Spend$215K
Revenue$2.13M
ROAS
9.9×
Purchases
17,529
CPA
$12.25
Share of spend
40%
Google Ads
Spend$327K
Revenue$2.53M
ROAS
7.7×
Conversions
12,813
CPA
$25.55
Share of spend
60%

$542K in.
$4.66M out.

Every dollar of ad spend returned $8.59 in revenue, Sep 2023 - Jan 2025.

  • $4.66M in direct revenue from $542K in ad spend: 8.6× average ROAS.
  • 30,342 conversions at an average CPA of $17.87.
  • Meta returned the most per dollar, 9.9× against 7.7× on Google, while Google carried 60% of the spend.
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