Choosing a good prop trading firm is important as it can affect a prop trader’s career. These companies offer funded accounts so you can trade and share a portion of your earnings. Now, this requires a great deal of trust as you will be investing your time, effort and money into buying a prop trading challenge.
For this reason, we’ve put together a list of the top 5 Forex prop trading firms for traders in 2024, providing details on their Snapshot, profit-sharing schemes, charges, and related benefits and drawbacks that will help in your decision-making. Also, find out How SureShotFX can help you in your prop trading challenge!
Are Prop Trading Firms Legit?
The quick answer is A BIG YES, there are numerous trustworthy prop firms in the United States. However, it is important to act with caution to avert scams. Keep reading on to know more-
1. FTMO Review
Snapshot: FTMO, an established name among prop trading firms, was originally known as MyForexUniverse. FTMO was established in 2015 and has facilitated over $350 million in funding for traders since then. Account sizes range from $10,000 to a whopping $400,000, depending on traders passing a two-step challenge. Learn more.
Profit Split: FTMO divides profits simply, 80/20. That means that assuming you make $10,000 in profits in a month, FTMO takes $2,000 and you keep $8,000 of that. Forex prop firm traders are drawn to this flexibility in profit split as well as the ability to withdraw profits without restrictions at any moment from FTMO.
Cost: To work alongside FTMO, you must first complete their two-step challenge. The basic evaluation challenge costs €155 and, if passed, grants you access to a $10,000 account. An additional feature is when you successfully pass both challenge phases, you will get refund of your subscription fee along with your first profit split.
Pros and Cons:
Pros: Here are the key factors of FTMO-
- Large account sizes available for skilled traders.
- Low failure rate in previous years (meaning more traders succeed)
- To stimulate collaboration, there is an active and welcoming community on Discord.
- Multiple currency options provide traders with flexibility.
Cons: Here are the things you may need to think twice about-
- Strict risk and trading limits (they don’t want you taking crazy risks with their money)
- Payment methods in the United States are limited (mostly bank wires)
- For newcomers, a 15% profit share may seem excessive.
- Profit distribution is affected by tight profit splitting beyond the smallest account.
2. E8 Funding Review
Snapshot: E8 Funding, which was founded in 2021, is a rising star in the prop firm scene, already within the top list of prop trading firms with its unique social features and massive profit splits. They have account sizes ranging from $25,000 to a hefty $200,000. Learn more.
Profit Split: E8 Funding begins with an 80% profit share; however, this can be expanded! You can increase it to 85% after six months of constant achievement. And if you truly nail it for two years or make $3 million in profits, you could be making 90%. Profit splits gradually improving over time provide a motivation for traders to stay with the firm and boost their earning potential.
Cost: The lowest 2-step evaluation fee of $ 228 is the only cost to start your journey with E8 Funding. They also have a 3-step evaluation option with lower fee starting at only $138. There are no monthly fees, commissions, or hidden costs. They also rent out expert instruments and indicators if you’re looking to take trading skills to the next level.
Pros and Cons:
- Profit split percentages are high and rising, promoting long-term commitment.
- Strong community involvement tools, such as leaderboards and contests.
- Several demo tasks are available to assess your readiness before investing.
- You have 3-step option available if you want to put yourself on track to trading.
- In light of the prop trading firms age, it has a limited track record.
- Focus may be limited, especially in instruments besides the main FOREX pairs.
- Some newcomers may be put off by the high initial evaluation charge.
- Instruments are limited in comparison to certain competitors (mostly major FX pairs).
3. Ment Funding Review
Snapshot: Ment Funding, which began operations in 2021, takes a centered around communities’ approach with supporting mentorship and training programs. This fast-rising US-based prop trading firm specializes in stock trading as well as cryptocurrency and Forex options. They have accounts ranging from $25,000 to $2000,000. Learn more.
Profit split: Starts with a 70/30 share but can be increased to 85/15 after 12 months based on steady profitability and engagement with the community, and even to 90% after 12 months. This tier system encourages traders to stay with the company and advance towards greater profit-sharing percentages.
Cost: Accessing Ment Funding will cost you $250 for their 1-step evaluation fee. The fee is lower if you compare this as a one-step challenge to a funded account.
Pros and Cons:
- A strong emphasis is placed on community and mentoring for mutual progress.
- Multiple account currencies provide worldwide merchants with flexibility.
- The emphasis on community might not be appealing to all traders.
- Account sizes are limited in comparison to competitors.
- Some traders may face difficulties as a result of high combine failure rates.
4. SurgeTrader Review
Snapshot: SurgeTrader, a multinational Forex prop firm launched in 2021, is gaining attention in the trading community. SurgeTrader, which focuses on short-term traders as well with their Lightning Challenge with a 7 day’s time limit. This prop trading firm distinguishes itself by allowing copy trading from trader’s personal accounts and allowing EA trading.
SurgeTrader, designed for aspiring traders with a knack for technical analysis, offers accounts ranging from $10,000 to $500,000 in their 1-phase, 2-phase & Lightning challenges. Learn more.
Profit Split: Starts at 75/25 but can be boosted to 90/10 and even further scaled depending on your profit splits and performance.
Costing: SurgeTrader charges starts from $50 for Lightning challenges and $200 for 2-phase challenges. Traders may also be charged platform subscription fees. While there are related charges, this prop trading firm’s cost structure is flexible, possibly appealing to a wide spectrum of traders who would like to customize their challenges according to their preference.
Pros and Cons:
- Perfect for tech-savvy traders that like automated trading strategies.
- Technical resources and support for indicator-based trading are abundant.
- Highest tier payment is lucrative.
- It may not be appropriate for traders who are unfamiliar with technical analysis.
- Because the company is still in its early stages, determining its evaluation failure rate may be difficult.
- The emphasis on Stop-loss may limit the flexibility of manual trading of some news/high volatility traders.
5. MyFundedFX Review
Snapshot: MyFundedFX is a US based prop trading firm, specializing in small accounts starting at $5,000 up to $300,000. With a VIP tier system for their well-performing traders. Learn more.
Profit split: MyFundedFX has a profit share scheme that begins at 80% and gradually increases to 90% after a period of six months. This slow increase incentivizes traders to show reliability and dedication over time.
Cost: To join MyFundedFX, traders must pay a minimum of $50 one-time cost, with extra add-ons such as performance coaching available. There are potential platform subscription costs, but the firm differentiates itself with tight trading brokerage spreads.
Pros and Cons:
- For beginners with limited funds, this is an affordable starting point.The MT4 platform serves a certain user population.
- A firm offering quality tools that appeals to traders looking for a stable trading environment.
- Pricing transparency and an effortless funding procedure
- Designed to accommodate traders who are already familiar with the MT4 platform.
- Initially concentrated on US traders and instruments
- The high rate of combine failure can cause difficulties for newcomers to the market.
How to Choose a Prop Trading Firm:
- Review trust pilot reviews and comments from previous and current traders.
- Check prop trading firm’s registration with regulatory organizations such as the National Futures Association (NFA).
- Choose a prop trading firms that provide extensive training tools, such as educational materials, webinars, and coaching programs.
- Look for prop trading firms that provide a welcoming environment where you may connect with other traders and mentors.
- Compare different prop firms’ account sizes, profit splits, evaluation expenses, and monthly fees.
- Consider the prop firm’s risk criteria and guidelines to verify they match your trading style and risk tolerance.
- Understand the withdrawal process and any potential trading restrictions.
Consider the level of continuing support you will receive if you achieve the evaluation and are funded.
- Look for prop trading firms that emphasize risk management and promote safe trading.
- Pay special attention to the firm’s maximum drawdown, daily loss limits, and position sizing restrictions.
- Several property management companies offer extra web or mobile apps for account management, performance tracking, and news/analysis access.
- These apps can improve your trading experience and provide on-the-go account management convenience.
- Look for companies that have a long history in the business and a demonstrated track record of success.
How SureShotFX Can Help You?
Most prop traders are unable to pass a prop challenge due to the fact that they are unable to maintain the risk management and other trading rules. There is also the fact where a beginner trader wants to enter prop trading just to earn a good profit or increase their personal funds. In such cases, they do not have the time to regularly analyse the market. So, they are able to use SureShotFX forex signals, gold signals or us30 signals to help them in their journey.
In addition to that, SureshotFx also offers telegram signal copier that is able to copy all the forex signals directly into your account. All you need to do is set up the copier according to your risk settings or account size- and let it trade automatically for you. If you are worried about the risk management of your prop account- you will have access to our trade team who will help you determine the best possible risk for your prop trading account.
Apart from that, SureshotFX will help you secure your account from hitting the drawdown limit. With Sureshotfx Guardian bot, you will be able to set your daily limit and monitor the account’s trades from your phone’s telegram. Learn more from here!
In conclusion, choosing the appropriate prop trading firm can be a game changer in your trading career. You can get through the decision-making process and select a trustworthy firm which fits with your aims and risk tolerance by carefully evaluating the aspects stated above. Remember that in the complex field of prop trading, research, due diligence, and proper trading methods are critical to success.
Take your time, do your homework, and make an informed decision! The appropriate prop firm can give you the platform, resources, and assistance you need to achieve your trading goals. And Sureshotfx is right alongside you to help you win your prop firm challenge.