Forex Prop Firms - The Best For 2024
The best forex prop firms analyzed, rated and compared.Forex proprietary trading is a great solution to access big capital quickly.
Forex trading is often regarded as challenging, especially when trading with a small account balance, where traders may need to take significant risks to achieve substantial profits. To address this issue, many traders opt to apply for a forex funded account from proprietary trading firms.
This article introduces the best forex prop firms for 2024, helping you compare and choose the one that best suits your needs.
Top 3 Forex Prop Firms
FTMO
Rating: 4.9
Company Overview: Established in 2015, FTMO is based in Prague, Czech Republic. It offers a wide range of trading instruments, including forex, indices, metals, commodities, stocks, and cryptocurrencies.
Key Features:
- Max Balance: $2,000,000
- Profit Split: Up to 90%
- Cost: From €155
- Platforms: MetaTrader 4, MetaTrader 5, cTrader, Dxtrade
Funded Trading Plus
Rating: 4.9
Company Overview: Founded in 2021, Funded Trading Plus is headquartered in London, UK. It provides various trading instruments, including forex, indices, metals, commodities, and cryptocurrencies.
Key Features:
- Max Balance: $2,500,000
- Profit Split: Up to 100%
- Cost: From $119
- Platforms: cTrader, TradingView, MatchTrader, DXtrade
FundedNext
Rating: 4.8
Company Overview: Established in 2022, FundedNext is based in Ajman, UAE. The firm offers a range of trading instruments, including forex, indices, metals, commodities, and cryptocurrencies.
Key Features:
- Max Balance: $4,000,000
- Profit Split: Up to 90%
- Cost: From $32
- Platforms: MetaTrader 4, MetaTrader 5, cTrader
Other Noteworthy Forex Prop Firms
| Prop Firm | Profit Split | Cost | Max Balance | Rating |
|---|---|---|---|---|
| FTUK | 80% | From $149 | $5,760,000 | 4.7 |
| The Trading Pit | Up to 80% | From €99 | $5,000,000 | 4.6 |
| E8 Markets | 80% | From $48 | $400,000 | 4.5 |
| City Traders Imperium | Up to 100% | From $39 | $2,000,000 | 4.3 |
| Traders With Edge | Up to 80% | From $55 | $3,000,000 | 4.2 |
| Audacity Capital | Up to 85% | From $129 | $2,000,000 | 4.2 |
| Lux Trading Firm | 75% | From £299 | $10,000,000 | 4.1 |
| TopTier Trader | Up to 90% | From $65 | $2,000,000 | 4.0 |
| The Funded Trader | Up to 90% | From $129 | $1,500,000 | 3.0 |
How to Choose a Forex Prop Firm
If you are undecided between multiple forex prop firms, use a comparison tool to evaluate them based on:
- Difficulty: Ease of passing the prop firm’s challenges or evaluations.
- Trading Platforms: Variety of available forex trading platforms.
- Customer Support: Speed and reliability of customer support.
- Profit Split: Share of profits given to traders.
- Instruments: Range of available trading instruments.
- Cost: Fees associated with applying and maintaining an account.
- User Ratings: Reviews and ratings from other users.
Trading Instruments Offered by Forex Prop Firms
Forex prop firms typically allow trading in various CFD products beyond forex currency pairs, including:
- Forex: Major, minor, and exotic currency pairs.
- Indices: Important indices such as Dax, Nasdaq, Dow Jones, S&P500, FTSE, and others.
- Commodities: Natural Gas, Crude Oil, and Brent Oil.
- Metals: Silver, Gold, and Palladium.
- Stocks: Some firms offer stock trading, though the list may be limited.
- Cryptocurrencies: Major cryptos like BTC, ETH, LTC, XRP, ADA, DOT, DOGE, and more.
Account Sizes and Profit Splits
Maximum funded accounts at forex prop firms can reach up to $10,000,000. High balances usually require scaling, and leverage offered by the firm is also a critical factor.
Instant Funded Accounts: Profit splits are typically around 50%.Funded Accounts Post-Challenge: Profit splits range from 80% to 90%, meaning the firm retains 10% to 20% of the profits. Often, traders receive 100% of the initial profits, equivalent to the challenge fee.
Trading Platforms
Most forex prop firms provide access to popular trading platforms:
- MetaTrader 4
- MetaTrader 5
- cTrader
Advantages and Disadvantages
Advantages:
- Access to a wide range of trading instruments.
- No need to risk personal capital.
- Availability of large accounts to avoid excessive leverage.
- Enforced risk management rules.
Disadvantages:
- Some challenges may be difficult, requiring more trading.
- The firm retains a portion of the profits.
In summary, selecting the right forex prop firm can help traders manage funds more effectively, reduce risks, and enhance returns. By comparing the features of various firms, you can choose the one that best fits your trading needs and goals.
Disclaimer: The views in this article are from the original author and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
