Prop365 has recently entered the proprietary trading (prop trading) arena, offering traders an exciting new platform to access funded accounts, advanced trading tools, and valuable educational resources. But as a newcomer in the prop trading space, does Prop365 stand out enough to be worth your time? In this review, we’ll explore everything you need to know about Prop365, including its features, pricing, and whether it aligns with your trading goals.
What Is Prop Trading?
Proprietary trading, or prop trading, involves a trading firm using its capital to make trades in financial markets, rather than trading on behalf of clients. Traders at a prop firm get access to the firm’s capital, allowing them to trade larger positions and potentially earn more significant profits. In return, the firm typically shares in the trader’s profits through a profit-split arrangement.
For traders, prop trading presents an opportunity to trade with substantial funds without the risk of losing personal capital. Many prop trading firms require traders to complete a qualifying evaluation to demonstrate their trading skills before being granted a funded account. This model benefits traders by providing access to capital and enabling career growth while also benefiting firms by tapping into the trading talent of skilled individuals.
What Is Prop365?
Prop365 is a new proprietary trading firm based in the UK, aimed at providing traders with funding opportunities and a supportive environment to enhance their trading journey. Built on the TradeLocker platform, known for its advanced features and user-friendly interface, Prop365 is designed to meet the needs of traders at various skill levels. With tools for real-time data analysis, educational resources, and a global reach, Prop365 seeks to redefine the traditional prop trading experience.
How It Works
To gain access to a funded account with Prop365, traders must first pass an evaluation challenge. The firm offers two types of evaluation models—1-step and 2-step—to accommodate different trading styles and preferences.
1-Step Evaluation
The 1-step evaluation is a straightforward challenge where traders must meet the following criteria:
- Profit Target: 10%
- Minimum Trading Days: 5 days
- Maximum Daily Loss: 4%
- Maximum Drawdown: 6%
- Trading Period: Unlimited
Once the profit target is reached without violating the risk parameters, traders receive a funded account and can start trading with the capital and profit split of 80%.
2-Step Evaluation
For those who prefer a more progressive approach, the 2-step evaluation involves two phases:
Phase 1:
- Profit Target: 8%
- Minimum Trading Days: 3 days
- Maximum Daily Loss: 5%
- Maximum Drawdown: 10%
- Trading Period: Unlimited
Phase 2:
- Profit Target: 5%
- Minimum Trading Days: 3 days
- Maximum Drawdown: 10%
- Trading Period: Unlimited
Successfully passing both phases grants traders access to a funded account with an 80% profit split. The evaluation structure for both 1-step and 2-step models is designed to give traders flexibility, as there is no time limit to achieve the profit targets.
The Prop365 Pricing & Fees
Prop365 has structured its pricing to cater to traders with varying budget levels and account size preferences. Here’s an overview:
1-Step Evaluation:
- Starts at $56 for a $5,000 account, scaling up to $564 for a $100,000 account.
2-Step Evaluation:
- Starts at $45 for a $5,000 account, going up to $516 for a $100,000 account.
After successfully completing the evaluation, traders are eligible for a refund of their initial fee, making it a risk-free investment once the profit targets are met. Additionally, traders on a funded account keep 80% of their profits, ensuring a generous share of the earnings.
Is Prop365 Right For You?
If you’re a trader looking to take your trading to the next level and want access to capital without risking your own money, Prop365 could be the right fit. Here’s why:
Pros:
- No Personal Financial Risk: Trade with firm capital while protecting your own funds.
- Flexible Evaluation Options: Choose between a 1-step or 2-step evaluation process to match your trading style.
- High Profit Split: With an 80% profit share, traders keep the majority of their earnings.
- Unlimited Trading Period: There are no time constraints to meet profit targets, allowing traders to proceed at their own pace.
- Comprehensive Support and Resources: Prop365 provides educational materials, trading tools, and a community of fellow traders to aid your growth.
Cons:
- Evaluation Fees: Although relatively affordable, some traders may find the initial fees to be a barrier, but Prop365 will return this fee after the trader completes the evaluation
- Strict Risk Rules: Traders must adhere to the daily loss and maximum drawdown limits, which may be challenging for some.
How Prop365 Stacks Up Against Competitors
Compared to established firms, Prop365 offers a more flexible trading environment with unlimited time for evaluations and a higher profit split. While competitors may have different evaluation structures or instant funding options, Prop365’s approach emphasizes trader growth and risk management without the pressure of deadlines.
Final Thoughts: Should You Choose Prop365?
Prop365 is a promising new player in the prop trading industry, offering a robust platform for traders to access funding and grow their careers. With flexible evaluation models, a generous profit-sharing arrangement, and support for traders of all skill levels, it’s a strong choice for those looking to capitalize on their trading skills without risking personal capital.
To learn more about Prop365 or to begin your journey with a funded trading account, visit Prop365 and start exploring the possibilities.
