Introduction
Proprietary trading, also called “prop trading,” has become a very popular way for talented retail traders to earn a large profit without risking their own capital. It involves using the prop firms’ funds to trade various financial instruments.
Prop trading is highly profitable, as traders have access to bigger capital, advanced tools and information to make informed decisions. Traders who lack enough capital can benefit from prop trading firms by trading and earning profit splits.
If you have a good understanding of the financial market and good risk management, prop trading firms can accelerate your journey to financial freedom. However, finding the right prop trading firm that offers great profits and a comfortable trading environment can be challenging. In this article, we will discuss some of the best forex prop trading firms to consider in 2023.
Best Prop Trading Firms for Funded Programs
FTMO: The Most Popular Retail Trading Platforms
Established in 2014 in Prague, Czech Republic, FTMO is one of the most popular prop firms in the industry. Otakar Suffner, the founder of FTMO, built the firm along with a group of young Day Traders with a mission to build a diversified investment portfolio for global retail traders.
FTMO provides retail traders with a funded account if they successfully pass their two-step assessment process. Their rules and verification process are transparent, and their pricing is reasonable. This opportunity is particularly beneficial for undercapitalized traders who want to trade large accounts without risking their own capital. If traders are successful, they can receive a payout of 80% of the profits generated by the funded account. Traders can try the process for free through the FTMO Challenge’s free trial account, which offers the same trading conditions as the full challenge.
FundedNext: Start Earning 15% Proft from the Demo Phase
Founded in March 2022, FundedNext serves international retail traders to reach their full potential by funding them. Headquartered in Ajman, UAE, FundedNext has already onboarded over 70,000 traders from 165 countries.
FundedNext is the first prop trading firm to share 15% of its profits during its assessment period, creating excitement in the traders’ community.
FundedNext offers two funding models with low subscription fees, trader-friendly terms and conditions, and instant account creation. It has a scaling plan with a maximum capital of $4,000,000.
It offers a risk-free funded account opportunity to global traders with the potential to increase profits and earn up to 90% profit splits. It has a reputation for providing a comfortable and trade-friendly environment for traders to use their various trading strategies.
The company emphasizes the importance of discipline, risk management, and long-term consistency among its clients.
My Forex Funds: Earn as a Professional Trader
Another well-known prop company that has produced a very distinctive funding opportunity is My Forex Funds, founded by crypto trader Murtuza Kazmi of Toronto, Canada. Since its establishment in July 2020, the company has already onboarded over 80,000 traders from 150 different countries.
My Forex Funds offers three different funding programs that can be adapted to different trader profiles: Rapid, Evaluation, and Accelerated. Interestingly, in the Accelerated Program, there is no evaluation to pass, so traders can earn their profit as soon as they reach the profit target. The profit split can reach up to 85% of profits on an account of up to $2,020,000.
The Funded Trader: Royal Trading Platform
The Funded Trader was founded by Angelo Ciaramello and offers funding and profit-sharing opportunities to skilled and passionate traders. The company was established in May 2021 and is headquartered in Liberty Hill, Texas, United States.
The funded trader provides traders with the chance to work with up to $400,000 in initial balance and earns profit shares of up to 90%. It works with two reputable brokers: Eightcap and Purple Trading Seychelles. To acquire funding, traders must pass a two-phase evaluation process that includes standard and rapid challenges. The company offers four standard account sizes and charges a non-refundable fee for the evaluation process. The Funded Trader is a reliable and fast-growing prop firm founded by the same people behind The Forex League and VVS Academy.
E8 Funding: Innovative Scaling Funding Program
E8 Funding is a forex and CFD prop trading firm that aims to offer innovative funding solutions to traders worldwide. Their user-friendly platform provides access to tier-1 liquidity, making the firm one of the more popular ones. It was launched on November 5, 2021, in Dallas, Texas.
E8 Funding also offers traders the option to scale up their funded account up to $1,000,000. It provides traders with the opportunity to trade various instruments, including forex, commodities, indices, crypto, and equities, all under one account. The company expects traders to manage risks properly and maintain consistent outcomes, but in return, traders can earn up to 80% profit through trading.
Questions about Prop Firms
How to Become a Prop Trader?
To become a prop trader, you need to do research and understand the markets, choose a prop trading firm, sign up, and start your assessment process. This process ranges between 30-60 days at most online proprietary trading firms.
Here, prop traders must prove their ability to generate profits and meet the company’s requirements to continue to the next level. It is also essential to learn to trade the market, follow the rules, set up a trading strategy, and practice money and risk management.
It’s important to have a passion for trading and be mentally prepared for the ups and downs of prop trading.
How to Choose the Best Forex Trading Firm?
Choosing the best forex proprietary trading firm requires careful consideration of several factors.
First, look for a firm with a proven track record of profitability and low drawdowns. Second, consider the trading conditions, such as the fees, leverage, and trading platforms offered by the firm.
Third, evaluate the risk management policies and procedures of the firm to ensure that they align with your trading goals and preferences. Finally, consider the level of support and service offered by the firm. By carefully considering these factors, you can choose the best Forex proprietary trading firm to meet your needs and achieve your trading goals.
Conclusion
In conclusion, prop trading has become increasingly popular for traders looking to use a firm’s funds to trade various financial instruments. There are many prop trading firms to choose from according to your preferences and trading style.
Each of these firms offers different funding models and profit splits, so traders should consider their options and choose the one that suits their trading style and goals. To become a prop trader, research the markets, and start with the right mindset for success.
Ultimately, with the right approach and the right firm, prop trading can be a profitable way for traders to accelerate their journey to financial independence.
