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Written By
G. Dautovic
Updated
February 23,2024
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In the world of proprietary trading, the decision of which prop firm to join is a critical one for traders. While profitability is the ultimate goal, the importance of affordability cannot be understated. In this article, we will explore the key factors that traders should consider when seeking cost-effective offers from proprietary trading firms. We will delve into aspects such as fees, profit splits, account sizes, and trading platforms, guiding you through the process of identifying the most affordable options available.
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Cheapest Prop Firms in 2024
The 5%Ers
5 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Get Funded
The 5%Ers
5 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TRADABLE ASSETS: Forex, Crypto, Indices, Stocks, Precious metals
PROFIT SPLIT: Up to 100%
EVALUATION: Yes
REFUNDABLE REGISTRATION FEE: Yes (with High-Stakes program)
TRADING PLATFORMS: MetaTrader 5
LEVERAGE: Up to 1:100 (with High-Stakes program)
PRICE: From $39
MAXIMUM CAPITAL: $4,000,000
KEY FACTS
OVERVIEW
ABOUT THE COMPANY
- Diverse account options
- Immediate fund availability
- Extensive array of trading resources
- Regular monthly income possible
- Incentive rewards
- Industry-leading rapid scaling program
- No time limits on all programs
Founded in 2016 by Gil Ben Hur, The 5%Ers has experienced significant growth by cultivating a community of traders who manage external investors' capital. Over time, it has evolved into a platform for knowledge exchange and the sharing of successful trading strategies.
Trading Offerings:
At present, The 5%Ers is a prominent online proprietary trading firm that specializes in forex trading. However, its offerings extend beyond forex to include cryptocurrencies, stocks, and precious metals. Notably, the platform features a range of key forex trading pairs, including EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, NZD/USD, and USD/CHF.
Challenges and Opportunities:
The platform offers various challenges designed to provide enhanced opportunities for traders who successfully complete them. Completion of these challenges grants traders access to superior accounts, all without incurring additional charges.
Bootcamp Program:
The Bootcamp program, a central feature of The 5%Ers, allows traders to progress through three distinct challenge phases. Successful completion of these phases results in access to a six-figure trading account, with the highest-tier account sizes being able to keep 100% of earned profits.
Hyper Growth Program:
The Hyper Growth program incentivizes traders with bonuses based on their performance. This program involves doubling one's account with each target reached, with the added benefit of being able to withdraw their share after the program's initial phase.
High-Stakes Program:
Most recently, The 5%Ers launched their new High-Stakes program. This program presents an enticing opportunity for traders, offering the potential to earn a monthly salary of $10,000. Notably, it boasts the highest available leverage and an industry-low entry price of just $39, making it an attractive prospect for traders seeking substantial opportunities.
The 5%Ers stands out as a rapidly expanding forex proprietary trading firm, offering abundant prospects for traders on a global scale. It is overseen by seasoned traders dedicated to granting aspiring candidates access to capital funds and the potential to start earning.
Having been in operation since 2016, the company has garnered significant approval and positive feedback from its user community. As of the writing of this review, it boasts an impressive Trustpilot rating of 4.8, reflecting the trust and satisfaction of its users.
Topstep
4.9 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
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Topstep
4.9 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TRADABLE ASSETS: Futures, Contracts
PROFIT SPLIT: Initial profit split of 100% on the first $10,000, followed by a 90% profit share after
EVALUATION: Yes
REFUNDABLE REGISTRATION FEE: Non-refundable registration fee
TRADING PLATFORMS: Trading platforms include TSTrader, Quantower, Sierra Chart, T4, MotiveWave, and more
LEVERAGE: Leverage offered up to 1:100
PRICE: Starting price from $49
MAXIMUM CAPITAL: $150,000
KEY FACTS
OVERVIEW
ABOUT THE COMPANY
- Trading in futures
- Guidance through digital coaching
- Access to futures with a buying power of up to $150,000
Topstep is renowned as a top-tier proprietary trading firm specializing in futures trading. It caters to traders with varying experience, from seasoned professionals to newcomers, with a primary focus on nurturing sound trading practices. The firm prides itself on its support team, comprising industry experts dedicated to helping traders achieve their financial goals.
Diverse Account Options:
Topstep's platform is designed to serve a diverse audience of full-time traders and enthusiasts, offering a range of futures trading accounts. These accounts provide traders with the flexibility to choose their preferred buying power, with options ranging from $50,000 to $150,000. Each account comes with distinct profit targets, maximum drawdowns, and loss limits. For instance, the smallest account starts with a daily loss limit of $2,000, while the $150k account has a limit of $4,500. It's important to note that an evaluation process is mandatory to attain a live trading account with Topstep, and the company does not offer a refundable registration fee.
Support for Beginners:
Topstep excels in providing valuable resources and support for beginners in the world of proprietary trading. The Group Coaching program, led by seasoned traders, offers a structured learning experience for those looking to refine their trading skills and enhance their individual performance. Additionally, the platform offers Digital Coaching, a real-time trading guide designed to assist traders in crafting effective trading plans and accelerating their progress toward achieving their trading goals.
Topstep, established in 2012 and headquartered in Chicago, has garnered a global presence, attracting traders from 143 different countries. In the year 2020 onwards, Topstep's user base successfully withdrew over $23 million in payouts for funded traders. The company enjoys a stellar rating of 4.4 out of 5 on Trustpilot and has achieved recognition on Inc. Magazine's prestigious list of the 5,000 fastest-growing private companies in the United States.
Fidelcrest
4.8 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
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Fidelcrest
4.8 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TRADABLE ASSETS: Forex, Cryptocurrencies, Commodities, Indices, Metals and Stocks
PROFIT SPLIT: Up to 90%
EVALUATION: Yes
REFUNDABLE REGISTRATION FEE: Yes
TRADING PLATFORMS: MetaTrader4, MetaTrader5
LEVERAGE: Up to 1:100
PRICE: From $99
MAXIMUM CAPITAL: $1,000,000
KEY FACTS
OVERVIEW
ABOUT THE COMPANY
- Traders can keep up to 90% of their profits
- Initial capital provided is $15,000
- No monthly fees to worry about
Fidelcrest has earned its place among great proprietary trading firms due to its dedicated approach to identifying and nurturing talented traders. It's important to clarify that Fidelcrest does not operate as a broker or offer retail broker accounts. It functions as a proprietary trading firm actively seeking skilled traders who are prepared to engage in trading a diverse range of assets, including forex, commodities, precious metals, and cryptocurrencies.
Available Instruments:
Fidelcrest provides access to over 175 instruments, complete with commissions and spreads optimized for proprietary trading. These assets are available on both the MT4 and MT5 trading platforms.
Evaluation Program:
Becoming a Fidelcrest trader involves successfully completing a two-phase evaluation program. You have the option to choose between two distinct trading programs: Micro Trader and Pro Trader.
Micro Trader Program: Traders can operate with an account balance ranging from $15,000 to $60,000 within a 60-day evaluation period. Participants receive 80% of the profit share, with maximum allowable losses set at 10% and a maximum daily loss limit of 5%. An alternative option is the Micro Aggressive Swing account, which features increased profit targets of 15% for both phases of the evaluation process.
Pro Trader Program: Experienced traders can engage with account balances ranging from $250,000 to $1,000,000, maintaining a maximum allowable loss of 10% (or 20% with the aggressive account option). Profit sharing in this program stands at 80%, with the potential to reach 90% with the aggressive account.
Participation Fee and Refunds:
Regardless of the chosen program, successful completion of the evaluation and payment of the participation fee is mandatory. Fidelcrest ensures a refund of the fee to your bonus wallet, and no additional monthly or ongoing fees are imposed.
Established in 2018 in Cyprus, Fidelcrest presents a compelling option for those aspiring to become proprietary traders. The company, spearheaded by a team of forex trading experts, has grown to encompass a global community of over 6,000 traders hailing from over 170 countries. Impressively, Fidelcrest maintains an exceptional Trustpilot rating of 4.6, reflecting the trust and satisfaction of its user base. Notably, this emerging proprietary trading firm received the prestigious accolade of "Best Micro Forex in Europe" at the Forex Expo 2021.
FTMO
4.4 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
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FTMO
4.4 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TRADABLE ASSETS: Forex, Indices, Commodities, Stocks, Cryptocurrencies, Bonds
PROFIT SPLIT: Up to 90%
EVALUATION: Yes
REFUNDABLE REGISTRATION FEE: Yes
TRADING PLATFORMS: MetaTrader 4, MetaTrader 5, cTrader
LEVERAGE: 1:100
PRICE: From $155
MAXIMUM CAPITAL: $400,000
KEY FACTS
OVERVIEW
ABOUT THE COMPANY
- Profit-sharing ratio of 90:10
- Complimentary mobile application
- Unlimited trading duration
FTMO is a prop firm that offers a whopping $400,000 of trading capital to its legitimate traders. To become an FTMO trader, you need to complete a two-step evaluation process.
The first step is the FTMO Challenge, during which the company checks your trading skills. The second and final step is Verification after which you become an official trader at FTMO.
For less experienced traders, FTMO offers video tutorials to help them learn how to use the platform and get familiar with forex trading. Additionally, all traders can participate in webinars where they can learn about advanced trading strategies from their experienced counterparts.
FTMO is one of the best forex prop trading firms thanks to the 9:1 payout ratio, which translates into traders receiving 90% of the profits. Once you pass the evaluation stage and set up your FTMO Account, your trading period is indefinite, and there are no profit targets.
Furthermore, traders get access to the most popular retail trading platforms, including MT4, MT5, and cTrader. You can trade a wide range of proprietary assets - hundreds of forex pairs, metals, equities, and crypto. Payment options include bank transfers, debit/credit cards, Skrill, Nuvei, and PayU.
FTMO also offers a free trial account. This is a great way to get a better sense of what this proprietary trading firm has to offer before signing up for an official proprietary account and paying fees.
FTMO, founded in 2014 and headquartered in Prague, has a strong reputation for its generous trading capital. It distinguishes itself further by offering round-the-clock customer support through phone and live chat, along with a wealth of online resources and webinars. These features collectively position FTMO as a leading choice for proprietary trading.
FundedNext
4.3 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Get Funded
FundedNext
4.3 stars Our Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TRADABLE ASSETS: Forex, Cryptocurrencies, Commodities, Indices, Metals and Stocks
PROFIT SPLIT: Up to 90%
EVALUATION: Yes
REFUNDABLE REGISTRATION FEE: Yes
TRADING PLATFORMS: MetaTrader4, MetaTrader5
LEVERAGE: Up to 1:100
PRICE: From $99
MAXIMUM CAPITAL: $1,000,000
KEY FACTS
OVERVIEW
ABOUT THE COMPANY
- Immediate 15% profit share
- Dedicated account manager assigned to each trader
- Flexible trading guidelines
At FundedNext, traders have the opportunity to access up to $200,000 in capital by selecting the largest Evaluation package. The firm engages in Forex, indices, and commodities trading, allowing traders to secure a 15% profit right from the start, even during the evaluation period, irrespective of the chosen model.
FundedNext offers an express evaluation model that eliminates time constraints, setting a profit objective instead. Achieving this target enables traders to begin with a 60% profit share, which has the potential to increase to 90%. FundedNext accommodates various trading approaches, including intraday and swing trading, scalping, among others. As long as traders maintain a growth rate above 25% and keep their total losses below 10% of their trading capital, they are poised for advancement with FundedNext.
A standout feature that positions FundedNext as a premier choice among forex, indices, and commodities prop firms is the addition of a Dedicated Account Manager for every trader. Consistently positive performance is rewarded with a scale-up strategy, offering a 40% increase in account balance every four months, with a maximum limit of $4 million.
Starting your trading journey with FundedNext is straightforward and involves three simple steps: selecting a funding model, maintaining profitability, and receiving funding. For added convenience on the move, the FundedNext mobile app is available for both iOS and Android devices. Support is readily available through live chat, email, an FAQ section, educational blog posts, and community engagement on Discord, Telegram, and Facebook.
FundedNext is a newly launched global proprietary trading platform, boasting a presence across several countries such as the USA, UAE, UK, and Bangladesh. This company offers an array of assets at exceptionally low commission rates and tight spreads. It boasts a community of over 51,000 funded traders who have collectively received payouts exceeding $50 million. All funded trader accounts through FundedNext are managed by its partner brokerage firm, Eightcap, which is under the regulation of ASIC, ensuring the security of trader funds. Additionally, its favorable rating of 4.7 on TrustPilot further attests to FundedNext's reliability and the trust it has garnered among its users.
What to Consider when Looking for Cheap Prop Firms
To understand the significance of affordability, let's first look at how costs influence a trader's choice of prop firm. Proprietary trading firms vary widely in their fee structures, profit-sharing models, and account size requirements. Some firms may charge high fees and demand larger account sizes, while others offer more favorable terms. As a trader, it's essential to balance the potential for profit with the costs involved.
Identifying Affordable Offers:
Affordable offers typically include favorable profit splits, low-cost evaluation processes, and transparent fee structures. Traders should look for firms that provide a clear breakdown of their costs, enabling them to calculate potential earnings accurately.
Critical Factors for Traders:
Affordability doesn't mean compromising on important factors like leverage, trading strategies, and platform choices. These elements can significantly impact overall costs in prop trading:
- Leverage: Choose a firm that offers competitive leverage ratios to maximize your trading potential while keeping costs in check.
- Trading Strategies: Consider a firm that allows you to implement your preferred trading strategies without excessive restrictions.
- Platform Choices: Opt for a trading platform that aligns with your trading style and provides essential tools and data.
Additional Benefits:
Also look for firms that provide:
- Robust customer support to address your queries and concerns promptly.
- Access to educational resources to enhance your trading skills.
- Advanced trading tools and analytics to make informed decisions.
Navigating Promotions and Discounts:
To further reduce costs, traders can take advantage of promotions, discount codes, and other offers provided by prop firms. Keep an eye out for promotional periods and special offers that can provide additional savings.
A Short Guide on How to Maximize Profits when Trading
Maximizing profits in trading requires a combination of strategy, risk management, and discipline. It's crucial to approach every trade with a well-thought-out plan. Here are some tips that may help to maximize profits when trading.
Choose the Right Broker:
Start by selecting a reputable and regulated prop firm and broker. Ensure they offer a wide range of assets, fair payout percentages, and competitive pricing.
Educate Yourself:
Invest time in learning about trading and the underlying assets you intend to trade, taking advantage of the education systems provided by your prop firm. Understanding market trends, analysis methods, and economic events can further improve your decision-making when making trades.
Develop a Trading Strategy:
Create a clear and tested trading strategy that includes entry and exit points, risk management rules, and criteria for selecting trades. Strategies could include trend following, range trading, or news-based trading.
Practice with Demo Accounts:
Most brokers offer demo accounts that allow you to practice trading without risking real money. Use these accounts to test your strategies and gain confidence before trading with real funds.
Manage Risk:
Never invest more than you can afford to lose in a single trade. Set a maximum risk per trade, typically between 1-5% of your total trading capital. This helps protect your account from significant losses.
Diversify Your Portfolio:
Don’t put too much of your funds into a single trade. Diversify your trades across different assets and timeframes to spread risk.
Use Technical and Fundamental Analysis:
Analyze both technical charts and fundamental data to make informed decisions. Technical analysis can help with entry and exit points, while fundamental analysis can assist in predicting market sentiment.
Stay Informed:
Keep track of economic calendars, news releases, and market events that can influence the underlying assets you are trading. Sudden market movements can impact binary options.
Use Risk-Reward Ratios:
Calculate your potential risk and reward for each trade. Ensure that your potential reward justifies the risk you are taking. A common rule is to aim for a risk-reward ratio of at least 1:2.
Set Stop-Loss and Take-Profit Orders:
Some brokers allow you to set stop-loss and take-profit orders, even in binary options. These can help you automatically exit trades at predetermined levels.
Keep Emotions in Check:
Emotions like greed and fear can lead to impulsive decisions. Stick to your trading plan and avoid chasing losses or overtrading.
Review and Analyze Trades:
After each trade, evaluate your performance. Identify what worked and what didn't. Adjust your strategy based on these insights.
Continuous Learning:
The binary options market is dynamic, and it's essential to adapt and refine your strategies as market conditions change. Stay up to date with market developments and trading techniques.
Remember that trading involves risk, and there is no foolproof strategy to guarantee profits. However, by following these tips and maintaining discipline, traders can increase their chances of success and maximize profits while managing risk effectively.
Frequently Asked Questions
Which prop firm has the lowest fees?
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The 5%Ers offer a very inviting deal for $39 which gets you $5000 in trading capital. This 2-step trading challenge is possibly the cheapest currently available.
Are there free prop trading firms?
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No. If you wish to practice trading without paying for a service upfront consider making a demo account through a regular brokerage. You can read up on these free offers on our dedicated paper trading page.
How much does a prop firm charge?
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It varies a lot depending on your account type, level of account and success record. Prop firms may take anywhere from 20% to 50% of profits you make, possibly more, depending on the terms of your account. Make sure to look around before signing up.
Which is the most trusted prop firm?
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All of the firms featured on this page service thousands of accounts daily and are well-known brands and companies in the prop trading industry. Popular prop firms such as The 5%Ers, Topstep, Fidelcrest, FTMO, FundedNext, to name a few, are popular and well-recognized as a result of years of successful trader funding and talent nurturing.
How do I choose a good prop firm?
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Make sure to sign up with a firm that will allow you to trade in the way you wish to trade. Your trading strategy should be at the forefront of the evaluation process you implement when searching for a suitable prop firm. Secondly, consider the fee structure and profit splits depending on account tier. If you’re happy with these terms and think you can reach the profit targets required, then consider signing up. There is no one ‘best’ prop firm, rather it's much more personal and tailored to each trader’s needs and trading strategies.
