Top 5 Best Prop Trading Firms in 2023 (2024)

Prop Trading firms are becoming increasingly popular among the forex trading community and choosing the best prop trading firms to work with is crucial. This is due to the amount of capital forex traders need to make a significant income. Most experienced traders will tell you that even though they know how to trade, a lack of enough capital can be a huge hindrance in their trading career

That is why we have compiled a list of the best prop trading firms to join today. Most prop firms will have a profit split between the trader and the company. This profit split is usually not less than a 50/50 split. The majority of these prop firms allow traders to trade various commodities such as Forex, Indices, and Metals.

Moreover, you are allowed to trade using any trading methodology with a few restrictions to ensure good money management practices are observed. Different prop firms will have different rules and regulations to follow in order for the trader to continue working for them.

Generally, theRULESwill include:

• Daily Drawdown Restrictions– usually 4-10%.
• Overall Drawdown Restrictions– usually 4-12%
• Profit Targets (5-10%)– depending on the model you select.
• Minimum Trading Days– usually 5-10 Trading Days.
• Restrictions on Trading during News– varies depending on the prop firm.
• Restriction on the use of EAs– varies depending on the prop firm.

OUR TOP 3 PROP TRADING FIRMS

LIST OF FOREX PROP FIRMS

Our top 5 selected forex prop firms are as shown below:

1. My Forex Funds
2. FTMO
3. SurgeTrader
4. FundedNext
5. Fidelcrest

COMPARISON OF PROP FIRMS FOREX

DETAILED PROP FIRM REVIEWS

Below you will find a detailed review of the best prop trading firms compared using various parameters such as fees, rules, and account details.

My Forex FundsReview– Best Value for Money

My Forex Fundsis our number one choice for this list because it offers the best value for money.They offer a $5,000 account worth $49 only!At the same time, they have multiple options in their model depending on your level of expertise.

They offer Rapid, Evaluation, and Accelerated Models for Newbies, Semi-professionals, and Professional Traders respectively. The Evaluation is the normal 2 phase evaluation challenge while the Accelerated Model is where you skip the challenge and get a live account instantly. Not to mention, they have one of the lowest profit targets for the Evaluation; 8% for Phase I and 5% for Phase II.

Characteristics:

• Profit Split– up to 85%
• Models– 3 Models available based on your experience: Rapid, Accelerated, and Evaluation. Accelerated is a No Challenge account for Fulltime Traders.
• Platforms– MT4, MT5.
• Leverage– 1:100
• News Trading Allowed.
• Minimum Trading Days– 5 Trading Days
• Daily Drawdown Limit –5%
• Overall Drawdown Limit –12%
• Profit Target –8% Phase I, 5% Phase II.
• Scaling –Up to $2,000,000
• Refundable Registration Fees –112%
• Started –2020

The Good:

• Multiple Models for different traders.
• Most Affordable Challenge account! – more than 50% cheaper than other firms for the same account size. A $10,000 account is $84 compared to others worth $150+.
• Instant Funding model with their accelerated program for those not interested in challenges.
• Low-Profit Targets 8%.

The Bad:

• Max Drawdown is calculated based on Equity at the end of each day.

FTMO ChallengeReview– Most Reputable

FTMO is by far the best proprietary trading firm. Its reputation precedes it. We cannot have a list of prop firms without mentioning this firm. What makes this firm stand out is its simplistic approach to proprietary funding. There are no hidden rules or programs with this firm.

It only contains one model for traders to show their expertise and showcase their skills in trading. The Evaluation Model contains 2 phases – the Evaluation Phase (10% profit target) and the Verification Phase (5% profit target). The high-profit sharing of up to 90% is very attractive to any trader out there.

Characteristics:

• Profit Split– up to 90%
• Models– 1 Model available; Evaluation Phase I & II.
• Platforms– MT4, MT5, & CTrader.
• Leverage– 1:100, 1:30 on Swing Accounts.
• Minimum Trading Days– 10 Trading Days
• News Trading is allowed on Swing Accounts.
• Daily Drawdown Limit –5%
• Overall Drawdown Limit –10%
• Profit Target –10% Phase I, 5% Phase II.
• Scaling– Up to $400,000
• Refundable Registration Fees– 100%
• Started– 2014

The Good:

• Highly Reputable.
• Multiple Payment Methods Available.
• Low-Profit Targets 10%.

The Bad:

• The challenge fee is slightly higher compared to other market leaders.
• No Instant Funding.

Surge TraderReview– 1-step Evaluation

Surge Trader offers a unique model compared to other forex prop firms with their package ranging from $25,000 all the way to $1,000,000. Their lowest package costs $250 and their highest is $6,500 for the $1M account. They offer a 1-step evaluation process with no time limits.

Characteristics:

• Profit Split– up to 90%
• Models– Evaluation Phase I Only.
• Platforms– MT4, MT5, TradingView (EightCap Broker).
• Leverage– 1:10
• News Trading allowed.
• No minimum trading days.
• Daily Drawdown Limit –4%
• Overall Drawdown Limit –5%
• Profit Target– 10% Phase I.
• Scaling –Up to $1,000,000
• Refundable Registration Fees– 0%
• Started –2021

The Good:

• 1-step evaluation process
• High Account sizes up to $1M.
• No time limits for passing challenges.

The Bad:

• You must place StopLoss in every trade.
• No weekend holding.
• Low Leverage.
• Started Recently: 2021

FundedNextReview– New Kid on the Block

FundedNext is truly the new kid on the block when it comes to forex funding. They have come in with competitive rates and offers. They offer 2 funding models; Express Model where you are given a profit target of 25% with no time limit with the option of consistency or non-consistency rule applied. Furthermore, they offer the evaluation model which is the normal challenge account with a 10% profit target.

Weekend holding is also allowed. Unlimited retakes in case you fail to achieve the profit targets without violating the rules. One more attractive offer is you get a 15% profit share of the evaluation profits you make. This is definitely a forex prop firm to watch out for in the coming months and years.

Characteristics:

• Profit Split– up to 90%
• Models –Express Model & Evaluation Phase I & II.
• Platforms– MT4, MT5, TradingView (EightCap Broker).
• Leverage– 1:100
• News Trading allowed.
• Minimum Trading Days– 10 Trading Days..
• Daily Drawdown Limit– 4%
• Overall Drawdown Limit– 5%
• Profit Target– 10% Phase I.
• Scaling– Up to $4,000,000
• Refundable Registration Fees– 100%
• Mobile App Availability– iOS and Android.
• Started– 2022.

The Good:

• 1-step evaluation process
• High scaling options of up to $4M.
• No time limits for passing challenges in Express Model.
• Android and iOS apps are available.

The Bad:

• No weekend holding in Express Model.
• Started Recently: 2022

FidelCrest

FidelCrest is a highly reputable forex prop firm with multiple models for different types of traders. Their models include; a 15K Micro Trader where they offer a low-cost entry fee of 99 EUROs. The other model is the Pro Trader Model which you get up to $1M.

Characteristics:

• Profit Split– up to 90%.
• Models– Challenge accounts
• Platforms– Fidelcrest Trader
• Leverage– 1:100
• Trading period – 60 days
• News Trading allowed.
• Daily Drawdown Limit– 5%
• Overall Drawdown Limit– 10%
• Profit Target– 10% Phase I, 5% Phase II Normal Account
• Scaling– Up to $2,000,000
• Refundable Registration Fees– 100%
• Started– 2018

The Good:

• Highly Reputable.
• Multiple Payment Methods Available.
• Highest initial funding of up to $1M

The Bad:

• Fees are slightly high compared to others

CONCLUSION

Choosing the best prop trading firms to work with is not an easy task. That is why in this article, we have a selective list of choice prop firms that we believe are great to work with.

The list was compiled based on various factors including fees, reputation, types of models, and account size options. We shall keep on updating this list based on ongoing research to always give you the best information.

Thank you and happy pipping!

Our Recommended Prop Trading Firm

FTMO ChallengeReview– Most Reputable