While several factors contribute to a firm's reputation, one indicator of reliability and customer satisfaction that many prospective traders rely on is Trustpilot ratings. These ratings, based on customer reviews, provide genuine insights into the firms' performance and trader satisfaction. In this article, we delve into the top five forex prop trading firms, ranked by their Trustpilot ratings, indicating their credibility and level of trust they have managed to establish within the trading community.
Significance of Trustpilot Ratings in Prop Trading Firms
Trustpilot ratings significantly contribute to depicting the credibility and trader satisfaction within Proprietary (Prop) Trading Firms. They offer a glimpse into the overall contentment of traders who have interacted with these firms. A higher rating generally reflects better satisfaction and credibility, serving as a substantial information source for prospective traders evaluating the merits and demerits of a specific firm. As part of their preliminary research, traders might consider Trustpilot ratings to find a firm that resonates with their trading objectives and approach. Now, let's explore the top 5 forex prop trading firms gauged by these ratings:
#1 Funded Trading Plus [Rating: 4.9]
Funded Trading Plus is a UK-based proprietary trading firm that offers a platform for traders to trade with the firm's capital across various financial instruments. The firm has been in business for 2 years, partners with the broker EightCap and provides trading platforms MT4 and MT5 for its traders. Despite being relatively new to the scene, Funded Trading Plus has a Trustpilot rating of 4.9, which suggests a high level of satisfaction among its clients. Traders have a broad spectrum of markets to trade in including Forex, Indices, Commodities, and Cryptocurrencies. In Forex, for instance, both major and minor pairs are available for trading. Major indices like SPX500, US30, GER30, and commodities including gold and oil are also accessible.
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#2 FTMO [Rating: 4.9]
FTMO is a proprietary trading firm based in the Czech Republic, with 8 years of operation under its belt. On our list, FTMO shares the highest Trustpilot rating of 4.9 along with Funded Trading Plus. FTMO provides a wide array of trading instruments including Forex, Indices, Commodities, Stocks, and Cryptocurrencies. The firm offers popular trading platforms MT4, MT5, and cTrader, which are well-regarded in the trading community for their features and user-friendly interfaces. FTMO provides different leverage options based on the type of asset being traded and the trading style (normal or swing). For instance, in normal trading, Forex and Exotics have a leverage of 1:100, while Cryptocurrencies and Equities CFDs have a leverage of 1:3.3. In swing trading, the leverage is reduced to 1:30 for Forex and Exotics, and 1:1 for Cryptocurrencies and Equities CFDs. There are no commissions on Cash CFD, Futures CFD, and Crypto which could be appealing to traders looking to minimize trading costs.
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#3 The 5%ers [Rating: 4.8]
The 5%ers, led by CEO Saul Lokier, is a proprietary trading firm based in Israel and has been operating for 7 years. The firm has a Trustpilot rating of 4.8, reflecting user feedback and experiences with their services. At the core of The 5%ers' offerings is a variable profit split model, where traders can earn between 75% to 100% of the profits they generate, depending on the specific program they participate in. Risk management is a key focus, with the firm setting a maximum total drawdown limit between 5% and 10%. Furthermore, they charge a commission of $4 per round lot, and process pay-outs to traders every 12 days. The 5%ers cater to a wide range of trading interests by providing access to diverse instruments including Forex, Metals, and Indices. Each category offers opportunities for varying strategies and preferences. Additionally, the 5%ers engage traders through the MetaTrader 5 (MT5) platform, a commonly used interface in financial trading. In terms of leverage, The 5%ers offer different ratios depending on the program: the Hyper Growth program has a leverage of 1:30; the Bootcamp program sets the leverage at 1:10 and the High Stakes program offers a significantly higher leverage of 1:100.
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#4 Ment Funding [Rating: 4.8]
Ment Funding, under the leadership of CEO Anton Calmes, is a proprietary trading firm in the United States that has been in operation for two years. The firm has matched the industry leaders with a Trustpilot score of 4.8. Ment Funding offers a range of account sizes, from $25,000 to $2 million, catering to both intermediate and more financially equipped traders. The firm has a straightforward evaluation process, consisting of a single-step assessment, where traders are expected to reach a profit target of 10%. The maximum total drawdown across all accounts is uniformly set at 6%, and the firm applies a maximum leverage of 1:20 across all trading instruments. Ment Funding utilizes the MT4 and MT5 platforms in collaboration with EightCap, a broker, to provide its trading services. Additionally, the firm’s trading instruments are varied, encompassing FX pairs, CFD Indices, Metals, Equity Shares, and Cryptocurrencies. Regarding commissions, Ment Funding has a specific structure: they charge $6 per round lot on Forex trades. However, trades in Forex, Indices, and Commodities are commission-free, providing cost-effective trading options in these markets.
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#5 Funding Pips [Rating: 4.8]
Helmed by CEO Khaled Ayesh, Funding Pips is a relatively recent addition to the proprietary trading industry, having been established in the United Arab Emirates a year ago. The firm holds a strong Trustpilot rating of 4.8, and provides its traders with access to the MT5 platform through a partnership with BlackBull Markets as their brokerage service. Funding Pips is designed to serve a diverse group of traders, with account sizes ranging from a modest $5,000 to a more substantial $100,000. The firm's evaluation methodology is split into two distinct phases. In the initial phase, traders are tasked with achieving an 8% profit target. This is followed by a second phase where the profit target is slightly reduced to 5%, offering a progressive and challenging trading environment. In terms of the variety of trading instruments, Funding Pips offers a broad spectrum including Forex, Cryptocurrencies, Indices, as well as Metals & Energies. Additionally, for Forex and Metals trading, there is a $2 commission per lot, while trades involving Crypto, Indices, and Oil are free from commission.
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Summary
Our list examines the top five Forex prop trading firms based on Trustpilot ratings, underscoring the importance of these ratings in evaluating a firm's credibility and client satisfaction. With Trustpilot ratings serving as a valuable insight into trader satisfaction, the firms Funded Trading Plus and FTMO lead with ratings of 4.9. Following closely are Maven, My Flash Funding, and Smart Prop Trader, all with a rating of 4.8, showcasing commendable performance and client contentment despite being relatively new to the scene. While each firm has unique offerings, their high Trustpilot ratings collectively illustrate a strong level of satisfaction and credibility within the trading community, aiding prospective traders in making informed decisions.
