Important
You can also submit your feedback about any crypto exchange from our rating on the profile page and help us in our mission to provide everyone with the opportunity to objectively evaluate any company based on real and independent reviews.
Top Prop Firms Ranking for Forex Trading in 2024
Top 3 Prop Trading Firms in 2024
Prop trading firms have a handful of perks which explains why there are many industry stakeholders in the market. While this cuts both ways, finding the most trustworthy firm requires effort because every business has different advantages and disadvantages. Here is a list of the top choices, together with the nitty-gritty of the industry.
|
1
|
5.6
/10
|
|
|
|
2
|
5.3
/10
|
|
|
|
3
|
5.98
/10
|
|
| Position | Rating score | Trading Firm | Min. Deposit | Add to comparison |
|
|---|---|---|---|---|---|
|
|
|
Minimum Deposit: $1 |
Your capital is at risk.
|
||
|
|
|
Minimum Deposit: €155 |
Your capital is at risk.
|
||
|
|
|
Minimum Deposit: $119 |
Your capital is at risk.
|
||
|
4
|
|
Minimum Deposit: $99 |
Your capital is at risk.
|
||
|
5
|
|
Minimum Deposit: $85 |
Your capital is at risk.
|
||
|
6
|
|
Minimum Deposit: $90 |
Your capital is at risk.
|
||
|
7
|
|
Minimum Deposit: $250 |
Your capital is at risk.
|
||
|
8
|
|
Minimum Deposit: $225 |
Your capital is at risk.
|
||
|
9
|
|
Minimum Deposit: $99 |
Your capital is at risk.
|
||
|
10
|
|
Minimum Deposit: $138 |
Your capital is at risk.
|
||
|
11
|
|
Minimum Deposit: $80 |
Your capital is at risk.
|
||
|
12
|
|
Minimum Deposit: €89 |
Your capital is at risk.
|
||
|
13
|
|
Minimum Deposit: $125 |
Your capital is at risk.
|
||
|
14
|
|
Minimum Deposit: £109 |
|
||
|
15
|
|
Minimum Deposit: $89 |
Your capital is at risk.
Your capital is at risk. |
||
|
16
|
|
Minimum Deposit: $99 |
Your capital is at risk.
|
||
|
17
|
|
Minimum Deposit: $187 |
Your capital is at risk.
|
||
|
18
|
|
Minimum Deposit: $189 |
|
||
|
19
|
|
Minimum Deposit: 149 |
|
||
|
20
|
|
Minimum Deposit: $99 |
|
Proprietary Trading Companies Reviews
-
Comment
I've been using their swing account for a while now, and I gotta say, they've been pretty solid. They've met all their obligations to me so far, which is more than I can say for some other prop trading firms out there. However, I did run into a bit of confusion with their process for multiple accounts. It wasn't really explained on their website, and it took them a few days to get back to me with answers to my questions. But hey, when they did respond, the info was helpful and informative. So, I guess it's a bit of a mixed bag. Overall, FTMO is alright, but they could definitely improve their communication and clarity on certain aspects of their service.
-
Comment
Alright, so I finished the SurgeTrader challenge. Took me a while, but I finally hit the target for the $25k account. The whole thing is kinda pricey though, especially since it's just a demo to "prove" yourself. Now I'm on the virtual account, and gotta say, trading with that much fake money is pretty cool. But I'm still unsure about the profit share. 90% sounds good, but we'll see how that works out when I actually make some real profits. Overall, it's a chance to trade with a big account, but I wouldn't recommend it unless you're sure you can handle the challenge cost.
-
Comment
You can register to trade Forex commodities, cryptocurrency, stocks and metals on Fidelcrest. I opted to trade Forex and was presented with over 60 currenc pairs to trade any of these seven different brokers like XM, Pepperstone, RoboForex, Blueberry Markets, TradeView, IC Markets, and Purple Trading on train platforms like MetaTrader 4, MetaTrader 5, cTrader. There is an option to change the broker and platforms at the end of each 30-day trading period. For example if XM did not give what you want, you can opt for for RoboForex after 30 days.
-
Comment
I’ve been working with Axi Select for a long time and when the broker offered the funding possibility, I decided to try it. The conditions are good, at least when you move to the Pro stages. To get there, you need to give the site a lot. I’m a little stuck on the Acceleration stage and receive only 50% of profits. But I know that soon I'll achieve 70% and more. Overall, all stages are easy to complete. It is possible to increase your capital by 5% even if you trade without haste. And you need to try hard to lose 10% of the capital. Leverage up to 1:100 is more than enough. There are over 70 major, minor, and exotic currency pairs. Also, there are different types of CFDs, which provide for extensive portfolio diversification. A big disadvantage for me is that only MetaTrader 4 is available. I don’t understand why the broker offers it in 2024 since the solution has been outdated for three years. However, Axi Select has already introduced its mobile app which is available in demo mode. I
-
Comment
I've been trading for over 1.5 years. I used to work with my capital, which was limited enough. That is why my profit wasn’t as big as I wanted. I contacted Uprofit without illusions since its website says that not every trader can pass the challenge. However, I managed to pass it on the first try. My bet on intraday trading stocks and currency pairs was successful. Now I trade with $50,000. Fees are acceptable and order execution is fast. I wish I could use MetaTrader 5, which is my favorite platform. However, I got used to NinjaTrader quickly, though it’s inferior to MT5 in its functionality. Withdrawal conditions are strict. You might earn a good profit, but you can’t withdraw it, as you don’t have a positive balance on trades within 4 days. I think that this is the main disadvantage of Uprofit. I don’t even understand why it exists. It takes 24 hours to withdraw to my Visa card.
-
Comment
Signing up on TopStep is easy and fast. The first stage requires your personal information and ther second stage requires you to verify your account, which requires verifying the code sent to your line. This platform integrates a technical analysis blog series for beginners, which was what helped me get started and update what i know about technical analysis. The blog touches on how to use chart patterns and statistical indicators to identify trends, support and resistance levels, and potential entry and exit points for trades. With free coaching and educational materials developed by seasoned traders, Topstep prioritizes education above all else.
-
Comment
Been trying to break into prop trading for a while now and SurgeTrader seemed like a decent option. They offer big account sizes, which is tempting, but whoa, the cost to even take the challenge is crazy high! Especially for the smaller accounts. $250 for a shot at a 25k account? That's a big chunk of change to risk upfront, especially for someone new. Makes you wonder if they're more interested in the fees than finding good traders.
-
Comment
So, I managed to pass their challenge phase and got my first profit split paid, which was nice. The trading conditions seem alright, and their systems have been reliable so far. It's still early days, but things seem to be going smoothly. One thing I noticed is that the spreads could be better for some pairs, but overall they're decent. The support team is pretty responsive too, which is a plus. The only downside for me was the long and tedious process to keep trading with them while living in the US. But hey, at least the payouts were quick, less than 3 days after request. So, all in all, it's been an okay experience with FTMO.
-
Comment
Been considering trying out a prop firm like FTP for a while now. The idea of having a bigger account to trade with is appealing, especially since they allow using Expert Advisors (EAs). Letting EAs automate your trades can be a big time saver, especially for someone with a busy schedule. FTP seems to have a few different account sizes you can choose from, which is nice. You can start small and work your way up to a larger account if you're successful. However, the profit targets seem a bit on the high side. Making 80% or even 100% profit on a simulated account can be tough, especially if you're starting out. Maybe they could offer some alternative criteria for reaching the next level, like a combination of profitability and drawdown. Overall, FTP seems like an interesting option for experienced traders who are comfortable with EAs. However, the profit targets for evaluation could be a bit more flexible for beginners.
-
Comment
The broker is good, I like trading with it because there are no slippages or requotes. The conditions are pretty good. The good news is that FTMO does not forget about traders and respects the wishes of its clients. They withdraw money without delays.
-
Comment
I can recommend the training program at Fidelcrest. They train traders who need some brushing providing them with an option to manage a small account before managing a bigger funded account. The MicroTraders program on the platform helped me test my trading skills again before entering the challenge of managing bigger accounts with a low deposit. I learned basic trading and risk management skills. This account does not require any monthly fees or minimum profit requirements and is signed up with €100. On the negative side, I can say that completing the challenge may be more difficult than you expect. I managed to do it only on the 3rd try
-
Comment
Fidelcrest customer service is responsive, I recently contacted them to inquire about the "double your leverage" feature and to know the maximum leverage available. I got a fast response and the customer agent briefed me on the leverage for the different instruments available on the platform before adding that I can opt for double leverage during account purchases
-
Comment
One of the steps you must take to get your evaluation underway is selecting a trading platform. Qwantower is a good platform to start with as you won't pay fees for trading combine or funded account. I prefer this trading platform because of the synchro connection to other brokers. However, if you are using windows you may need to download the .NET 8.0 DESKTOP RUNTIME (v8.0.3) windows x64 installer for this program to install on your PC if it is not yet installed.
-
Comment
I’ve been working with Maverick Trading for over a year. I think this broker is a good option for Forex trading. There are both advantages and disadvantages. The advantages of Maverick Trading include reliability, problem-free withdrawals, and normal trading conditions. Disadvantages include long registration.
-
Comment
The lack of a demo account is a disadvantage. I had to use the Basic account to check the firm’s conditions. I started trading successfully there, but later I violated the daily drawdown limit. But still, I decided to continue working with the firm and paid the fee for the Freedom account. It took me 20 days to pass the challenge, which was rather difficult. I deposited another $250 and received a live account with $150,000. The main advantage is that all profits are mine. I have successfully withdrawn $7,000 and have $8,000 left. Later, Uprofit will take 20% of my profit, which is fair. Technical support is not round-the-clock and not very prompt. After a disputable moment, I could hardly reach it. However, I must say that the answer was capacious and competent. To sum up, I'm not going to leave despite some of the disadvantages. I’m on a high tide now and have no complaints about the trading process. I’ll be staying here.
What Is Proprietary Trading?
Proprietary trading (also known informally as Prop trading) refers to when a financial institution such as a commercial bank, a brokerage firm or even an investment bank directly trades or invests in activities in the stock market. These organizations can trade bonds, stocks, commodities, derivatives, currencies, and other instruments.
These institutions use their own funds for trading and investing in the stock market and not their clients’ money. So on top of the commission from processing trades for their clients, they can earn the full profits from engaging in the trades as well.
Prop Trading Pros
Prop trading has a couple of advantages which we are going to highlight in this section.
-
Increased Profits:
Prop trading allows institutions to earn a higher amount of profits than when acting as a broker and earning only commissions.
-
Stockpile Inventory of Securities:
Prop trading allows a firm to stock up on shares/securities. These inventories can be sold to clients when the market becomes illiquid or when it becomes harder to purchase or sell securities on the open market.
-
Proprietary Trading Firms Offer Rebates:
Rebates are defined as compensation given when you add liquidity to the market. All prop trading firms offer rebates, which you are unlikely to get as a retail client.
-
Proprietary Trading Firms Offer Good Support:
Because of the nature of business, prop trading firms are usually closely-knit operations involving only a few people. This means that client support is quick and any issues can be solved using a simple phone call. Contrary to trading through a retail broker that has thousands if not millions of customers where sometimes contacting customer service can prove frustrating due to long waiting times.
-
Proprietary Trading Involves Leverage:
What this means is that apart from having many open orders, you can also have several filled orders. Leverage limits are usually not strictly enforced in most proprietary firms, especially if you have a track record spanning several years.
-
Proprietary Trading is Good for Providing Liquidity via Open Orders:
If you usually trade mostly in open positions, then prop trading is a better option compared to being a retail client. Some prop trading firms allow you to have more than a thousand open orders at the same time.
-
Prop Trading Offers an Easy Entry to Trading for “Undercapitalized” Traders:
If you have less than 25,000 USD to invest then a proprietary account might be a viable go-to. This is because your buying power can exceed anything you get as a retail client.
-
Proprietary Trading Firms Let You Diversify and Reduce Risk:
Even if you have a big bank account, prop trading can still be a viable option. You can have a small deposit then use margin (capital you can afford to lose), and invest the rest of your capital in stocks or mutual funds for capital appreciation.
-
Prop Trading Firms Offer Multiple Trading Platforms:
One huge advantage with prop trading firms is they let you choose among several platforms. This is a huge advantage because as a retail trader, you are usually bound to whatever the retail firm offers you.
-
Prop Trading Offers Big Inventory Lists for Short Sales:
To effectively sell short, you first need to locate shares, and prop trading firms allow you to do this. As a retail client, you might have limited opportunities to locate shares and sell short. Some stocks may be on the threshold or ‘hard to borrow’ list and may be unavailable for short selling.
Prop Trading Cons
Like all things in life, prop trading also comes with a couple of disadvantages which we are going to highlight in this section.
-
Proprietary Firms Are Less Regulated Than Retail Brokers:
Most prop trading firms that provide remote trading are not regulated at all. This is a double-edged sword because it is both a good and bad thing. Not being regulated means that there are fewer operating costs. The downside is that without regulation then you are at risk of losing your capital at any time especially if the principals are swindlers. Therefore, you should conduct some research and deep background checks on the company and the managers. If you find any integrity or honesty issues, then ask yourself if it is a risk you are willing to take. Moreover, being unregulated means that a single rogue trader can put the whole firm in jeopardy.
-
Risk of Losing Money:
As a prop trader, your deposit is not insured and is liable to fraud and other business risks. This is mostly because of the lack of or minimal regulation. Because of this, it’s advisable for you to only deposit an amount that you can afford to lose. Retail clients on the other hand have their money insured because of strict regulation of retail firms. The good thing is that the deposit can be very small and a decent trader can make a 100% return on the equity per month.
-
Proprietary Trading Fees are High:
Most prop trading firms charge fees for the software you’re using, especially if you trade remotely. The monthly fees normally start at about 200 USD for software alone. Compared to the fees that retail clients pay then you might find the prop trading fees outrageous.
-
Prop Trading is Mostly Day Trading:
Even though proprietary trading offers high leverage, this usually applies only to day trading. If you decide to hold an overnight position, then you will most likely not get much leverage. What’s more, most prop firms only offer day trading.
-
Proprietary Firms Can Steal Your Intellectual Property:
For exceptional traders with great trading strategies, there is a high possibility that someone at the back office is working hard to decode your strategy. There are cases where firms piggyback on clients’ strategies and teach them to computers through machine learning.
Proprietary Trading Accounts Pros and Cons
Like everything else, proprietary trading firms have their good and bad side. Here is a definitive list of all the pros and cons of proprietary trading:
👍 Pros
Proprietary trading is great because:
-
Direct Market Gain
Financial institutions only get a small portion of the money when trading for external clients through commissions and fees. As a result, the firms may profit less from this income. On the other hand, prop trading accounts allow companies to keep most of their trading profits and boost their yearly return.
-
Access to Capital
For most of those interested in trading, money is a significant deterrent. However, prop trading firms give their traders capital to trade. Prop trading is best suited for those with little to no capital. The only requirement is a small refundable fee for the trading hardware.
-
A Wide Portfolio Stock Securities
A prop trading company accumulates an inventory of assets by making purchases in anticipation that their value will increase with time. This collection of private investments may serve as a buffer for the company against economic slowdowns. The securities also allow the company to provide unforeseen benefits to its customers.
-
Prop Trading Companies offer a Range of Trading Platforms
Prop trading firms offer their traders a variety of trading platforms to choose from. This is a massive benefit because most retail traders are often limited to the possibilities that the retail firm gives them, but this doesn’t work for prop firms.
-
Gives Traders Access to Training
Since prop firms make significant financial contributions, they typically train traders before letting them engage in actual trading. Even though the trader frequently foots the bill for training, it gives them the skills they need to navigate the markets. An amateur trader's development is also aided by working with other traders in the same firm and having access to educational resources with real-world financial market applications.
👎 Cons
You need to be careful with proprietary trading because:
-
Hidden Risks
While most prop trading firms that offer remote trading are unregulated, this is a doubtful advantage because it has both perks and drawbacks. Although the absence of regulations reduces operational costs, there is always a danger that you could lose your money, especially if the principals are swindlers.
-
Extra Fees
Most prop trading companies charge a fee for the software used, mainly if you trade remotely. The payment could be upwards of $200. The cost could rise significantly when you compare the prop trading fees to what retail clients are expected to pay.
How To Choose the Best Proprietary Firm?
Choosing the best proprietary firm is the first step to ensuring success in trading. A few things to look out for are:
Reputation
One of the most important things a trader should do is consider the company's reputation. This is because a company's reputation affects its financial success and ability to keep promises. For example, some firms may promise to provide an incredible deal with a very high drawdown, a small profit target, and a considerable profit share, then fail to do all these. Utilizing reviews from TrustPilot and YouTube is the best way to validate the company’s reputation.
Also, look up the company's past operations and operating history. Mainly go for a company that has been in business for over three years. Many prop companies have declared bankruptcy after functioning for roughly a year; therefore, three years in business gives them an upper hand in knowing what they do.
Basic Prop Account Conditions
Before joining the account, verify all the basic conditions to clear out any blurred lines. Don’t concentrate on just the financial aspect. Look for how profits are distributed, the maximum draw-back, target profit, and conditions for withdrawing profits.
To establish whether their constraints are fair and reasonable, you must analyze them and use effective scaling strategies. Then, before committing to a tempting profit split, make sure the company pays its traders and can provide proof that they do.
You must also be conscious of the risk you can take while selecting the best prop trading firm.
Extra Services for Traders
Top proprietary firms provide more than just trading capabilities. The companies provide traders with additional options, including expert-led training, educational materials, subscriptions to leading trading platforms, and other software. Non-reputable firms, on the other hand, do not go the extra mile to ensure the comfort of their traders.
Proprietary Account Costs
Often prop trading companies impose a monthly subscription fee. By letting other traders utilize their funds, they ultimately incur a big risk; thus, the monthly fee covers that risk.
For access to the company's funds, platforms, and real-time data, most platforms charge participation fees of between $100 and $150 monthly. Additionally, a few of these websites impose a one-time cost of $100 to $1,000.
How Does Profit Share Work in Prop Trading?
In prop trading, the firm and the prop trader often split the trade's profits, but there is an uneven risk distribution. If the trader loses money, they are responsible for all the losses, but the company and trader split the gains. As a result, the typical profit share in prop firms is between 20% to 50% of each trader’s profit.
The percentage of profit shared with the trader can vary significantly based on the firm's policies, the trader's experience, performance, and sometimes the amount of capital they manage. Prop firms may pay traders on a monthly, quarterly, or annual basis depending on performance periods and how profits are calculated. Bigger payouts usually happen at year-end when annual profits are determined.
There is often a "tiered" payout structure where more successful traders earn a higher percentage of the profits compared to less profitable traders. For example, a firm may share 20% with profitable traders, 40% with consistently high earners, and 50%+ with their top performers.
How To Start Working With a Prop Firm?
While starting to work with a prop firm is not easy, with sheer determination and appropriate planning, you may make your dream a reality. Here is a simplified step-by-step procedure:
-
1
Have a Well-tested Solid Strategy
The first step to working with a prop firm is a solid strategy. You can choose from various market strategies, including statistical arbitrage, merger arbitrage, index arbitrage, volatility arbitrage, technical analysis, fundamental analysis, or global macro trading.
-
2
Research the Market
Once you’ve identified which strategy best works for you, start researching the market. First, look for firms that would suit your needs. Then, use the checklist above to rule out the firms from the reputation to the basic prop accounts conditions, whether they offer extra services, and not forgetting proprietary account costs.
Have a list of which factors you can compromise on and which ones are deal breakers. This will help you narrow down your options.
-
3
Conduct an in-depth research of the Firm
By this time, you have already narrowed down your options, and getting a closer look at the firm you are interested in is the best route to take. A thorough research can help you better understand the firm’s terms and conditions, and make sure that it fulfills its obligations. Do your due diligence before committing to a firm. You can also read client reviews and consult with your friends or fellow traders.
-
4
Your Option
The last and final step is picking your preferred firm. This last step may be challenging but, once you’ve identified your goals, it’s easy to select a firm that aligns with those goals.
Top Forex proprietary trading companies by countries
Expert Opinion
Traders should take a buyer beware approach when assessing a potential prop trading firm to work with. There are variations on the basic offerings among firms, as well as different levels of credibility, professionalism, and reliability of prop trading offerings and business operations. Some research is required to assess the pluses and minuses of each firm. Moreover, requirements for trading implemented by the firm may force users to trade in a way that doesn’t fit their personality. It will not be the best approach for some people, especially if they are relatively new to trading.
Further, prop trading firms and Forex firms in general will usually protect themselves over traders when things go wrong. If everything goes smoothly, there should be no problem. The key thing to remember is that when something is not going right – for example, volatility is very high – widening spreads, slippage issues, technology problems, to name a few, can and do happen. If a trader understands this when joining a prop firm, they will be better able to make a proper decision.
FAQ
Are there prerequisites to being a proprietary trader?
Individuals must possess strong analytical and mathematical skills. Prop traders rely heavily on analyzing market data, identifying trends and patterns, and building financial models. Quantitatively-oriented academic backgrounds in fields like finance, economics, mathematics, statistics, engineering, or computer science are highly desirable.
Aside from technical proficiency, individuals aiming to prop trade must demonstrate certain behavioral attributes. Prop traders need to remain disciplined and stick to predefined risk limits even during periods of market volatility. The role requires mental composure, focus, and ability to think under pressure. Prop traders also need sufficient resilience to withstand the emotional highs and lows associated with trading.
How do prop trading companies work?
Most of the top prop firms utilize powerful computer algorithms to sift through enormous volumes of data and find lucrative trading opportunities. Then, businesses trade on these possibilities using their capital to turn a profit. Many companies also act as market makers, purchasing and selling assets to add liquidity to the markets. This contributes to ensuring the effective and efficient operation of the markets.
Can you trust prop trading firms?
Yes, prop trading firms are not scams if you pick a reputable one. For a one-time fee, traders can have a funded account and access to the capital of prop firms. In addition, they can receive additional money and keep a sizeable portion of their profits if they go on trading profitably.
Why do prop trading companies look for new traders?
The main reasons are:
• New talent and fresh perspectives. Established traders at a firm can become set in their ways or fall into habitual patterns. New traders bring new ideas, strategies, and approaches to the table which can improve a firm's overall performance.
• Lower costs. New and junior traders are often willing to work for lower compensation compared to veteran traders.
• Future leadership. Prop trading is a high turnover profession, with many burnouts and flameouts. Firms need to continuously develop new talent to eventually take over senior or leadership roles as veteran traders retire or leave.
