Best Forex Proprietary Trading Companies in Turkey
Best Forex prop firm in Turkey is Topstep. Futures account with $150K, $200K, or $300K buying power.
According to Traders Union’s experts, the best Forex prop firms in Turkey are:
Topstep - best for futures trading
E8 Funding - best for prop trading
Fidelcrest - best profit split
SurgeTrader - biggest variety of tradable assets
Earn2Trade - only 10% profit target
|
1
|
5.7
/10
|
|
|
|
2
|
5.28
/10
|
|
|
|
3
|
6.68
/10
|
|
Forex prop companies hire or train professional and experienced traders and then invest money in trading assets through these professionals. In most firms, one would need to pass an evaluation to qualify. In this article, TradersUnion experts have researched and ranked the top prop trading companies or firms you can join and trade for profits or commissions in Turkey.
Fund your account with Topstep!Is Forex prop trading a good idea in Turkey?
Yes, Forex prop trading is a good idea in Turkey. Trading with a forex prop firm can be a rewarding experience for Turkish traders. TU experts have listed the pros and cons of Forex prop trading below. Read also about the best funded trader programs in Turkey in the TU article.
👍 Pros
• Increased Profits: Prop trading allows institutions to earn a higher amount of profit than when acting as a broker and earning only commissions
• 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 with a simple phone call
• 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 of prop trading firms is that 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
👎 Cons
• Proprietary Firms Are Less Regulated Than Retail Brokers: Most proprietary trading firms that provide remote trading are not regulated at all. The downside is that without regulation, you are at risk of losing your capital at any time, especially if the principals are swindlers
• Risk of Losing Money: As a prop trader, your deposit is not insured and is subject to fraud and other business risks. This is mostly because of a lack of or minimal regulation
• Difficult to pass the prop firm evaluation requirements: Most prop trading firms have very tight rules, making it very difficult for traders to qualify for funding. Forex traders should be wary of evaluation requirements imposed by prop firms
Top 5 prop trading accounts for Turkish citizens
Topstep
With its brand power and reputation as an industry innovator and one of Inc 5000’s fastest-growing companies, Topstep has earned the trust of many traders. To participate in the funded account program, all traders begin with the Trading Combine. You can open a real-time simulated futures account with $150K, $200K, or $300K buying power.
During the Trading Combine, you can earn a funded trading account if you demonstrate consistent profitability and manage risk appropriately. Using Topstep's capital, you can trade in real time without personal financial risk, with funds provided by Topstep.
As quickly as within eight trading days, traders can qualify to receive a funded account (the amount of funding provided is determined by the Trading Combine plan)
The first $5,000 in profits you make can be withdrawn in full, and 90% of profits exceeding that amount can be withdrawn
With Topstep, payout requests are processed on a daily basis (payout requests made prior to 10 a.m. CT are processed on the same day)
Topstep’s trader development services include instruction from professional traders, tools, and daily live videos, along with personalized analytics on performance and bonuses for traders
Trading platforms supported include TSTrader, TradingView, NinjaTrader, Sierra Chart, MultiCharts, R|Trader Pro, and many more.
For a $50k account, Topstep pricing starts at $165 per month. $100k accounts cost $325 per month, and $150k accounts cost $375. Free trials are also available for 14 days.
E8 Funding
The E8 Funding proprietary trading firm is registered in the USA and the Czech Republic and works with traders in most countries without regional restrictions. It offers accounts with balances from $25,000 to $250,000 that can be increased to $1 million. There are no monthly fees, only initial fees from $138 (determined by the account type) are charged.
Trading instruments include currency pairs, stocks, indices, energies, metals, and cryptocurrencies. Clients can trade on weekends, use advisors and bots, apply hedging, and copy trades. Trading is performed on MetaTrader 4 and MetaTrader 5 (including the mobile versions).
Partners of E8 Funding keep 80% of their net profits, and 20% goes to the company. This profit split applies to all accounts and phases. The challenge is taken on real accounts in two or three phases (depending on the account type) and has time limits. After the challenge, the limits are standard: 8% overall and 5% daily drawdowns. There are no mandatory profit targets.
Fidelcrest
With more than 6,000 traders worldwide, Fidelcrest has a strong reputation. The company offers performance coaching, million dollar account sizes, and up to a 90% profit split. During a limited time, Fidelcrest is also offering three bonuses, including a second chance challenge, fast track qualification, and double assets.
With Fidelcrest, you can trade real capital, with the industry’s highest profit split. Fidelcrest will invest real money after your two phases of evaluation.
In terms of tradable assets, Fidelcrest also stands out. In addition to Forex, you can also trade, commodities, indices, and stock shares.
Fidelcrest is one of the prop firms that pays you a commission during the evaluation process. You can receive up to 50% of your earnings after you pass the second evaluation stage. As a funded Findelcrest trader, you’ll make an additional 80-90%.
The number of account options Fidelcrest offers is unmatched by any other company. There is an account that will meet your needs regardless of your risk tolerance, trading strategy, level of experience, or budget. There are three types of accounts: Pro Accounts, Aggressive Accounts, and Micro Accounts. You can open an account with funding of $10,000, all the way up to an account worth $1 million.
SurgeTrader
SurgeTrader offers 75% profit splits to funded traders who meet their trading criteria. It's the perfect prop firm to diversify your investment portfolio with a variety of tradable assets.
SurgeTrader has only one phase of evaluation, unlike many other prop firm trading entities. Traders of all skill levels can choose from six packages. With its Starter Package, you get $25,000 in instant funding and a 10% profit target. There’s a maximum trailing drawdown of 5%. The Starter Package is ideal for beginners who want to avoid aggressive accounts.
With a $1 million funding size and 75% profit split, the Master Package is the highest-tier account. A 10% target is set, along with a four-percent daily loss limit and a five-percent maximum trailing drawdown. If you have a lot of confidence in your abilities, this package may be for you.
Additionally, this prop firm offers a wide variety of tradable securities, including crypto and gold, as well as popular stock indices. It’s possible to leverage up to 1:10.
A top proprietary trading firm, SurgeTrader requires all of its clients to undergo evaluations. You need to pass only one phase of the SurgeTrader Audition process. It’s not necessary to earn over 10% of your account balance in order to pass the audition.
Audition fees range from $200 to $6,500 per account. There’s no limit to how many times you can take the audition. You can use credit/debit cards and PayPal to make payments and withdrawals.
Earn2Trade
Earn2Trade provides three distinct funded trading programs - The Gauntlet Program, The Gauntlet Mini, and the all-new Trader Career Path Program.
A one-time payment is required for the Gauntlet program. Traders manage a $25,000 virtual account for 60 days, during which they must trade on at least 30 days and at least once every week. If they follow the guidelines and meet the 10% profit target; successful candidates will receive a guaranteed funding offer from Helios Trading Partners or Appius Trading.
Topstep Futures and Topstep Forex are similar programs to the Gauntlet Mini. Traders pay a monthly fee and must follow the guidelines. The monthly fee includes trading classes, webinars, and access to Journalytix (TM). Qualifying traders will then receive an offer of a funded trading account.
Earn2Trade's newest program is the Trader Career Path. Traders begin with a $25,000 virtual capital account and are funded with a $25,000 real money account if they pass the Evaluation. After the Evaluation, traders can develop their trading careers and handle assets worth up to $200,000 without paying a monthly subscription fee.
Earn2Trade has the largest variety of trading platforms to choose from, with close to 20 options, including NinjaTrader and Finamark, R|Trader, and MultiCharts.
How to choose a prop trading account in Turkey?
Going with a prop firm that is right for your trading style and financial goals is crucial. Although choosing the best one seems like a non-trivial process, you can easily accomplish this by following the TU expert's guide to choosing a prop firm.
Consider Their Trading Style and Focus
One of the first things to consider when looking for a prop firm is their trading style and focus. Some prop firms specialize in day trading or scalping, while others may focus on longer-term trades or market analysis. Finding a firm that aligns with your trading interests and goals is important.
Look at Their Commissions and Fees
Another critical factor to consider when choosing a prop firm is their commission and fee structure. Some firms may have lower commission rates, but charge high fees which can add up quickly. Other firms may charge higher commissions but offer more resources, including educational materials or trading software, to help you grow your account. Be sure to read the fine print and compare costs across different firms.
Research the Firm's Reputation and Track Record
Next, it's essential to research the firm's reputation and track record. Check out their online reviews, ratings, and any news or press related to the firm. You may also want to look at their historical trading data or ask for references from current or past traders who have worked with the firm. This kind of due diligence can help you better understand the firm's stability and reliability.
Evaluate Their Capital Requirements and Risk Management Policies
Capital requirements and risk management policies are other factors to consider when choosing a prop firm. Some firms may require higher initial capital amounts or limit the number of trades new traders can make each day. Additionally, a good prop firm should have well-defined risk management policies and protocols in place to minimize potential losses while trading. Ensure you understand these policies and how they'll impact your trading experience.
Take Advantage of Your Demo Account and Trial Periods
Finally, take advantage of any demo account or trial period the prop firm may offer. This can offer a "test run" and help you better understand the firm's platform, trading tools, and resources. It's an excellent way to see if the firm matches your trading style and goals before committing any real money.
How to become a prop trader in Turkey?
The road to becoming a prop trader has been considerably simplified above, and now that you know what they do, it is time for you to learn the steps to becoming one.
1. Learn to trade the market
It would be outlandish to think that anyone could just hop in and make a profit. If that is the case, then everyone would be a prop trader. It is essential to understand the different markets and what drives them. This is the first and most crucial step.
2. Follow the rules
Every market has its own set of rules that traders need to adhere to. For example, a prop trader investing in the equity markets in the US should be aware of the timing. Futures contracts and derivatives would require initial and maintenance margins that need to be tracked and settled daily. Each broker also has its own rules, like a maximum position size or daily loss limit, that should not be breached.
3. Setup a trading strategy
There are numerous indicators that a prop trader can use. Across all of them, the trader has multiple strategies to choose from. It should be noted that no single strategy can assure profitability, and it is a good practice to supplement a technical indicator with other measures.
4. Practice money and risk management
Like we stated before, there is no technical indicator that can guarantee 100% profitable trades. Historical trends may not have a good predictor for future prices. Every trader will recommend using adequate risk management to limit losses. Stop losses and hedging are useful measures to manage the amount of risk taken.
5. Practice with Paper Trading
Before actually trading on a firm’s capital, prop traders often receive a simulator account on a trading platform to demonstrate their abilities. It allows the company to gauge the person’s trading strategies and risk management practices. It is also a good way for traders to browse through the online platform’s features.
6. Subscribe at a Prop Trading Program
After obtaining the necessary skills to become a prop trader, an individual can register on an online evaluation to take the process ahead.
7. Get Funded to Trade
Once a candidate completes the test successfully, they will receive an offer from the prop firm. The trader can actually trade using actual capital provided by the prop firm.
Is prop trading in Turkey free?
As with any type of trading, there are certain conditions that must be met. Typically, most proprietary trading firms in Turkey require an audition fee, which can range from 2,000 to 35,000 lira, as well as a monthly fee to cover overhead and operational costs. Additionally, traders will need some starting capital to get started, as there are often restrictions on how much leverage can be used.
Are international prop trading firms legit in Turkey?
Yes, international prop trading firms are legit and exist as real companies. They may not be registered directly in Turkey, but they allow citizens from there to access their funded accounts.
FAQs
What are the best forex prop firms in Turkey?
In this guide, TradersUnion experts have provided a list of the top forex proprietary firms in Turkey. Feel free to head over and read it.
Is prop trading legit in Turkey?
Yes, prop trading firms are legal and legitimate businesses. Even though a prop firm is not officially registered in Turkey, it can still give Turkish citizens access to their funded accounts.
Do prop traders make a lot of money?
Yes, they do, prop trading is both profitable and fraught with danger. Prop trading offers the potential for enormous financial gain if the associated risks can be managed.
How do I become a prop trader?
First and foremost, gain a thorough understanding of prop trading and conduct extensive research on prop trading firms. To begin with, it is preferable to work with a regulated and fully registered firm. It's now time to study for the evaluation test. After passing the test and completing the other regulatory tasks, you can now go live and begin trading with the funded account.
Methodology for compiling our ratings of prop firms
Traders Union applies a rigorous methodology to evaluate prop companies using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Trader Testimonials and Reviews. Collecting and analyzing feedback from existing and past traders to understand their experiences with the firm.
Trading instruments. Companies are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Challenges and Evaluation Process. Analyzing the firm's challenge system, account types, evaluation criteria, and the process for granting funding.
Profit Split. Reviewing the profit split structure and terms, scaling plans, and how the firm handles profit distributions.
Trading Conditions. Examining leverage, execution speeds, commissions, and other trading costs associated with the firm.
Platform and Technology. Assessing the firm's proprietary trading platform or third-party platforms it supports, including ease of use, functionality, and stability.
Education and Support. Quality and availability of training materials, webinars, and one-on-one coaching.
Glossary for novice traders
-
1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
-
2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
-
3
Prop trading
Proprietary trading (prop trading) is a financial trading strategy where a financial firm or institution uses its own capital to trade in various financial markets, such as stocks, bonds, commodities, or derivatives, with the aim of generating profits for the company itself. Prop traders typically do not trade on behalf of clients but instead trade with the firm's money, taking on the associated risks and rewards.
-
4
Risk Management
Risk management is a risk management model that involves controlling potential losses while maximizing profits. The main risk management tools are stop loss, take profit, calculation of position volume taking into account leverage and pip value.
-
5
Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).