The5ers is a prop trading company catering to novice traders. The platform provides many educational resources tailored to meet beginner traders' needs. Additionally, The5ers offers customisable trading solutions that allow traders to trade in a way that suits their needs.
The5ers - pros and cons for beginners
Updated: June 20, 2023
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If you're just starting your trading journey and seeking a platform that can provide instant funding without evaluating your skills, The5ers is an ideal option of prop firms for beginners. And you might have a question about whether Is The5ers safe platform to trade on; the answer is a resounding yes.
The5ers provides Forex traders with a funded trading program that includes resources and support from experienced traders. Still, traders must pass strict entry requirements, and the profit split with The5ers is relatively high.
Let’s further delve into the details of The5ers fees, The5ers account types, and safety measures to get a comprehensive understanding about Is The5ers Good for Beginners or not!
The5ers for beginners - review
Below, you can browse the detailed review of The5ers that you should know about this prop firm for beginners.
The5ers minimum deposit (participation fee)
The5ers does not set additional trading fees, so the trader pays only the bid/ask spread, the value of which depends on the market conditions. Spreads and other trading fees are charged to the trader by the broker, not The5ers. The only mandatory payment is the initial deposit.
Depending on the chosen program, the trader can deposit (The5ers participation fee) 85, 235, 385, or 745 US dollars. The amount of the deposit determines the amount of funding. For example, if you deposit $235, The5ers gives you $6,000, and if you deposit $385, you will receive $10,000 in your account.
The5ers fees
The5ers platform operates on a fee structure from $85 - $745. Notably, the platform does not levy additional trading fees apart from the initial deposit, the only requirement for opening an account.
Traders are only required to pay the spread, which may vary according to market conditions.
The The5ers fees are below the market average, making it an attractive option for traders seeking to minimize costs.
The5ers accounts for beginners
There are 4 types of The5ers accounts that a trader can open:
| Account Type | Instant Funding | Funding Potential | Leverage | Profitability to proceed through next stage | Duration of first stage |
|---|---|---|---|---|---|
$85 |
$25000 |
$100000 |
1:10 |
5% |
365 days |
$745 |
$20000 |
$80000 |
1:10-1:30 |
6-12% |
60 or 180 days |
$385 |
$10000 |
$40000 |
1:10-1:30 |
6-12% |
60 or 180 days |
$235 |
$6000 |
$24000 |
1:10-1:30 |
6-12% |
60 or 180 days |
The5ers account opening
Opening a The5ers account takes just a few minutes all you have to do is:
Visit the official website of The5ers and select your funding option from the quick start option.
Image: How to open a The5ers account
After selecting, furnish basic details like your password, name, contact details, house number, city, and postcode.
Image: How to open a The5ers account
Upon furnishing the details, read and click the terms of service and other requirements on the page.
Image: How to open a The5ers account
To start trading, you can easily deposit funds by entering your bank card details or choosing an alternative deposit method.
Image: How to open a The5ers account
Next, log in to your account using the button in the main menu's upper right corner. Navigate to the "Trading Tools" section and download the MT5 trading platform.
Image: How to open a The5ers account
Enter the registration details in the trading platform and start trading.
Trading platform
The 5ers trading platform is designed keeping user-friendliness in mind. All trading options are easily accessible from the main dashboard, and you can quickly customize your trading criteria to select instruments best suited to your investing goals. The platform offers real-time market data, secure trading tools, and easy portfolio management – making it an intuitive and reliable choice for the novice investors.
Customer support
The 5ers provide outstanding technical support, as they provide two channels of communication:
Mobile
UK: +44 (20) 8068 0793
US: +1 (929) 955 5595
Mobile
help@the5ers.com
Traders are advised that the customer support team of this service is available during specific office hours from Sunday to Thursday, spanning from 07:00 to 17:00 GMT, with a shorter workday on Fridays from 07:00 to 12:00 GMT.
It should be noted that the support team does not operate on Saturdays, and therefore, requests on this day may not be addressed.
Note:
To ensure efficient and effective communication with the support team, traders are encouraged to limit their contact within the designated office hours.
Conclusion - The5ers pros and cons for beginners
The5ers is an excellent prop company catering to novice and seasoned traders. It boasts cutting-edge technology that integrates seamlessly with seasoned professionals to help traders achieve success in the forex markets. The platform provides many educational resources tailored to meet beginner traders' needs. Additionally, The5ers offers customisable trading solutions that allow traders to trade in a way that suits their needs.
Should I Join a Prop Firm? Key Pros And Cons| Pros | Cons |
|---|---|
TProvides instant funding starting from $20,000. |
This prop trading company does not trade in shares and future contracts. |
Traders can trade on three thousand securities, seven currency pairs, six indexes, and two precious metals. |
Traders are prohibited from having more than three accounts active simultaneously. |
This funded trading platform charges no withdrawal fees. |
On Saturdays, support is not available. |
For newbies, The5ers provides a demo account, free one-on-one performance coaching and a paid education program, which can help traders hone their skills and familiarise themselves with the Forex market. |
Live chat is not available on the website. |
The standard leverage is 1:10 but can be increased by 1:30 depending on the increasing deposit and any additional options. |
If accounts remain inactive for 21 days, this prop trading firm closes them automatically. |
Traders are free to create their portfolio of assets and adopt whatever trading style that works best for them. |
One must agree to its funding conditions to start trading with The5ers. |
Analytics, economic calendar, trading tools, and strategy ideas are just some of the perks provided by The5ers. |
Traders can't withdraw their funds if their trading account is blocked. |
Allows traders to hold the position overnight. |
When opening positions, an SL order is mandatory, and the risk level per trade must not exceed 2% of the trader's balance. |
FAQs
Is MetaTrader 5 ideal for beginners?
The MetaTrader 5 platform is a versatile trading platform that allows for easy and flexible trading of forex, stocks, futures, and CFDs. For beginners, the platform provides real-time access to asset prices, enabling them to make informed trading decisions.
What are the pros of The5ers for beginners?
The pros of The5ers for beginners include access to capital, the opportunity to earn profits, educational resources, risk management guidelines, and support from experienced traders.
What are the entry requirements for The5ers?
The entry requirements for The5ers include passing an evaluation process that assesses a trader's trading skills, risk management abilities, and overall potential.
What are the cons of The5ers for beginners?
The cons of The5ers for beginners include strict entry requirements, a relatively high profit split with The5ers, and potential impacts on profitability.
Team that worked on the article
Upendra Goswami
Contributor
Upendra Goswami is a full-time digital content creator, marketer, and active investor. As a creator, he loves writing about online trading, blockchain, cryptocurrency, and stock trading.
Dr. BJ Johnson
Developmental English Editor
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
Cryptocurrency and stock expert
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).