Best Funded Trader Programs in Canada

What is a Funded Trading Program?

With a funded trader program, traders have the opportunity to trade using a prop firm’s money. You and the proprietary firm share the profits you generate in the funded account.

The trading industry is a thriving field where many people are trying to learn more each day, but it's not just about knowing the basics, it's about knowing how to manage your money and being successful.

It’s becoming easier for people to learn trading skills and strategies online and become consistently profitable traders, however, many individuals don’t have very much investment capital to work with so that they can generate substantial amounts of money from their profitable trades.

By offering trader education resources, webinars, and support, good funded trader programs help you get started in trading with more than just trading capital. It's also important to have a trading platform of the highest quality and a partner company that offers funded accounts of the highest quality.

The advantage of funded trader accounts, as opposed to a Personal Forex account, is the reduced risk. Real-time data and a useful platform are available for a small monthly fee. Once you prove you possess the necessary skills, you’re granted access to a funded account. Upon getting funded, you get to keep up to 90% of the profits that you generate from trading.

Best Funded Trading Programs in Canada

Topstep - for day traders

Topstep Review

Open an account

Your capital is at risk.

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 $50K, $100K, or $150K 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• The first $10,000 in profits you make can be withdrawn in full, and 90% of profits exceeding that amount can be withdrawn.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.

Elite Trader Funding is the best option for remote funding

Review

Open an account

Your capital is at risk.

With Elite Trader Funding's EOD program, you get the best value in futures evaluations with end-of-day drawdown. One-step evaluations with single overall trailing drawdown are a lower-cost option for traders looking to avoid daily drawdown limitations of EOD drawdown programs.

If you are an aggressive trader looking to use Elite Trader Funding programs, you can sign up for Elite Trader Funding Fast Track evaluations where you can receive up to $6,500 in drawdown allowance for just $150. You’ll also receive $160 of Free Data once you’re qualified for live funding.

A $25K Mini Track Evaluation starts at $45 and must be completed within a maximum of 14 calendar days and a minimum of 10 trading days (not much wiggle room). This option requires you to be a seasoned trader with a high level of confidence and expertise in day trading futures.

Also worth noting are the Free Data Specials on the $100K and $250K evaluations and the resets on the EOD and 1step, but not on fast tracks. As a fourth type of evaluation, Elite offers Static Drawdown Evaluations, which are exactly what their name suggests. Evaluations of this type have a maximum loss and no trailing drawdown. It’s also important to note that the minimum allowed balance doesn’t change over time.

Earn2Trade - for professional traders

Earn2Trade Review

Open an account

Your capital is at risk.

For $150 a month, Earn 2 Trade offers a Gauntless Mini account with $25K. When you choose the $350 a month option, you can get up to $150K.

In the beginning, you might want to settle for the $150 monthly fee option if you are still developing your trading confidence. Within the first month of receiving this, you might aim for $1750 and above according to the mentorship you’ve been provided with.

By doing so, you won't need to spend any additional money to upgrade your account to the $350 a month option.

Additionally, achieving this feat will give you access to proprietary trading partner accounts.

Upon reaching this point, you'll have access to:

• A beginner crash course that would otherwise cost $249

• Access to a trading simulator

• Access to Journalytix

E8 Funding - provides an opportunity to get up to $250,000

E8 Funding Review

Open an account

Your capital is at risk.

Founded only in 2021 by CEO Dylan Elchami, E8 Funding is one of the “newest” babies of the big but close-knit circle of proprietary trading firms. It uses MetaTrader4 and 5 as its software, much like many other trading accounts.

Traders in the platform trade commodities, crypto, Forex, and equities. The leverage is up to 1:100, the maximum initial deposit is $300,000 (scalable to $1.0M+) and the account sizes are between $25,000 and $100,000.

E8 has a two-phase evaluation stage, which users need to complete before they start trading. While this may sound like a challenge, the good news is that once you complete the evaluation, you can start trading on the same day!

There are two accounts that the platform offers - the classic E8 and the premium ELEV8. In E8, traders are given requisite funding once they finish the evaluation and they can keep up to 80% of the profits to themselves.

This is not the case in ELEV8 where the traders are given the funds instantly and they can keep up to 90% of the profits to themselves. Additionally, traders with ELEV8 accounts have the advantage of their account size increasing by $100,000 every 30 days when they continually hit their profit targets.

For an entry account, the maximum initial deposit and the profit target (to be completed in 30 days), is $2,000 while the daily floating and closed loss is $1250. These targets, maximum losses, and drawdowns however vary from one account size to another.

The5ers is a great choice for traders using the MT5 platform

The5ers Review

Open an account

Your capital is at risk.

In comparison to the other programs mentioned in this list, The5ers take an entirely different approach. The5ers fund each funded trading account with real money, so subscribers can trade with it.

Tradable securities include all Forex majors, such as EUR/USD, USD/CHF, and major cross pairs, such as AUD/CAD and GBP/JPY. The Level 1 Program requires every trader to achieve a profit target between 10% and 25%.

Upon reaching the profit target by trading according to the rules, the Level 1 Program will be closed. As a Portfolio Manager Partner, you will receive profits according to the profit split, and a new trading account will be opened for you on the next funding level.

A key difference between this trading account and the others is its ease of use. 50:50 profits are split between The5ers and their members. Accordingly, the trader keeps half of the profit.

Each of the programs is hosted on the MetaTrader 5 trading platform. The participation fee ranges from $275 to $875.

Funded Trading Programs in Canada Compared

For a quick overview of the funded trader programs discussed here, we compiled a table highlighting the important points.

How Do I Become a Fully Funded Trader in Canada?

A step-by-step guide on how to become a fully funded trader in Canada:

• Step 1
  Research companies offering financing. Look for reputable firms licensed by local public law institutions.

• Step 2
  Familiarize yourself with the requirements. Carefully study what criteria the company uses to evaluate candidates (trading experience, skills, credentials, performance indicators, etc.).

• Step 3
  Registration for the competition program.

• Step 4
  Completion of a probationary program. If your application is approved, you will be asked to complete a probationary program. You will be required to trade on a simulated account for a certain period of time. The goal is to show stable earnings and strict adherence to the rules. For example, mandatory use of stop losses, no averaging for losses. Selection often takes place in several stages.

• Step 5
  Trade using the firm's capital. Adhere to the goals set by the firm, pre-agreed trading strategy and risk management guidelines. Consistency is key to maintaining your funded status over the long term.

• Step 6
  Performance Monitoring. Constantly monitor your trading performance and adjust your strategy as needed to optimize profitability and minimize risk.

How Much Money Can I Make?

One question that always nags at potential traders is how much money they can make when they set out to become funded traders. The response to this question is complex and dependent on a number of important variables. For instance:

Funding Level

The foundation of the funded trader programs lies in the financing amount provided by the trading firm. These values range widely, from a few thousand dollars to large sums in the six figures. For example, some might provide traders a $25,000 beginning capital, while the most outstanding companies give over $1 million per account.

Profit split

Profits are split between the trader and the trading firm in funded trader programs. The profit split ratio is fixed and specified in the program agreement. Traders typically receive up to 70%-90% of the profits they make.

Trading Strategy

Choosing a suitable trading strategy is also critical. High-risk strategies may create huge short-term rewards, but they also carry a higher risk of loss. Conservative techniques produce more steady, consistent growth over longer time spans. Your strategy must balance risk and reward so that you can profit from multiple deals while avoiding catastrophic losses.

Effective risk management is essential as profits can be greatly increased with a well-defined and properly researched approach. Keep in mind that trading tactics are governed by different regulations and guidelines at different trading firms. Also traders should consider strict rules of most funding programs. Usually, they limit maximum loss to 4-10%.

How to Choose a Funded Trading Program in Canada

Here are a few factors to consider when choosing a funded program:

• Check whether the firm providing the capital for trading is registered with the appropriate regulatory authorities in Canada.

• Carefully review the company's offerings, including commissions, length of probationary period, profit sharing agreements, risk management policies, and any other important details.

• Evaluate the trading conditions, such as leverage, available trading assets (for example, some companies offer traders to trade only futures, while others provide a wider range of instruments), speed of execution, and trading platforms. Make sure that the firm's terms and conditions suit your trading style and strategy.

• Analyze the track record, reputation of the company and reviews from other traders who have participated in the program.

• Ensure that the firm has implemented sound risk management practices to protect traders and the firm's capital from excessive losses.

• Evaluate the level of support, and find out if the company provides additional educational materials.

Are funded trader programs legit in Canada?

Yes, funded trader programs offered by reputable firms in Canada are perfectly legal. These programs usually involve companies providing traders with capital to trade in exchange for a share of the profits generated. However, before participating in any funded trader program, it is important for traders to conduct thorough research and due diligence to ensure that the firm is regulated and operates within the local legal framework.

Are Funded Trading Programs Trustworthy?

If you choose the right company to work with, funded trading programs can be very trustworthy. Nonetheless, this is a new business model for this industry. Program quality varies from company to company. It is also possible that some scam their customers just out of greed. Due diligence and proper research are, therefore, highly recommended.

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.