Cheap Funded Trading Programs Review for 2024
The cheapest prop firm is Topstep
Top cheap prop firms are:
Topstep - traders keep 100% of their first $5,000-$10,000 profit;
Fidelcrest - traders get between 80% and 90% of the profits they make;
SurgeTrader - offers 75% payout to traders;
FTMO - trader retain 80% of the profits;
Elite Trader Funding - traders receive 100% of the profit with income up to $12,500.
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5.7
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5.28
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6.68
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Have you ever dreamed of trading full-time but lacked the capital to do so? Funded trading accounts offer a solution by providing traders with funds to allow them to put their strategies to the test.
In this analysis, we uncover the most affordable options for funded accounts. Fees vary widely between programs, as do crucial aspects like profit-sharing and evaluation paths. Beyond cost, however, numerous other factors require consideration. Experience and performance carry greater weight than expense alone. An inexpensive program loses value without proper guidance or a reasonable chance of profit. Therefore, we also identify features like educational support, risk management guidelines, and payout structures.
What are funded trader costs?
Funded traders typically pay a small monthly fee for real-time data and a platform to access their trading accounts. Depending on the provider, there may also be additional costs such as subscription fees and commissions. After showing that you have the right skills, you get access to a real account with cash.
As soon as you receive funding, you can keep up to 90% of the profits and request a payout to be sent to your current account. Some of the more popular funded trading programs include Topstep, which charges a $495 fee for three-month memberships or a $990 fee for six-month memberships, and other programs that have similar costs.
Top 5 cheapest funded trading accounts
Funded trading accounts offer various advantages. They enable you to start trading at a minimal rate — sometimes even for free. Getting licenses requires time and effort if you are just starting out or working for yourself. But when you sign up as a funded trader, you get the permissions and certifications you need to start trading immediately. Now, let's examine the top three funded trading programs with the lowest costs.
1Topstep
As a broker, Topstep has always had an outstanding reputation, fantastic trader support, and very generous payouts. As a result of their current promotion, they're one of the best bargains in the industry for forex trading.
You keep 100% of your first $5,000-$10,000 profit when you first get started (depending on which account you choose). In addition to that, you get 90% of your profits going forward, which is the industry's highest payout ratio.
Furthermore, Topstep has streamlined its two-step evaluation process, known as Trader Combine. The minimum trading requirement in Step 2 has been eliminated, so both steps can be completed in less than two weeks.
To pass the Trader Combine, Topstep gives traders unlimited time to hit their profit targets. No matter how long it takes, just make sure you don't reach your loss limit or trailing maximum drawdown. While you're in the Trader Combine, you'll be charged a monthly fee, but once you're confirmed as a funded trader, those fees will disappear.
2Fidelcrest
Fidelcrest is a trading firm that started in 2018 in Cyprus and now operates globally, including in the USA. This firm gives seasoned traders the chance to use Pro and Micro accounts on the MT4 platform. You can trade a wide range of assets, including currencies, stocks, indices, metals, and commodities.
One of the standout features of Fidelcrest is its profit splits. Once traders pass the evaluation stage, they get between 80% and 90% of the profits they make. In fact, a 90% profit split is one of the highest you'll find in the trading world.
The company also values trading consistency. While you're free to choose your trading style, Fidelcrest stresses the importance of finding and sticking with a strategy that makes money. Inconsistent trading could even get you disqualified.
User experience is another focus for Fidelcrest. The website is easy to navigate, and all trading conditions are out in the open. On top of that, they offer strong customer support, helpful learning materials, and a welcoming community for traders.
The trading environment is competitive, with up to 1:100 leverage and a choice of 175 assets. Their high profit-sharing rates make them a great choice for traders looking for a good deal.
While Fidelcrest is not a regulated firm, it's crucial to work with a company you can trust. Fidelcrest has built a solid reputation and has received excellent reviews, earning a TU Overall Score of 9.02 out of 10.
3SurgeTrader
SurgeTrader is a well-known prop firm. It is the best way to diversify your investments with a wide range of assets that can be traded, and it offers 75% payout to traders who have money in their accounts and meet their trading conditions.
Unlike many similar prop firm trading companies, SurgeTrader has only one evaluation phase. There are six packages available for traders of all experience levels. As part of its starter package, you will receive $25,000 in immediate funding and a 10% profit target. A total trailing drawdown of 5% is permitted. The starter package is perfect for newcomers who prefer avoiding aggressive accounts.
The master package, with a financing capacity of $1 million and a profit split of 75%, is the second option. The target is 10%, with a daily loss cap of 4% and a total trailing drawdown of 5%. This plan might be ideal for you if you have ample knowledge and high self-confidence. This prop firm also provides an extensive range of tradable securities, such as gold and cryptocurrencies, as well as well-known stock indices.
SurgeTrader charges a $250 minimum and a maximum of $6500 in fees.
4FTMO
FTMO is a trustworthy prop trading company with a focus on Forex trading. You must go through three steps before getting a funded trading account:
Before you can meet the profit goals, you have to complete the FTMO Challenge in 30 days.
The 60-day Verification Phase follows, wherein you must demonstrate that you can replicate your FTMO Challenge success.
After you complete the FTMO Challenge and the Verification two-step assessment process, FTMO extends an invitation to trade their funds on accounts with balances ranging from $10,000 to $400,000.
The trader retains 80% of the profits. For accounts that have already been funded, however, an extra scaling plan lets traders increase the profit split in their favor for up to 90/10 with account levels as high as $2,000,000.
Trading is possible with 44 currency pairs and 10 of the biggest and most well-known cryptocurrencies. Some cash indices, stock CFDs, and commodities can also be traded. The fees on FTMO start at 155 euros and go up to 1080 euros.
5Elite Trader Funding
You can obtain the finest value in futures evaluations with end-of-day drawdown through Elite Trader Funding's EOD program. One-step evaluations with a single aggregate trailing drawdown offer traders a less expensive alternative to the daily drawdown restrictions imposed by other EOD drawdown solutions.
You can register for Elite Trader Funding Fast Track evaluations, obtaining up to $6,500 in drawdown for simply $150. Once you are eligible for operational funding, you will also get $160 in free data.
The 25K Mini Track Evaluation costs $45 and needs to be finished in at least 10 trading days and 14 calendar days. To have this option, you must be an experienced trader with great trust and skill in day trading futures.
Elite provides static drawdown evaluations, which is precisely what the title implies, as the fourth evaluation. This category of evaluations lacks trailing drawdown and possesses a maximum loss. The minimum permitted balance stays the same over time, which is another crucial point to remember. Elite Trader Funding has fees that range from $45 to $655.
Is there a free prop firm account?
Free accounts are available for prop firms, but there might be better choices. Reputable firms typically require their traders to pay a small fee.
Funded trading programs can be highly reliable if you pick the right company to work with. Before selecting any company, thorough investigation and due diligence are strongly advised.
What to look for when choosing funded trading programs?
When choosing a funded trading program, there are several factors to consider in addition to the lowest costs. Here's what you need to pay attention to:
Reliability. Look for a program offered by a reputable and trustworthy proprietary trading firm. Check their track record and read reviews from other traders.
Initial capital amount. Funded account sizes vary, so choose a program that provides enough capital to trade based on your strategy and financial objectives.
Trading platforms and tools. Ensure that the program offers reliable and user-friendly trading platforms and tools that are suitable for your trading approach.
Profit target and profit share. Understand the program's profit-sharing arrangement and the percentage of profits you can keep. Look for a fair and transparent profit-sharing ratio.
Educational resources and support. Consider the program's offerings in terms of webinars, mentorship, coaching, and access to advanced trading tools. A supportive environment can significantly enhance your chances of success.
Risk management. Choose a program that emphasizes risk control and provides risk management strategies to help you minimize potential losses.
Funding progression based on performance. Some programs offer opportunities for funding progression as you demonstrate consistent profitability. Understand the rules and requirements for advancing to higher funding levels.
Withdrawal conditions and payout methods. Check the program's fees, withdrawal conditions, and available payout methods to ensure they align with your preferences and needs.
By considering these factors, you can choose a funded trading program that not only offers low costs but also provides the necessary support, resources, and opportunities for growth to help you succeed in the trading industry.
How to make the most of funded trading
Here are five tips for beginners to make the most of funded trading:
Develop a profitable and tested strategy
One of the core aspects of becoming a successful funded trader is having a profitable strategy. Backtest your strategy over a significant period, such as five years of data or 50 trades, to ensure its viability.
Believe in your trading ability
To become a funded trader and handle a significant amount of capital, you need to have confidence and belief in your own trading ability. This is crucial, as 90% of traders lose 90% of their capital in the first 90 days.
Create a trading routine
Establish a daily trading routine that includes checking the news, marking important price zones, and identifying high and low levels for the day. A well-defined routine can help you stay focused and make better trading decisions.
Set realistic goals and manage risk
When trading with funded capital, it's essential to set realistic profit targets and manage your risk effectively. Enter positions with lower risk and exposure, and be prepared for the unpredictability of the market.
Treat trading like a business
Approach funded trading as a full or part-time business, not as a hobby or a job. Develop a trading plan with entry, exit, and money management criteria, and use technology to your advantage. This will help you stay organized, disciplined, and focused on your long-term goals.
Expert Opinion
To determine whether a prop trading firm offers beneficial conditions, it's crucial to look beyond profit splits. Pay attention to indicators such as the size and structure of the account fee. Fees may be charged one-time or on a monthly basis, and amounts can vary depending on the chosen program. The scaling of prop firms allows traders to receive additional funding over a specific period. Successful traders may see an increase in the percentage of profits they keep. Prop firms incentivize clients to increase trading volumes and, consequently, generate more profits.
FAQs
How many accounts can you have as a funded trader?
You can have as many Trading Combine accounts as you like running at a time, but you are limited to having one funded account open at any given time, per brokerage rules.
Are funded trading programs legit?
Funded trading programs can be legitimate, but traders should exercise caution and thoroughly research the program before participating. Legitimate programs typically have clear terms, risk management guidelines, and a track record of paying out profits to traders.
What is the best funded futures trader?
The best funded futures trader can vary depending on individual trading strategies and performance. Some funded trading firms offer competitive payout structures, but success ultimately depends on a trader's skills and risk management.
Are funded trading accounts worth it?
Funded trading accounts can be worth it for traders looking to access capital without significant upfront investment. However, their worth depends on the specific terms and conditions of the funding program, including profit-sharing agreements and risk management rules.
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.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
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).