Best prop firm contests reviews

What are prop firm contests?

Prop firm contests are competitive events organized by proprietary trading firms (prop firms) where traders, both aspiring and experienced, participate to showcase their trading skills. These contests typically involve virtual trading environments where participants use simulated funds to execute trades in real-time markets. The primary goal is to achieve the highest returns within a specified time frame or with a given capital allocation. Contestants compete for prizes, which can include cash rewards, funded trading accounts, or career opportunities with the prop firm. Prop firm contests serve as a valuable platform for traders to refine their strategies, gain exposure, and potentially secure financial backing for their trading careers.

Best prop firm contests

Let’s take a closer look at some of the best prop firm contests below:

Fidelcrest contests

Fidelcrest Review

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Founded in 2018, Fidelcrest is a prominent prop trading company with a global presence, boasting over 6,000 traders from more than 170 countries. Fidelcrest contests present a valuable opportunity for traders, whether experienced or newcomers, to demonstrate their trading skills and potentially earn capital to trade with. These contests are accessible to a wide audience and typically run for a specified duration. To participate, traders must meet specific conditions, which may include a minimum age requirement and passing a qualification test. These conditions ensure that participants have a fundamental level of competence before trading with Fidelcrest's capital.

Contest prizes usually consist of monetary rewards or trading capital, with winners determined by their performance during the contest period. Top performers can receive substantial rewards, which can kickstart their trading careers or enhance their existing portfolios. A standout feature of Fidelcrest contests is the bonus cash-out option, which allows traders to withdraw a portion of their profits while retaining the opportunity to trade with the remaining capital.

SurgeTrader contests

SurgeTrader Review

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SurgeTrader offers trading contests that require participants to meet specific criteria. Traders must first check the contest's time frame and eligibility criteria. These contests are typically time-limited and may vary in duration. Contest prizes are enticing, including cash rewards, trading bonuses, or merchandise, and are awarded to the top-performing traders based on criteria like profitability and trading volume. An attractive feature is the bonus cash-out option, which allows winners to convert their rewards into withdrawable cash.

Rules for participation include daily drawdown limits of 4%, maximum lot sizes, and the allowance of Expert Advisors (EAs). Prizes can include audition accounts up to $100,000 and cash rewards up to $1,000. To participate, individuals must be natural persons over 18 (or the age of maturity), existing clients or leads, residents of specific countries, and not previously banned by SurgeTrader. Winners must be open to having their trading histories made public. Traders are also judged based on their returns at the end of the contest period, with daily loss limits based on the previous day's balance and a maximum trailing drawdown to ensure responsible trading.

E8 Funding contests

E8 Funding Review

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E8 Funding contests provide a captivating opportunity for traders to showcase their skills and potentially secure funding for their trading endeavors. To participate, traders should be attentive to the contest's time frame, which varies and often has specified durations. These contests are inclusive, welcoming both seasoned and novice traders into the fold, and ensuring accessibility for a wide range of individuals. Participation hinges on meeting specific conditions, which can include meeting minimum age requirements and successfully passing qualification tests.

These prerequisites are designed to ensure that traders possess a foundational level of competence before they embark on trading with E8 Funding's capital. The allure of E8 Funding contests lies in the enticing prizes they offer. Typically, winners are determined based on their trading performance during the contest period. Rewards often consist of monetary prizes or trading capital. One notable aspect of E8 Funding contests is the possibility of a bonus cash-out option. This unique feature allows traders to withdraw a portion of their profits, affording them the flexibility to secure gains while retaining the opportunity to trade with the remaining capital.

The Trading Pit contests

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The Trading Pit contests offer a dynamic and competitive trading environment with substantial rewards. These contests are accessible to registered users of the Trading Pit platform, subject to specific eligibility conditions that can include minimum deposit requirements, trading volume targets, or a focus on particular trading instruments. The enticing prizes offered in these competitions, which include cash rewards, bonuses, and priceless trading tools, are what make them so appealing. Usually, the winners of these prizes are chosen based on predetermined performance standards like profitability and trading volume.

The Trading Pit wants to set a new standard for trading and investing around the world. They emphasize a partnership approach with traders for growth on both sides in order to provide traders with the information and resources needed for success. The company, which has its headquarters in Liechtenstein, boasts a global reach, with representation in Germany, Italy, Egypt, China, Vietnam, and Uruguay, in addition to offices in Cyprus, Spain, and Canada. They give ambitious traders the chance to manage accounts with sizes starting at $100,000 and scaling up to $5,000,000, with a profit split that ranges from 50% to 80%.

MyForexFunds contests

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MyForexFunds contests offer an exciting opportunity for traders to showcase their skills and potentially earn significant rewards. Participating in these contests is relatively straightforward, making them accessible to both novice and experienced traders alike. The contests typically run for a specified period, creating a sense of urgency and excitement within the trading community. During these contests, participants are required to meet specific trading conditions, such as achieving certain profit targets, trading volumes, or other criteria.

These conditions may vary from one contest to another, providing a diverse range of challenges. Participants should carefully review the terms and conditions to ensure they understand the withdrawal requirements for any bonus funds won during the contest. MyForexFunds contests offer a thrilling opportunity for traders to test their abilities, compete against their peers, and potentially reap substantial rewards. With varying conditions and attractive prizes, these contests create a dynamic and engaging trading environment.

City Traders Imperium contests

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City Traders Imperium, a renowned London-based proprietary trading firm co-founded by traders Martin Najat and Daniel Martin, offers an exciting avenue for traders to showcase their skills and potentially secure funded trading opportunities. The firm's trading contests are a fantastic way to kickstart or advance your trading career. Participating in these contests is straightforward, and they typically have specific timeframes during which traders can register and compete. While the conditions may vary from one contest to another, applicants usually need to demonstrate their trading proficiency and adhere to the contest's rules and guidelines.

Contests on City Traders Imperium are enticing because of the tempting prizes that are up for grabs. Past competitions have awarded winners with impressive rewards, such as substantial discounts on trading capital and, in some cases, coveted live-funded accounts. For instance, the recent World Cup for traders concluded with the winner earning a substantial $400,000 live-funded trading account. One important aspect to note is the bonus cash-out conditions, which may vary depending on the contest and the terms set by City Traders Imperium. Participants should thoroughly review these conditions to understand how they can withdraw their winnings.

Are prop trading contests worth trying?

According to Traders Union experts, here are some reasons why you can participate in prop firm contests:

• Skill development. Prop firm contests offer a controlled environment for traders to practice and refine their trading strategies. It allows them to experiment with different approaches, learn from their mistakes, and develop a deeper understanding of financial markets.

• Hands-on experience. These contests provide traders with real-world trading experience without risking their own capital. It's an opportunity to apply theoretical knowledge to practical situations, helping traders gain confidence and competence.

• Prize incentives. Many prop firm contests offer attractive prizes or financial incentives to top-performing traders. This can include cash rewards, trading capital, or even job offers within the firm, providing additional motivation and recognition for participants.

• Networking and exposure, Participation in prop firm contests can lead to networking opportunities within the financial industry. Successful contestants may catch the attention of industry professionals and potentially open doors to career opportunities beyond the competition.

• Risk management skills. Traders learn the importance of risk management in prop firm contests as they must adhere to specific risk parameters set by the firm. This valuable skill is transferable to real-world trading, where capital preservation is crucial.

• Career advancement. Winning or performing well in these contests can serve as a valuable addition to a trader's resume, enhancing their credibility and marketability in the finance sector.

What are the disadvantages of prop firm contests?

Participating in prop firm contests offers valuable benefits for traders but comes with some notable drawbacks. Firstly, there's the risk of overtrading, driven by the desire to win quickly or achieve high returns in a limited timeframe. Overtrading can lead to reckless risk-taking, disregarding essential risk management principles, and ultimately causing substantial losses

Secondly, while these contests provide a simulated trading environment, they can't fully replicate the intricacies of real-world markets. Traders may become overly reliant on contest-specific rules and strategies that may not be as effective in actual market conditions. Additionally, the contests often prioritize short-term gains, diverting attention from the development of long-term, sustainable trading strategies crucial for consistent success in financial markets.

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: