Best Forex Prop Firms Without Challenge
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The best no-evaluation prop firms are:
- Hola Prime - A prop trading firm licensed by the FSC of Mauritius that provides funding up to $500,000 with the potential to scale accounts to $4 million
- Instant Funding - Prop firm offering instant funding with account sizes up to $80,000
- GoatFundedTrader - A proprietary trading firm registered in Saint Lucia and Hong Kong, offering simulated capital of up to $400,000 for Forex and CFD trading.
- Funded Trading Plus - Instant funding accounts without profit target (max drawdown 6%)
- City Traders Imperium - Best for traders with consistent results (salary potential, no major trading restrictions)
Prop trading in the Forex market offers traders a unique opportunity to work with company capital and make a profit without risking their own funds. However, most prop firms require traders to pass tests or “challenges” – tests of skills that often involve achieving a certain return under strict risk management rules. This can be a significant obstacle for traders who want to start trading live right away. In this article, we will look at the best prop firms that offer access to capital without challenges. Such firms simplify the path to professional trading by providing more flexible terms and the opportunity to start trading with large capital faster.
Best prop firms with no evaluation
No-evaluation prop firms allow traders to work with their capital without going through standard tests or certification stages. Unlike classic prop firms, where a trader must demonstrate his skills and stable profitability through testing or demo accounts, such companies immediately provide access to funded accounts. This format is attractive to experienced traders who are confident in their abilities and want to avoid lengthy qualification checks. For traders seeking flexibility and freedom to trade at their own pace, prop firms with no time limits are a great choice.
We have analyzed many prop trading firms and the result is a list of the best prop firms without challenge.
| No-Evaluation | Profit split up to, % | Funding Up To, $ | Demo | Instant Funding | Open account | |
|---|---|---|---|---|---|---|
| Yes | 95 | 4 000 000 | No | Yes | Open an account Your capital is at risk.
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| Yes | 90 | 2 500 000 | No | Yes | Open an account Your capital is at risk.
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| Yes | 95 | 2 000 000 | No | Yes | Open an account Your capital is at risk.
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| Yes | 90 | 400 000 | Yes | Yes | Open an account Your capital is at risk. |
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| Yes | 90 | 4 000 000 | Yes | Yes | Open an account |
No-evaluation option. This is usually an optional feature where traders can access funded accounts without needing to pass an evaluation phase. However, prop firms may also offer other account types that require a challenge or evaluation. For detailed information, it’s best to contact the prop firm’s support team.
Managed amount up to. The maximum amount of capital that a prop firm allocates to a trader based on their performance and account level.
Profit split up to, %. The percentage of profits that traders can keep from their trading activities.
Trading restrictions for prop firms without evaluation
| Weekend Position Closure | Mandatory Stop Loss | News trading | Trading bots (EAs) | Max. Leverage | Open account | |
|---|---|---|---|---|---|---|
| No | No | Allowed | Yes | 1:100 | Open an account Your capital is at risk.
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| No | No | Allowed | Yes | 1:30 | Open an account Your capital is at risk.
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| No | No | Not Allowed | No | 1:100 | Open an account Your capital is at risk.
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| No | No | Allowed | Yes | 1:100 | Open an account Your capital is at risk.
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| Yes | Yes | Allowed | Yes | 1:30 | Open an account Your capital is at risk. |
Mandatory position closing before the weekend. Traders are required to close all open positions before the weekend to avoid potential market gaps and volatility that can occur when the markets reopen.
Mandatory stop loss. Traders must set a stop loss for each trade, ensuring that losses are limited and risk management practices are adhered to.
News trading. Policies regarding trading around major news events, which can be highly volatile. Some firms may restrict or prohibit trading during these times to manage risk.
Trading bots (EAs). Rules concerning the use of automated trading systems, also known as Expert Advisors (EAs). This determines whether traders are allowed to use algorithms to execute trades.
Maximum leverage. The highest leverage ratio allowed by the firm. Leverage allows traders to control a larger position with a smaller amount of capital, but it also increases risk.
Max. loss, %. The maximum percentage of loss allowed on the account. If this limit is breached, the trader may face restrictions or account termination.
How to choose the best Forex no-evaluation prop firm?
There are several key factors to consider when choosing a prop firm:
Reputation. The most important aspect is the reliability of the company. Checking reviews, Trustpilot rating and responsiveness in resolving complaints will help to assess its reliability and integrity.
Assets available. Prop firms offer a variety of assets: futures, stocks, Forex, cryptocurrencies, etc. Evaluate whether the set of instruments matches your trading preferences.
Fees. Pay attention to fees, profit margins and entry fees. Comparing fee structures will help you choose the right conditions, and some companies even refund fees.
Platform and trading style. MT4, MT5 or cTrader platforms are used by many prop firms. Evaluate the functionality and usability of the platform, as well as its suitability for your trading style.
Customer support. Quality support helps to promptly resolve issues with payments, the platform and other requests, saving you time.
Pros and cons of prop firms without evaluation
- Pros:
- Cons:
Time savings. Instant access to capital without lengthy due diligence allows for faster response to market opportunities.
Scalability. Traders can take larger positions without being limited by their own funds.
Quick trades. With real-time access to funds, traders can immediately open positions and take advantage of market moves.
Risk management. Prop firms offer training and support to develop effective risk strategies.
Strict rules. Firms impose drawdown limits and set rules on position sizes, which limits flexibility.
Limited profits. A portion of a trader’s earnings is given to the firm under distribution terms that can vary.
Are no-evaluation prop firms legit?
Indeed, no-evaluation prop firms have established themselves as reputable and trustworthy entities within the prop trading industry. Their legitimacy and safety stem from their well-defined business models and adherence to industry regulations.
These firms have gained recognition for their commitment to providing traders with a reliable and efficient funding source. By offering instant access to capital, they eliminate the lengthy approval processes and time-consuming paperwork commonly associated with traditional funding methods. Traders can quickly secure the necessary funds and focus on executing trades promptly, capitalizing on market fluctuations and maximizing their potential returns.
The legitimacy of prop firmsis further reinforced by their adherence to industry regulations and compliance requirements. Established firms operate within the legal frameworks of the jurisdictions they operate in, ensuring that they meet the necessary licensing and regulatory standards. This helps to safeguard the interests of traders and maintain the integrity of the financial markets.
Make sure to read the fine print
I always advise to carefully study the terms of each company in individual consultations. A quick start is not always an advantage: it is important to pay attention to the profit sharing structure and risk management rules. Some companies may offer more favorable conditions for experienced traders, but this may also mean stricter requirements for stability and capital management.
Even if you have experience in the market, prop firms with a strong training and mentoring program can provide unique tools and strategies. Companies that invest in training their traders are interested in long-term cooperation, which can give an additional advantage when working with large amounts.
I also advise paying attention to the scalability of the company. At the initial stage, a lot of capital is not always required, but in the long run, the ability to increase funds can play a decisive role in your trading. Look for companies that not only provide no-evolution, but also give traders the opportunity to increase capital as they perform well. This will help you get the most out of your trading strategy and gain access to more instruments and 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:
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Trader testimonials and reviews. Collecting and analyzing feedback from existing and past traders to understand their experiences with the firm.
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Trading instruments. Companies are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
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Challenges and evaluation process. Analyzing the firm's challenge system, account types, evaluation criteria, and the process for granting funding.
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Profit split. Reviewing the profit split structure and terms, scaling plans, and how the firm handles profit distributions.
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Trading conditions. Examining leverage, execution speeds, commissions, and other trading costs associated with the firm.
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Platform and technology. Assessing the firm's proprietary trading platform or third-party platforms it supports, including ease of use, functionality, and stability.
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Education and support. Quality and availability of training materials, webinars, and one-on-one coaching.
Conclusion
No-evaluation prop firms provide traders with the opportunity to quickly start trading using the company’s capital. They are especially attractive to experienced traders who want flexibility and the ability to scale without having to go through a lengthy trial period. However, it is important to consider aspects such as the profit sharing structure, risk management rules, and support terms to ensure that the company is as profitable as possible. Choosing a prop firm requires careful analysis, as each trader must ensure that the terms offered match their trading style and goals.
FAQs
What are the risks of working with prop firms without an evaluation?
The main risk is insufficient due diligence of the trader, which can lead to strict restrictions and high penalties for violating the terms. Such firms often have strict risk management rules, so it is important to carefully read the terms before starting work.
How are no-evaluation prop firms different from standard prop firms with a trial period?
Prop firms without an evaluation offer to work directly with the company's capital, bypassing the lengthy testing stage. However, because of this, stricter rules and restrictions, as well as a higher commission on profits, may be imposed than in firms with an evaluation.
What is the minimum level of training?
Traders should have serious experience and risk management skills. Prop firms expect high results from traders, so beginners may find it difficult to adhere to strict rules, which increases the risk of losses.
What is the best trading style for working with prop no-evaluation firms?
Conservative and balanced strategies with an emphasis on risk management are optimal. Aggressive trading styles may not be suitable, as such firms often limit drawdowns and position sizes, which limits flexibility in trading.
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Team that worked on the article
Maxim Nechiporenko has been a contributor to Traders Union since 2023. He started his professional career in the media in 2006. He has expertise in finance and investment, and his field of interest covers all aspects of geoeconomics. Maxim provides up-to-date information on trading, cryptocurrencies and other financial instruments. He regularly updates his knowledge to keep abreast of the latest innovations and trends in the market.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
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).
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly. However, beware that trading carries risks, and you can lose your whole capital.
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.
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
A trading system is a set of rules and algorithms that a trader uses to make trading decisions. It can be based on fundamental analysis, technical analysis, or a combination of both.
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.
