One Step Evaluation Forex Prop Firms
The best prop firm with one-step evaluation is SurgeTrader
Best prop firms with one-step evaluation are:
SurgeTrader - Pass SurgeTrader Audition, get funded account within 24 - 48 hours
Funded Next - Simplified evaluation, 25% profit target, up to 90% profit split
My Forex Funds - Accelerated program, skip evaluation, start trading real funds
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5.28
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In the world of proprietary trading, finding the right prop firm that offers a streamlined and efficient one-step evaluation process is paramount. Such prop firms have revolutionized the traditional evaluation and funding model, allowing traders to showcase their skills, pass a single evaluation, and gain access to funding and real trading opportunities. In this article, the experts at TU will delve into the top prop firms that excel in providing a seamless one-step evaluation process, highlighting their unique features and benefits.
What is a one-step evaluation prop firm?
A one-step evaluation prop firm refers to a specific type of proprietary trading firm that presents traders with a unique opportunity to undergo a combined evaluation and funding process. Unlike the traditional approach followed by prop trading firms, where traders need to complete a separate evaluation before being considered for funding, one-step evaluation prop firms streamline the process, allowing traders to demonstrate their skills and secure funding in a single step. The emergence of these firms has gained significant traction in recent years, as several trading entities have embraced this innovative trading model.
These one-step evaluation prop firms typically equip traders with essential tools such as trading platforms, risk management instruments, and market access. In return, these firms receive a portion of the profits generated by the traders they support. By providing a simplified evaluation and funding pathway, these firms enable traders to focus on showcasing their abilities and potentially accessing funding more efficiently.
Best prop firms with only one-step evaluation in 2024
SurgeTrader:
SurgeTrader offers an assessment process called the SurgeTrader Audition. Traders can choose the assessment tier that suits them best and participate in the audition to showcase their skills, risk management abilities, and profitability. To pass the audition, traders need to generate a 10% return in their account without incurring a daily drawdown of 5% or a maximum trailing drawdown of 8%. Once the audition is successfully completed, SurgeTrader provides traders with a funded account within 24 - 48 hours.
Funded Next:
Funded Next offers an Express Model that simplifies the evaluation process to a single step. Traders in this model aim to achieve a 25% profit target with no specific time limit. Once this target is reached, traders can begin trading on Funded Next's funded account with a profit split starting at 60%. Based on performance, the profit split percentage can be increased up to 90%. This one-step assessment process allows traders to prove themselves once and gain access to real funds.
My Forex Funds:
My Forex Funds offers an Accelerated program designed for experienced and profitable full-time traders who want to start trading a live account immediately. In this program, traders can skip the evaluation process and begin trading real funds right away. The program provides leverage of up to 1:100 for Emphatic accounts and 1:50 for Conventional accounts in Forex, metals, and CFDs. There are no daily drawdown limits, but traders need to adhere to an overall drawdown rule of 5% for Conventional accounts and 10% for Emphatic accounts.
One-step evaluation prop firm pros and cons
👍 Pros
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Streamlined evaluation process:
One-step evaluation prop firms offer a quicker assessment process compared to multi-step evaluations. This allows traders to commence trading with the firm in a shorter span of time, enabling them to start capitalizing on trading opportunities sooner
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Skills demonstration opportunity:
One-step challenges provide traders with a platform to showcase their trading skills and potentially gain access to larger trading accounts. This can be advantageous for talented traders seeking to prove their capabilities and expand their trading endeavors
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Access to resources:
One-step evaluation prop firms typically equip traders with essential resources like advanced trading platforms, comprehensive risk management tools, and access to various markets. These resources aid traders in honing their skills, implementing effective strategies, and staying competitive in the dynamic trading landscape
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Shared risk:
Like traditional prop trading firms, one-step evaluation prop firms also share the risk of trading with the traders. Rather than taking the entire trading account, they only claim a portion of the profits generated by the trader. This arrangement allows traders to have a degree of risk-sharing and encourages a mutually beneficial partnership
👎 Cons
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Lower profit share:
One-step evaluation prop firms generally allocate a larger portion of the profits to themselves compared to traditional prop trading firms. While traders still have the opportunity to earn profits, the profit-sharing arrangement may result in a smaller portion of the overall gains being retained by the trader
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Trading restrictions:
Traders operating within the framework of one-step evaluation prop firms often face additional and stricter trading limitations. These restrictions may include predefined parameters such as maximum position sizes and adherence to specific risk management rules. Such limitations can curtail the flexibility of traders' strategies and hinder their ability to fully explore certain trading opportunities
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Limited Drawdown:
One-step evaluation prop firms may impose smaller daily drawdown and maximum drawdown limits. This requirement can pose a challenge for traders who may lack discipline or robust risk management skills, as they need to adhere to tighter risk parameters. Traders must exercise caution and develop effective risk mitigation strategies to navigate within these limitations successfully
How do one-step evaluation prop firms work?
One-step evaluation prop firms provide traders with a streamlined and efficient pathway to access funding and begin trading with a proprietary trading firm. Let's delve into the step-by-step process that these firms typically follow:
Registration and fee payment:
Traders interested in participating in the evaluation process must register with the prop trading firm and pay a fee. The fee amount may vary depending on the specific firm and the size of the evaluation account
Evaluation period:
Upon registration, traders are allocated a designated period, typically ranging from a few days to a few weeks, to demonstrate their trading skills using a demo account. During this evaluation period, traders must adhere to specific rules and guidelines outlined by the prop trading firm
Trading rules and guidelines:
Traders receive a set of predefined rules and objectives to follow throughout the evaluation period. These guidelines may include profit targets, maximum drawdown limits, and strict risk management protocols. Traders must exhibit their ability to meet these objectives and execute trades within the specified parameters
Evaluation criteria:
The prop trading firm evaluates the trader's performance based on various factors during the evaluation period. Meeting specific criteria, such as achieving profit targets, demonstrating effective money management practices, and displaying consistent performance, plays a crucial role in determining the trader's success
Funding offer:
If the trader meets the evaluation criteria, they are presented with a funding offer from the prop trading firm. The funding amount usually correlates with the trader's performance during the evaluation period, taking into account factors like profitability, risk management, and overall trading skills. Funding offers can range from a few thousand dollars to substantial amounts, depending on the firm and the trader's expertise
Trading with funding:
Once funded, traders must adhere to certain parameters and guidelines established by the prop trading firm. These parameters may encompass restrictions on maximum position sizes, specific risk management rules, and other trading guidelines. In exchange for providing the funding, the prop trading firm typically retains a share of the trader's profits, usually ranging from 20% to 50%, based on the firm's policies and the funding amount provided
How to find the best one-step evaluation prop firm?
When it comes to selecting the ideal one-step evaluation prop firm, it's crucial to follow a systematic approach. Consider the following steps to make an informed decision:
Evaluate trading conditions and rules:
Carefully assess the trading conditions and rules set by each prop firm. Analyze factors such as profit targets, drawdown limits, and compatibility with your trading style. It may be prudent to start with a lower profit target and gradually work towards higher ones. Additionally, if you rely on expert advisors for automated trading, ensure that the prop firm allows EA usage
Consider funding options and profit splits:
Look for prop firms that offer competitive funding options and favorable profit splits. Evaluate the initial investment size and assess the potential for profit growth. Some prop firms may offer a higher profit share percentage or the opportunity for a larger funded account size, which can significantly impact your trading journey
Review the evaluation process:
Understand the evaluation process employed by each prop firm. Some firms may require traders to trade successfully in a simulated account, meeting specific rules and risk parameters, to progress to a funded account. Take note of the evaluation period duration, whether it's 30 days, 60 days, or even unlimited, ensuring that you have ample time to pass the evaluation challenge successfully
Compare subscription fees:
Consider the subscription fees associated with the one-step evaluation prop firms. It's essential to evaluate these fees in relation to your budget and financial capabilities. While some firms may have higher fees compared to two-step evaluations, it's crucial to assess the value provided by the firm and whether the fees are justifiable for the services offered
Consider risk management requirements:
Thoroughly evaluate the risk management requirements imposed by each prop firm. Some firms may have stricter risk management rules, such as smaller daily drawdown and maximum drawdown limits. Ensure that you possess the necessary discipline, risk management skills, and trading strategies to meet these requirements successfully. This is crucial for maintaining a sustainable and responsible trading approach
Check reputation and customer support:
Investigate the reputation and customer support of the prop firms under consideration. Seek out reviews and testimonials from fellow traders who have utilized the services of these firms. This will provide valuable insights into the quality of the firm's offerings and their responsiveness to customer needs. A reliable and supportive customer support system is vital for an optimal trading experience
Tips to keep in mind for prop traders
Continuous skill enhancement:
Make a habit of continuously enhancing your trading skills. Dedicate regular time to learn new strategies, stay updated with financial news, analyze market trends, and improve your technical analysis abilities. The more knowledge and expertise you acquire, the better equipped you will be to make informed trading decisions
Develop a solid trading strategy:
Creating a well-defined trading strategy is paramount for success in prop trading. Your strategy should clearly outline the conditions for entering and exiting trades, the appropriate allocation of capital for each trade, and how to manage open positions. Before implementing your strategy in live markets, test it thoroughly in a simulated environment to assess its effectiveness
Embrace discipline:
Maintaining discipline is essential for prop traders. Stick to your trading strategy and avoid making impulsive decisions driven by emotions. Many successful traders rely on a set of predefined rules, known as a trading plan, to ensure trade discipline and reduce emotional biases
Prioritize risk management:
Protecting your trading capital is of utmost importance. Implement effective risk management techniques such as setting strict stop-loss and take-profit levels in your trades. Proper position sizing is also critical; even a potentially profitable trade can lead to losses if the position size is too large. Carefully manage your risk to preserve your capital and minimize potential drawdowns
Maintain a trading journal:
Consistently record your trades in a trading journal. Document the reasons for entering a trade, the indicators or strategies used, the time and price of entry, your exit plan, and whether the trade was profitable or not. Reviewing your trading journal helps evaluate your performance, identify strengths and weaknesses, and make necessary adjustments to improve your trading strategy
Expert Opinion
Proprietary trading firms with a one-stage evaluation process are not very common. Most firms offer multi-stage tests to ensure that a trader truly has enough experience and an effective strategy that complies with the firm’s rules. A one-stage evaluation at prop firms usually opens the door to relatively small deposits. However, it's a chance to start working with real money quicker. Therefore, such prop firms can be a good solution for those who want to transition to real trading faster, sacrificing the size of the capital in the initial stages. If a trader wishes to engage in trading with a large sum right away, they will have to undergo a multi-stage evaluation.
FAQs
How much capital can traders receive at one step prop firms?
Funded account sizes typically range from $50,000 to over $1,000,000 in buying power depending on trader status, location and agreement.
What are the profit splits like at one step evaluation firms?
As a rule, profit splits are lower compared to 2-step evaluation, and start at 50-60%. But higher profit tiers can be earned based on performance.
Is using a firm's turn-key software and systems mandatory?
Most one step firms require use of their platform and infrastructure for trade routing, execution and risk management. This provides centralized oversight and allows seamless evaluation of trading performance. Some may allow interface with external tools.
Do traders get to select their account leverage amounts?
No, leverage ratios are set by one step firms based on location, instrument selection and granted account size. Typically maximum leverage ranges from 1:50 to 1:400 for Forex and averages 1:100 for indexes and commodities.
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
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.
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).