Written By
Jeremy Biberdorf
Updated
Mar 13, 2024
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
The Forex market, with its extensive liquidity and daily turnover, has emerged as a significant platform for traders worldwide. Proprietary trading firms, often known as 'prop firms,' present unique opportunities in this vibrant ecosystem by offering traders the capital required to maximize their trading potential.
This article aims to delve into the top Forex prop trading firms, exploring their benefits, giving an overview of their operations, and shedding light on their company structures.
The prop trading landscape is filled with a plethora of choices, each with its own set of strengths. Whether you're an experienced trader looking to amplify your trading skills or a novice trader seeking a robust platform to kickstart your trading journey, there's a prop firm designed to suit your trading styles and objectives.
Quick Breakdown
Best Forex Prop Firms
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Funded Trading Plus
Perfect for traders seeking flexibility
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Fidelcrest
Ideal for those who value comprehensive support and diverse trading conditions
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FTMO
Best for individuals seeking a robust platform with a well-established reputation and strong educational resources.
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City Traders Imperium
Best overall – perfect for traders who prefer personalized approaches and strategies.
The Best Forex Proprietary Trading Firms in 2024
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Funded Trading Plus
4.2 stars
Tradable Assets Forex, Indices, Commodities, Crypto
Profit Split Up To 90%
Best For Traders Seeking Flexibility
Benefits
Overview
Company
- Offers up to a 90% profit share.
- Evaluation phase has flexible timing.
- Permits various trading techniques, including News trading.
- Highly regarded customer support based on positive feedback.
- Funding of up to $2,500,000 through their scaling plan.
- Promo: Coupon Code MODEST for 10% off
Funded Trading Plus, a rapidly expanding proprietary trading firm, presents a platform tailored for traders across all expertise levels, with an emphasis on those with significant experience. Their approach allows traders to demonstrate their skills by meeting certain profit objectives and undergoing thorough evaluations. Successful participants can secure a funded account and enjoy up to a 90% profit split.
The firm's programs range from an entry-level offering of $12,500 to the ability to trade up to $2,500,000, encompassing Forex, indices, commodities, and an extensive crypto selection, making it stand out in competitive pricing and range.
In a collaborative effort, Simon M., James F., and Michael C. founded Funded Trading Plus, an advanced platform aimed at supporting traders worldwide who were hindered by a lack of capital. Originating from their initial venture, Trade Room Plus, a live trading room for retail traders, they identified the widespread issue of limited capital in the trading community. Intent on addressing this challenge, they combined their distinct skills and backgrounds with insights from trading veterans from Wall Street and the City of London.
The result was not just another funded trading platform but a unique system where the company's success is intrinsically linked to its traders, ensuring they are adequately funded and supported in their trading endeavors.
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Fidelcrest
4.3 stars
Tradable Assets Forex, Cryptocurrencies
Profit Split Up to 90%
Evaluation One-time Challenge
Best For Support and Diverse Conditions
Benefits
Overview
Company
- Comprehensive support framework
- Variety in trading conditions
- Wide range of financial instruments
- Understands trader individuality
- Aids in diversifying strategies and maximizing profitability
- Promo: Coupon Code MM-15 for 15% off
Founded with a goal to empower traders, Fidelcrest provides a unique opportunity for those who excel in its trading challenge and subsequent verification phase, rewarding them with a profit split that can reach up to 90%. Participants can opt for either the "Normal" or the "Aggressive" trading challenge, with the latter presenting an enticing higher profit split upon completion.
Those aiming for the "Pro Trader" tier can begin with a capital ranging from $250,000 to $1,000,000, while the "Micro Trader" category offers a starting range of $15,000 to $60,000.
Fidelcrest ensures a versatile trading experience, offering features such as copy-trading, flexibility to trade during weekends, and the freedom to engage in news trading without mandatory stop-loss or consistency rules. Traders can select from two widely-used platforms: MT4 or MT5.
Both the Pro and Micro accounts on the MT4 platform cover a broad spectrum of assets including currency pairs, CFDs on stocks, metals, commodities, and indices. Once traders successfully navigate the assessment and meet the stipulated trading criteria, they gain access to Fidelcrest's funds for trading. The funding can range anywhere from $10,000 to a substantial $2 million.
Established in 2018 in Nicosia, Cyprus, Fidelcrest stands out as a proprietary trading firm with roots that delve deep into the Forex market. Founded by seasoned professionals with over a decade of experience in the brokerage domain, this relatively new entity has quickly made its mark.
Fidelcrest's primary objective is to offer adept traders a unique avenue to become funded traders. While it's rooted in Cyprus, the company's collaborative reach spans globally, actively working with traders from various regions, including the USA.
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FTMO
4.5 stars
Tradable Assets Forex, Indices, Cryptocurrencies, Commodities
Profit Split 90% Trader, 10% Firm
Evaluation Structured 2-step process
Best For Comprehensive trading experience and educational support
- All-inclusive trading experience
- Comprehensive educational resources
- Diverse tradable assets
- Competitive profit split (90-10)
- Emphasizes risk management
- Ideal for both novice and experienced traders
Founded as a standout proprietary trading firm, FTMO has gained the trust and admiration of many accomplished traders. Offering an attractive funding model, it provides traders access to capital up to $400,000, paired with a 1:100 leverage, allowing them to keep a substantial 90% of their earnings.
To ensure traders align with their standards, FTMO has a two-tiered evaluation system: the Challenge and Verification stages. These rigorous assessments ensure traders not only showcase their expertise but also demonstrate consistent performance. While the firm encourages individual trading tactics, it underscores the importance of adhering to its specific trading goals and risk management protocols.
Established in Prague in 2014, FTMO began as a collaboration between three traders under the name Ziskejucet.cz. Their combined expertise and unique perspectives allowed them to devise a tailored trading system, placing significant emphasis on risk management.
The trio's innovations and the firm's growth trajectory attracted substantial funding, prompting a rebrand to FTMO in 2017. Today, the firm stands as a significant player in the proprietary trading landscape, specializing mainly in the Forex market but also expanding into commodities, crypto, and indices.
Beyond just being a trading firm, FTMO's commitment to nurturing aspiring traders is evident in its comprehensive evaluation process, designed to discover and fund promising talent.
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City Traders Imperium
4.6 stars
Tradable Assets Forex, Indices
Profit Split 80% - 100%
Best For Personalized Approaches
Benefits
Overview
Company
- Personalized trading strategies
- Customized proprietary trading program
- Forex and Indices trading
- Emphasizes on trader individuality
- Top choice for diverse trading styles
- Promo: Coupon Code CTI10% for 10% off
City Traders Imperium (CTI) stands out in the trading world, not just for its profit splits that can reach up to 100%, but for its comprehensive educational resources. Starting traders with an 80% profit split, CTI's model is predicated on identifying those who display potent trading skills and granting them access to firm funds.
Those interested in forex can receive direct funding ranging from $20,000 to $70,000 and enjoy the flexibility of implementing diverse trading strategies, suitable for day traders, swing traders, and even professional portfolio managers. With leverage up to 1:100, the platform caters to a broad spectrum of traders. However, CTI's true distinction lies in its commitment to trader growth.
Beyond just funding, it offers a plethora of learning materials on various trading types, access to performance coaches, and specific trading strategy courses. Envision CTI as more than a funding provider; it's a robust mentorship hub, fostering a community of traders and providing the tools and backing needed to jumpstart a successful trading career.
City Traders Imperium, based in London, was established by former professional traders, Daniel Martin and Martin Najat. The duo founded CTI to address their concerns about the unrealistic promises made by many UK-based proprietary trading firms.
They believed these firms left traders ill-equipped to thrive. To rectify this, CTI offers structured education, expert guidance, and proper funding to help traders succeed. The firm is now recognized as a trusted platform, especially for beginners seeking an affordable trading experience.
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>More Forex Prop Trading Firms
Frequently Asked Questions
Is proprietary trading legal?
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Absolutely. Proprietary trading, or prop trading, is a completely legal practice. It involves a company allocating its own capital to traders (either employees or external traders) to trade financial instruments with the goal of earning profits. While it carries some risk, proprietary trading firms manage this risk through a rigorous evaluation process and rules of conduct for their traders.
Are any Prop firms better than FTMO?
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Choosing the best prop trading firm largely depends on individual needs and trading preferences. Some traders might prefer the structured approach of firms like City Traders Imperium or Fidelcrest. It's essential to evaluate the benefits, conditions, and support of each firm to find the best fit for your trading style and goals.
Which prop trading firms are worth it?
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Prop trading firms offer significant benefits for traders. They provide capital to trade, which means traders can make larger trades than they could with their own funds. Prop firms also shoulder the risk of loss, allowing traders to learn and gain experience without the fear of losing personal assets. While there are rules and targets to meet, these often lead to improved trading discipline and risk management.
Do prop traders make money?
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Yes, successful prop traders can make significant profits. Prop trading firms typically operate on a profit split basis, where the trader gets a percentage of the profits they generate. This percentage can vary among firms, ranging from 50% to as high as 100%. It's important to note that consistent profitability in trading requires skill, strategy, and discipline.
What is the evaluation process like for these firms?
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The evaluation process varies between prop trading firms. Generally, it involves an initial phase where traders must reach a minimum profit target while adhering to specific trading rules. Some firms, like FTMO and Fidelcrest, have a two-stage evaluation process.
What types of traders are prop firms suitable for?
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Prop firms cater to a wide range of traders. Novice traders can benefit from the educational content, structured trading rules, and risk-free environment. Experienced traders, on the other hand, can leverage the large trading capital to earn significant profits. Swing traders, day traders, and even algorithmic traders can find prop trading firms that cater to their specific trading styles and strategies
Are there restrictions on trading styles with these firms?
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Most prop trading firms are flexible with trading styles, allowing traders to implement strategies they're comfortable with. However, some firms might have restrictions on certain high-risk strategies like scalping or news trading. It's essential to review each firm's rules and conditions before starting the evaluation process.
Can I lose my personal money in prop trading?
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One of the major benefits of prop trading is that traders do not risk their own money. The capital provided is entirely the firm's, and they bear the loss if trades go south. However, some firms might charge an evaluation fee or a one-time fee to access their trading program.
How is customer support at these firms?
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Customer support is an integral part of prop trading firms. FTMO, Fidelcrest and City Traders Imperium all offer support via email, with varying response times. Some like City Traders Imperium also offer support through phone and live chat. Most firms also provide educational content to help traders succeed.
How does the profit split work?
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In prop trading, the profits generated by the traders are split between the trader and the firm. The proportion varies among firms and can range from 50% to 100%. Some firms, like City Traders Imperium, offer a higher profit split as traders prove their skills over time. It's important to understand the profit split ratio before beginning with a firm.
Is there a time limit for achieving the profit target in the evaluation phase?
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Yes, most firms have a specified time limit within which traders need to achieve the profit target in the evaluation phase. This period can range from 30 to 60 days, depending on the firm.
Can I trade on all business days with these firms?
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Yes, most prop trading firms allow traders to trade on all business days. However, some firms have rules regarding specific high-risk events like news releases where trading might be restricted. Also, each firm has its own set of active trading days in the evaluation phase that traders need to adhere to.
What are the most common trading rules with these firms?
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Common trading rules across most prop firms include adhering to a daily loss limit, a maximum drawdown limit, and meeting a minimum number of active trading days. Some firms also restrict certain trading styles and have rules about holding positions over the weekend. Traders need to meet these conditions to pass the evaluation phase and become funded traders.
What are 'Tradable Assets' in these firms?
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Tradable assets refer to the different financial instruments that a trader can buy or sell through these platforms. These typically include forex, commodities, indices, and cryptocurrencies. Each firm has its own range of tradable assets. For instance, Fidelcrest offers a wide range of assets including major, minor, and exotic forex pairs, metals, indices, and oil.
What is the 'Evaluation' phase in prop trading firms?
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The evaluation phase is a crucial part of the process to become a funded trader. In this phase, traders are given a demo account with an initial balance. They are required to reach a minimum profit target without exceeding maximum drawdown and loss limits, all within a specified timeframe. The evaluation process differs among firms.
What does 'Refundable Registration Fee' mean?
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A refundable registration fee refers to the initial payment a trader makes to a prop trading firm to enter the evaluation process. If the trader successfully passes the evaluation phase and meets certain criteria set by the firm, this fee can be refunded. However, the terms and conditions vary among firms, and in some cases, this fee may be non-refundable. For instance, Fidelcrest offers a refund of the registration fee upon successful completion of their evaluation program.
