Table of Contents
In recent years, prop trading firms have become popular day by day among day traders, especially those who are trading in the forex market. These companies give traders a special chance to trade using the company’s capital instead of risking their own money and in return get a share of their profit. With the help of this approach, experienced traders can get additional funds and grab profitable chances without facing all of the related risks. But here it is important to select the right prop company as there are different prop firms available in the market and it has a significant impact on a trader’s journey, especially for forex traders.
But what are those firms? Let’s see in detail about the top prop firms for FX day traders in 2024. All these companies help forex traders to get success in the competitive market.
Top 5 Prop Firms
1. FTMO
FTMO is a very popular and trustworthy prop trading firm and provides outstanding conditions for forex traders looking to day trade. FTMO continues to lead the market with its competitive profit-sharing ratio and systematic evaluation method.
Key Features of FTMO
- Evaluation Process: The FTMO Challenge and Verification phases are part of FTMO’s two-step evaluation process. In this process, the company first checks the skills of traders in terms of profitability, risk management, and consistency and gives them access to FTMO’s funds when they pass this evaluation.
- Profit Sharing: FTMO provides traders a profit split of 80/20 which means traders get an attractive profit share of 80% and keep the remaining 20%. Due to this high percentage, traders receive higher rewards for their work.
- Funding and Scaling: To start their trading journey FTMO provides traders with up to $200,000 in funding and provides the option to grow their accounts by increasing their performance.
FundingPips:
FundingPips prop firm was introduced recently but gained popularity in a very short period of time. Now the firm is included in the top five prop firms.
Key Features of FundingPips
Evaluation Process: As a trader, you can start your journey at just $36. FundingPips charges a $36 evaluation fee. They have a single evaluation phase which is more time-saving and affordable as well.
Profit Sharing: Traders can earn a profit share of 80% with the option of scaling profit so traders can increase this percentage after proving their skills.
Funding and Scaling: FundingPips provides traders with an initial capital of $5,000 with a scaling option for consistent traders.
2. My Forex Funds (MFF)
My Forex Funds establish itself in a very short period among prop traders due to its flexible account options, low fees, and easy structure. They provide three types of account options for the different experience levels which make it accessible for a large number of traders.
Key Features of My Forex Funds
- Account Types: MFF offers three account types which are known as evaluation, rapid, and accelerated. As traders from different backgrounds participate then each account is designed for different levels of experience and trading objectives. But the most popular account type is the evaluation account for forex day traders.
- Profit Splits: MFF provides a highly competitive profit split starting at 75% for Evaluation accounts and increasing up to 85% as traders progress. This higher split encourages traders to provide their skills and get higher profits from their earnings.
- Daily and Maximum Drawdowns: MFF has very clear drawdown rules that help traders manage risk effectively. This transparency makes it one of the best prop firms and helps traders focus on growth without thinking about unpredictable capital rules.
- Payout Frequency: MFF gives traders the freedom to manage their revenue by providing both monthly and bi-weekly payment options.
3. TopstepFX
TopstepFX is a specialized prop trading firm that only focuses on forex trading. It is known for its excellent educational resources and strict risk management requirements.
Key Features of TopstepFX
- Structured Funding Process: Traders must pass a two-phase trading evaluation called the Trading Combine before accessing the firm’s capital. This phase helps traders prove their profitability and discipline.
- Risk Management Rules: The firm has very strict rules for risk management with specific guidelines for daily and maximum losses. This approach helps them to follow disciplined trading for long-term success.
- Profit Sharing: TopstepFX provides a competitive 80/20 profit split that allows traders to keep a higher portion of their profits.
4. The 5%ers
The 5%ers is an innovative prop trading firm that provides a unique approach to funding and growth. This is one of the best prop firms for day trading as traders prefer a longer-term focus and believe in starting with smaller account sizes for higher profit.
Key Features of The 5%ers
- Instant Funding: As compared to other prop firms, the 5 %ers provides instant funding without any evaluation. This is the main feature that helps traders to start their trading journey on the spot.
- Growth and Scaling Plans: The 5%ers provides an impressive scaling plan that allows traders to increase their capital to $1 million based on performance.
- Profit Split: The firm provides traders with a profit split of 50/50. As you see this percentage is lower than other firms but the rapid growth opportunities make it worthwhile.
Also Read: What is a Hammer Candlestick? Understanding Its Role in Forex Trading
5. Fidelcrest
Fidelcrest is also a trusted name in the prop trading industry. It provides forex traders with different options according to the different trading styles and goals. Fidelcrest is a firm that values trader success and supports them with excellent resources.
Key Features of Fidelcrest
- Account Options: Fidelcrest provides two main types of accounts: Micro Trader and Pro Trader. Each account type has different funding levels that help traders start with the capital size that matches their comfort level and trading style.
- Evaluation Process: The evaluation process of Fidelcrest consists of two phases that are compulsory to pass before gaining access to funded accounts.
- Profit Split and Scaling: their profit split starts at 70% and can reach up to 90% and is considered one of the most generous profit-sharing models in the industry.