Choosing the right Proprietary trading firm: 2023 Edition
10 mins read

By: sarvesh

Choosing the right Proprietary trading firm: 2023 Edition


In this article, I’m going to give you an unbiased review on the top five prop firms that are the best right now. I've taken numerous factors into consideration, including the price, profit to drawdown ratio, pass difficulty, different rules and regulations, their history, longevity, and the likelihood of them paying out spreads and commissions, among other factors.

Unlike many other reviews of prop firms, I do not have any affiliate links to show you. This is simply my unbiased and honest review of the top five best prop firms currently available. You should consider my opinion valuable because we've assisted over 600 individuals in becoming funded prop firm traders.

At one point, we even owned our own prop firms, so we have a deep understanding of how this business operates. I'm creating this article because there is an alarming rise in sketchy prop firms engaging in questionable activities.

My goal is to ensure that you are well-informed so that you can make a sound decision based on your trading style. Let's delve into the details. Creating this article was a challenging task due to the subtle differences among many of these prop firms.


Number Five: Smart Prop Trader

Number five on our list is a newer prop firm known as "Smart Prop Trader." It has been in operation for approximately 10 months, which is why it's not ranked higher on my list. Nevertheless, it's worth considering. Let's delve into the details:

  • Challenge Details:
    • Minimum Trading Days: Zero
    • Virtual Max Daily Loss: 4%
    • Virtual Maximum Loss: 8%
    • Profit Target: 7%
  • Cost: The entry fee is only $467, which is relatively inexpensive compared to other options we'll explore.
  • Step Two: To progress, you need to achieve a 5% profit target with a 4% maximum daily loss and an 8% total overall loss.
  • Positive Experiences: Traders in our community have reported overwhelmingly positive experiences with Smart Prop Trader. Commission, spread, slippage, and payout requests have all been smooth and hassle-free.

Smart Prop Trader is an up-and-coming prop firm that might not be widely known yet, but we've seen some impressive success stories within our community.

Here are some other notable features of this prop firm:

  • Zero minimum trading days and unlimited maximum trading days allow you to hold positions through news events and over weekends.
  • They offer an 85/15 profit split, and the payout cycle is bi-weekly.
  • The cost to participate in the 100K challenge is only $467, making it an affordable option. The 10K challenge is even cheaper at only $67.

I believe Smart Prop Trader is definitely worth exploring, despite its relatively new status. However, I also want to emphasize the importance of diversifying your risk across different prop firms. Recent events, such as the shutdown of "My Forex Funds," highlight the need to avoid putting all your eggs in one basket. Consider Using Discount code SPT599 using my affiliate link to get extra discount.

Number Four: MyfundedFx

Coming in at number four on our list, "Myfundedfx" is a prop firm that was also featured on our previous list. Let's take a closer look at what they offer:

  • Challenge Details:
    • Two-Step Evaluation Process
    • Phase One Profit Target: 8%
    • Unlimited Trading Days
    • One Minimum Trading Day
    • Phase One Max Daily Loss: 5%
    • Phase One Max Loss Overall: 8%
  • Phase Two: The same drawdown restrictions apply with a 5% profit target.
  • Profit Split: Profits are paid out every 14 days with an 80-20 profit split.

The cost to enter the 100K challenge with Myfundedfx is $500, which is relatively standard within the industry. Additionally, they offer a 10K challenge for just $100.

It's worth noting that Myfundedfx, like many other prop firms, often runs promotions. Currently, they are offering an 8% discount along with a 125% refund when you receive your first payout from your challenge fee. Keep an eye out for discount codes to potentially lower your costs even further. Consider Using Discount code MYFOREXBUDDY using my affiliate link to get extra discount.

Number Three: The Funded Trader

Now, let's move on to number three and number two on my list, and it's a close call. However, for the third spot, I'd like to highlight "The Funded Trader" program. They've gained significant popularity and have been doing an excellent job. Here are the details:

  • Promotions: The Funded Trader program frequently runs promotions on their website. Currently, they offer a 40% discount for the 5K to 10K challenges and a 95% lifetime payout.
  • Spread and Slippage: It's worth noting that some users have raised concerns about spreads and slippage with The Funded Trader. In the end, you often get what you pay for, and for pristine trading conditions, you may need to pay a premium. However, despite these issues, many individuals have successfully received payouts from The Funded Trader.
  • Challenge Details:
    • Minimum Trading Days: Five
    • Maximum Leverage: 1:200
    • Profit Target: 8%
    • Max Daily Loss: 5%
    • Max Loss Overall: 10%
  • Cost: The cost to enter the 100K challenge is only $489, making it very affordable. They often have promotions running, which can further reduce this cost.
  • Step Two: In phase two, the profit target is 5%, with the same drawdown rules: 10% max loss overall and 5% max daily loss.
  • Challenge Options: The Funded Trader program offers various challenges, including the Night Challenge, Rapid Challenge, and Standard Challenge. However, the Royal Challenge is most suitable and comparable to the ones we've discussed, providing flexibility, especially for those who want to use expert advisors.

As mentioned earlier, the 100K challenge is priced at $489, and the 10K challenge is $129. However, with the current 40% off coupon, the 10K challenge can be obtained for about $77. Inside our community, we've witnessed many individuals getting funded and receiving payouts through The Funded Trader program, despite slightly higher slippage and spreads compared to some other options.

Overall, The Funded Trader program has gained significant traction and has performed admirably up to this point. Consider Using Discount code TFTTrader9860189 using my affiliate link to get extra discount.

Number Two: True Forex Funds

Now, let's discuss the second-ranked prop firm, "True Forex Funds." In our previous article, it held the top spot, but it has now moved to the number two position. Let's explore why:

  • Background: "True Forex Funds" has been operating for a considerable amount of time. Their $100,000 challenge will cost you approximately 499 euros, which is slightly over $520, but it's highly competitive.
  • Challenge Details:
    • Profit Target: 8%
    • Max Loss Overall: 10%
    • Max Daily Loss: 5%
    • Minimum Trading Days: Zero
    • Unlimited Time Limits
  • Phase Two: In the second phase, you'll need to achieve a 5% profit target.
  • Profit Split: Once you're funded, "True Forex Funds" offers an 80-20 profit split.

I have personally used "True Forex Funds" for an extended period, received numerous payouts, and still maintain several funded accounts with them. However, one recent issue we've noticed is higher slippage, especially during news events. It appears that trading conditions have been manipulated to make it more challenging for traders.

Despite this, "True Forex Funds" remains my second favorite prop firm at the moment. It's important to understand that prop firms, including "True Forex Funds," can engage in practices like widening spreads as you approach your stop loss or increasing slippage during high-impact news events if it benefits them. This is not unique to one firm but rather a practice seen across the prop firm industry and even among Forex brokers.

"True Forex Funds" offers 1:100 leverage, with a default requirement of five minimum trading days. However, you can pay an upgraded fee to reduce it to zero minimum trading days if you want to progress faster. The profit split is 80/20, and payouts are made bi-weekly. The cost for the 100K challenge is 499 euros, and the 10K challenge is priced at 89 euros.

Despite recent changes in trading conditions, "True Forex Funds" has been a reliable prop firm for us up to this point, earning its spot at number two on this list. As always, it's crucial to diversify your risk among different prop firms, considering recent events like the shutdown of "My Forex Funds," one of the largest prop firms.

Number One: FTMO

And now, for the coveted number one spot, I have to go with "FTMO." It might come as a surprise because FTMO offers one of the more challenging prop firm challenges to pass. However, there are compelling reasons for placing them at the top:

  • Longevity and Trust: FTMO has been in the business for nearly 14 years, making them one of the oldest and most trusted names in the industry. They have paid out a significant number of traders and are arguably the biggest player in the space.
  • Premium But Secure: While FTMO is more expensive, you're essentially paying a premium for the security of knowing that you will be paid out if you meet the requirements. FTMO provides the best trading environment with minimal slippage and tight spreads.
  • Reliability: I've never come across a case where FTMO owed someone a payout and didn't deliver. In our years of trading with prop firms and helping over 600 people get funded, FTMO has consistently maintained its reputation for reliability.

Unlike some other prop firms, FTMO has a track record of not denying payouts for questionable or arbitrary reasons. This level of trust and transparency sets them apart.

  • Challenge Details:
    • Unlimited Trading Period
    • Minimum Trading Days: Four
    • Max Daily Loss: 5%
    • Max Total Loss: 10%
    • Profit Target: 10%
  • Phase Two: In the second phase, you'll need to achieve a 5% profit target with the same drawdown rules: 10% max loss overall and 5% max daily loss.
  • Secure Trading Environment: FTMO does not allow holding trades over the weekend or through news events, which can help protect your account.
  • Profit Split: They offer an 80-20 profit split paid out bi-weekly.

FTMO stands out as the most legitimate and trustworthy prop firm that has stood the test of time. If you have a different opinion or feel I've made an oversight in my top five, please share your thoughts in the comments below. Your input is valuable, and I'm open to discussions on this topic.

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