Cheapest Forex Prop Firm - The Forex Geek (2024)

Author: The Forex Geek | Published: May 2, 2023

Forex trading is a highly competitive and complex market, which requires a significant amount of capital and experience to be successful. For many traders, the best way to gain experience and capital is to join a forex prop firm. Prop firms provide traders with access to capital and training, while taking a percentage of the profits. However, finding the cheapest forex prop firm can be a challenging task. In this article, we will discuss the factors to consider when choosing a prop firm and provide a list of the cheapest forex prop firms available.

Factors to Consider When Choosing a Forex Prop Firm

1. Capital Requirements

One of the most important factors to consider when choosing a forex prop firm is the capital requirements. Prop firms require traders to deposit a certain amount of capital before they can start trading. The capital requirements vary among firms, and it is important to choose a firm that has reasonable capital requirements that are within your budget.

2. Profit Split

Another important factor to consider when choosing a forex prop firm is the profit split. Prop firms take a percentage of the profits that traders make, and the profit split varies among firms. It is important to choose a firm that has a reasonable profit split that allows you to keep a significant portion of the profits.

3. Trading Platform and Tools

The trading platform and tools provided by the prop firm are also important factors to consider. The trading platform should be user-friendly and provide access to the necessary tools and indicators. The prop firm should also provide training and support to help traders improve their skills and strategies.

4. Risk Management

Effective risk management is crucial to success in forex trading. The prop firm should have strict risk management policies and procedures in place to ensure that traders do not take unnecessary risks.

Cheapest Forex Prop Firms

1. FTMO

FTMO is a forex prop firm that offers traders access to capital and training. Traders are required to pass a two-step evaluation process before they can start trading with the firm. The first step is a demo evaluation, and the second step is a live evaluation. The capital requirements for the live evaluation range from $10,000 to $200,000, depending on the account type. The profit split is 70/30 in favor of the trader, and the firm provides a user-friendly trading platform and training.

2. The 5%ers

The 5%ers is a forex prop firm that offers traders access to capital and training. Traders are required to pass a three-step evaluation process before they can start trading with the firm. The capital requirements for the live evaluation range from $24,000 to $80,000, depending on the account type. The profit split is 50/50, and the firm provides a user-friendly trading platform and training.

3. TopstepFX

TopstepFX is a forex prop firm that offers traders access to capital and training. Traders are required to pass a two-step evaluation process before they can start trading with the firm. The capital requirements for the live evaluation range from $5,000 to $50,000, depending on the account type. The profit split is 80/20 in favor of the trader, and the firm provides a user-friendly trading platform and training.

4. City Traders Imperium

City Traders Imperium is a forex prop firm that offers traders access to capital and training. Traders are required to pass a two-step evaluation process before they can start trading with the firm. The capital requirements for the live evaluation range from $10,000 to $150,000, depending on the account type. The profit split is 70/30 in favor of the trader, and the firm provides a user-friendly trading platform and training.

Conclusion

Joining a forex prop firm can be a great way to gain experience and capital in the forex market. However, it is important to carefully consider the factors discussed above when choosing a firm. The capital requirements, profit split, trading platform and tools, and risk management policies and procedures should all be taken into account when making a decision which forex prop firm is the best for you.