Best Prop Firms For Forex Trading: Most Trusted, Best Promos, Best Conditions

Forex trading can be extremely profitable, but you need money to make money. Prop trading firms can give you the capital you need to get started. 

Good prop firms will give you up to $1 million in real capital to trade with if you pass their evaluation. You’ll keep up to 90% of your gains, and they will cover all of your losses. That’s an incredible deal — if you pick the right forex prop firm.

You have to be careful because some prop firms just want to keep evaluation fees without helping you become a successful trader. 

Give yourself the best chance to become a successful forex trader by sticking with the best.

Summary of the best prop firms for trading forex:

Here’s a quick summary of my choices for best forex prop firms. Read on below for my more detailed analysis.

E8 Markets (9/10) — Best for US Traders

• The only option available to US forex traders prop traders that I still trust
• Customizable accounts mean you can choose your drawdown and payout percentage
• Excellent trading conditions: No commissions or markups; Limited slippage
• First payout available within 8 days
• Great reputation: $34 million + in payouts, 200,000+ clients
• Affordable price points, especially with 20% discount for first time users (use code E8PATH)

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The 5%ers (9.2/10) — Best Overall

• Outstanding trading conditions
• Great reputation for fair treatment and on time payments
• Most account options for every skill level of trader
• Extremely quick funding
• Great prices
• Reach up to 100% profit split
• Funded traders trade real capital through private equity fund
• Start your trading career with the 5%ers — 5% discount for my readers

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FundedNext (9.1/10) — Guaranteed Payouts

• Payouts within 24 hours or you’ll receive a $1,000 bonus
• Receive profit splits (15%) of your evaluations
• Excellent educational resources, including more than 1,000 YouTube tutorials
• Occasionally offer excellent promos, check my prop firm promos page for the latest
• Great prices – up to 25% lower than FTMO
• Reach up to 95% profit split (with add-ons)
• Clean dashboard; offers MT4, MT5 and cTrader
• Start your trading career with FundedNext– 110% refund with code MDFS

FTMO (8.9/10) — Best Reputation

• The Gold Standard of prop trading firms
• Funding forex traders since 2015
• Accurate and timely payourts
• No longer accepting traders from the US
• The most reliable payouts in the business
• Great trading conditions
• Start your trading career with FTMO

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MyFundedFX (8.7/10)

• One-step, two-step, or three-step evaluations
• Massive trading community
• No minimum trading days — get funded in as few as 2 days
• Low profit targets — 8% for Phase 1, 5% for Phase 2
• Good trading conditions
• Great price points — around 15% lower than FTMO
• Solid customer support

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Forex prop trading firm comparison chart

#1 The 5%ers

Long after other firms have come and gone, the 5%ers will be around offering ideal trading conditions and real capital to skilled forex traders. Join the 5%ers if you’re looking for a great prop firm that’s built to last – with promo code MDFS you;ll get 5% off .

Pros

The 5%ers stands out amongst prop firms because they actually offer traders the opportunity to work as contractors with money from their private equity pool. This unique business structure should stand the test of time, and allows traders to participate in the real market.

The 5%ers started out as an instant funding prop firm, but they’ve branched out and now have accounts suitable for any type of trader. 

If you’re new to the prop trading game, you can start out with the very affordable boot camp so that you only pay part of your fee upfront. Only if you pass the evaluation do you have to pay the rest of the fee. That’s a great way to get your feet wet, test trading strategies and figure out if trading is really for you.

More seasoned traders can opt for the Hyper Growth account which is a one-step funding program with no minimum trading days or minimum number of trades. Hit your target with one great trade, and you are on to a funded account. That’s as fast as a reputable prop firm can get.

According to the 5%ers, the Hyper Growth account has “the fastest success rate in the industry.” I’m not entirely sure how they could back up that claim considering how most prop firms keep success rate figures pretty close to the vest. 

It could be true however because the 5%ers is pretty forgiving when it comes to trading parameters. Instead of a daily loss limit, the 5%ers has a daily “pause” if you lose too much. That just means your account is halted for the rest of that trading day, but your account is not breached like it would be with most prop trading firms.  

If we were just looking at trading conditions, I would have the 5%ers at the top of the list. That’s not just my opinion, if you look at any prop trading discord or facebook group, you’ll see someone ask what prop firm has the tightest spreads. Inevitably, other seasoned traders will say the 5%ers. 

Cons

The 5%ers is mostly focused on forex and doesn’t offer much in the way of other tradable assets, so if you are looking to branch out, you’ll have to look elsewhere.

With so many account options, it can be easy to get confused as to which rules apply to which account. Most rules are standard across the board, but some differ. 

For example, the boot camp account requires stop losses, but Hyper Growth or High Stakes accounts do not. Just make sure you know the specific rules that apply to your account type. The 5%ers has great customer support to clear up any remaining confusion.

Overall

The 5%ers is the best choice for forex traders due to their tight spreads, great trading conditions, amazing prices and seemingly limitless account options. Choose the best, most reliable prop firm to help start your trading career.

#2 FTMO

FTMO more or less invented forex prop trading. They are the standard that everyone else tries to live up to. No one in the industry is more reliable, and more trustworthy. For the moment, they are not allowing new traders from the US. Hopefully that changes soon. I’ll keep you updated.

PROS

FTMO’s reputation has been built on the fact that they’ve never let a trader down. You won’t find any complaints about missed payments, unusual trading conditions, or any of the other shenanigans you find with other prop firms. FTMO runs a tight ship. They do things right. 

FTMO started the modern forex funded trading business, but has since branched out and allows its traders to trade all kinds of assets. 

FTMO is on the cutting edge of FinTech, and anyone trading with FTMO reaps the benefits of their innovative thinking. They have a number of trading apps and tracking software the lets you analyize and learn from your trades. They also feature the most fully integrated trading platforms. If you’re at all tech savvy, FTMO gives you the best resources to succeed.

They also cover the psychological aspect of trading with a lot of resources designed to help traders manage their emotions.

Whenever I’m introducing FTMO to a new trader, I always say that the trading parameters are “industry standard” but that’s because FTMO makes the standards. FTMO’s evaluation is known as the FTMO Challenge, and most prop firms’ evaluations are just pale imitations. FTMO currently has its profit targets set at 10% for Step 1 of the Challenge and 5% for Step 2. 

You have unlimited time to get there, so traders who can manage risk have a great shot at getting funded. Your max loss is also set at 10%, so you have a long leash, although you need to keep in mind that there’s a 5% max daily loss as well. 

Once you become funded, the sky’s the limit. FTMO traders who continue to generate 10% returns can see their capital reach $2 million. That’s a lot of capital! As your capital goes up, so too does your ability to profit from it. FTMO starts off paying out 80% of profits, but will scale that up to 90% as you prove your forex trading ability. 

Cons

Unfortunately, part of the reason FTMO is such a safe forex prop firm is that they are extremely cautious. For instance, for the time being US traders cannot open a new account with FTMO. This is because FTMO is worried about US regulators in the wake of the case against My Forex Funds. 

Rather than deal with any regulatory issues, FTMO would rather be proactive and cut American traders out, at least for the time being.

I’m sure FTMO will be back once there’s a clearer regulatory landscape in the US, but who knows when that will be.

OVERALL

If you’re not based in the US, trade with the original forex prop trading firm. Join the most reliable, most famous prop firm in the world by signing up with FTMO.

#3 E8 Markets

If you are based in the US, your forex prop firm options are pretty limited thanks to the ongoing CFTC case against My Forex Funds, but E8 Markets stands out as a really solid choice.

They offer undoubtedly the most customizable program in prop trading. You can choose just about everything to tailor your evaluation to your own individual trading style. You can even choose your trading parameters – from profit targets to drawdowns. The customization comes at a price, of course, but I still love all the options.

You can also choose between their 1-step, 2-step, and 3-step evaluating programs, just in case you didn’t have enough choices before. E8 is not for the indecisive.

Although E8 started as mostly a forex trading platform, they’ve adapted to the times and offer crypto, indices, metals and energies in addition to their 25+ currency pairs. They’ve just launched a futures program as well, which is still in its very infancy, but considering E8’s overall success, I suspect it will do well.

The E8X dashboard is also one of the best in the business, and as for platforms, US traders can use MatchTrader, while others have access to Platform 5 by Virtual Markets or cTrader.

E8 does allow news trading during evaluations, but you should be aware that funded traders are not permitted to 5 minutes before or 5 minutes after “high impact news events.” I’m not a huge fan of inconsistent rules between funded and non-funded accounts, especially with news trading, but this is an unfortunate trend in the industry these days.

Customer support is top-notch, and available 24-hours a day, 5 days a week. And I’ve always gotten very prompt replies to any questions.

If you’re a US trader, E8 is far and a way my favorite option. Although I’m still leery of possible incoming CFTC regulation in the prop trading space in the US, E8 seems to have the right leadership to tackle any challenge that lies ahead.

E8 doesn’t do a whole lot of discounts, but they are offering my readers 5% off with promo code MDFS.

#4 FundedNext

I just finished my full review of FundedNext, and I like almost all of what I saw. If they took US traders, I’d rank them higher here, but my US readers need options too.

FundedNext has always been on the front line of prop firm innovations, and while most firms seem to be moving in the direction of making things more challenging for traders, FundedNext is doing the opposite.

One of my favorite innovations is that FundedNext was among the first prop firms to guarantee 24-hour payouts. If they fail, they’ll give you an extra $1,000. While other firms look to extend their payout windows, FundedNext is shortening theirs and adding a guarantee.

They’re also one of the very few prop firms that pays out on your evaluation earnings. That’s huge if you’re a new trader and need to bank some trading income as quickly as possible. FundedNext pays out 15% of all evaluation profits.

And although you’ll rarely see a price discount with FundedNext, they offer some amazing promos from time to time, including a BOGO offer that they run every few months or so. If you pass your evaluation, you’ll get an additional free account. I keep this promo and a lot of other prop firm promos updated here.

In general FundedNext also offers very competitive prices, that compare favorably with FTMO. You might not quite get the same level of service and security that you get with FTMO, but with the cheaper price points and they payouts on evaluation profits, you could argue that FundedNext is worth the risk.

I also love their updated dashboard, which is really user-friendly and was able to use their dedicated MT5 server without any issues. Slippage is a concern with FundedNext, but personally I haven’t seen anything to give me pause.

FundedNext also offers an exclusive add-on for my readers. If you sign up through this link and use code MDFS, you’ll get a 110% refund of your evaluation fee once you pass. That’s in addition to the 15% profit share. It’s a great deal for a solid firm.

#5 MyFundedFX

I try to be as unbiased as possible when making these reviews, but I should probably recuse myself from reviewing MyFundedFX.

I’ve had issues with the CEO — he blocked me on Twitter, presumably because I questioned the motives of one of his tweets, but then complained when he was blocked by someone else for doing the same thing. 

I’ve recently been through something similar, Matt 😭, but with a little time and maybe a licensed therapist, you’ll get through this! pic.twitter.com/MlY1q4K169

— MD Financial Skills (@MDiamondFinance) December 2, 2024

Perhaps I didn’t handle that in the most mature manner, but I’ve also been frustrated with MyFundedFx’s customer service, who eventually stopped responding to me after I complained about a change in terms and conditions.

So why are they even in my Top 5? Well, I seem to be the anomaly. MyFundedFX has an enormous community of traders, many of whom are very satisfied with their service, have received all payouts on time and have few complaints in terms of trading conditions.

So maybe it’s me?

They offer one-step, two-step and three-step evaluations, and have accounts designed for any trading level and any pocketbook. They also come in around 15% cheaper than FTMO and have solid customer support, by most accounts other than my own.

Trading parameters are pretty fair when compared to FTMO as well. MyFundedFX has lower profit targets, coming in at 8%, but their max loss is a little lower as well. I also like MyFundedFX’s tradable asset mix, which contains 175 assets including forex, of course, plus indices, commodities, and crypto. 

Beyond that they have developed a massive community of experienced traders in a very short time period. They have well over 110,000 members of their Discord Channel. If you’ve read my other articles, you know I love Discord – with that many followers, you’re certain to get some good trade ideas and great support. MyFundedFX has also published more than 600 videos on YouTube, and spends a great deal of effort on trader education.

I do have some concerns that they’re based in the US, which means they may have to answer to the CFTC at some point, but they seem to have few other vulnerabilities. As long as their day of reckoning is later rather than sooner, they’re a decent firm with which to start your trading career.

FAQs about prop trading firms

Here’s some of the questions about prop trading that I am most frequently asked. Please leave a comment with any further questions you might have.

What is a prop trading firm?

A proprietary trading firm is a company with trading capital that hires traders to trade that capital in order to make profits. Those profits are then split with the successful traders through a bonus or payout. 

In most cases, to trade with a prop firm’s money you must first pass an evaluation to test your trading skills. Once you pass the evaluation, you receive trading capital and will get up to 90% of any profits you generate. You must abide by the prop firm’s rules, and if you lose more than a certain amount they will take away your account.

What are the benefits of prop trading?

The chief benefit of prop trading is that prop trading companies give you money to trade, so you can make money as a trader even if you don’t have your own capital. That also means you can’t lose any of your own money, beyond the evaluation fee. You can also test new trading styles with other people’s money, learn from a prop firm’s educational resources, develop risk management skills and diversify your income streams.

What are the negatives of prop trading? 

The biggest negative is that you have to trade by someone else’s rules. Forex prop traders must abide by their firm’s rules or they will lose their funded account or fail their evaluation. You also have to consistently hit profit targets to pass your evaluation and earn a payout. There’s also an evaluation fee, which can be expensive for larger account sizes. 

Is Prop trading regulated?

This is the million dollar question. It is not, but the Commodity Futures Trading Commission (CFTC) recently filed a complaint against My Forex Funds (MFF), an extremely popular prop trading company. The CFTC froze all of MFF’s assets, and many traders were locked out of their accounts. This case makes it clear that the CFTC has its eyes on prop firms, and it seems like some type of regulation is imminent. For the time being, however, prop firms are not regulated. 

How do prop firm evaluations work?

Typical prop firm evaluations are two phases. In the first phase you have to prove that you are a profitable trader by hitting a profit target, usually between 8%-10%. The second phase is to prove that the first phase wasn’t a fluke, but your profit targets are usually lowered to 5%-6%. During both phases you have to abide by all your prop firm’s trading rules. 

The main trading rules you have to be aware of are your firm’s loss limits. If you lose a certain amount in one day or overall, you will lose your account. These limits are usually around 5% for the daily loss, and 8%-10% for overall losses. Make sure you understand all trading rules before signing up for a prop firm.  

Can I lose my own money prop trading?

Only your evaluation fee, no more. If you can’t demonstrate that you’re a good forex trader, you will fail your trading evaluation and lose your fee. However, proprietary trading companies will cover any losses you may incur. In other words, if you fail, you will fail very cheaply.

Conclusion

Forex prop trading firms offer a great opportunity to obtain trading capital and maximize your trading profits. For American traders, E8 Markets offers the best opportunity to do just that. For readers in other countries, you absolutely can’t go wrong with the 5%ers or FTMO.