Forex trading has gained huge popularity recently, with more individuals looking to enter the market and make considerable profits. Nevertheless, trading on your own can be daunting, especially for beginners. And that's where forex prop firms come into the picture. Providing traders with the required capital, tools, and resources to trade successfully, these firms help aspiring traders take on a profitable career path. However, with so many of them operating across the market, making the right choice can be confusing. Proper forex prop firm comparison can help you compare the best prop firms in the market and make an informed decision.
Forex Prop Firm Comparison Criteria
Here, we will be comparing the four best forex prop firms presently operating in the market and with the reputation of funding a large number of traders regularly. Comparison criteria for these firms include:
Funding Size
- Smart Prop Trader: Up to $400,000
- FTMO: Up to $100,000
- MyForexFunds: Up to $2 Million
- The5%ers: Up to $500,000
Minimum Deposit
- Smart Prop Trader: $57 for a $5K account in Standard Challenge and $67 for a $5K account in Pro Challenge
- FTMO: $150
- MyForexFunds: $5,000
- The5%ers: $1,000
Profit Split
- Smart Prop Trader: 75:25
- FTMO: 70:30
- MyForexFunds:60:40
- The5%ers: 80:20
Other Criteria for Forex Prop Firm Comparison
- Smart Prop Trade: Aspiring traders must pass a two-step evaluation process in the firm's two types of challenges, Standard Challenge and Pro Challenge.
- FTMO: Trader must pass a 2-step evaluation process, including a live trading and a written test.
- MyForexFunds: Traders must enter into a performance-based agreement and meet specific performance targets.
- The 5%ers: Traders need to pass a 2-step challenge, including a live trading challenge and demo account challenge.
Why Smart Prop Trader is the Best?
Considering the above criteria for forex prop firm comparison, Smart Prop Trader is undoubtedly the best. Founded in January 2023, the firm has gained huge reputation in the forex trading community for its exclusive approach to funding. Traders on this platform can choose from varied account sizes and take on different risk levels. The firm also focuses on educating traders and offers them access to its proprietary trading platform along with its discord channel.
The Evaluation Program at Smart Prop Trader
The firm features a 2-step evaluation program in both its Standard and Pro Challenges. Profit targets for Phase 1 and Phase 2 of the Standard Challenge are 7% and 5%, respectively, while those for the Pro Challenge are 8% and 5% for Phase 1 and Phase 2.
Virtual daily loss limit for both the phases of the Standard Challenge is fixed at 4% and that for the Pro Challenge is 5%. The Standard Challenge comes with a virtual maximum loss of 8% and this is 12% for the Pro Challenge in both the phases.
Again, maximum drawdown limit for both the phases of the Standard Challenge is set at 8% with the daily drawdown limit being 4% of the initial balance or account size purchased. Drawdown limit for both the phases of the Pro Challenge is 12% and daily drawdown limit is 5%.
So why the wait? Choose smartly and become a funded trader today; contact the support team at Smart Prop Trader via the platform's 24/7 discord support: https://discord.gg/spt
Register on their website to buy your challenge account, track your account growth, participate in free monthly trading competitions, and join their online community by engaging in tasks for giveaways at https://www.smartproptrader.com/ now!
Follow, Like, Subscribe, and Join it on its social handles for updates on free prop firm account giveaways:
- YouTube: https://youtube.com/@smartproptrader
- Twitter: https://twitter.com/SmartPropTrader
- Instagram: https://instagram.com/smartproptrader?igshid=OGQ5ZDc2ODk2ZA==
