Cost is a crucial factor in trading, especially within proprietary trading firms. Although these firms provide vast opportunities, traders sometimes miss out on considering the affordability aspect. Today, we'll delve into the top five forex proprietary trading firms ideal for those with 100K account sizes and 2-step challenges. These rankings are derived from the standard pricing, without including any temporary discounts, as discounts may change over time, but the standard price provides a more accurate measure for comparing affordability.
Significance of Pricing Structure in Forex Prop Trading Firms
Forex prop trading firms with a competitive pricing strategy offer an invaluable starting point for those new to the field or working with limited capital. By demanding lower initial investments and reduced fees, these firms make it simpler for individuals to embark on a trading career. They often provide traders with access to the firm's capital, allowing for larger positions and potentially more significant profits. Moreover, the reduced financial burden can alleviate some of the stress for beginners, potentially fostering better decision-making and improved trading results. Expensive entry fees might repel talented individuals with limited funds, underscoring the need for a balance between cost, reliability, and quality of service.
Below, we spotlight the five most cost-effective forex prop trading firms for traders specifically looking for 100K account sizes and 2-step challenges:
#1 Funding Pips [Price: $399]
Established on August 25, 2022, Funding Pips is a new entrant in the proprietary trading firm arena, with its operations based in Dubai, United Arab Emirates. At $399, traders can access a 100K trading account at Funding Pips with an 80% profit split. This is a two-phase challenge with a profit target of 8% in Phase 1 and 5% in Phase 2. The firm places a ceiling on daily losses at 5%, while the maximum total drawdown allowed is 10%. The brokerage used is BlackBull Markets, and the firm uses the MT5 platform for trading, which is a modern and popular platform among traders. Traders have access to a range of instruments including Forex, Crypto, Indices, Metals, and Energies. The commission is set at $3 per one lot standard, with indices being commission-free. Additionally, there's no cap on the maximum trading days, further emphasizing the firm's flexible approach. Stop-loss is a requirement, ensuring risk management is observed during trading activities.
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#2 Skilled Funded Traders [Price: $439]
Skilled Funded Traders was established in 2023 and operates within Delaware's legal framework. They present a price of $439 for traders to gain access to a 100K account. Skilled Funded Traders provides MT4 and MT5 platforms for trading, and the brokerage used is EightCap. This firm has structured a Swing Challenge with a 8% drawdown, spread across two steps, making the path to a funded account a progressive journey. The profit split stands at 80%, with an 8% profit target in Phase 1 and a 5% profit target in Phase 2. Daily losses are capped at 5%, a measure that emphasizes the importance of risk management in the trading arena. Additionally, traders have access to a variety of instruments including Forex, Metals, Commodities, Indices, and Cryptocurrencies. Commissions are structured differently for each instrument. Forex commissions range from $5 to $7 per lot, Metals at $3 to $7 per lot, while Commodities, Indices, and Crypto have no commission with either broker.
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#3 Maven [Price: $449]
Maven is a prop trading firm based in Canada. For a price of $449, traders gain access to a 100K account. The firm offers a 2-step challenge with an account size of $100,000, a profit target of 9% in the first phase and 5% in the second phase, and an 80% profit split. Though relatively new, being in business for less than a year, it's affiliated with broker EightCap and operates on MT4 and MT5 platforms. The commission is $2.5 per lot ($5 round) with raw spreads and 0 on major pairs. On virtual CFDs, virtual Oil, and virtual Crypto, spreads are low with 0 commission, which is competitive and can help in reducing trading costs. The maximum daily loss is set at 5% with a maximum total drawdown of 10%. Additionally, Maven offers an opportunity for traders to scale up their account size, starting at $100K and scaling up to $125K, $150K, and further as milestones are achieved, a feature that likely appeals to traders aiming for continual growth.
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#4 Smart Prop Trader [Price: $467]
Smart Prop Trader launched its services in the industry on December 22, 2022, and is based in Austin, Texas. They offer a competitive platform for traders with a price of $467 for a 100K account. The firm offers a 2-step challenge with an account size of $100,000, an 85% profit split, with a 7% profit target in Phase 1 and a 5% profit target in Phase 2. The firm charges a $6 commission for 1 standard lot on FX and no commission on metals, indices, and cryptos. The challenge and verification phases have no minimum or maximum simulated time restrictions, but require at least one trade every 30 days. For simulated forex instruments, the maximum trading leverage is capped at 1:100. Additionally, there are predefined virtual daily loss limits and initial balance-based maximum loss limits for each account size, which remain constant.
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#5 FXIFY [Price: $475]
Rounding up the list is FXIFY, a UK-based prop trading firm, which operates on MT4 and MT5 platforms through broker FXPIG, offering varied leverage ratios depending on the asset type. The firm presents a competitive pricing structure of $475 for a 100K account. They offer a 75% profit split with a 10% profit target in Phase 1 and a 5% profit target in Phase 2. Traders are allowed a maximum daily loss of 5% and a maximum total drawdown of 10%. The drawdown is balance-based, with a static drawdown method applied. Trading days range between a minimum of 5 to a maximum of 30 days, providing a defined timeframe for traders to meet the set targets. The commission structure is asset-dependent, with no commissions on FX, Metals, Crypto, and Indices, but a 0.35% commission on Stocks. There's no requirement for a stop-loss, offering a bit of flexibility in trading strategy. Leverage of up to 50:1 is provided, and scaling opportunities, allowing traders to expand their trading capacity as they reach certain milestones.
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Summary
Our blog elucidates the affordability of forex prop trading firms for traders handling 100K accounts, spotlighting five firms providing economical pricing. Funding Pips leads the list, offering a 100K account at $399, followed closely by Skilled Funded Traders at $439. Maven, Smart Prop Trader, and FXIFY follow suit with prices tagged at $449, $467, and $475 respectively, each with distinct offerings and profit splits. Each of these firms shows that the barriers to entry in forex trading are not insurmountable, especially with the right financial fit. In choosing a prop trading firm, affordability should remain one consideration among many. Traders must assess their financial constraints, trading goals, and desired support level to select a firm that not only fits their budget but also aligns with their trading aspirations.
