Four years ago, I completed my first $100,000 FTMO challenge and received a funded account from FTMO. I started making profits on that account, and back then, FTMO was the only platform offering a two-step evaluation process.
Fast forward to today, the Prop Firm industry has expanded significantly. Numerous firms now provide options for two-step evaluations, one-step evaluations, and even instant funding, all in one place.
Now, you have the flexibility to choose your evaluation process. Opt for the one-step evaluation, which involves completing a single phase. Alternatively, you can choose the two-step evaluation, where you first complete phase one, then progress to phase two, leading to a funded account. Or, you can simply opt for instant funding without the evaluation process.
In this article, I will discuss the best Prop Firm I've encountered so far. I believe it stands out due to its stringent risk parameters, low drawdowns, competitive pricing, and diverse funding models.
I will explain why choosing this firm could be your ideal option and why I consider it to be the top Prop Firm of 2023.
Forex Prop Firm (forexpropfirm.com)
Forex Prop Firm is my top recommendation, and I believe it's the best Prop Firm of 2023. They've recently updated their website. While they claim you can potentially secure up to $10 million in funding, please note that this is a more extended process. In this article, I won't delve into their scaling plan, but you can start with their initial $200,000 account, which is their largest offering. You can keep anywhere from 90% to 100% of the profits, and they cover the losses.
What sets this firm apart is that on their two-step evaluation, you receive a bonus of 5% of the profits from both phase one and phase two. Additionally, there is no daily drawdown limit in their two-step evaluation process. Upon successfully passing, you'll receive a 110% refund of your challenge expenses, and another 5% profit as a bonus. They offer three funding models: one-step evaluation, two-step evaluation, and instant funding.</p>
Forex Prop Firm also conducts trading competitions where you have the chance to win up to a $200,000 evaluation account for free. They provide ample payout proof as well.
So, what sets forexpropfirm.com apart? It's their outstanding trading conditions. They offer access to all tradable pairs available through their broker, Eightcap, and you can start earning 5% profit right from the beginning.
There are no limits on your trading style, and there are no hidden rules. You can use expert advisors, signals, trade during news events, hold positions over the weekend, and there's no daily drawdown limit or consistency rule.
They provide bi-monthly payouts (also referred to as bi-weekly payouts), which means you can get paid on the 1st and 16th of each month directly from the Forex Prop Firm dashboard.
Furthermore, once you pass either their one-step or two-step evaluation, you'll receive a 90% profit share from day one, with the potential to reach 100% profit share as part of their scaling plan.
One-Step Evaluation
Forex Prop Firm offers three distinct funding models, and I'll begin with the one-step evaluation model, which consists of a single phase. They provide account sizes ranging from $25,000 to $200,000.</p>
The profit target for their one-step evaluation account is set at 10%, which aligns with the industry standard. What makes their one-step evaluation stand out is their absolute drawdown limit. Most other firms provide a relative drawdown limit, but Forex Prop Firm offers an absolute drawdown limit of 6%. The daily drawdown limit is 4%, which is 1% higher than many other one-step evaluation offerings.
With no minimum trading day requirements, you have the flexibility to reach the 10% profit target in a single day or extend your evaluation over several months or even a year – the choice is yours. There are no restrictions related to time.
Additionally, you are permitted to use expert advisors, take signals, and hold positions overnight, including over the weekend. Tradable pairs encompass a wide range, including crypto, commodities, forex, indices, and stocks.
The profit split on their one-step evaluation starts at 90%, but it can go up to 95%. The maximum funding available in this model is $10 million.
Now, let's take a look at the pricing for their one-step evaluation accounts, which range from $25,000 to $200,000. The $25,000 account costs only $179, the $50,000 one-step evaluation account is priced at $319, the $100,000 one-step evaluation account is available for $479, and the $200,000 account for the one-step evaluation costs $939. These accounts are highly competitive in terms of pricing, making them some of the most cost-effective options in the industry.
Two-Step Evaluation
When it comes to their two-step evaluation, it comprises two phases, aligning with industry standards: Phase One and Phase Two, leading to the acquisition of a funded account.
In Phase One, account sizes range from $25,000 up to $200,000, just like in the one-step evaluation. The profit target for Phase One is 8%, and you need to achieve this within 35 days. In Phase Two, the profit target is 5%, and you must reach it within 60 days. The overall absolute drawdown limit is 12% for both Phase One and Phase Two, and there is no daily drawdown limit.
<p>One of the advantages of this evaluation process is that there is no daily drawdown limit. You can potentially lose up to the maximum allowable amount, which is a notable feature of this firm. To progress to the next phase, you need to trade a minimum of five days during the two-step evaluation.</p>
For instance, if you are in Phase One and you've already achieved the 8% profit target in just four days, you still have to trade for one more day to meet the minimum requirement of five trading days to advance to Phase Two. This flexibility allows you to complete your evaluation at your own pace.
During the evaluation, you are allowed to use Expert Advisors (EAs), signals, hold positions overnight, and maintain weekend positions. The supported trading platforms are MT4, MT5, and TradingView. There are no trading restrictions, and the profit split during the evaluation is 5%.
Upon moving to the funded account, the profit split starts at 90%, but it can go up to 100%. Tradable pairs include cryptocurrencies, commodities, forex indices, and stocks. The maximum funding remains consistent across the various account sizes.
Now, let's delve into their pricing structure for the two-step evaluation. The $25,000 account costs only $149, the $50,000 challenge account is priced at $250, the $100,000 account challenge is available for $450, and the $200,000 account challenge costs just $825.
Instant Funding
Forex Prop Firm now offers an <b>Instant Funding</b> option, allowing you to start with an account balance ranging from $10,000 to $200,000. The best part is, there's no evaluation required, and there's no specific profit target. However, there's an overall absolute drawdown limit of 5%. Importantly, there's no daily drawdown limit in their Instant Funding model.
They do have a minimum trading days requirement; you must trade for at least five days to be eligible to request a withdrawal. It's crucial to ensure you meet this condition before applying for a withdrawal.
The profit split in the Instant Funding model remains at 90%, with the potential to reach 100%. You'll have access to the same tradable pairs.
Now, let's look at their pricing. Currently, they are offering a <b>35% discount</b> on their Instant Funding model. Here's a breakdown of the pricing:
- If you opt for the $10,000 account, the price is $400, and you'll have an overall drawdown limit of $500.
- For the $25,000 account, the price is $1,000, and the overall drawdown limit is $1,250.
- Choosing the $50,000 Instant Funding account will cost you $2,000, and you'll have an overall drawdown limit of $2,500.
The $100,000 Instant Funding account is priced at $4,000, and by selecting this account, you'll have an additional $1,000 for the drawdown limit.
While there are indeed numerous other platforms that offer one-step evaluations, two-step evaluations, and even one-step evaluations in an instant funding model, or two-step evaluations with instant funding, I've chosen forexpropfirm.com as the top Prop Firm for 2023.
The reason behind this selection is their unique offering of one-step, two-step, and instant funding models all under one roof, and their pricing is the most competitive in the industry. What sets them apart is that they genuinely provide you with the funds. In my experience, I've observed that they have seamlessly connected real funds to all funded traders. Their commitment to transparency when it comes to providing funds is truly commendable.
Stay tuned for the next article. Thank you for reading. Goodbye for now.