Top 7 Prop Firms with Lowest Cost and Spread

Introduction to Updated Prop Firms in August 2023

Hey, what's up, everyone! One of the most viewed articles on our website is "Top Five Cheapest Prop Firms." However, upon reviewing the article, it became evident that it's a bit outdated. The Prop Firm industry is constantly evolving, and there are now better deals available.

That's why we're delving into the top seven cheapest Prop Firms in August 2023.

Next on our list is the "Forex Prop Firm." I recently completed a 50k challenge with them this month. They offer an impressive 40% discount, making it one of the most enjoyable challenges I've ever taken on. The reason? You can sustain an overall loss of up to 12%, and there's no daily drawdown limit. This makes it significantly easier to meet the challenge's requirements. In the first phase, you only need to achieve an 8% gain, and in the second phase, it's just 5%, with a generous 12% drawdown allowance. Your daily drawdown limit is also 12%, providing you with ample room to manage drawdown while pursuing that 8% target.

Another fantastic feature is that once you successfully pass the challenge, you also receive 10% of the evaluation stage. Additionally, when you clear the challenge, the profit split shifts to a favorable 90/10 ratio, where 90% of the profits go to you, and 10% to them. Furthermore, there's a scaling program that allows you to scale up to trading up to 10 million dollars.

With this Prop Firm, it all begins with a 25k challenge. By using the code "FPFSummer," you can avail of an incredible 40% discount, making it extremely affordable. Throughout this month, you can embark on a 25k challenge for just $113. Given the substantial drawdown allowance, it's a challenge that's well within reach.

You'll find that you have a significant amount of capital to work with, making it an attractive option. Be sure to check it out in the description below, and don't forget to use the code "FPFSummer." For this entire month, I highly recommend considering this Prop Firm.

Let's continue with the next option, "Funded Next." They are currently offering a discount for this month as well, with a generous 30% off on the smaller challenges. You can kickstart your trading journey with as little as the 6k challenge for only $59. Additionally, there's an active 30% discount code, "INFINITY30," which further reduces the cost. With this coupon code, even the 15k challenge becomes remarkably affordable, priced at just $41.30. This discount makes a substantial difference, especially for the 6k challenge.

Another remarkable feature of this Prop Firm is the profit split, which can go as high as 90%. Furthermore, you'll receive a 15% discount during the challenge phase. So, if you've earned 13% during the evaluation stage, you'll get an extra 15% once you pass.

With an allowable overall loss of 10% and a profit target of 8%, you have more room for drawdown than you need to meet the profit target. What sets this Prop Firm apart is its incredibly low fees per lot, coming in at only $3. Trading becomes remarkably smooth when you're dealing with such minimal fees.

Commissions on a smaller account can be a significant burden, but with this Prop Firm, they are quite small, making them barely noticeable on a smaller account. If you're looking for an affordable option, this is one to seriously consider.

This is a deal worth considering, especially with the ongoing 30% discount available until the end of the month. Be sure to check it out!

Now, let's proceed to the next option, "Smart Prop Trader."

With this Prop Firm, you can secure a 10k account for just $67. The profit targets are relatively modest here, with a requirement of 7% in the first stage and 5% in the second phase. It's worth noting that this account has slightly lower drawdown limits. You're allowed a daily drawdown of only 4% and a maximum of 8%. However, considering the profit target is 7%, the drawdown allowances are still more favorable.

Furthermore, the fees associated with this Prop Firm are quite competitive, making it an attractive option for traders.

I highly recommend considering "Smart Prop Trader" as well. Consider Using Discount code SPT599 using my affiliate link to get extra discount.

Now, let's move on to the next contender, "5ers." In this Prop Firm, we'll be focusing on the high-stakes opportunities. If you'd like to delve deeper into the bootcamp aspect, I recommend checking out my dedicated article on "5%ers."

For now, let's quickly overview the high-stakes offerings. You can embark on a 5k challenge for a mere $39. Here, you're allowed a maximum loss of 10% and an 8% target in the first phase. In the second phase, the limits are a 10% loss and a 5% target.

What truly sets this Prop Firm apart is the exceptional scaling opportunity it provides. Even with a 5k account, if you maintain consistent profitability, you can scale all the way up to 500k. Once you reach this stage, you not only earn a monthly salary of $4,000 but also receive 100% of all the profits you generate. I delve into greater detail in my "5%ers" article, but it's definitely an option worth considering.

Additionally, the fees for a 5k challenge with this Prop Firm are quite reasonable. Furthermore, once you successfully complete step one, you'll receive rewards that can be withdrawn or used to purchase another account. Upon passing both phases, you'll even receive a refund. Moreover, each time you achieve a 10% profit, you have the opportunity to grow your account, which is a fantastic feature.

Let's continue to the next option on our list: "MyFundedFX."

For the month of August, they're offering a fantastic 15% discount, and here's the kicker - you'll receive a whopping 125% refund of the fee you paid. Quite the deal!

One standout feature of MyFundedFX is that they were among the pioneers in offering an unlimited trading period. This means you have all the time you need to successfully complete the challenge. The targets are reasonable, with an 8% target in the first phase and a 5% target in the second phase. However, it's worth noting that they have a bit more drawdown allowance than profit target, which sets them apart from most Prop Firms.

Overall, MyFundedFX remains a great Prop Firm, and I highly recommend it. For a 5k challenge, it's only $50, and with the additional 15% discount, it becomes even more affordable. So, it's an excellent option to consider. Consider Using Discount code MYFOREXBUDDY using my affiliate link to get extra discount.

Now, let's take a look at Instantfunding.io

What sets this Prop Firm apart is its one-phase challenge, which I personally appreciate. In this challenge, you only need to achieve a 10% profit target while having a drawdown allowance of 10%. That's it!

Once you reach the profit target, you become funded, and what's even more appealing is that the first payout is eligible after just 14 days. Subsequent payouts occur every seven days, which means you can receive payouts every week with this Prop Firm. The generous drawdown allowance for a single-phase challenge is truly remarkable.

I highly recommend considering Instantfunding.io They offer regular and reliable payouts, making it, in my opinion, a highly underrated Prop Firm that deserves more attention. They have competitive fees, no time limits, and a straightforward one-phase challenge that's easy to complete, especially with this level of drawdown allowance. Don't miss out on exploring this option.

Lastly, but certainly not least, let's talk about "True Forex Fund."

"True Forex Fund" also boasts some enticing features, including no minimum trading days, a 10% overall loss limit, and an 8% profit target for the first phase. In the second phase, the limits are a 10% overall loss and a 5% profit target.

What sets "True Forex Fund" apart and makes it stand out is its compatibility with Expert Advisors (EAs). While the fees might sometimes be slightly higher than what I'm accustomed to, it remains a top-notch Prop Firm that I wholeheartedly recommend. Personally, I've used bots with this Prop Firm without encountering any issues.

If you're keen on utilizing EAs in your trading strategy, I highly recommend considering "True Forex Fund."

In any case, thank you for reading, and I look forward to seeing you in the next article!