Best Prop Trading Firms 2023
In this article, we'll cover some of the top prop trading firms currently operating in the industry. Each firm offers its unique advantages, trading conditions, and resources, so you can find one that best matches your trading style and goals. We'll discuss the benefits, provide an overview of each platform, and delve a bit into each company's background.
Finally, we'll tackle some frequently asked questions about prop trading. If you've ever wondered whether prop trading is legal, which firm is the best, or how prop traders make money, you'll find your answers here. So let's get started!
Best Prop Firms
- Best overall – especially for its round-the-clock trading and a high-profit split
- Ideal for traders looking for varied trading challenges and programs
- Perfect for those seeking personalized mentoring and high-profit splits
- Ideal for novice traders wanting to learn while they trade
- Best for those who want to skip the evaluation phase
- Great for traders seeking straightforward rules and quick funding
- Ideal for traders looking for relaxed trading rules and a wide range of tradable assets
- Ideal for traders seeking reputable firms with a comprehensive educational platform
- Perfect for those looking for flexible trading conditions and robust customer support
The Best Proprietary Trading Firms in 2023
TopStep
- Competitive trading environment
- No restriction on trading style
- Round-the-clock trading
- Trade futures and forex
- Profit split up to 90%
- Monthly trading combines
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The platform provides an opportunity to trade both futures and forex, expanding the possibilities for its traders. This diversification can be crucial in a trader's journey, allowing them to adapt to different financial markets and hone their trading skills accordingly.
Furthermore, TopStep conducts monthly trading combines. These are essentially real-time, simulated trading evaluations. Those who pass these combines are eligible for funded accounts, further promoting a competitive trading atmosphere. The firm offers a profit split of up to 80%, a lucrative proposition for successful traders.
Since its inception, TopStep has been committed to identifying and backing talented traders. It has funded thousands of traders worldwide and has paid millions in withdrawals. The company prides itself on creating a supportive trading community where traders can grow and succeed.
Elite Trader Funding
- Straightforward funding process
- No evaluation required
- High-profit split of up to 80%
- Allows all trading styles
- Offers Forex and Futures trading
- Flexible trading rules
- Promo: Coupon Code ETF4EVER for 65% off
The firm offers a high-profit split of up to 80%, on par with the best in the industry. This lucrative proposition, coupled with the fact that it allows all trading styles, makes Elite Trader Funding an excellent choice for all types of traders.
Another noteworthy feature of Elite Trader Funding is its flexible trading rules. The firm understands that each trader is unique, and so it allows them to trade in a way that best suits their strategy and risk tolerance.
Today, Elite Trader Funding is recognized for its simplicity and flexibility, offering traders a unique and rewarding trading environment. Its commitment to supporting traders every step of their trading journey has earned the firm a solid reputation in the prop trading space.
Earn2Trade
- Comprehensive educational content
- High-profit split of up to 80%
- Thorough evaluation process
- Excellent customer support
- Allows all trading styles
- Offers Forex and Futures trading
- Promo: Coupon Code modestmoney for 20% off
The firm employs a thorough evaluation process, known as "The Gauntlet," ensuring that only the most skilled traders get access to a funded account. While this may seem challenging, it's a measure that ensures the firm's capital is well protected and promotes a healthy, competitive trading environment.
Earn2Trade's excellent customer support is another defining feature. The support team is always ready to assist traders, addressing their concerns promptly and professionally. The firm also allows all trading styles, giving traders the flexibility to implement their preferred strategies.
Over the years, Earn2Trade has successfully created a prop trading platform that is not only rewarding but also educational. Its comprehensive training resources, combined with its competitive trading environment, make Earn2Trade an excellent choice for both new and experienced traders.
Fidelcrest
- Diverse trading challenges
- A broad range of trading programs
- High-profit split of up to 90%
- Freedom to choose a preferred broker
- Fast payouts
- Excellent customer support
- Promo: Coupon Code MM-15 for 15% off
What sets Fidelcrest apart is the freedom it offers to traders to choose their preferred broker. This flexibility goes a long way in making traders feel comfortable and enhancing their trading performance.
Another noteworthy aspect is Fidelcrest's commitment to ensuring fast payouts, providing successful traders with their well-earned profits promptly. To top it all, Fidelcrest prides itself on its excellent customer support team, ready to assist traders at every step of their trading journey.
The firm believes in empowering traders by providing them with the right resources and support. Over the years, Fidelcrest has developed an impressive reputation for its commitment to its traders, which is reflected in the numerous positive reviews it has received.
Funded Trading Plus
- Offers Forex and Futures trading
- Profit split up to 90%
- Fast withdrawals
- Flexible trading rules
- No minimum trading days requirement
- High initial account balance
- Promo: Coupon Code MODEST for 10% off
One of the key features of Funded Trading Plus is its fast withdrawal process. Traders have access to their earnings without unnecessary delays, enhancing their trading experience. Moreover, the firm has no minimum trading days requirement, offering flexibility to traders.
Over the years, Funded Trading Plus has established itself as a trader-centric platform. Its focus on providing a flexible and rewarding trading environment has made it a preferred choice among many traders.
FTMO
- High-profit split up to 90%
- Two-phase evaluation period
- Supportive trader program
- Forex and futures trading
- No maximum time limit
- Flexible trading style
Traders at FTMO can engage in both Forex and futures trading, broadening their opportunities. Notably, FTMO has no maximum time limit for its evaluation period, providing flexibility for traders to prove their skills at their own pace. Additionally, it supports varied trading styles – enabling traders to use their preferred strategies.
Over the years, FTMO has maintained a firm commitment to fostering trader success. Its generous trading conditions and comprehensive trader program continue to attract both novice and experienced traders.
City Traders Imperium
- High-profit split of up to 100%
- Personalized mentoring
- Offers Forex and Indices trading
- Simple rules
- Allows all trading styles
- Scalability of trading accounts
- Promo: Coupon Code CTI10% for 10% off
One of the defining features of City Traders Imperium is its simple rules, which allow traders to focus on their trading activities without worrying about complex regulations. In addition, the firm allows all trading styles, giving traders the freedom to trade as they please.
The scalability of trading accounts offered by City Traders Imperium is a notable advantage. As traders prove their skills and consistency, they have the opportunity to manage larger accounts and increase their earning potential.
Today, City Traders Imperium is renowned for its commitment to its traders, offering them a supportive environment to grow and thrive. The firm continues to maintain its core values, providing personalized mentoring and high-profit splits to reward successful traders./p>
FundedNext
- Offers Forex trading
- Profit split up to 90%
- Fast withdrawals
- Simple trading rules
- Excellent customer support
- No minimum trading days requirement
- Promo: Coupon Code modestmoney for 5% off
FundedNext also stands out for its simple trading rules. These rules provide traders with the flexibility to trade using their preferred strategies without unnecessary restrictions. Furthermore, FundedNext has no minimum trading days requirement – allowing traders to trade at their own pace.
Today, FundedNext has established itself as a preferred choice for many traders. Its simple rules, fast withdrawals, and excellent customer support make it a go-to platform for Forex traders
E8 Funding
- Direct funding program
- High-profit split up to 80%
- Fast processing of withdrawals
- No evaluation process
- Offers Forex trading
- Flexible trading rules
- Promo: Coupon Code ELLIOTE8 for 10% off
The firm offers a high-profit split of up to 80%, ensuring that successful traders earn a significant share of their profits. In addition, E8 Funding processes withdrawals swiftly, ensuring that traders have easy access to their earnings.
E8 Funding offers Forex trading, giving traders a chance to profit from the volatile forex markets. Their trading rules are also relatively flexible, allowing traders to use their preferred trading strategies without too many restrictions.
Today, E8 Funding stands out for its direct funding program and generous profit split. It has positioned itself as a unique and rewarding platform that caters to experienced traders looking for straightforward trading rules and quick access to trading capital.
Frequently Asked Questions
Is proprietary trading legal?
The legality of proprietary trading firms doesn't mean there aren't regulatory measures in place. These firms are regulated by financial authorities, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the U.S., depending on where they're based. These regulators ensure that firms operate within the law and maintain a fair and transparent trading environment.
Which prop firm is the best?
In essence, the "best" prop firm varies from trader to trader. It's essential to do thorough research, considering all the factors mentioned, and perhaps test out a few platforms before deciding which prop firm is the best fit for you.
Are prop trading firms worth it?
Moreover, many prop firms offer supportive trader programs, educational content, and customer support, helping traders improve their trading skills and knowledge. They also often allow traders to trade in a flexible environment where they can use their preferred trading styles.
However, it's worth noting that prop trading firms also come with risks. Traders must adhere to the firm's rules and risk parameters. If a trader violates these rules or fails to meet the profit targets, they may lose their opportunity to trade with the firm's capital. Therefore, whether a prop trading firm is "worth it" can depend on a trader's skill level, risk management abilities, and commitment to following the firm's rules.
Do prop traders make money?
It's important to understand that while the potential to make money is there, prop trading also comes with risks. Traders are using the firm's capital, so poor trading decisions can lead to losses. And if traders don't manage risks properly or fail to follow the firm's trading rules, they might lose the opportunity to trade with the firm's capital.
How does the evaluation process work in prop trading firms?
Many firms have a two-phase evaluation period. The first phase may involve a certain number of minimum trading days with set profit goals, while the second, or verification phase, might require traders to maintain their profitability over a more extended period. If traders successfully complete the evaluation process, they're offered a funded trading account.
What's the typical profit split in prop trading firms?
Some firms offer higher profit splits to more experienced traders or those who opt for larger account sizes. It's always a good idea to check the profit split details with each firm before signing up, as this can significantly impact your earning potential.
How do prop trading firms handle losses?
Some firms offer a "soft rule" on their maximum drawdown limit, allowing traders to continue trading as long as they finish the trading day above this limit. Other firms have "hard rules" that instantly stop traders from trading if they hit the maximum drawdown limit at any point during the day.
Can beginners succeed with prop trading firms?
That said, prop trading isn't for everyone. It requires a strong understanding of the financial markets, risk management, and the ability to adhere to specific trading rules and parameters. Beginners should ensure they're adequately prepared before diving into prop trading.
Can I trade any financial instrument with prop trading firms?
There are also firms like City Traders Imperium and Bulenox that offer more diverse portfolios, including forex, indices, commodities, and even cryptocurrencies. It's important to verify the range of tradable assets a firm offers to ensure they align with your trading preferences and strategy.
Are there specific trading strategies that prop firms prefer?
It's essential to thoroughly review the prop firm's trading rules and conditions before embarking on your trading journey with them. Some firms may have rules that could conflict with your trading style, so understanding these details upfront will save you from any potential hiccups down the line.
What happens if I fail the evaluation process?
Also, failing the evaluation doesn't necessarily mean the end of your relationship with the prop firm. Many firms value the learning experience that comes from failure and encourage traders to learn from their mistakes, improve their strategies, and try again.
Do prop firms allow news trading?
Even when firms allow news trading, they usually expect traders to manage their risk effectively. High volatility during news events can quickly result in substantial losses, so traders should have strategies in place to protect themselves and the firm's capital.
Can I trade part-time with prop trading firms?
However, remember that successful trading requires time and dedication. Whether you're trading part-time or full-time, ensure you dedicate enough time to analyze the markets, manage your trades, and continually improve your trading skills.
Can I skip the evaluation process with any prop trading firms?
Keep in mind that these programs may have stricter trading rules and higher expectations for traders. If you're considering a direct funding program, make sure you have a strong understanding of the financial markets and sound risk management strategies in place.
Can I trade with multiple prop firms at the same time?
However, trading with multiple firms also means managing multiple sets of trading rules, conditions, and risk parameters. It can be a challenge to adapt your trading style to each firm's unique requirements. If you're considering this route – make sure you're comfortable with the workload and complexity involved.
What kind of support can I expect from a prop trading firm?
The level and type of support can vary significantly between firms, so it's worth investigating what each firm offers in terms of trader support. Look for firms that not only provide reliable technical support but also contribute to your growth and success as a trader.
How important is risk management in prop trading?
Firms often enforce risk management through daily drawdown limits and maximum loss rules. If a trader breaches these limits, they may lose their trading privileges. Therefore, it's important to have a solid understanding of risk management principles and to apply them consistently in your trading.
Can I trade from any location with a prop trading firm?
Are prop trading firms regulated?
It's important to note that trading with a regulated firm doesn't guarantee success or prevent losses. As a trader, your trading decisions ultimately determine your success, and it's crucial to develop sound trading skills and risk management strategies.
Is there a minimum capital requirement for prop traders?
However, in most cases, prop traders are not required to invest their own capital. Instead, they go through an evaluation process to prove their trading skills. Once successful, they're given access to the firm's capital to trade.
