Prop Firms Review – Top 10 (June 2022)

Number 1 - The 5%ers

5%ers Logo

Best suited for: They offer a fantastic instant funding model for traders who want to get into the action right away.

Overall Ratings

  • Models on offer: 10/10
  • Cost: 8/10
  • Rule Fairness: 8/10
  • Support: 9/10
  • Profitability: 9/10
  • Scaling System: 9/10
  • Overall: 8.8/10

The 5%ers Prop firm Overview

The 5%ers prop firm have been around since 2016 and have a proven track record of supporting great traders. They have a diverse and interesting range of funding models, which means any trader is bound to find something to suit their needs. My personal favorite is the instant funding model in which your fee essentially just covers your max drawdown and your can profit from day 1! 

Main Pros

  • Great intuitive UI – Both the website and user dashboard are easy to understand and navigate. The dashboard metrics panel is also very user friendly, containing all the important information without the fluff.
  •  Great Support – I personally haven’t came across any issues which required support, however they have a great reputation of providing top tier support as evident from Trustpilot reviews, Social media and YouTube. 
  • Three completely different funding models – Instant funding, Bootcamp and freestyle. All the models have their own pros and cons, but all stand out among the crowd and offer great incentives for the successful trader. 
  • Great scaling plan – No nonsense approach to scaling, simply hit your target and get a bigger account! One of the fastest growth plans around.
  • Quick and easy sign-up – Simply pick your model, pay your fee and get instant access to your dashboard and trading account. 

Main Cons

  • Relatively low max drawdown – The max drawdown for the instant funding program is around 4% which is general lower compared to other firms. Therefor this firm is more suited for the very risk aware trader. 
  • Below average payout ratio – The payout ratio for the instant funding account is 50% which on the surface seems rather low; however when you consider the rapid growth plan the potential profits could be much higher than others. New models also offer up to 100% profit share!

Number 2 - FTMO

Best suited for: FTMO has been the market leader for a while now. They have a great reputation for their support and are generally all round reliable. Therefor this will suit the trader who wants a tried and tested firm to trade with. 

Overall Ratings

  • Models on offer: 8/10
  • Cost: 8/10
  • Rule Fairness: 8/10
  • Support: 10/10
  • Profitability: 9/10
  • Scaling System: 9/10
  • Overall: 8.7/10
 

FTMO Overview

FTMO is often the number one prop firm in peoples list. Its easy to understand why; the easy to follow design, the great reputation, the years of experience and the massive $400k option. The one thing FTMO lacks in is a direct funding model which many other firms are offering traders. 

Prop Firm – Pros

  • Many Base Currencies – FTMO offer accounts in a number of different currencies while most other firms offer only US dollars.
  • Been around a long time – FTMO lead the way for the prop firm industry. Their 2 phase challenge model has been replicated by dozens of firms. This experience and reputation is certainly a reason why so many people sign up to FTMO as their prop firm of choice.
  • Great Payout Split – As soon as you receive your funded account you will benefit from an 80/20 payout split (In your favor). After 4 months if you have been consistently profitable, not only will your account increase, you will receive a 90% profit split also!
  • CTrader! – FTMO is one of the few prop firms that allow you to use CTrader. CTrader is an excellent platform for manual trading, packed filled with features and has a great UI.

Prop Firm – Cons

  • News Trading – FTMO does not allow trading around the news (2 minutes either side). This will inevitably catch out less experienced traders or those who don’t follow the fundamentals as closely. 
  • Slow Scaling – Accounts are only able to scale every 4 months, based on performance. Some other firms offer scaling at every 10% profit intervals or such. This can be countered by purchases more accounts, however the maximum capital allocation is set at $400k.

Number 3 - MyForexFunds

My Forex Funds Prop firm

Best suited for: Models to suit all kinds of traders. Rapid model is particularly good for beginner traders as it allows you to earn while you learn. 

Overall Ratings

  • Models on offer: 9/10
  • Cost: 9/10
  • Rule Fairness: 8/10
  • Support: 7/10
  • Profitability: 9/10
  • Scaling System: 9/10
  • Overall: 8.5/10

Overview

My forex funds is an established prop firm with a great reputation, especially concerning fair payouts. Much like the 5ers they offer three varied funding models, including instant funding. This firm has a vibrant discord community, great support and challenge fees are at or below market average. Be sure to check out their extremely generous profit target/max drawdown levels on the evaluation model.

MyForexFunds – Pros

  • Choice of funding models: My forex funds has a great choice of funding models ensuring there’s something suitable for every skill level of trader.
  • Reputation: This prop firm has a great reputation in the industry, make sure to check out the CEO interview on YouTube.
  • Trading Rules – My Forex Funds stands out with the rules, they truly allow the trader to make their own choices without placing limitations on them. 
  • Community – An active discord server with helpful traders supporting each others journey.
  • Dashboard – Easy to understand dashboard and overall well designed front end systems.

MyForexFunds – Cons

  • Support – Due to the huge amount of traders on this platform, support can sometimes be a little slow. This isn’t too much of an issue as most problems can be solved by popping into the discord server or checking the FAQ.
  • Expert Advisors – Confusing rules on EA’s. They appear to be allowed in very specific situations or with prior approval. 

Number 4 - Traders with Edge

Traders with edge

Best suited for:  This prop firm offers an excellent scaling model in which would allow a consistent trader to build a huge account with relative ease.

Overall Ratings

  • Models on offer: 8/10
  • Cost: 9/10
  • Rule Fairness: 8/10
  • Support: 8/10
  • Profitability: 9/10
  • Scaling System: 9/10
  • Overall: 8.7/10

Traders with Edge Overview

Traders with Edge is a new prop firm which has some exciting funding models available at great prices. They have appeared to invest heavily into the infrastructure of the company and certainly have skin in the game. This firm are likely to shoot to the top and join the other heavyweight prop firms – so take advantage of the low entry prices while their around! 

Traders with Edge – Pros

  • Cost – They have extremally competitive prices and are currently running a 20% off promotion (After completing short pop up survey)
  • (Almost) No Time Limit challenge – Their turtle challenge has 12 whole months in which to reach the 10% profit target!
  • Fast Support – I was connected to live chat within seconds who. They were helpful, polite and answered any questions I had.

Traders with Edge – Cons

  • New Company – Being a new company there isn’t a lot of reviews and feedback to analyze. This is likely to change soon as the company grows.
  • Minimum Trading Days – They have a rule which might catch a few traders out; The minimum trading days cannot be filled with very small trades like FTMO and others. Traders must continue to trade their strategy as normal despite hitting the profit target.

Number 5 - The Funded Trader

The Funded Trader Prop Firm

Best suited for: This prop firm has a great community feel to it and would suit a trader who likes to be surrounded with like minded individuals.

Overall Ratings

  • Models on offer: 7/10
  • Cost: 7/10
  • Rule Fairness: 8/10
  • Support: 9/10
  • Profitability: 9/10
  • Scaling System: 7/10
  • Overall: 8.3/10

The Funded Trader Overview

The Funded Trader is a relatively new and exciting prop firm based in USA. They are certainly one of the more fun prop firms around and have a tight nit community feel. They are one of the few firms around who regularly interact with their traders in person, often flying them out for all expense paid exciting weekends. On top of that the management appear to have a great grasp on the industry and are committed to moving the company, and traders, forward. They certainly earn their place in the top 5 prop firms!

Number 6 - Top Tier Trader

Best suited for: This firm is similar to FTMO but with a couple extra perks such as leaderboard and competitions. Therefore best for a trader who is happy with the FTMO style and wants an extra few perks.

Overall Ratings

  • Models on offer: 7/10
  • Cost: 7/10
  • Rule Fairness: 8/10
  • Support: 9/10
  • Profitability: 9/10
  • Scaling System: 8/10
  • Overall: 8.4/10
 

Number 7 - Lux Trading

Best suited for: This firm has a great mentorship/educational aspect to it. Therefore it will suit a newer trader who is looking to grow and progress into a successful trader.

Overall Ratings

  • Models on offer: 7/10
  • Cost: 7/10
  • Rule Fairness: 9/10
  • Support: 9/10
  • Profitability: 8/10
  • Scaling System: 9/10
  • Overall: 8.5/10

Number 8 - SurgeTrader

Best suited for: This prop firm offers huge accounts from the get go, all the way up to $1 Million. They only require a single phase challenge with no minimum days. This firm would suit an experienced trader who wants large capital fast.

Overall Ratings

  • Models on offer: 7/10
  • Cost: 8/10
  • Rule Fairness: 8/10
  • Support: 9/10
  • Profitability: 10/10
  • Scaling System: 8/10
  • Overall: 8.5/10

Number 9 - BlueFX

Best suited for: Blue FX is a subscription based prop firm with low leverage and a 50/50 profit split. They offer CTrader which many traders prefer to Metatrader.

Overall Ratings

  • Models on offer: 7/10
  • Cost: 7/10
  • Rule Fairness: 7/10
  • Support: 8/10
  • Profitability: 6/10
  • Scaling System: 8/10
  • Overall: 7.8/10

Number 10 - Fidelcrest

Best suited for: Fidelcrest offer the 2 phase challenge model but with only 5% profit target for each, and a split of the profits for phase 2. This would suit traders who struggle to hit 10% profit in 30 days with other challenges.

Overall Ratings

  • Models on offer: 8/10
  • Cost: 8/10
  • Rule Fairness: 8/10
  • Support: 9/10
  • Profitability: 9/10
  • Scaling System: 8/10
  • Overall: 8.3/10