Based on trader opinions, profit payout structures, trading platforms, and other key factors, our prop firm reviews provide up-to-date ratings on the top prop trading firms in 2024.
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What makes a prop trading firm good depends on what a given trader finds important. Some favour high profit payouts, some prefer a transparent and fair audition process, while others look for low account costs or superior trading platforms. This page has categorised the best prop trading firms based on these core aspects.
Choosing the right trading platform is key to success in prop trading. There are two main types of platforms: shared and proprietary.
MT4 is widely used in prop trading due to its strong analytical tools and fast execution.
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cTrader is known for its modern design and advanced trading features.
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Selecting the right prop trading firm is crucial to your success as a trader. The choice you make will impact everything from your profit potential to the tools you have at your disposal. Here’s a guide to help you make an informed decision:
One of the most important factors to consider is how much of your profits you can keep. Different prop firms offer varying profit-sharing arrangements, typically ranging from 50% to 90%. Look for a firm that offers a high percentage of profit retention, especially if you are confident in your trading skills.
The audition process is the method by which a prop firm assesses your trading abilities before granting you access to their capital. Some firms offer a single-step process, while others require a multi-step evaluation. Consider your experience level and how quickly you want to start trading with the firm’s capital when choosing an audition process.
Prop firms offer different types of accounts that come with varying costs. Some firms charge an upfront fee for the audition, while others may have ongoing monthly fees. Assess the overall cost, including any hidden fees, and choose a firm that aligns with your budget and trading goals.
Leverage is a double-edged sword; it can amplify your profits but also your losses. Different firms offer varying levels of leverage, typically ranging from 1:10 to 1:100 or higher. If you have a high-risk tolerance and experience in managing leveraged positions, a firm offering higher leverage might be suitable. For those who prefer a more conservative approach, lower leverage can help manage risk more effectively.
The trading platform is your primary tool as a trader. Ensure the prop firm offers a reliable and user-friendly platform, such as MetaTrader 4, MetaTrader 5, or cTrader. Additionally, consider whether the firm provides access to advanced trading tools like automated trading systems, risk management features, and real-time data.
The range of markets available for trading can significantly impact your trading opportunities. Some firms focus solely on forex, while others offer a broader range of instruments, including stocks, commodities, indices, and cryptocurrencies. Choose a firm that provides access to the markets you are most interested in trading.
Strong customer support can make a significant difference, especially when you encounter issues or need assistance. Look for firms that offer multiple support channels, such as live chat, email, and phone support. Additionally, educational resources like webinars, tutorials, and market analysis can be invaluable, particularly for less experienced traders.
The trustworthiness of a prop firm is very important. Research the firm’s reputation within the trading community, including its history, transparency, and the experiences of other traders. Joining a firm with a strong, supportive community can also enhance your trading experience by providing networking opportunities and shared knowledge.
The account opening process should be straightforward and quick. Look for firms that offer an easy, hassle-free setup, with minimal documentation and fast verification. The sooner you can get started, the quicker you can begin trading and working towards your goals.
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