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Prop trading firms are increasingly gaining attention among traders who want access to large amounts of capital without risking their own funds. As the demand for these firms rises, it has become essential for traders to evaluate their options carefully. With 2024 approaching, three prominent prop trading firms stand out: OANDA, IC Funded, and Funded Trading Plus (FTP).
Prop Trading Firms Explained
Prop trading firms, also known as proprietary trading firms, offer traders the opportunity to trade with the firm’s capital rather than their own. To gain access to this capital, traders must pass a two-phase evaluation challenge. These challenges typically involve meeting specific profit targets while adhering to strict loss limits. Traders who succeed can access a funded account and retain a significant share of their profits.
However, each firm has its unique approach, with differences in evaluation phases, profit targets, maximum allowable losses, and audition fees. Below is a closer look at three of the top prop trading firms to consider in 2024.
OANDA Prop Trader
OANDA, a trusted name in the trading industry, now offers a prop trading program featuring two types of challenges: the Classic Challenge and the Boost Challenge.
- Classic Challenge: Designed for beginner traders, it has lower fees and offers an 80% profit split.
- Boost Challenge: This option is geared towards experienced traders, with a 90% profit split, though it comes with higher fees.
- Account sizes range from $10,000 to $500,000.
- Audition fees start at $169.
- Profit targets: 8% for Phase 1 and 5% for Phase 2, with a 5% maximum daily loss and a 10% total loss limit.
- OANDA also refunds the audition fee after the first profit split, making it a cost-effective option for successful traders.
IC Funded
IC Funded, backed by the well-established IC Markets, offers a structured challenge with seven evaluation levels. Account sizes range from $5,000 to $500,000, and the profit split begins at 75%, increasing to 80% after the first month.
- Audition fees start from $49, making it a competitive option for traders on a budget.
- Profit targets: 10% for Phase 1 and 5% for Phase 2.
- IC Funded also offers a refund of the audition fee after the first profit payout.
This firm provides a reliable, cost-effective option for traders, with a wide range of account sizes and a flexible pricing model.
Funded Trading Plus (FTP)
Funded Trading Plus provides flexible and straightforward approach. FTP imposes fewer rules and restrictions on traders, offering more freedom in achieving profit targets. Importantly, there are no time limits for passing the challenge, allowing traders to progress at their own pace.
- Account sizes range from $25,000 to $200,000.
- Audition fees start at $155.
- Profit targets: 8% for Phase 1 and 5% for Phase 2.
- FTP provides an 80% profit split from the outset, making it an appealing option for those seeking a more relaxed evaluation process.
Choosing the Right Prop Firm
Selecting the best prop trading firm will depend on a trader’s specific needs and style. OANDA’s offering is ideal for those seeking the support of a well-known name in the industry. IC Funded stands out with flexible account sizes and low entry fees, while FTP caters to traders who prefer fewer restrictions and no time pressure during evaluations.
Each of these firms provides access to substantial capital without risking personal funds. However, it is crucial for traders to fully understand each firm’s challenge rules and requirements before committing.
For further information on prop trading firms, visit the recently launched prop-firms.com, where the latest trends, tips, and success stories are shared. Or for further insights and discussions about prop trading firms, traders can also join the conversation on the Reddit thread r/PropTradingFirms, where experiences and tips are shared by the prop trading community.
Contact Info:
Name: Justin Grossbard
Email: Send Email
Organization: Prop-Firms
Website: https://www.prop-firms.com/about-us/
Release ID: 89141518
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