cheap prop firms

The Best Cheap Forex Prop Trading Firms for Aspiring Traders

cheap prop firm

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Are you an aspiring forex trader looking for a way to get started in the industry without breaking the bank? The good news is that there are several prop trading firms out there that offer cheap funded accounts. In this article, we’ll explore the best options available and provide you with all the information you need to choose the right firm for your needs.

Why Choose a Forex Prop Trading Firm?

Forex prop trading firms offer traders the opportunity to trade with the firm’s capital instead of their own. This means that traders can take advantage of larger positions and potentially higher profits without risking their own money. In exchange for this opportunity, traders must meet certain requirements and follow specific rules set by the prop trading firm.

Prop trading firms are a great option for traders who don’t have the capital to start trading on their own and want to gain experience in a professional trading environment. Additionally, traders who join a prop trading firm can benefit from the firm’s resources, such as trading platforms, training programs, and risk management tools.

Top Cheap Forex Prop Trading Firms

My Forex Funds

My Forex Funds is a prop trading firm that offers a $5k two-step evaluation account for only $49. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily starting drawdown is 5%, and the overall drawdown is 12%. The minimum trading days are 5 calendar days, and the leverage is 1:100. The Phase 1 trading period is 30 calendar days, and the Phase 2 trading period is 60 calendar days.

FundedNext

FundedNext offers a $15k two-step evaluation account for only $49. This account has a Phase 1 profit target of 10% and a Phase 2 profit target of 5%. The maximum daily loss is 5%, and the maximum total loss is 10%. The minimum trading days are 5 calendar days, and the leverage is 1:100. The Phase 1 trading period is 30 calendar days, and the Phase 2 trading period is 60 calendar days.

True Forex Funds

True Forex Funds offers a $10k two-step evaluation account for €89. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily equity drawdown is 5%, and the equity drawdown is 10%. The minimum trading days are 5 calendar days, and the leverage is 1:100. The Phase 1 trading period is 30 calendar days, and the Phase 2 trading period is 60 calendar days.

Finotive Funding

Finotive Funding offers a $2.5k two-step evaluation account for $50. This account has a Phase 1 profit target of 7.5% and a Phase 2 profit target of 5%. The daily equity drawdown is 5%, and the equity drawdown is 10%. There is no minimum trading days requirement, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

The5ers

The5ers offers a $5k two-step evaluation account for only $39. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily equity drawdown is 5%, and the equity drawdown is 10%. The minimum profitable days are 3 calendar days, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

Fidelcrest

Fidelcrest offers a $15k two-step evaluation account for €99. This account has a Phase 1 profit target of 10% and a Phase 2 profit target of 5%. The maximum daily loss is 5%, and the maximum loss is 10%. There is no minimum trading days requirement, and the Phase 1 and Phase 2 trading periods are both 60 calendar days. The leverage is 1:100 up to 1:200.

Alpha Capital Group

Alpha Capital Group offers a $10k Lite two-step evaluation account for $97. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily equity drawdown is 5%, and the equity drawdown is 10%. The minimum trading days are 5 calendar days, and the leverage is 1:100. The Phase 1 trading period is 35 calendar days, and the Phase 2 trading period is 60 calendar days.

Blue Guardian

Blue Guardian offers a $10k two-step evaluation account for $97. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 4%. The daily equity drawdown is 4%, and the equity drawdown is 10%. The minimum trading days are 5 calendar days, and the leverage is 1:100. The Phase 1 trading period is 40 calendar days, and the Phase 2 trading period is 80 calendar days.

Bespoke Funding

Bespoke Funding offers a $10k Rapid two-step evaluation account for $99. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily drawdown is 5%, and the maximum drawdown is 8%. There is no minimum trading days requirement, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

MyFundedFX

MyFundedFX offers a $5k two-step evaluation account for only $50. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily drawdown is 5%, and the maximum drawdown is 8%. There is no minimum trading days requirement, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

Smart Prop Trader

Smart Prop Trader offers a $10k two-step evaluation account for $67. This account has a Phase 1 profit target of 7% and a Phase 2 profit target of 5%. The daily drawdown is 4%, and the maximum drawdown is 8%. There is no minimum trading days requirement, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

Leveled Up Society

Leveled Up Society offers a $10k two-step evaluation account for €89. This account has a Phase 1 profit target of 8% and a Phase 2 profit target of 5%. The daily starting drawdown is 5%, and the overall drawdown is 8%. The minimum trading days are 5 calendar days, and there is no time limit for Phase 1 or Phase 2 trading periods. The leverage is 1:100.

The Trading Pit

The Trading Pit offers a $10k Lite challenge account for €99. This account has a profit target of 10% and a maximum daily drawdown of 5%. The maximum trailing drawdown is 10%, and the minimum trading days are 3 calendar days. The trading period is 90 calendar days, and the leverage is 1:30.

Super Funded

Super Funded offers a $15k one-step evaluation account for only $99. This account has a profit target of 10%, a maximum daily drawdown of 4%, and a maximum drawdown of 8%. There is no minimum trading days requirement, and the trading period is 90 calendar days. The leverage is 1:30.

How to Choose the Right Forex Prop Trading Firm

When choosing a forex prop trading firm, there are several factors to consider. First and foremost, you need to find a firm that offers an evaluation account that fits your budget and trading style. Look for a firm that has reasonable profit targets, drawdown limits, and trading periods.

Additionally, you should consider the firm’s trading platform, training programs, and risk management tools. A good prop trading firm will provide traders with access to advanced trading tools, educational resources, and personalized support.

Other factors to consider when choosing a prop trading firm include the firm’s reputation, customer reviews, and regulatory compliance. Make sure to do your research and choose a firm that is trusted and respected in the industry.

Conclusion

Forex prop trading firms offer aspiring traders the opportunity to trade with the firm’s capital instead of their own. This can be a great way to gain experience in a professional trading environment without risking your own money. There are several prop trading firms out there that offer cheap funded accounts, and we’ve highlighted some of the best options available.

When choosing a prop trading firm, make sure to consider factors such as the evaluation account requirements, trading platform, training programs, and risk management tools. By doing your research and choosing the right firm, you can take the first step towards becoming a successful forex trader.

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