One of the great things about online prop trading is the ability to break into the trading industry without the need to risk thousands of dollars in capital. Nevertheless, many challenges can still be quite costly, especially for those in low-GDP countries.
Therefore, the reason for this article is to highlight 5 great prop firm challenges that you can start with less than $100. All the prop firms on this list have been verified by us.
So, we have $100 to spend on a prop firm challenge. Let’s see what we can get.
[Our Top Choice] The 5%ers – $5,000 High-Stakes Challenge
Price: $39
The 5%ers are one of the longest running prop firms and have built a great reputation in the industry. They are known for their innovative funding models and loyal trader base.
The latest offering by the 5%ers is a two-phase challenge model which includes some unique features such as bonuses, salaries and rapid scaling.
At just $39 for the $5k account, this is one not to be missed!
The Funded Trader are soon to release their new three-phase challenge which will feature significantly reduced prices compared to the standard challenges.
If you would like to read more about this then check out our article here.
Ryze Funding is a new firm offering ultra-low-cost funding options. They achieve this by offering traders an option to choose between a 2 or a 3-phase challenge.
The cheapest option is just $5, which is a three-phase evaluation for $500 trading capital.
This promotion is due to expire by the end of June 2023.
FundedNext has now released their much-awaited Stellar challenges. This lowers the cost of their cheapest challenge to just $59 for $6k of capital.
To top it off, this firm will also pay out 15% of the profits made during the demo challenge. Furthermore, they will also refund the entire fee upon passing the challenge.
3. The Concept Trading – $1150 Junior Associate (Traditional)
Price: $75
The Concept Trading offers a unique method of funding. The traditional accounts is effectively a single-phase challenge. However, instead of a 10% profit target, there is only a 5% profit target needed to progress to a live account.
Another great aspect of this firm is the speed at which you can grow an account. The account will increase by 50% every time a 5% profit is hit. The maximum amount of capital is also extremely large, going into multi-million dollars.
If you’re looking for a firm with a great scaling plan and simple-to-follow rules, make sure to check out the concept trading.
Traders with Edge are an Australian-based prop firm offering multiple funding models. One such model includes the “turtle” challenge which is a single-phase challenge with a full year to complete.
Some other perks of this firm are the regular promotions and competitions they run. Be sure to check out their in-built community/forum for more information on this.
Overall, this is certainly a firm you should check out if you are on a budget.
Similar to My Forex Funds, this firm also offers a $5k account but with MyFundedFX you have an option of single-phase and two-phase. What’s more, both challenges come with zero time limits and no minimum trading days.
Again, MyFundedFX also offers the $10k account which comes in at around $100. Another point to note, this firm is usually always running a promotion so be sure to keep an eye out for discount codes.
If you’re looking for a challenge for under $100, MyFundedFX is certainly a great choice.
If you have found this article helpful please consider sharing it on any of your socials. Also, don’t forget you can use our Funding Finder App to explore also challenges within a custom budget.
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List of Prop Firms That Offer a Free Trail (Including FTMO)
The top futures prop firms are TopStepTrader, Jane Street, FTMO, 3Red Partners and The Trading Pit. Jane Street and 3Red Partners are very secretive about their fees and profit splits but they do offer some of the best technology and high-frequency trading.
FTUK is a reputable prop firm with instant funding accounts, which attracts seasoned traders who want to access large trading capital without a lengthy evaluation process. The funding range is from 14k to 5 million USD with a profit share of 80% and maximum leverage of 1:100.
Ryze has 15% 1 star reviews on trustpilot. Probably a scam prop. And it is like 15% passing rate on Phase 1 and 2 combined, so you can estimate probably every funded trader had problems with them. Better not to touch this prop firm I would say.
FunderPro, FTMO, UltraCap Trading are some of the best options for traders who want to join a prop trading firm that offers free trials or demo accounts.
According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time. While this result is not nearly as bad as the one discussed earlier, it still looks bleak for prospective prop traders. But why is the percentage of failure so high?
Several trading firms and platforms offer free funded trading challenges that allow traders to demonstrate their trading skills and potentially qualify for funded forex accounts. These challenges typically involve trading simulated or live accounts with virtual funds provided by the platform.
FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.
What futures are most profitable? Trading in futures markets such as the Micro E-Mini Russell 2000 (M2K), Micro E-Mini S&P 500 (MES), Micro E-Mini Dow (MYM), and Micro E-Micro FX contracts can be highly profitable due to their distinct market characteristics.
FTMO. FTMO is one of the leading prop firms globally, offering traders the opportunity to trade with a funded account. It has a reputation for high-quality education, rigorous evaluation process, and excellent customer support. In Nigeria, FTMO is a top choice for traders looking to take their trading to the next level ...
According to FTMO statistics, only about 10% of traders are able to pass the funded account challenge at any account level. This means approximately 90% of aspiring funded traders fail the evaluation and are unable to gain access to the firm's capital.
Is there any prop firm without trading days restrictions? True Forex Funds is an option worth exploring for those seeking prop firms without trading day restrictions. They offer challenges with no minimum trading days, providing flexibility. To learn more, check their official website.
More About Smart Prop Trader's 10K Trading Account
Our $10K available for a refundable fee of $97 has a profit target of 7% ($700) for step 1 and 5% ($500) for step 2. While the virtual maximum daily loss limit is 4% ($400) , 8% ($800) is the virtual maximum loss and trading leverage of 1:100.
The article from Lux Trading Firm provides slightly different results. According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time.
With the Prop Firm challenges, it's not just about failing or winning. You must be profitable and fulfill certain trading objectives which makes it even harder. Less than 1% of traders who attempt the challenge pass and get funded.
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