Top cheap prop firms offers affordable entries. When starting in the world of prop trading, finding a firm that provides affordable entry can be difficult. However, several prop firms offer a range of funding options and benefits without breaking the bank. From single-step evaluation processes to flexible profit splits, this article delves into the top cheap prop firms that can be of help to a lucrative trading career.
Advantages of Top Cheap Prop Firms
- Low-cost entry points allow aspiring traders to launch their careers with minimal financial risk.
- These firms provide traders with access to funding, allowing them to execute larger trades and generate higher profits.
- Some firms offer flexible profit splits, which can help traders manage their financial risks and increase their earnings,
- Traders can scale within these firms, gaining access to higher funding and larger profit shares,
- Some firms offer a range of funding levels, allowing traders to choose the most suitable option based on their experience and financial requirements.
- Traders are not required to pay upfront fees or subscriptions,Ā
Disadvantages of Top Cheap Prop FirmsĀ
- The funding offered by these firms is limited and may not be sufficient,
- There may be more traders competing for funding, potentially increasing the difficulty of being selected,
- Some cheap prop firms may offer fewer educational resources or support services,
- Some firms may offer a lower profit share,Ā
- Some cheap prop firms may have a less established reputation or track record,Ā
- traders may be tempted to overtrade or take excessive risks to generate higher profits,
Top Cheap Prop Firms
1. The5%ersĀ
The5%ers provides traders with a $5,000 two-step evaluation account with the following rules: Phase 1 Profit Target: 8% profit from the starting account balance of $5,000 must be achieved before progressing to Phase 2. Phase 2 Profit Target: After reaching Phase 2, traders must achieve a profit of 5% on the starting balance of $5,000. For the daily equity drawdown, traders should not lose more than 5% of the starting balance in a single day.
2. MyFundedFX
MyFundedFX, is one of the top cheap prop firms in the industry that offers a range of innovative features and advantages. With a steadfast commitment to trader empowerment, MyFundedFX provides unparalleled opportunities, such as access to a substantial capital of up to $600,000, with the potential to scale up to $1.5 million for traders. The firm offers traders a free style policy, allowing to adopt their preferred trading techniques without restriction, from scalping to swing trading and beyond.
3. Alpha Capital Group
Alpha Capital Group offers a competitive $5,000 two-step evaluation account for the price of $50, with the account rules. The Phase 1 Profit Target, Traders are required to achieve an 8% profit on the initial balance of $5,000 to move on to Phase 2. Phase 2 Profit Target: After reaching Phase 2, traders must hit a profit target of 5% on the starting balance of $5,000.
Traders are not permitted to lose more than 5% of the starting balance in a single day during the evaluation process. With a leverage ratio of 1:100, traders can increase their profits at the expense of higher risks.
4. Maven Trading
Maven Trading offers diverse funding opportunities, and a supportive community that empowers traders. This prop firm provides traders with significant financial backing, and has gained a global reputation for its straightforward evaluation process, significant funding opportunities, and thriving trading community. The Maven Trading evaluation process provides traders with two evaluation options,Ā to fit their skill level and trading experience.
5. Funding Pips
Funding Pips offers a unique blend of features, a transparent evaluation process, and funding opportunities that can scale up to $2 million. The company offers traders a realistic and flexible profit targets that align with a variety of trading styles, such as day trading, scalping, and long-term trading. Funding Pips seamlessly integrates its platform with the industry-leading MetaTrader 4 and MetaTrader 5 platforms. The platform provides room for trading errors, with a daily loss limit of 5% and a maximum of 10%. They have supportive discord community to enable traders to connect with traders at all skill levels, fostering a supportive and collaborative environment.
