Here, we will review some of the best prop trading firms for beginners. Check the features and comparisons to try a suitable option.
Proprietary trading companies are the best places for beginners who want to learn remote trading. They also hire professional traders and then invest money in trading via these experts
Once you are ready, you can get funds from $500 to millions depending upon the trading platform. Then, you can earn via profit splits and commissions. We have collected some reputable prop trading companies where you can join and earn extra money. Almost all of the recommendations hire you and give you their funds to trade on Crypto, Forex, and several other commodities like stocks, bonds, indices, and metals. Check the list of forex prop firms and try something that suits your trading style.
10 Best Prop Trading Firms for Beginners in 2023
1. Musaffa
If you are searching for one of the best prop trading firms for beginners, then Musaffa could be a perfect choice. It serves both newcomers and seasoned traders. This firm has a community on Discord where you can share and get ideas. Plus, there are several educational resources, podcasts, news updates, and more to help you in the training.
Musaffa gives you a funded account to make profits by trading. This firm provides funds starting from $6, 000 to $200,000. There are six different plans and all of them are balanced based.
You can get a funded account in three ways. Stellar Challenge, Evaluation, and Express. The terms and conditions of each method are different. You will be happy to know that the account delivery is instant and the commissions are also low.
A lot of trading firms take days or even weeks to give you a funded account. But, Musaffa is different. You can get access to your account within a few minutes here.
The profit targets are also achievable if you are confident. Moreover, you can keep up to 90 percent of your profits, which means Musaffa is the highest-paying prop trading firm. What’s more? Apart from low commission and high profits, the leverage of 1:100 is also great. So, trading is flexible if you try Musaffa.
Musaffa comes with a smartphone application, which is not available with a lot of prop trading companies. So, you can trade even if you are on the move. Right now only the Android app is available, but the iOS app is coming soon.
Pros
- Gives you a 15% profit from the beginning
- You can keep up to 90% of your profit
- 40% increase in account balance if you are profitable
- Refundable registration/joining fee
- Designated account manager for your assistance
Cons
- No support for brokers besides MetaTrader
Joining fees: Starts from $59
2. Earn2Trade
Earn2Trade is the best prop trading firm for beginners because it comes with two different funded trading programs and a beginner crash course. The Trader Career Path and The Gauntlet Mini are the two products for newcomers. You can enroll in The Career Path to test your trading skills using virtual accounts.
Once you pass the test, you can get funded accounts with up to $400, 000. You must trade consistently to clear the evaluation. Plus, trade only in the approved times and do not dip below the daily loss limit. After getting a live account, you can withdraw any amount over $100. But, you have to pay a transaction fee of $10 per withdrawal, which is waived if you are withdrawing more than $500.
The Gauntlet Mini is an intraday futures trading exam that gives you a funded account once you successfully pass its test. Plus, you must trade regularly for 15 days and reach the target profit. You have to pay monthly subscription fees for this program.
The beginner crash course is suitable for students who want to grow as professional traders. It covers both basic and advanced concepts in an easy-to-understand language. This course also emphasizes technical trading and risk management.
Earn2Trade gives you 80 percent of your profits. It has a trader community for your help. Plus, you can contact Earn2Trade support via email, live chat, Telegram, and WhatsApp.
Pros
- High-quality training provided by professional traders
- Builds your career as a trader
- Gives you 80 percent of the profits
- An affiliate program with good commissions
Cons
- Trades only on future exchanges, forex, cryptocurrencies, and sticks are unavailable
Joining fees: Starts from $45
3. Topstep
Topstep deserves a place on this list of forex prop firms because it’s one of the 5000 fastest-growing companies. This company is trusted by a lot of professional traders. It has three account sizes with buying powers of $50K, $100K and $150K.
As Topstep is a prop trading company, you do not have to trade using your own money. It gives you the funds to generate profits. So, there are no risks.
You can get a funded trading account within a couple of days. The average payout processing time at Topstep is 7 hours. You can request the payouts every day. Talking about the profits, you can take 100 percent profit of your first $10, 000. Afterward, the profit sharing reduces to 90/10.
Topstep lets you open three accounts at once. So, you can enjoy more payouts. Above all, it gives you a dedicated funding coach with at least 20 years of experience. So, Topstep not only has one of the highest profit splits, but it is also a perfect place for new traders.
Coaching is free for all beginners. You can also chat in the Discord chat room to get ideas from other traders, coaches, and ambassadors. Moreover, there are education courses to take you deep into trading strategies.
Pros
- Fast payout processing
- Facebook Community
- Live trading broadcasts
- Free one-on-one coaching
- Live chat and email support for the traders
- Personalized tips to improve our performance
Cons
- Charges recurring monthly fee
Joining fees: Starts from $49 per month
4. The 5%ers
Here comes the best prop firm to trade if you prefer instant funded accounts. Moreover, you can trade in forex, indices, and metals. In addition, there are no restrictions on the trading strategy. You can use EA or copy trade as per your style.
The 5%ers has three funded trading programs, Bootcamp, Hyper Growth, and High Stakes. The Bootcamp accounts are perfect if you do not want to pay a high entry fee. However, you have to be consistent and profitable if you choose one of these accounts.
The Hyper Growth program has one of the highest success rates in the industry. In these accounts, you can grow your funds up to $400, 000. Plus, you get bonuses starting from $15 if you register in one of the Hyper Growth Programs.
If you are confident, then try the High Stakes programs. You have to pass two evaluation stages to get these accounts. The leverage here is 1:100 and the daily loss limit is 5%.
The 5 %sers has a program for every trader. Visit its website to see the options and get started quickly. The process to join this firm is simple. Hence, you will not face any challenges to grow into a professional trader.
Pros
- No minimum withdrawal amount
- Active trading community
- Timely processing of the payouts
- Multiple programs to suit your trading style
Cons
- No crypto or share trading
Joining fees: Starts from $39
5. City Traders Imperium
If you are looking for one of the best prop trading firms for beginners with funded accounts up to $4 million, try City Traders Imperium. It lets you trade into several instruments including forex, indices, gold, and shares. Above all, this company gives you up to 100 percent profit share.
City Traders Imperium has multiple funded accounts divided into three categories, Challenge, Instant Funding, and Direct Funding. The challenge amount in all these accounts is $5000. However, the time limit, minimum trading days, profit split, and many other factors differ as per the program type.
Apart from generous profits, City Traders Imperium offers zero liability for losses and low commissions. In addition, it gives you a funded account within a day. Moreover, you can take out your first payment in as little as 10 days.
Here comes the good news. City Traders Imperium offers a monthly salary to traders who show consistent profit. So, you can get funded and enjoy a monthly salary on this platform if you are consistent and profitable. We think it is a good deal for beginners, isn’t it?
City Traders Imperium has a collaborative community where you can connect with experienced traders and learn new strategies. In addition, this firm conducts weekly seminars on forex without any cost. Plus, it offers significant resources to strengthen your learning.
Pros
- Up to 100 percent profit sharing
- Top-class training programs
- Instant funding
- Highest pass rate
- Shortest payout time of 5 hours
Cons
- Not suitable for day traders
Joining fees: Starts from $59
6. Lux Trading
Lux is a trustworthy trading company, which gives you funded accounts of over $10, 000,000. Lux deserves a position in this list of forex prop firms because of its Elite Traders program, which is perfect for beginners. The program is expensive, but it gives you the required training, workshops, live streams, market analysis, and mentorship to be a successful trader.
If you want to learn to trade and earn profits from anywhere around the world, then do not mind spending some money on the Lux Trading programs. The one-on-one guiding sessions and other assistance provided in these training programs might not be available with any other trading firm. Whether you are a beginner who wants to learn trading or a professional, Lux Trading firm could be the perfect place to start.
Lux trading has the patience to help you learn the trading techniques. In other words, there is no limited time to pass the evaluation. In addition, you do not have to pay monthly fees. So, you can understand the trading parameters and familiarize yourself with the strategies without any pressure.
Lux gives you up to 75 percent of your profits. The user-friendly trading dashboard and favorable trading conditions of Lux help you to get profits. However, it is only connected with MetaTrader 4.
You can pay the evaluation fee later over in small parts. The loan service is provided by Knoma, but it’s only for UK residents. If you reside in Britain, you can learn trading without breaking your bank.
Pros
- Reputable firm
- No time limit to pass the evaluation
- User-friendly dashboard
- Allows you to trade in a variety of assets
- Gives you a massive amount to trade
- Offers quick scaling
- Achievable profit targets
Cons
- High joining fees
- Strict trading parameters
Joining fee: Starts from $187 (€149)
7. FTMO
FTMO does everything to make you successful. It gives you the best educational resources, support, and guidance. So, FTMO is one of the best prop trading firms for beginners.
You can trust FTMO because it has over 10, 000 registered traders worldwide. The company is reputable because it processes your profit payouts quickly. In addition, there is an excellent support team for your assistance in case you are stuck.
As a new trader, you should focus on firms that can provide high-quality learning materials. FTMO overshadows its competitors in this department. In addition, it records and analyzes all your trades. What’s more? There is a mentoring app that helps you improve by comparing your previous trades.
The next attraction is FTMO’s performance coaches. These coaches help you to strengthen your mind so that you can trade without any emotional restrictions. Even the most experienced traders take the wrong steps and compromise their strategies due to emotions. But, you can avoid such acts by taking tips from the coaches at FTMO.
You can get up to 90 percent of the profits depending upon your performance. The entry fee is also refundable, unlike a lot of other firms. You will get your joining fee back if you pass the evaluation.
Pros
- Reputable and trustworthy firm
- Refundable one-time fee
- Best profit payouts
- Significant trader-generated resources available
- Free trial available
Cons
- All traders stay on demo accounts, your trades may not be executed in real
Joining fees: $195 (€155)
8. SurgeTrader
SurgeTrader is the best prop firm to trade if you want to trade in everything including forex, stocks, oil, crypto, indices, and metals. It lets you take up to 90 percent profits and the daily loss limit is 5 percent, which is standard. To get a funded account from this firm, you have to pass its audition.
You can choose from six different funded accounts, each with different amounts. The audition fees are different for all of them. The audition or joining fee is not recurrent. However, it’s not refundable even if you pass the evaluation.
SurgeTrader comes with an easy-to-use dashboard, which is perfect for new users. It helps you track all your trading activities. The navigation is simple. So, you get used to the interface after spending a few hours on it.
The trading rules of SurgeTrader are simple. Hence, you can easily understand them even if you are not from a trading background. Plus, there are no restrictions on your trading style. You can follow any strategy. If you are stuck, this firm has an excellent support team for your assistance.
The funding is quick at SurgeTrader. You get a funded account as soon as you pass the evaluation. In addition, the payouts are easy. No minimum is required while withdrawing the money. So, try this company if you are looking for the best prop trading firms for beginners with instant funding.
Pros
- Offers funded accounts up to $1000, 000
- Up to 90 percent profit sharing
- Nonrecurring usage fee
- Fast processing of payouts
- Simple rules to follow
- Quick evaluation process
Cons
- No positions held over the weekends
Joining fees: Starts from $250
9. Fidelcrest
Fidelcrest offers five different types of funded accounts divided upon the experience level of the traders. The starting capital risk differs on all these accounts. All the accounts offer up to 80 and even 90 percent of the profits depending upon your performance. In addition, there is a robust training program for new users, which is perfect for beginners.
Fidelcrest trades in more than 175 products. This company deals with forex, stocks, metals, indices, commodities, and more. So, it’s the best prop firm to trade if you want to explore new instruments.
The leverage of Fidelcrest is 1:100, which is as per the standards. However, it excels when we talk about tracking your trading progress. This firm has software to help you track how you are trading and what should you do to achieve the objectives.
You do not have to pay repeatedly if you want to join Fidelcrest. Also, there are no hidden charges. Moreover, you can get a refund of your challenge fee once you start making profits.
Fidelcrest has an excellent support team for the traders. The support functions are located in Asia, Africa, America, and Europe. So, you can get all your questions answered without any problems.
Pros
- Offers funded accounts up to $2 million
- Funded accounts available with different levels of risks
- Low broker fees to execute the trading orders
- Refund of your challenge fee
Cons
- No support on the weekends
Joining fees: Starts from $250
10. The Funded Trader
The Funder Trader might be expensive in the beginning, but its trading parameters are simple, and payouts are great. Plus, there is a lot of freedom for the newcomers. The Funder Trader is one of the best prop trading firms for beginners because of several reasons.
First, the trading rules are easy to understand. Second, the daily loss is 6 percent, which is higher than the competitors of The Funder Trader. So, you can find trading success if you stay longer in the game.
Third, The Funder Trader gives you 35 days to pass the first stage of evaluation. The period of 60 days to pass the second stage is also sufficient for the new users. Fourth, it gives you the liberty to experiment with your trading styles.
The Funded Trader gives you several markets to trade, including forex, indices, crypto, and some commodities. The profit splits are higher, going up to 80 and 90 percent, as per your performance. Furthermore, it has an active community at Discord with around 60, 000 members. So, getting tips and support is easy.
Try The Funded Trader if you want to go with one of the highest paying prop trading firms. Its profit targets are achievable. There are frequent promotions for your benefits. Above all, the trading rules are favorable to the beginners.
Pros
- User-friendly dashboard
- Wide range of funded accounts to choose from
- Allows you to repeat the challenge if you fail
- No restrictions on your trading strategies
- High profit of up to 90 percent
- Multiple trading instruments
Cons
- Cryptocurrency trade is not possible after the challenge ends
Joining fees: $1869
Instant Funding Prop Firms
Instant funding proprietary firms are perfect for beginners. These platforms give you access to a trading account within a few seconds once you complete the signup process. If you do not want to wait even for a few minutes to start your trading journey, then check some of the instant funding prop firms.
- Funded Next: No need to wait for days or even hours to start trading. You can get access to a trading account once you finish the registration process on Funded Next. Their sign-up process is simple and the registration fee is also lower. Plus, the payment is refundable.
- City Traders Imperium: City Traders Imperium gives you an instant forex-funded account with up to $4,000,000 in funded Capital. You can start from $5000 with a one-time fee of $99. The entry fee gets high if you need a better portfolio manager.
- The Funded Trader: The account access is not instant with The Funded Trader, but it is less than 24 hours. Once you complete the registration, and simulated trading objectives, the firm gives you access to your trading account within 24 hours.
- FundYourFX: FundYourFX offers instant funding without any evaluation. So, you can start trading right away with real funds. You have to be in the UK to enjoy these benefits.
How to Choose the Best Prop Trading Firms for Beginners?
You can find a lot of prop trading platforms, but all of them are not the same. So, if you are searching for the best prop trading firms for beginners and do not know how you find one, follow the following points.
Educational resources
You can easily understand why you need robust training resources. New traders should prepare and learn how to trade before they enter the live market. A high-class trading firm spends time on beginners to help them understand the trading parameters and risks. If a platform does not have a quality learning program, it cannot guide you to success.
Trading style
The next step is to check the trading focus and style of the prop trading firm. A lot of these companies are specialists in scalping or day trading. However, several trade brands go with market analysis or long-term trading. Try something that suits your trading preferences.
Reputation and record
The trading firm’s credibility is also important. So, check the online reviews and news related to the name. Look for references who are already working with a particular firm. Understand whether you can trust the trading firm or not. Is your capital safe with the trading platform? Find the answer to these questions before you register on any of the prop firms.
For instance, Musaffa is a reputable firm because it has a Trustpilot profile with a 4.7 starts rating. Other popular websites also rate this firm anywhere from 4.3 to 4.5. So, it’s the best prop firm to trade in terms of reliability.
Fees and commissions
Joining fee, evaluation fee, challenge fee, or refundable fee, you might notice several names for the entry fees that you need to pay while registering on a prop firm. It’s a crucial factor to consider because this fee varies as per the highest paying prop trading firms. Some of these companies ask for a monthly subscription fee. So, you should check the fee structure and see what you are getting in return. Compare the features and then invest your hard-earned money. Apart from those fees, you should also understand the commissions you have to pay.
Profit splits
Look at the profit splits. As a beginner, you might not generate significant profits. Still, you should check it because 80 or 90 percent of profits is always better than 75 percent. The prop trading firms give you a funded account to trade, so it deserves a cut from your payouts. However, you are also doing the hard work. So look for the highest profit splits. For instance, Funded Next gives you a profit of up to 90 percent, which is good. This firm offers 15 percent of profits as a reward even during your assessment phase.
Scaling options
All the options we discussed in the list of forex prop firms give you access to additional funds as you produce profits. However, some of them are quick in this process and some take a lot of time to promote your funded accounts. If you are interested in using a significant amount of money in the future, take a look at this point.
Do not be excited simply by seeing the banner, “Get up to $4 million to trade” You have to be consistent and profitable to reach this level. Plus, certain conditions vary according to the trading firm.
Tradable assets
As a beginner, you should focus on one market niche to gain a confusion-free experience and build up your skills. Still, we recommend you to try the best prop firm to trade, which has several tradable assets. You cannot know the future. After getting the required expertise you would never want to join a new trading firm only because your existing one does not have all the assets, or instruments.
Risk management policies
Risk management is another important factor to consider. All the best prop trading firms for beginners have well-defined risk management structures to minimize upcoming trading losses. Check and understand these policies to trade freely.
Customer support
As a beginner, you need high-quality customer support. Experienced traders might not seek regular assistance, but you need it. A responsive support function answers your questions or clears the confusion before you make mistakes and hence, helps you to be a successful trader.
Trial period and demos
A lot of proprietary firms offer a trial account, demo account, or give you a test run. Such arrangements help you to understand the trading platform, its features, learning resources, and everything else. Sign up for such trials before investing any money.
How to Get Funded from the Prop Trading Firms?
Getting a funded trading account might be challenging for beginners because the funding criteria vary according to the firm. So, check the following points to increase your chance of getting an active trading account.
Understand the trading rules
Know the funding parameters before you pick the best prop firm to trade. Check the rules, trading styles, available instruments to trade, and profit you can generate. Knowing these factors helps you perform better in the future.
Create a trading strategy
If you want to increase your chances of getting a funded account, come up with a well-designed trading plan. Your plan should be data-driven. In other words, it should show how you made profits in the past following similar strategies. You can generate margins using a tried and tested formula, which also guarantees a funded trading account.
Generate a track record
Almost all the companies in our list of forex prop firms need proof of your consistency and profitability. So, you should demonstrate your skills. You should be able to tell the trading firms that you can generate profits with minimal losses. So, start small, trade frequently, and keep track of your trading activities. Take screenshots, use trade journals, or use tracking services to keep a record of your performance.
Maintain your focus
You must have a strong mindset to handle the financial volatility of the market. If you stay focused, you can understand the unpredictability of the market. So, demonstrate your ability to trade without making any surprising decisions when the market is behaving unexpectedly.
Find the best prop firm to trade
Check the list of forex prop firms, follow the point we discussed above, and select the highest-paying prop trading firm like Funded Next. Understand how it operates, check its parameters, and apply.
Pass the evaluation phase
Once you register on one of the prop trading firms recommended by us, the evaluation starts. The firm trains and screens you based on different metrics. It’s the last step. Once you pass the tests, you get a funded trading account.
Advantages and Disadvantages of Prop Trading Firms for Beginners
Joining one of the highest-paying prop trading firms might sound like an enticing and promising career. However, like all other businesses, it has a set of benefits and losses. Let’s discuss all the pros and cons of proprietary trading so that you make an informed decision.
Advantages
Proprietary trading gives you a chance to generate excellent profits. So, they try to provide the best trading rules, high leverage, and low commissions.
Rebates
If you are e beginner, then you might not have heard of the term “rebates”. It’s compensation you receive after adding liquidity to the market. You might not think rebates as a big deal, but professional traders take it very seriously. Almost all the best prop trading firms for beginners offer rebates, which add up after some time.
Shares and securities inventory
Prop trading helps firms to build stockpiles of securities and shares. This inventory is helpful the market is restricted and you cannot sell or purchase securities. The trading companies need you when they need a reserve of shares or securities.
High-class support
Most of the best prop trading firms for beginners offer top-notch support for the traders. So, you can get the required resolution within a few minutes via a phone call, short live chat, or a simple email. Hence, you do not have to worry about long waiting times when you face a problem.
Involves leverage
Do you know what leverage is? It means you can borrow money to boost your profits. You can take advantage of leverages with prop trading firms. If you have a successful record, you can get added leverage.
Disadvantages
Risk of loss
You can lose money due to several factors like lack of experience, incomplete knowledge, and poor trade strategies. So, you might not get a refund of your evaluation fee. However, you can avoid such scenarios if you are careful.
Subscription or entry fees
Check the list of forex prop firms and you will understand that their evaluation fees vary a lot. Some of the trade companies offer monthly subscription fees to give you a funded account, which could be overwhelming if you are a beginner. Plus, you will lose the amount you are paying every month if you are unable to generate profits.
No regulations
You might not believe it, but most of the highest-paying prop trading firms offering remote trades are not regulated. But, not being regulated results in lower operation fees. It’s the reason you should only choose a reputable trading company like Musaffa to ensure your funds are safe.
Pros of joining a proprietary trading firm
- The prop trading firms give you the required funds without asking for a lot of money
- Some of the firms also refund you the evaluation fee once you start making profits
- You will get free training and hands-on experience
- No need to visit the office or any other site, you can work from anywhere
- High-profit sharing, which gives you opportunities to generate money
Cons of joining a proprietary trading firm
- An evaluation fee is required at the start, not all the trading firms refund it to you. Some of them also need a security deposit
- A lot of effort and time is required to learn the trading process, especially if you want to grow as a trader
- Accounts will be terminated if you are continuously in loss while trading
FAQs
Are remote trading firms legit?
The list of Forex prop firms we discussed is all legit. There are other trustworthy platforms. But, you should always do a background check before picking your trading company. A lot of scammers use the names of famous trading firms to scam online users.
Is proprietary trading legal?
Proprietary trading is legal. If you are a working/non-working individual, a company dealing in stocks, a trading group or anyone who has the mindset to start remote trading can register on any of the highest-paying prop trading firms without worrying about any legal issues. Remote trading might be illegal for some banks, but not for you.
Which is the best prop trading firm for beginners?
Finding one of the best prop trading firms for beginners is overwhelming nowadays because there are many trading companies available in the market. But, not all of them give you the right guidance and training to help you reach your goals. It’s one of the reasons why we suggested some top-notch trading firms.
However, Musaffa is the best prop firm to trade for beginners because of its credibility, top-notch education resources, excellent support, and low joining fee. So, you can try Musaffa without taking much risks. Then, it has a global community where you can get exclusive trading resources, fundamentals, news updates, and trading podcasts. This community is very helpful for beginners. Also, you can get help via live chat, email, and messenger.
How much money can you make with the help of highest highest-paying prop trading firm?
Well, everyone has this question in their mind. How much money can I make by online trading? See, the answer is not simple because there are a lot of factors involved. Your strategy, market conditions, and the amount you want to invest are the three significant reasons to determine your profits.
On top of that, you must consider the profit split that varies from 75 to 90 percent. Even the highest-paying prop trading firm offers you up to 90 percent of the profits. As a beginner, you have to be cautious as well because trading is a risky business.
So, do not expect a lot of money in the beginning. As you gain experience, you can make successful trade strategies and enjoy good profits. But, do not invest a lot thinking that you will make more profits, especially when you start trading.
What is the average salary of a remote trader?
An experienced remote trader can earn up to $95, 000 per year and even more. However, you have to understand the market before reaching near to such a high amount.
Can you start remote trading without any investment?
You have to fulfill certain conditions to start the trading. Almost all the prop firms ask for an evaluation or audition fee, which varies from $35 to $3500 and even more. You also need some funds to get started depending upon the leverage and its usage. So, starting remote trading without any investment is not possible.
Are prop trading firms worth my consideration?
Remote trading is a legitimate method of learning new skills and using them to make some profits. If you learn the techniques and pass the evaluation, you can earn thousands of dollars. However, you have to start with a positive mindset and put in an honest effort to understand the trading methods. In addition, you might need a significant amount of time to be part of training, webinars, and live sessions.
Final Thoughts
Check the list of forex prop firms and pick a platform carefully. All the trading platforms are not suitable for new users. It’s the reason we filtered the available options and suggested some top-notch firms.
Make sure the firm provides you with the required education and guidance. Also, check the pricing structure, trading parameters, support levels, and trading style. Funded Next is one of the best prop trading firms for beginners. Try it if you want to grow as a remote trader or if you are an experienced trader who wants to earn some additional profits via remote trading.
