Trading is accessible to anyone, but to enter the foreign exchange market and start earning quickly, you need capital, insights, and a solid strategy.
According to Investment.com, to meet this demand, prop trading firms have become increasingly popular in recent years. These firms offer startup capital and tools for new traders to begin trading. In return, traders receive a portion of the profits generated through the platform.
It might seem like a quick route to success, and in some cases, it can be. However, navigating the world of prop trading firms can be challenging. With many options available, each firm has its own advantages and disadvantages. In this article, we’ll highlight a few prop firms tailored to beginners. Choosing the right firm is crucial, as it sets the foundation for a trader's journey. With so much information out there, it’s natural to feel uncertain about which firm to trust.
Trust is essential when selecting a prop firm, but other factors include the range of tradable assets, the platforms and tools they provide, trading costs, customer support quality, and the educational resources available to enhance performance.
Below, we’ve outlined five prop trading firms that focus on supporting beginner traders. Ultimately, it's up to you, the trader, to choose the one that best fits your needs.
FTMO
FTMO is one of the more established prop trading firms, with its origins in Prague, Czech Republic, dating back to 2014. It has grown rapidly and is recognized worldwide. However, becoming an FTMO trader isn’t as simple as paying a fee for capital access. New traders must first pass a two-step Challenge and Verification Process. Once completed, traders gain access to a demo environment with $200,000 in virtual capital to practice. Profits earned in this environment can reach up to 90%. Over time, successful traders may progress to FTMO’s premium program, where they can earn a salary as professional traders.
FTMO provides its traders with educational resources, tools, and access to a community of fellow traders for sharing strategies. However, the entry requirements are quite rigorous, making it more suitable for those with some experience or a strong ability to learn quickly. FTMO supports trading in forex, commodities, indices, and cryptocurrencies, but not in stocks or derivatives.
The 5ers
The 5ers is an Israeli-based private equity fund launched in 2016. It focuses on supporting global forex traders in refining their skills and making money. Benefits include daily live trading sessions, real-time notifications, and education on risk management. The firm offers four funding programs: Bootcamp, Hyper Growth, High Stakes, and Stock Trading, with funds ranging from $6,000 to $4 million. The platform relies on MetaTrader 5 (MT5) and provides educational courses, including an informative blog.
The 5ers operates globally with offices in the UK, but it keeps 50% of profits, which may not appeal to all traders. Additionally, its focus on forex, indices, and metals may not meet every beginner’s expectations. The firm’s offerings depend on individual trader preferences.
WeMasterTrade (WeCopyTrade)
Launched in 2021, WeCopyTrade is relatively new in the market, with its subsidiary, WeMasterTrade, launching in 2022. Based in Vancouver, Canada, WeCopyTrade provides a social trading platform where novice traders can mirror the trades of experienced professionals. WeMasterTrade offers capital to new traders, serving both as a prop trading platform and an educational hub. The firm has received awards for its contributions to online forex education and funded trading platforms, and it holds ISO certification.
WeMasterTrade allows traders to begin trading virtually while earning real profits, offering access to a wide range of assets, including forex, crypto, metals, indices, and stocks. There’s no formal test or challenge to access trading funds—traders can start with just a $50 fee for access to $10,000 in capital. The firm sees itself as a launching pad for new traders who want to gain quick access to funds while learning the ropes.
E8 Markets
Based in Dallas, Texas, E8 Markets is a bold player in the prop trading space. Getting started is simple: traders register, choose a program, and demonstrate their abilities. E8 claims to provide payouts within eight days. The E8X dashboard allows traders to choose their skill level—Beginner, Advanced, or Professional—along with customizable balance and payout shares, ranging from 40% to 100%.
E8 Markets supports trading in forex, cryptocurrencies, commodities, and equities. Successful traders can manage accounts with up to $1 million in capital. While the platform offers transparency and ease of use, the fees can be high—$706 for an advanced account and $1,474 for professional-level access.
FundedNext
Founded in Canada, FundedNext has quickly expanded since its launch, with traders now active in over 150 countries. The company offers three funding programs: Stellar, Evaluation, and Express, designed for traders at different experience levels. Stellar is a demo account for risk-free trading, while Evaluation involves a two-stage process, and Express offers live simulated trading without an evaluation or challenge.
FundedNext offers up to 85% profit splits, with the possibility of increasing this to 90% for VIP accounts. Traders can manage up to $4 million in capital, starting with up to $200,000 and scaling based on performance. The company has a vibrant community on Discord and provides a range of educational resources. However, customer service is limited to online support, which could be a downside for some traders.
Conclusion
The prop trading landscape is more exciting than ever, with firms like FTMO, The 5ers, WeMasterTrade, E8 Markets, and FundedNext offering unique opportunities for new traders. Each firm has its strengths and weaknesses, from funding models and profit splits to entry fees and customer service. Traders should take their time to explore and choose the firm that best aligns with their needs and goals.
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