Starting capital is a challenge for many traders wanting to make trading as their full-time career. But, funded trader programs offer a solution, providing eligible traders with a funded account which is a significant advantage. Having a fully funded account can be thrilling and rewarding. Yet, it’s important to note that securing an account requires dedication and skill.
Where to start with a funded account?
Funded trading programs are intriguing. Have you ever wanted to trade with a bigger amount but been afraid of the risk? The funded trading program lets you earn money with a proprietor (prop) firm’s capital. To become a fully funded trader, you must grow your trading skills and build a track record to meet specific criteria set by the company. It includes submitting an application, passing the evaluation, and finally, receiving the funding. But it is not as easy as it sounds – this venture is highly selective and only those with stellar track records make the cut. After all, the company wants to have its initial investment back, and more.
In its most basic sense, the funded trader program allows traders to trade with prop firm money – the prop firm receives profits from the financed account. Unlike Personal Forex accounts, funded trader accounts are safer, since you will not be the one shouldering the capital. Once you have the right skill, you can get a funded account and keep up to 90% of the trading gains.
Choosing the right program
When considering a funded trading program, one non-negotiable is signing up only on trustworthy companies. This is the right approach to align with your trading goals. It is crucial to look beyond the surface of the program, meaning do not be fooled by high returns. According to experts, here are some of the critical aspects to consider:
- Overall experience of past traders
- Assess value
- Funded program features
- Live trading or prop firm partnership conditions
These steps can help avoid wasting time on subpar programs. A funded program needs to add value to your life, offer good experiences, offer a good number of features to aid your trading journey, and has attainable qualification requirements. It should also put attention into transparency, and provide independence to traders as much as possible. Thus, picking a program requires careful consideration and research.
Leading funded trading accounts in 2024
Beginners may find trading with a funded account overwhelming. To simplify the selection, take a look at 2024’s best funded account Forex by Traders Union:
- Topstep: Beginners can enjoy its free coaching and $49 trading plans.
- FundedNext: Another beginner-friendly option with a free trial and trade copying software.
- FTMO: This offers successful traders with a 90% profit split.
- Elite Trader Funding: It is recommended for remote traders to give a 90% profit share.
- OneUp Trader Funding: It has a simple one-step evaluation ideal for flexible traders.
- Traddoo: It offers the 1-Step Challenge and 2-Step Challenge for funded account access.
- Earn 2 Trade: This trade costs $150 per month and has a maximum of $25K. It can develop trading confidence for $150, then strive for $1,750 and higher.
- The5ers: Forex majors and cross pairs are available, and accounts are funded with real money.
- E8 Funding: E8 funds classic E8 and premium ELEV8 accounts and shares up to 80% of profits. It offers quick funding and $100,000 account growth every 30 days.
- Maverick Trading: It offers expert and beginner robo advisors. The options and FX programs cost $7,000 – $4,000.
With the options available, novice traders may choose a firm that matches their experience and risk tolerance. Understanding the metrics is vital when selecting a financed trading program. Typical criteria include profit targets, daily loss limits, max drawdown, and minimum trading days.
Topstep leads the funded trading market
Topstep, one of the leading funded account Forex providers, offers an innovative funded program. Its strength and reputation have earned it the title of one of the INC 5000 fastest-growing companies in the United States.
In an experts’ review, this firm scored 9.65 out of 10. The $1 minimum deposit, 1:100 maximum leverage, and 8/5 support attract user satisfaction. Topstep lets traders prove their skills. It can also get a funded trading account in eight days. Its scheme, called Trading Combine, is competitively priced. The users’ trading account will be financed after the Trading Combine. It will be done if consistent profitability and risk management are shown by the user.
This prop firm charges $165 per month for a $50,000 account, $325 for $100,000, and $375 for $150,000. The finest deal in this firm is to withdraw the first $5,000 in earnings and 90% of profits after that.
Here are the Top 5 Funded Trading Programs in 2024:
- Topstep – costs $165 monthly for a $50,000 funded account. It has the highest profit share for traders at 90%.
- FTMO – scaling plan goes up to $2,000,000. It has the best Forex funded program for trading currencies, with a profit share of 80%.
- Funded Next – recommended best for traders interested in prop trading, with a good funding model. Profit share can go as high as 90%.
- The5ers – known for its novel Forex funded programs. Trial period is up to six months, while profit share is one of the lowest at 50%.
- Earn2Trade – has multiple trading platforms. Trial period is 60 days for managing a $25,000 virtual account, with a profit share of 80%.
Bridging the gap for Forex traders
According to The Daily Guardian, funded trader programs are opportunities for novice traders to trade Forex using capital provided by a third party, such as a trading firm or hedge fund. In return for using this capital, the trader usually agrees to share some of his profits with the funding organization.
Forex trading offers high returns and a fast-paced environment but comes with significant risks. Prop firms mitigate these risks by providing funded accounts to traders who pass a selection process or simulated trading environments. This approach reduces financial risks for traders and aligns both parties toward profitability. On the other hand, experts noted that funded trader programs are not a shortcut to instant wealth; while they may offer significant profits and larger accounts, they serve as instructional tools, and traders have to pay a significant amount to enter these programs.
Guided by experienced traders, users can improve their strategies and gain valuable insights through funded trading. However, to be profitable in this venture, it requires discipline and dedication, and knowing that funded accounts are meant for training, not guaranteeing easy wealth.
Conclusion
Securing a fully-funded Forex account through a funded trader program offers a solution for traders struggling with starting capital. These programs provide eligible traders with the money they need to have a starting advantage, while reducing their financial risk and allowing them to focus on improving their trading skills. According to Jonathan Maverick, a financial markets expert, these programs can be a game-changer for new traders looking to minimize initial financial outlay.
However, securing such an account requires dedication, skill, and passing a selective evaluation process. Aspiring traders should approach these programs with realistic expectations, understanding that discipline and continuous learning are key to long-term success.
