(Newswire.net — June 16, 2023) —
Nowadays proprietary trading is a good way to earn money. Moreover, it is a great possibility for traders to gain new experience.
In their article TU experts shared several criteria on how to choose a firm. More than that, they named seven best prop firms for beginners.
What Is a Good Prop Firm for a Beginner?
As a novice trader, it can be challenging to find a beginner-friendly prop firm. There are three criteria that are important while choosing a prop firm for novice traders.
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Low minimum deposit
A beginner-friendly prop firm allows novice traders to begin their investing using a small amount of money. This is important for those who do not have much money but want to start investing and trading.
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Educational resources
A good proprietary firm always provides beginners with educational materials. This is important for people who have just started trading and do not know much about it.
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Contests
This is a less important but also valuable part of learning. Participating in contests is a chance to gain experience, make money and test your trading strategies.
Top Prop Trading Firms for Beginners
Beginners often wonder which platform to choose as their first prop firm. TU experts named seven beginner-friendly prop firms.
The5ers
The5ers is a proprietary trading firm that offers a funded trading program for forex traders. They provide traders with the opportunity to trade the firm’s capital and earn a share of the profits they generate.
The 5%ers are known for their unique ways of handling forex funded accounts. Each trader must complete the Level 1 Program with a profit target ranging from 10% to 25%. The prices range from $275 to $875. The 5%ers offer a 50/50 split on profits.
FTMO
FTMO offers a proprietary trading program where traders are given the opportunity to trade the firm’s funds and receive a share of the profits they generate. This is one of the best prop firms for novice traders.
After completing the two-step procedure, traders are contacted by FTMO and offered to trade on accounts ranging from $10,000 to $400,000. Trading on account with $10K costs 155 EUR. Maximum amount of tradable money is 200k and the price is 1080 EUR. After trading, participants get 80% of their profit.
Fidelcrest
Fidelcrest offers two account types: Micro Trader and Pro Trader. The prices vary depending on account type and risk level. The minimum price is $104.
Earn2Trade
Earn2Trade offers three different account types. The Gauntlet Program, The Gauntlet Mini, and the Trader Career Path are available. The costs vary depending on the tradable amount. In The Gauntlet Mini program there are five account sizes: 25k for $150, 50k for $170, $75k for $245, $100k for $315k, and $150k for $350 monthly. Traders keep 80% of their profit.
SurgeTrader
SurgeTrader offers 75% profit splits to traders who meet their criteria. A variety of tradable assets helps traders to diversify their portfolio. There is a leverage up to 1:10. In the SurgeTrader evaluation process there is only one phase, which makes the process much easier. Audition fees vary from $200 to $6,500 per account.
Lux Trading
The company also offers trading in stocks, bonds, and CFDs. Lux Trading offers accounts from £299 ($375) to £499 ($626). The leverage available is 1:10 for metals and forex pairs, 1:5 for indices, bonds, and commodities, and 1:1 for equity.
City Traders Imperium
The company offers traders various accounts ranging from $20,000 to $70,000. Traders can choose between evaluation and direct trading options. The evaluation offers a 50% profit split rule, and the direct option has a profit split of 60 to 70%.
Which company to prefer is up to you. Pay attention to the terms of cooperation, the cost of a subscription, etc.