Top Funded Trader Programs Offered by Prop Firms in 2024

Funded Trader programs provide traders access to funded accounts, allowing them to share profits based on a percentage agreement. This article highlights the top-funded trader programs offered by firms in 2024

How to Qualify for Funded Trader Programs in 2024

Qualifying for funded trader programs is a step-by-step process that is illustrated below.

The evaluation stage is the first step to qualifying for a funded trader program. Evaluation phases vary depending on the prop firm. Some have a two-phase evaluation, while others only have a one-phase evaluation.

A trader pays an evaluation fee after which the prop firm will issue them with a demo account. Traders will have to meet specific targets to qualify. Most prop firms don’t have a time limit on the evaluation phase.

Best Prop firms asses traders based on how well they trade and manage their risk. All the targets set for the accounts must be met. The risk management measures put in place by the prop firm must also be headed to. FundingPips, for example, has strict drawdown and lot size limits. These measures ensure proper account management. Traders who perform to the firms’ expectations get awarded a master account. Most prop firms refund the evaluation fees at this stage.

FundingPips Accounts

After acquiring a master account, traders can start earning. Prop firms have favorable profit splits ranging between 70% to 90%. Prop firms like FundingPips offer traders profit splits of up to 100%. Master accounts open traders to scaling plans to grow their trading careers and increase profits.

Best Funded Trading Accounts for Beginners

FundingPips has the best funded trading accounts for beginners. This prop firm was developed by traders for traders and is specifically suited for beginners, as illustrated below.

Overview of Offerings

FundingPips is very flexible in the account sizes it offers. The accounts range from $5,000 to $100,000. Traders can choose favorable account sizes depending on their targets.

FundingPips Account Sizes

The firm’s evaluation system has two phases. Traders are required to generate at least 8% profit in the first phase and 5% profit in the second phase. The maximum drawdown is 10% for both phases.

Unique Features

One of FundingPips’s unique features is a profit split of up to 100%. This means that with FundingPips, a trader can keep all the profit they make. The firm allows traders to select payout options that suit them. Beginners can access and trade all the major forex pairs in FundingPips. Moreover, the firm supports multiple leverage options. The maximum leverage for Forex is 100:1.

Another key feature of the firm is the availability of multiple platforms. Hence, a trader can opt for a platform of his preference. It offers:

cTrader

It offers plenty of features and custom indicators. It can be an excellent choice for the experienced traders.

MatchTrader

Its friendly interface and rich features make it suitable for beginners and advanced traders alike.

TradeLocker

Its core competence is simplicity and a sleek interface that helps inexperienced traders to start working smoothly.

Scaling Plan

FundingPips features a scaling plan, meaning that based on the amount of profit you secured in your Funded Account and the number of payouts you successfully qualify for, you will earn an increase in your account and daily and maximum drawdown increases.

Once you make four consecutive withdrawals and achieve a 10% overall profit, your drawdown limit rises to 1%, and you are eligible for a 20% increase depending on the initial account amount.

After eight successful payouts and a 20% overall profit, you will be eligible for a 30% increase. The drawdown will increase to 6%, and the maximum drawdown will increase to 12%.

You will be eligible for a 40% increase based on the initial account value after 12 successful payouts, which are highly constant here, and a total profit of 30%. The limit drawdown now rises to 13%.

After 16 successful payouts and a 40% total profit, you will qualify for the hot seat, which will provide you with an array of unique benefits, which include an increase in account balance, personal support, and access to Advanced trading tools.

You will also have access to On-Demand payouts, a 90% profit split, a potential scaling of up to $2 million, and customized trading conditions based on your trading style. Moreover, the firm will increase drawdowns on your accounts daily and maximum, with monthly bonuses ranging from $100 to $500 depending on your account size.

Differences Between Prop Firms and Personal Trading Accounts

Here are some of how prop firms differ from personal trading accounts.

Trading capital

Trading capital is a significant difference between prop firms and personal trading accounts. Personal accounts require a trader to deposit their capital. Often, a trader lacks sufficient personal funds to take prominent positions in the financial market, which significantly limits their ability to profit.

Prop firms, on the other hand, offer traders master accounts. These accounts allow traders to take large positions in the market, hence better profits. Prop firms also have scaling plans intended to grow a trader’s career. All a trader needs to acquire the master prop firm account is to pay a small evaluation fee and pass the challenge.

Risk Management and Financial Safety

Trading with a prop firm means a trader is not exposed to risk. Personal accounts requiring traders to deposit their funds open them to risk. Prop firm traders can trade without fearing bankruptcy if they blow their accounts. This means they can take calculated risks that could lead to huge profits.

Prop firms also maintain strict risk management rules to help traders manage their accounts better. Traders with personal accounts might not employ proper risk management features, which can lead to huge losses.

Performance-Based Compensation

Prop firms split profits made by traders in ratios that are favorable to the trader. These ratios can range from 70% to 90%. When traders perform well, they make more profits, which results in more significant compensation. These favorable profit splits incentivize traders to work harder to get more.

Personal accounts, on the other hand, lack this kind of incentive. All the money in the account belongs to the trader, and the fact that they can withdraw it whenever they want adds to the lack of incentive to make a profit.

Conclusion

Forex funded trader programs offer traders many benefits. FundingPips is the top prop firm offering these programs. Join FundingPips today and get a funded trader account.