The 4 Prop Firms To Eye In 2023

The rise of trading and its downfall are caused by several factors. Among the common factor associated with the fall of the practice is undercapitalization. Besides the consistency in generating profit through trading, most of the traders cannot sustain their livelihood out of it.

In a real-time, example, figure out an average trader making 50% yearly out of his or her account worth 10k. Clearly, the trader will not meet his needs throughout the year. This problem pushes these traders to trade too often, increasing their risk in a fight to achieve impossible gains.

The realization of the above problem has raised different platforms working towards filling the gap between potential traders and undercapitalization.

What Are Prop Firms?

These companies recruit skilled traders to trade their capital and share 50% to 90% of the profits earned by the trader.

The stages to join the platforms are met with a test, where a trader must open a demo account to showcase his or her trading skills. Once the trader passes the challenge, he or she gets the live account to trade and those can range from 200K to 2 million dollars.

Why Go Prop Firms Way?

One of the leading platforms in this field is myForexFunds. This is a Canadian Company extending this service to traders, currently with more than 80k traders in 150 different countries.

The capability to manage live accounts right from the start without going through a challenge has let this company thrive prodigiously.

The trick to offer a good profit share to the traders, and offering the best account sizes of up to 2 million dollars, has granted the company more credits in expansion.

In addition, myForexFunds do not place restrictions on the traders regarding the strategies, sizes, or times of the trades. The company allows trades to be left open from a day to the next and a week to the next.

However, the company draws a line on the risk management sector. In fact, the common rule of passing the challenges is a maximum 5% daily drawdown and 12% overall maximum drawdown.

myForexFunds offers three distinguished programs; rapid, evaluation, and accelerated. The rapid program issues a target free space to the traders. However, the trader must be evaluated after 3 months of trading but gets a 12% profit to pay for the period the evaluation has been conducted.

In the accelerated program, a trader is funded an account right from the start with zero challenge and the account gets a higher scaling once a 10% profit is attained. Finally, the evaluation program provides a trader with two-step verification with an 8% profit target for the first step and 5% for the second one.

More of the companies that share the same operations as those of myForexFunds include T4TCapital, FTMO, and Topstep.