As a trader who want to get the best out of forex proprietary trading, finding a cost-effective prop firm is important to your profit margin and success. The cheapest prop firm challenge offers you the opportunity to trade the firm’s capital and take advantage of the resources it provides without breaking the bank.
Cheaper prop firms challenge basically offer the same features as other packages and doesn’t always mean low quality, instead, it is a strategy prop firms use to attract more clients to join their platform. With the cheapest prop firm challenge, you get the same features, most times the same rules and the same profit splits as other challenge programs.
In this article, we will explore what is the cheapest prop firm account, highlighting 10 different prop firms, their subscription fees, account sizes, commission rates, and quality of service of the cheapest prop trading firms for forex traders that can quickly add to your trading profitability and success.
Getting Started With Cheapest Prop Trading Firms Challenge
To enjoy the best of prop firms as a prop trader, you need to start small and grow bigger and one of the ways to achieve this is by finding a cost-effective proprietary firm challenge, as high costs and fees associated with prop trading can quickly eat into your profits. Fortunately, there are now many prop firms offering $5,000 challenge accounts for as low as $50 and even down to $29 with a promo code. These prop firm challenges allow traders to prove their skills so as to earn a funded trading account with the firm.
The challenges typically involve trading a simulated account for a set period of time and meeting certain profit targets ranging from 5% to 12%. If the trader succeeds, they will receive a funded account with the firm. By finding a list of the cheapest prop firm forex and comparing the costs, you can find a prop trading firm that offers you the resourcesyou need at a price you can afford. Please, read on…
Things to Know About Cheapest Prop Firm Challenges
While the cheapest funded account can be a great way for traders to get started with proprietary trading, they may come with smaller account sizes, and some firms may have hidden fees or unrealistic profit targets and additional rules that may not apply to other challenge models.
Before you decide to pick a cheap prop challenge, you need to do your research and choose a reputable firm. And make sure you read the fine print before signing up. Additionally, traders should make sure they have a solid trading strategy and risk management plan in place before attempting a prop firm challenge.
Evaluating the Criteria of the Prop Firms
When evaluating the cheapest prop firm challenges, there are several criteria to consider. These include:
- Account Size: The amount of capital provided for the prop firm challenge.
- Challenge Fee: The fee charged by the prop firm for the evaluation process.
- Payout Sharing: The percentage of profit the trader gets during payouts.
- Trading Rules: The rules and restrictions that come with the account.
- Scalability: The ability to scale up after hitting a target.
Quality of Service of Cheapest Prop Firm
While cost is an essential factor in choosing a company offering the cheapest prop trading firms challenge for forex traders. The quality of service offered by the prop trading firm is also crucial to your success. There are many factors traders should consider when selecting the cheapest prop firm, some of these factors are as follows:
- Regulatory compliance: Make sure the prop firm is registered and complies with the appropriate regulatory bodies like SEC, this is the first step to knowing if a prop firm is legit or not and is committed to offering quality services.
- Transparency: The top firm should be transparent with all its dealings and should also have a straightforward fee structure, trading rules, and regulations.
- User reviews: Look out for reviews to know what other customers are saying about the prop firm before you sign up.
- Platform Usability: Check out the prop firm’s platform usability, you may find this in reviews
- Tools: Find out the trading tools they offer, some prop firms like BluFx offer CTrader while many other prop firms use MT4 and MT5 trading tools.
- Evaluation Period: Is the evaluation period too long? Are the challenge phases long or short? you can check out the list of no minimum trading days prop firms.
- Profit Spit: Do well to find out the percentage of profit share you will be going home with at the end of the day, by picking the highest paying prop trading firms.
- Profit Withdrawal: It is essential to find the cheapest prop firm that makes withdrawal easy by not keeping a trader waiting for months before processing a withdrawal, and also the payout methods.
- Resources and Support: It’s important to find a prop trading firm that offers the resources and support you need to succeed.
- Customer Care: A prop firm without good customer care that can respond to tickets and queries within 24 hours and at most 48 hours is not yet serious. Nowadays, proprietary firms offer online chat and support via WhatsApp and Discord channels, making it faster for traders to get help with their issues.
10 Most Cheapest Prop Trading Firms Challenge for Forex Traders:
The top contenders with the cheapest prop firms challenge are made up of programs with the lowest cost in the market. We came up with the list after conducting extensive research on various prop trading firms to find the cheapest packages for traders.
Finding the cheapest funded account can be stressful since there are several options available. Every firm has its own specific characteristics that differ from others, such as trading rules, profit split schemes, and subscription fee to their evaluation accounts. Some proprietary firms allow the use of EA robot trading and News releases while others don’t. However, here 10 most cheapest prop trading firms for forex traders we discovered. These companies offer the cheapest prop firm challenge available in 2023. Please check which go through and chose the one that offers what you need.
1. Ryze Funding $5
Ryze Funding cheapest prop firm challenge allows traders to choose from a range of account sizes from $500 to $250,000. The firm subscription fee starts from as little as $5 for a $500 3-phase challenge account to as high as $949 for its $250,000 challenge, with a 150% refund of the initial subscription fees upon the first withdrawal.
Clients can take on Ryze Funding challenges to prove their skills and secure a funding account. The challenges come in two and three phases, with a maximum drawdown of up to 12% which is based on account balance.Trustpilot user ratings are fair with a 3.5-star from 47 users.
2. RebelsFunding $25.
On the second spot is RebelsFunding cheapest prop firm challenge. The proprietary firm has a $5,000 Copper 4-phase evaluation account that starts from just $25 to $80,000 for $200. With a daily loss limit of 5%, a maximum loss limit of 10%, and a profit target of 5% for each of its Copper 4 phase challenges. The challenge account comes with no maximum or minimum trading days.
Marek Soska who is the founder and team leader of Rebelsfunding has been trading in the financial markets since 2011, with a lot of experience, and has developed a series of training programs to help aspiring individuals become successful traders. The firm offers free trials for traders who want to try their platform before subscribing. The Rebelfunding is operated and owned by RIFM, s.r.o., with office address located at Landererova 8, Bratislava – Staré Mesto 811 09, Slovak Republic.
3. Maven Trading $29
Maven Trading came third on our list of cheapest prop firm challenges, with its high-quality 2-step and 1-step evaluation account sizes that start from $5,000 for $45 and go as big as a $500,000 balance for $3,000 with a scaling plan up to $1 million. Traders can apply the Maven Trading discount code: FIRST5K to bring down the fee to $29, saving an additional $16 off the cost.
The prop firm has other features such as a balance-based daily drawdown and a static maximum drawdown, an 80% profit split, and no minimum and maximum trading days. Traders are allowed to trade in their style, whether news trading, prop firm EAs trading, or weekend holding of positions.
Maven Trading is registered in Vancouver, Canada with @hunter_4x as its CEO. They have been in operation since November 2022 and have traders all over the world. Check the full review of Maven Trading prop firm.
4. The 5ears High Stakes
The 5ers cheapest prop firm challenge account of $5,000 for the cost of $35 is known as the High Stakes 2 step evaluation program that comes with a balance starting from $5k to $100k and scaling up to $500,000. The challenge features include a 5% daily loss limit, a 10% maximum drawdown, an 8% profit target, 2 minimum profitable days, and 1:100 leverage.
They have other funding models such as Hyper-Growth and Bootcamp programs which provide funding up to $250,000 and scaling plans up to $4 million. Read the full review of The 5ers prop firm including the various promotions and discounts here. The 5ers is a top-rated prop firm owned by Five Percent Online Ltd. The firm is registered in Israel (LEI: 894500CK24MUEFQG0E92) and Its UK Subsidiary Five Percent Online Ltd, with Reg. Number 12553363.
Founded by Gil Ben Hur who has been a passionate Independent Forex Day-trader since the year 2007, Trainer, and former co-owner of Educational Trading Community. Gil designed The 5ers program with his years of experience by co-working alongside high-ranked forex traders.
Traders who wish to test The 5ers platform can use the following login details:
– Login: 2324783
– Password: investor5ers
– Server: FivePercentOnline-Real
– Platform: MT5
5. FXIFY Prop Firm.
FxIfy’s $15,000 account for $99 is one of the cheapest prop firm challenge programs available and can be reduced further using the FxIfy discount code: SOCIAL20 on the FXIFY signup page. The firm’s challenge program comes in two models -1 phase challenge and a 2 phase challenge for a balance of $15,000 to $400,000 that can be purchased for the same fee of $99 to $1,999.
In our FXIFY Review article over here, we discussed extensively the features of the prop firm. Fxify prop firm has unique features such as raw spreads, up to 90% profit split, no consistency rule or stop loss requirement, weekend holding, and EA trading. Additionally, traders can enjoy extra incentives through their regular trading competition and a 15% split of the profit made in the challenge phases.
With a founding team consisting of David Bhidey, Peter Brown, and Bobby Winters, who have over 30 years of collective trading and brokerage experience. FxIfy was registered in London, United Kingdom under the name FXIFY Solutions Limited, with company number 14451720.
6. Next Step Funded.
Next Step Funded has sweet trading plans, offering its cheapest prop firm challenge program for a fee of just $100 for the $15,000 two-phase evaluation program and $120 for the $15,000 one-phase evaluation program. They offer up to 80% profit share, a 5% daily drawdown, and a 12% overall drawdown. Visit Next Step Funded here.
The firm gives traders the chance to trade 5 major assets mainly Forex, Metal, Oil, Indices, and Stock CFDs. Fortunately, fundamental traders can trade News releases with Next Step Funded. With a team that is composed of seasoned professionals with backgrounds in trading and management from various companies across the industry across Australia, the United States, and the European Union and years of experience under their belts, Their team members have a deeper understanding of what it takes to succeed in forex prop trading.
Note that there is no information provided on their website about their founder and CEO or about the company’s registration and regulation.
7. Funded Next.
Funded Next cheapest prop firm challenge plan goes for $49 for $6,000, while the FundedNext Stella Plan goes for $59 for a $6,000 account with no time limit. It offers up to 90 profit split plus a refundable fee if you meet certain conditions. They have other 3 funding models such as Stellar, Evaluation, and Express which is an instant funding account, with a balance scaleup plan of up to $4 million,
Funded Next prop firm was founded on March 18 2022 by Abdullah Jayed and is backed by two brokers, Incenteco Trading Ltd MT4 with license No.HE307114 and registered office in Cyprus, and GrowthNext – F.Z.C MT5 with license no.28831 and registered office in UAE, USA, and South-East Asia. They offer features such as a balance base drawdown, no minimum trading days, a 15% payout from demo challenge phases, EAs robot trading, News trading, and so on.
Currently, Funded Next offers a 30% discount on challenge account subscription fees, an 85% lifeline payout, and a 15% profit share from demo challenge phases on their $6k, $15k, and $25k accounts using the Funded Next discount code: INFINTY30 or 10% off subscription fee, 150% payout for life and 15% share from demo phases on their $50k,%100k and $200k accounts with the Funded Next promo code: INFINITY10 at the website. Check out Funded Next here.
8. My Funded Fx
My Funded FX has one of the cheapest prop firm challenges, the fee is $50 for a $5,000 challenge account and $100 for a $10,000 challenge. Comes with 80% profit sharing, a daily drawdown of 5%, and a maximum loss of 8%. Traders can get an extra 15% off the challenge cost by applying the MyFundedFx discount code: SUNSHINE.
MyFundedFX is an affiliation of MyFundedFX LLC, a company registered in Aston Texas, USA which was founded by Matt L in 2022.
9. Instant Funding
Instant Funding offers one of the cheapest evaluation programs, with subscription fees starting at $99 for a $12,500 account for both One and Two Phase evaluation accounts. They offer a profit sharing of 80% and up to 90.. Additionally, you will get 12.5% off plus a free $12,500 account using the discount code: GIVINGBACK. During the Instant Funding promotional offer which is valid till 24th October. Alternatively, you can get an extra 10% off fees with the discount code: PTP10OFF
The Instant Funding challenge program come with a leverage of 1:100 and daily loss limits of 3% for one phase and 5% for two phase challenge, a 10% overall smart drawdown, and no minimum trading days rule or maximum limit. Additionally, traders can make use of EAs automatic trading.
Instant Funding is a UK based proprietary trading firm that was launched in June, 2022 with a core focus on Instant Funding accounts, with no challenges and no verification phases, and other easier challenge models at a lower cost. Registered in England and Wales with company number 12696083 and a registered office at 13 Hursley Road Chandler’s Ford, Eastleigh, Hampshire SO53 2FW, England.
10. FTMO.
FTMO which stands for Funding for Traders and Mentoring Opportunities is one of the best prop firms for forex trading and an industry-leading top prop firm. Although, FTMO is not as cheap as other cheapest prop firm forex. Its two-phase challenge plan starts with a $15,000 account for a fee of €155.00 which is refundable.
The firm’s evaluation prop firm challenge program comes with a profit split of 80% and up to 90% on the Scaling plan, a 10% profit target, a maximum daily loss of 5%, and an overall drawdown of 10%. In addition to the FTMO no time limit evaluation challenge, the firm offers a free prop firm trial for those who wish to test their trading platform such as spreads, trade execution speed, and so on before committing their money.
FTMO was co-founded by Otakar Šuffner and his friend Marek Vašíček in the year 2015, FTMO.com is owned and operated by an EU company FTMO s.r.o. with its office located at Purkyňova 3, 110 00 Prague, Czech Republic.
In summary, it is worth noting that some of these firms may offer promotions, competitions, and discounts from time to time which can help save extra cost on the evaluation fee. It will be a good idea to always check the websites and social channels of the firms for the latest offers.
What is the Cheapest Prop Firm Challenge for Beginers
If you want to know what is the cheapest prop firm challenge program, taking a look at the comparison table below will help you decide which company has the cheapest funded account.
Knowing which prop firm offers the cheapest challenge will help you make an informed decision. In the table below, we compared the costs, account sizes, and profit split of the cheapest prop trading firms. Here’s what we found and it will help in deciding which to pick:
Which Prop Firm is the Cheapest: Comparison Table
| Prop Firm | Account Size | Cost | Payout Split | Min. Trading Days | Max Loss |
|---|---|---|---|---|---|
| Ryze | $500 | $5 (15%off: TAKEPROFIT) | Up to 95% | 0 Days | 12% |
| RebelsFunding | $5,000 | $25 (4-phase) | 80% | 2 Days | 10% |
| Maven Trading | $5,000 | $45 ($29 code: FIRST5K) | 80% plus | 0 Days | 10% |
| The 5ers | $5,000 | $39 | 80 – 100% | 3 (profitable) Days | 10% |
| FXIFY | $15,000 | $99 | 90% | 5 Days | 10% |
| Next Step Funded | $15,000 | $100 | 80% | 3 Days | 12% |
| FundedNext | $6,000 | $49 | 90% | 5 Days | 10% |
| MyFundedFx | $5,000 | $50 | 80% | 1 Day | 8% |
| Instant Funding | $125000 | $99 (15%off: HelpinHand) | 80 – 90% | 0 Days | 10% |
| FTMO | $10,000 | €155 | 80% | 4 Days | 10% |
Note that while these prop firms offer the cheapest assessment fees, traders should carefully review the trading rules and restrictions before signing up. Some firms may have restrictions on trading certain instruments or impose daily loss limits.
Additionally, scalability may be limited for some firms, so traders should consider their long-term goals when selecting a prop firm challenge.
It’s important to note that some of these firms may have different evaluation phases, daily and maximum drawdown, and profit targets. Be sure to read the fine print and understand the terms and conditions before signing up.
Cheapest Prop Firm Challenge for Small Account
For those who are new to the industry or have limited funds, getting started with prop trading can be challenging if they don’t have enough information. Some prop challenge fees can run into hundreds or thousands of dollars with no guarantee of any returns. Fortunately, there are prop trading firms that offer challenges under $100 to help traders start with a small account.
RebelsFunding: One of the prop firms that offers a very cheap challenge for small accounts is RebelsFunding. Their $5k evaluation account is just $25, and the challenge has a daily drawdown of $250, a maximum drawdown of $500, and a profit target of $250 for each of the 4 phases of the challenge. The challenge duration is unlimited days and no minimum trading days.
Maven Trading: Another cheapest prop firm challenge for small accounts is the Maven Trading challenge. Their $5k 2-step evaluation account is just $45, which is reduced to $29 when using the discount code: FIRST5K for 35% off. The challenge has a daily drawdown of $250, a maximum drawdown of $500, and a profit target of $450/250. The challenge duration is unlimited, and no minimum trading days.
The 5ers: The cheap challenge offered by The 5ers is a $5k 2-step evaluation program for just $39, which is reduced to $46.55 when using the discount code Kimmelfx for 5% off. The challenge has a maximum drawdown of $500 and a profit target of $400.
FundedNext: FundedNext is another great company that offers the cheapest prop firm challenge for small accounts. Their $5k evaluation account is just $49, and with the use of a discount code, the cost will be reduced to $41.65 which is a great way for small account owners to start their prop firm journey.
Note: Although these challenges are cheap, they still require traders to have a good understanding of trading requirements and risk management. Traders should also ensure that they have a solid trading plan and strategy before attempting any prop firm challenge.
Which Prop Firm is the Cheapest Overall
Ryze Funding is the cheapest prop firm challenge, although not the best in the market, with a 3-phase challenge account size starting from $500 for just $5. Ryze Funding which was launched by Swedish financial expert – Daniel Akesson, in June 2023, offers challenge accounts from $500 to $250k with the lowest cost at $5.
Traders can choose a standard two-phase evaluation or go for the 3 phase model with a reduced cost. With this cheapest prop firm challenge for small accounts, traders who are just starting out can try their hand at prop trading at the lowest cost.
Features of Ryze Funding
- Low cost: It is good for traders with a small budget
- Profit Targets: Phase 1 – 8%, Phase 2 – 5%, Phase 3 – 3%
- Daily/ Max. Drawdown: 5%/ 12%
- Balance-based drawdown:
- No consistency Rule
- Fee Refund: 150% refund of subscription fee
- Bonus: 15% bonus from profits made in phases 1 and 2
- Profit Split: 95%
Red Flag of Ryze Funding.
There is no clear information about the founder of the prop firm and their registration details. Also, the Trustpilot user reviews is something to worry about.
Factors Influencing Cheapest Funded Account
When considering the cost of a prop firm challenge, there are several factors that come into play. These include entry fees, profit split, prop firm discount codes, and other miscellaneous costs. and they can greatly influence the cost of prop firm subscription fees.
Entry Fees
One of the most significant factors that can influence the cost of a prop firm challenge is the entry fee. Entry fees can vary widely between different prop firms and can range from as low as $5 to as high as $10,000 depending on account size.
Important note: While a low entry fee may be attractive, it may not necessarily be the best option in the long run. Some firms may have hidden fees, while others may have stricter evaluation criteria that could make it harder to pass the challenge.
Profit Split
Another important factor to consider when evaluating the cheapest funded account is the profit split. This refers to the percentage of profits that the trader is entitled to keep after passing the challenge. Profit splits are different with firms, which can start as low as 25% to as high as 100%.
So you need to consider the profit split when evaluating the overall cost of a cheap prop firm challenge, as a higher profit split can mean more money in the trader’s pocket in the long run.
Prop Firm Discount Codes
Prop firm discount codes are coupons used to reduce the cost of the original challenge fee. Proprietary firm discount codes for traders can start from 5% and go as high as 50%, with some discounts coming during special events like the launching of a new firm, Black Friday, democracy day, or Christmas celebrations.
Some examples of prop firm discount codes are Funded Trading Plus 10% discount code which is also one of the best instant funding prop firms, Smart Prop Trader 8% discount code, and FTMO 10% discount code. By applying these prop firm discount codes traders will further reduce the cost of the challenge fees.
Overall, when evaluating the cost of a prop firm challenge, you need to consider all of the factors involved, including entry fees, profit split, prop firm discount codes, and any other miscellaneous costs like promotions that offer free prop trading firms. By carefully evaluating these factors, traders can make an informed decision about which cheapest prop firm challenge is the best fit for their needs and budget.
How to Succeed in Prop Firm Challenges
Prop firm challenges can be a great way to get funded and start trading with enough capital. However, passing prop firm challenges successfully requires traders to have effective trading strategies and risk management skills. In this section, we will discuss some tips on how to succeed in prop firm challenges.
Effective Trading Strategies
The first step to succeeding in trading may not be to get the cheapest prop firm challenge, rather is to have a solid trading strategy. Traders should develop a strategy that suits their trading style and risk tolerance. Some effective trading strategies include:
- Trend following: This strategy involves identifying the direction of the market trend and trading in the same direction.
- Breakout trading: This strategy involves entering trades when the price breaks out of a key level of support or resistance.
- Swing trading: This strategy involves holding positions for several days or weeks to capture medium-term price movements.
Traders should also consider using technical analysis tools such as moving averages, trend lines, and chart patterns to identify trading opportunities.
Risk Management Tips
Risk management is another crucial factor in prop firm challenges. Traders should have a clear plan for managing their risk and protecting their capital. Some risk management tips include:
- Setting stop-loss orders: Traders should set stop-loss orders to limit their losses in case the trade goes against them.
- Using proper position sizing: Traders should only risk a small percentage of their account balance on each trade to avoid large losses.
- Diversifying their portfolio: Traders should avoid putting all their eggs in one basket by diversifying their portfolios across different asset classes and markets.
Additionally, traders need to have a disciplined approach to trading and avoid emotional decision-making. They should also keep a trading journal to track their performance and identify areas for improvement while trading the cheapest prop firm challenge.
Overall, succeeding in prop firm challenges requires traders to have adequate trading strategies and risk management skills. By following the tips outlined in this section, traders can increase their chances of success and achieve their trading goals.
Funding and Payouts.
Most of the prop firms accept funding through credit cards, cryptocurrencies, and even wire or local bank transfers. Before you submit your card details to any platform, make sure that they are trustworthy.
After registering an account with any of the cheaper prop firm challenge programs, you will need to verify your account before you can make any withdrawal. You may use your passport, Drivers license, or National ID card to verify the account.
Payouts of withdrawals are usually paid within 1 to 30 days from the first day of trading a funded account. The majority of the prop firms offer payouts through DEEL and cryptocurrency while others may process payouts through PayPal, Credit Card, Wire transfer, and any other method specified on their platform. Make sure to find out which payout method the firm you are trading with supports.
Conclusion
Trading with one of thecheapest prop trading firms challenge for forex traders and is essential to to achieving success. Since it saves the extra cost that can be channeled into other things such as getting an additional low-cost prop challenge or paying for a prop firm passing service to help you make your evaluation journey faster and easier.
We believe that this post provides enough details to help you pick the cheapest prop firm challenge program that offers you the resources you need at a price you can afford. You may also need to do your research, comparing different cheap prop firms to know which has the lowest fees and the features you are looking for.
The top 10 cheapest firms highlighted in this blog post offer a range of services and benefits for forex traders, and each has its own unique strengths. We encourage readers to explore these firms further and choose the one that best fits their needs.
