Forex Prop Reviews: The 7 Best Prop Firms to Consider in 2024

Are you in search for the best prop firms to boost your trading potential and amplify your profits?

In this article, we have made a list of the 7 best prop firms in 2024.

What is a Prop Firm?

A prop or proprietary firm is a company that equips traders with starting capital to help the run trades. This type of trading is known as prop trading or proprietary trading.

However, these forex firms share in the success through a profit split generated after trades.

If you are a trader looking to elevate your trading game and trade with huge funds like a pro, then you should consider prop firms.

Benefits of Trading with Prop Firms

• Access to Large Trading Capital

Prop firms unlock access to significant capital, allowing traders to amplify their potential profits and explore a wider range of financial instruments.

This can be a game-changer for aspiring traders or those looking to scale their existing accounts.

• Educational Training

Many prop firms go beyond just funding. They offer comprehensive training programs, equipping their traders with the knowledge and strategies needed to navigate the markets confidently.

• Access to Mentorship from Professionals

Traders can gain invaluable mentorship and support from experienced traders within the prop firm community, mostly available through online platforms.

This guidance can be a tremendous asset, especially for beginners.

• Risk Management

Prop firms prioritize risk management. Their dedicated teams can help traders develop sound risk management practices.

This minimizes potential losses and fosters a sustainable trading approach.

• Technological Advantage

Traders can stay ahead of the curve with access to the latest trading technology.

Prop firms often provide sophisticated platforms, data feeds, and cutting-edge analytical tools, empowering them to make informed trading decisions.

7 Best Prop Firms in 2024

We selected the best prop firms based on analysis by Forex Prop Reviews.

Here is a list of the top 7 forex prop firms:

1. The 5ers
2. FundedNext
3. FXIFY
4. MyFlashFunding
5. Funding Pips
6. Axe Trader
7. Direct Funded Trader

The 5ers

The 5ers was established in April 2020 under the legal name Five Percent Online Ltd.

It is a prop firm, and also a growth program, which offers aspiring traders a unique opportunity to combine prop firm benefits with a growth program.

Headquartered in Raanana, Israel, with a presence in London, UK, they are led by CEO Gil Ben Hur.

The 5ers empower traders with a choice. They can opt for a three-step evaluation process to unlock accounts up to $250,000 (Bootcamp).

They can explore their instant funding program (Hyper Growth). Additionally, they offer a two-step evaluation option (High Stakes).

All account types are opportune to benefit from direct market access through a partnered liquidity provider, functioning as your broker.

FundedNext

Launched in March 2022 under the legal name GrowthNext F.Z.C., FundedNext is a Dubai (UAE)-based prop firm led by CEO Abdullah Jayed.

They offer aspiring forex traders a chance to unlock their potential, providing access to funding of up to $300,000.

FundedNext is also developing their own server to function as your broker.

To cater to varied experience levels and risk tolerance, FundedNext provides a diverse selection of six funding programs. These programs are divided into two categories: three two-step evaluations and three one-step evaluations. They allow you to choose the path that best suits your trading style.

FXIFY

Launched in May 2023 under the legal name FXIFY Solutions Limited, FXIFY is a London-based prop firm co-founded by David Bhidey and Peter Brown.

They offer aspiring traders a chance to unlock their potential through a variety of funding programs and partners with FXPIG as their broker.

Traders are given a choice from three account types and tackle a one-step, two-step, or three-step evaluation (depending on the chosen program).

FXIFY empowers you to trade a diverse range of instruments, including forex pairs, commodities, indices, stocks, and even cryptocurrencies.

With account sizes reaching up to $400,000 and a profit split of up to 90%, substantial profits are achievable.

MyFlashFunding

Established in April 2023 under the legal name MyFlashFunding LLC, this Missouri-based prop firm, led by CEO Blake Carter, empowers aspiring traders.

They offer a unique blend of flexibility and challenge. You are free to choose from three account types, with two two-step evaluations and a one-step evaluation available.

ThinkMarkets is the partnered broker available for all traders on MyFlashFunding.

MyFlashFunding allows you to trade a variety of instruments, including forex pairs, commodities, indices, and cryptocurrencies. With potential account sizes reaching $200,000 and an 80% profit share, significant earnings are achievable.

Funding Pips

Launched in August 2022 under the legal name ANKH PROP – FZCO, Funding Pips is a Dubai-based prop firm led by CEO Khaled Ayesh.

They differentiate themselves by emphasizing a tiered development program (Student, Practitioner, and Master). This development program aims at equipping aspiring traders with the skills needed for success.

Funding Pips offers three account which come with a choice of a one, two, or three-step evaluation process.

Throughout your journey, you’ll benefit from a tier-1 liquidity provider that delivers realistic simulated market conditions.

They empower traders with the potential to manage accounts up to $100,000 and keep up to 100% of their profits.

Traders can explore a diverse range of instruments, including forex pairs, commodities, indices, and cryptocurrencies, to achieve your trading goals.

Axe Trader

Axe Trader, established in December 2023, is a London-based proprietary trading firm led by CEO Rick Knight.

They offer traders various funding options, including instant funding and programs with evaluation stages.

Their funding programs include:

• Funded Axe (with account sizes ranging from $2,500 – $25,000)
• Two-step Evaluation
• One-step Evaluation

Both evaluation programs allow account sizes of $5,000 – $250,000

Partnering with ThinkMarkets, Axe Trader allows traders to manage accounts up to $250,000 and potentially earn 100% of profits from trading forex, commodities, indices, and cryptocurrencies.

Direct Funded Trader

Direct Funded Trader is a Dubai-based prop firm founded in 2023 and led by CEO Arthur Kaziu.

One of the benefits of using this firm is that they offer traders a platform to grow their careers with funding opportunities up to $200,000 and potential profit splits of 80%.

Traders can explore various markets, including forex, commodities, indices, stocks, and cryptocurrencies.

Conclusion

By leveraging these benefits, prop firms can be a powerful springboard for aspiring traders. They help in accelerating their learning, growth, and potential success in the financial markets.

Hence choosing the best prop firms is very necessary to boost trading profits.

Join our Forex Masterclass to learn about the best ways to trade and maximize your profits.