If you don’t possess a massive capital amount in your account but are vying to trade in the market, Forex Funded Accounts can help you out. These accounts allow aspiring traders to leverage capital and access gigantic volumes of trading capital. At the same time, the personal risk of loss is close to zero, and the upfront costs are minimal.
In this article, we shall discuss the top five cheap-funded accounts that aspirants can open and start their trading activities immediately.
1. What Are Funded Forex Accounts?
Let’s start by discussing funded FedEx accounts! In simple words, these accounts are what the proprietary firms provide to the traders, and they possess some portion of the firm’s capital. This means that the trader can utilize the firm’s capital rather than having to use his own capital, which ensures ZERO personal loss. However, the profit is divided between the company and the trader according to the ratio already decided.
Forex-funded accounts come with numerous benefits apart from profit sharing. When the prop firm caps financial loss through various guidelines it offers to the trader, things appear a lot safer than ever. The broker’s capital is always secure. Leveraging capital becomes possible once a person seems trustworthy and the firm augments its trading capital exponentially.
One thing that must be remembered is that this funded forex account is not randomly provided to the trader. Rather, he has to go through a pre-defined evaluation process that helps the prop firm decide whether the trader is worthy of the account or not. To participate in the evaluation, the traders have to pay a fee. It is quite a minimal fee, and we shall talk about the top five cheaply funded forex accounts that the trader can opt for in the coming segment.
2. Top 5 Cheap Funded Forex Accounts:
Here are the top 5 funded Forex accounts that one can opt for:
1. FTMO – Low-Cost Challenge with High Payouts
Also known as Funding Talent Management Organization, FTMO is one of the cheapest and most sought-after proprietary firms in the industry. Its working model favors traders and provides them with as much profit as 90%. On top of that, its cost is also low at $155. These facts make it a desirable prop firm to opt for evaluation. Its leverage is around 1:100.
The evaluation trial is different from other firms. Compared to the regular prop firms, this one comes with a two-step challenge, making it mandatory for the traders to accomplish it. It offers as many as thirty days to achieve around 10% of the profit. However, the daily drawdown limit is 5%, and the trader is restricted from exceeding it.
2. Funding Pips
Funding Pips is one of the Best prop firms for Day trading and offers capital to traders who have the right talent to bring profit to the firm. To become a funded trader, a broker has to go through a two-step evaluation process in which the firm tests his trading skills. The Student Phase, Practitioner Phase, and Master Account phase are all aligned with each other and lead to the outcome of leveraging the capital for the trader if he showcases exceptional performance in all three of them.
The maximum loss limit for the trader is 10% of the initial account size. Alongside this, the leverage ratio is 1:100, while it offers trading in various forms, including Forex, Crypto, Metals & Energies with RAW spreads.
3. MyForexFunds
MyForexFunds is yet another low-cost funded account provider that offers a profit split of around 85%. The cost starts at $84, making it one of the cheapest prop firms available. The challenge comes in two phases; however, in certain situations, a single-phase evaluation would also work.
The profit targets work in the traders’ favor, making this firm one of the most desired prop companies. At the same time, it’s highly affordable and cheap, making it easier for the trader to choose it.
4. TopStepFX
TopStepFX is a coveted prop firm for futures traders. Its profit split ratio is as much as 80%. In addition, it offers capital leverage to the trader according to account size.
The evaluation is a two-step process that is quite uncomplicated for talented traders. Once they pass it, they can receive as much as $50,000 in their accounts. Its monthly subscription model further makes it a tempting option for traders.
5. The5%ers
For traders who take a low-risk approach to trading, The5%ers is a good option. Though the profit split ratio is 50% (lower than other companies), this firm offers extended scaling opportunities to traders.
The trader can take as many as six months to prove his mettle by achieving at least 6% of the target. However, his drawdown limit must remain at 4% consistently. Showcasing good performance in the evaluation can help him upscale his account to as much as $1.28 million.
Conclusion
When choosing a Cheap Funded Account for yourself, you need to pick the one that offers support to traders based on their experience. While some firms work solely with expert traders, others offer relaxed drawdown limits for beginners with low fees. The firm’s trading style, profit split ratio, and leverage volumes should also be considered when choosing a cheaply funded account. Consistent strategy and risk management help accomplish the targets on time!
As the editor of the blog, She curate insightful content that sparks curiosity and fosters learning. With a passion for storytelling and a keen eye for detail, she strive to bring diverse perspectives and engaging narratives to readers, ensuring every piece informs, inspires, and enriches.
