5 Cheapest Prop Firms with $5K Funding Accounts in 2024

Prop trading firms have become a popular choice for traders looking to access more capital for trading. The importance of choosing the right prop firm is undeniable, especially for traders looking for the cheapest prop firms. In this context, the $5K funding account offers an attractive opportunity, providing a balance between risk and potential profit.

5 Cheapest Prop Firm with a $5K Funding Account

1. The 5%ers

The 5%ers: Ideal Trading Platform for All Experience Levels

5%ers

The 5%ers, a standout trading platform, offers unique opportunities for traders of all experience levels. Ranked 5th out of 34 companies in the TU Rating, The 5%ers is rated on 100+ criteria and account opening process.

The 5%ers Features and Advantages

  • Affordable Trading Capital: Access to trading capital through their affordable prop firm challenge.
  • Favorable Trading Conditions: The platform is known for its high reputation and favorable trading conditions.
  • Opportunity to Increase Profits: The 5%ers take 50% of a trader’s profits, providing a huge profit potential.
  • Demo Accounts and Educational Programs: They provide easy-to-use demo accounts and in-depth educational programs to improve trading skills.
  • 2-step evaluation challenge: To qualify, the Phase 1 profit target is 8% and Phase 2 is 5%, with a daily drawdown of 5% and a total drawdown of 10%.

The 5%ers 2-Step Evaluation

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The 5%ers prides itself on offering the cheapest prop firm challenge in the trading industry through the High Stakes Challenge. For just $39, traders can access $5000 in trading capital through The 5%ers’ 2-step evaluation account. This is part of their two-step evaluation challenge. The 5%ers is known for its high reputation and favorable trading conditions, making it an attractive option for traders looking for high-quality opportunities.

The 5%ers 2-step evaluation Account Rules $5K:

  • Phase 1 Profit Target: 8%
  • Phase 2 Profit Target: 5%
  • Daily Drawdown: 5%
  • Equity Drawdown: 10%
  • Minimum Profit Days: 3 calendar days
  • Phase 1 Trading Period: No time limit
  • Phase 2 Trading Period: No time limit
  • Leverage: 1:100

2. MyFundedFX

MyFundedFX: An Ideal Choice for Traders in the Forex Industry

MyFundedFX

MyFundedFX, founded by Matthew Leech, has become one of the leading prop firms in the Forex trading industry. The firm is committed to providing exceptional trading opportunities, including access to substantial capital of up to $600,000, with the potential to increase to $1.5 million.

MyFunded FX Features and Advantages

  • Free Trading Style: There are no restrictions on trading styles. You’re free to trade a variety of types including scalping, hedging, swing trading, martingale strategies, grid trading, and more.
  • Up to $600,000 Capital: Their Evaluation Program offers up to $600,000 in live simulated funds.
  • No Trading Day Limits: Unlimited trading on all plan types and all phases.
  • Scaling Plans: MyFundedFX offers a scaling plan that increases your initial account balance by 25% every 3 months assuming certain criteria are met.
  • Use a Wide Range of Instruments: Over 175 assets including Forex, Indices, Crypto and Commodities.
  • Refundable One-Time Fee: Affordable initial investment.

Two-Step Evaluation of MyFundedFX

2-step evaluation myfundedFX

MyFundedFX stands out as the prop firm with the most affordable offer through their two-step evaluation account with $5k capital. For just $50, this account allows traders to access significant capital with rules designed to support a variety of trading styles and strategies. This is a golden opportunity for traders looking to boost their trading career with minimal initial investment.

MyFundedFX Two-Step Evaluation Account Rules:

  • Phase 1 Profit Target: 8%
  • Phase 2 Profit Target: 5%
  • Daily Drawdown: 5%
  • Maximum Drawdown: 8%
  • Minimum Trading Days: 1 day
  • Phase 1 Trading Period: Unlimited
  • Phase 2 Trading Period: Unlimited
  • Leverage: 1:100

3. Traders with Edge

Traders with Edge: A Fast-Growing Prop Firm for All Levels of Traders

Traders With Edge

Traders with Edge is a fast-growing prop firm that appeals to traders of all levels. Founded in 2022, the prop firm has gained the trust of many traders thanks to its clear evaluation system and account growth opportunities of up to $3 million.

Traders with Edge Features and Advantages

  • Multiple Funding Options: You can choose from two challenge options, Turtle, and Hare, or opt for instant funding at a higher cost.
  • Scale up to $3 Million: Successful traders can scale their accounts up to $3 million, much higher than many other prop firms.
  • 80/20 Profit Share: After securing funding, traders can enjoy a highly competitive 80/20 profit share.
  • Reasonable Rules: The challenge rules at Traders with Edge are designed to be simple and reasonable.
  • Strong Reputation: Despite being new, Traders with Edge has already earned an “Excellent” rating of 4.4/5, demonstrating its reliability as a prop firm.

Turtle Standard Challenge

turtle challenge Traders With Edge

One of the exciting offers from Traders with Edge is the 5K Turtle Standard Challenge M4, for just $55, you can upgrade to a trading strategy specifically designed to challenge your trading skills. In this challenge, you get the chance to not only improve your trading skills but also the opportunity to manage an account with more capital. This is an ideal opportunity for traders who want to explore markets with controlled risk and high-profit potential.

5K Turtle Standard Challenge M4 account rules:

  • Split Profit:  80%
  • Target Profit: 10%
  • Daily Drawdown:: 2.5%
  • Static Drawdown: 5%
  • Minimum Trading Days: Unlimited
  • Leverage: 1:20
  • EAs and News Trading: Allowed
  • Holding Positions Over the Weekend: Allowed
  • Payout Period: Bi-Weekly
Traders With Edge Discount

4. Maven

maven trading

Maven Trading: Empowering Traders with Strategic Funding and Support

Maven Trading is a distinguished prop trading firm that empowers traders by providing significant financial backing and a supportive trading environment. Since its establishment, Maven Trading has become a hub for traders worldwide, renowned for its straightforward evaluation process and the potential for traders to manage sizable funded accounts.

Features and Advantages of Maven Trading

  • Funding Options: Traders can select from funding levels ranging from $2K to $100K.
  • Account Growth: Maven Trading allows traders to scale their accounts based on performance metrics.
  • Profit Share: Participants can retain up to 80% of their profits.
  • Trading Rules: The firm maintains clear and straightforward trading rules.
  • Trading Community: Maven supports a community on Discord for trader interaction and support.
  • Trading Conditions: Minimal restrictions on trading strategies provide flexibility.
  • Challenge Fees: Registration fees are refundable upon successful completion of challenges.

Maven Trading Evaluation Process

  • 1-Step Challenge: Designed for experienced traders, this challenge requires meeting specific profit targets within defined risk parameters to quickly access a funded account.
  • 2-Step Challenge: More comprehensive, this challenge includes a secondary verification phase to ensure consistent performance, ideal for those refining their strategies or new to trading.

Maven Standard $5K Challenge

maven 5K account

Maven Trading’s $5,000 funded account challenge is strategically designed for traders who are ready to elevate their trading strategies within a controlled risk environment. This account allows traders to demonstrate their trading proficiency in a supportive and financially empowering setting.

  • Profit Share: 80%
  • Profit Target: Set a profit target to achieve
  • Daily Loss Limit: 5%
  • Maximum Loss Limit: 10%
  • Minimum Trading Days: 3 days
  • Leverage: Suitable leverage to maximize trading effectiveness
  • Holding Positions Over the Weekend: Allowed

5. Funding Pips

Funding Pips: An Affordable Prop Firm that Opens Up Big Opportunities

Funding Pips

Funding Pips based in Dubai, United Arab Emirates, is a prop firm that has been around since August 25, 2022. They offer funding of up to $2,000,000, especially for capital-constrained traders.

With an emphasis on accessibility and growth opportunities, Funding Pips invites traders to take advantage of their affordable two-stage evaluation program. Their transparent approach and favorable trading conditions attract many traders looking for extra funding to expand their market reach.

Funding Pips Features and Advantages

  • Realistic profit targets: with a daily loss limit of 5% and a maximum of 10%.
  • Funding Up to $2 Million: Allows traders to operate with substantial capital.
  • Good Profit Split: Offers a profit split of between 80% and 90%.
  • Clear Evaluation Process: Two stages of evaluation with realistic profit targets.
  • Trusted Broker Partnerships: Partnership with Black Bull Markets.
  • Supportive Community: An active Discord channel with a community that supports your journey as a trader.
  • Flexible Trading: No restrictions on trading strategies, including the use of EAs, news trading, and holding positions over the weekend.
  • Unrestricted Day Trading: Allows traders to trade without time pressure.
  • Scalability Plan: Opportunity to increase account size and daily/maximum loss limits.
  • Payment System: Payouts can be requested every 5 trading days with an 80% profit split, increasing to 90% when traders get a ‘Hot Seat’ at Funding Pips.

Evaluation Process

Evaluation Stage Funding Pips

Funding Pips allows you to transform from a beginner to a professional trader with a specially designed evaluation program. The program is designed to identify and support talented traders through the learning process, from the Student to Practitioner stage, eventually reaching Master status with the ability to trade using company capital. 

Start as a Student with the pursuit of 8% profit with no trading day restrictions, then progress to the Practitioner phase with a 5% profit target, and both phases have the same maximum loss rule. Once your skills are verified, you’ll enter the Master stage, where you’re trusted to trade with Funding Pips capital. With a $5K account fee of $32, you can get your initial fee refunded and a significant share of the profits.

$5K Funding Pips Evaluation Stage Account Rules:

  • Target Profit Phase 1: 8%
  • Phase 2 Profit Target: 5%
  • Daily Drawdown: 5%
  • Maximum Drawdown: 10%
  • No minimum trading days
  • Trading Period: Unlimited
  • Leverage: 1:100

Comparison and Analysis

The 5%ers

Known for its High Stakes Challenge program, The 5%ers offers a $5K funding account for a very affordable fee of just $39. This allows traders to access trading capital and increase profits with clear terms and trading education support.

MyFundedFX

For $50, MyFundedFX offers a two-stage evaluation account that allows traders to get started with a low initial investment and the potential for substantial capital scaling.

Traders with Edge

With flexible funding options, this prop firm offers the 5K Turtle Standard Challenge M4 for a competitive fee of $55. They also have a supportive community to help traders achieve their trading goals.

Funding Pips

Offering a two-stage evaluation account for just $32, Funding Pips provides one of the cheapest options for traders looking for funding with a $5K capital, along with trading conditions that facilitate trader growth.

Maven Trading

At $19 and $65 for a two-stage challenge, Maven allows traders to improve their skills and earn more trading capital while enjoying lucrative profit sharing.

Prop Firm Rating Criteria

Factors to Consider When Choosing the Cheapest Prop Firm:

  • Reputation and Reliability: Look for information on the reputation and reliability of the prop firm.
  • Profit Sharing Structure: Look at how profits are shared between traders and the prop firm.
  • Support and Resources: Does the prop firm provide analytical tools, market data, or training?
  • Terms and Conditions: Learn about terms and conditions, such as maximum drawdown and profit targets.
  • Types of Instruments Offered: Make sure the prop firm offers the trading instruments you’re interested in.

Benefits of Having a $5K Funding Account:

  • Limited Risk: Smaller capital limits the amount of risk taken.
  • Learning Opportunities: Ideal for beginner traders who want to hone their skills without major financial risk.
  • Strategy Testing: Opportunity to test trading strategies with real but limited capital.
  • Growth Potential: Possibility to increase account size in case of successful trading.
  • Access to Larger Markets: Allows traders to operate in markets that may be out of reach with personal capital.

Conclusion

Choosing a prop firm with an affordable $5K funding account opens the door for traders to access wider markets with limited risk. The 5%ers, MyFundedFX, Traders with Edge, Maven Trading, and Funding Pips offer programs designed to support a variety of trading styles with low entry fees, allowing traders to grow with the prop firm. With competitive profit sharing, no trading day limits, and strong community support, these prop firms bring significant added value to traders looking to advance their careers.

Explore and consider the prop firms mentioned to find the platform that best suits your trading needs. Whether you’re a beginner or an experienced trader, these prop firms’ $5K funding accounts can be a strategic move to optimize your profit potential. For more information or guidance on choosing the right prop firm, contact us or visit our site to learn more about each firm and its services. Take your trading journey to the next level with a partner that supports your ambitions in the global financial markets.

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