Finding the right prop firm with MetaTrader 5 is difficult. Fewer and fewer prop firms are using MetaTrader 5 as we approach 2024. This guide is designed to help you identify the best prop firm equipped with MetaTrader 5. It focuses on their offerings, the support provided to traders, and how they can help maximize your trading potential.
What is the Best Prop Firm with MetaTrader 5 in 2024?
Identifying the best prop firm with MetaTrader 5 depends on several factors, including the firm’s financial health, the flexibility of trading conditions, and the quality of support. A top-notch prop firm should offer more than just access to MetaTrader 5; it should provide a competitive edge through education, technology, and financial backing, allowing traders to flourish.
1. The 5%ers
Overview:
The 5%ers, boasting seven years in the proprietary trading industry, is a pioneering firm based in Israel. Under the strategic leadership of CEO Saul Lokier, it has established itself as a versatile platform catering to a wide range of traders with account sizes varying from $5,000 to $250,000. The firm’s adoption of MetaTrader 5, in partnership with commercial liquidity providers for brokerage services, underscores its commitment to leveraging advanced trading technology. Its unique evaluation system, which includes 1 Step, 2 Step, and 3 Step processes, provides tailored pathways for traders to showcase their skills and strategies. With a profit target starting at 10% for the Step 1 evaluation and variable targets for subsequent steps, The 5%ers emphasize a balanced approach to risk and reward, further illustrated by their maximum total drawdown limits ranging from 5% to 10%.
Location:
Israel
What Can You Trade:
The firm offers an extensive selection of trading instruments, including Forex, Metals, Indices, Crypto, and Commodities, ensuring traders have access to diverse markets.
Profit Share:
The 5%ers offer a competitive profit split, which varies depending on the program but can reach up to 80%.
Highlights:
- Versatile Evaluation System: Traders can choose from 1 Step, 2 Step, and 3 Step evaluation processes.
- Broad Market Access: Forex, Metals, Indices, Crypto, and Commodities.
- Flexible Leverage Options: Leverage varies across different programs.
- High Profit Share: Up to 80% profit share for traders.
- Advanced Trading Technology: MetaTrader 5 platform.
Summary:
The 5%ers stand out in the proprietary trading firm landscape for their innovative approach to trader evaluation and diverse market access. With a robust leverage system tailored across various programs and a substantial profit share model, the firm caters to traders seeking flexibility and growth. The leadership of CEO Saul Lokier, coupled with the firm’s strategic use of MetaTrader 5, positions The 5%ers as a key player for traders looking to leverage their skills in the global markets from Israel.
2. FXIFY
Overview:
Emerging from the United Kingdom, FXIFY marks its presence in the proprietary trading firm space with a modern approach, co-founded by Peter Brown and David Bhidey in April 2023. Catering to a wide spectrum of traders with account sizes from $15,000 to $400,000, FXIFY demonstrates its adaptability and appeal to both modest and ambitious capital allocations. The firm offers both 1 Step, 2 Step, and 3 Step evaluation, accommodating traders’ preferences for straightforward or progressive challenges towards profitability. The integration of MT4 and MT5 platforms signals a nod towards mainstream trading preferences, supported by a partnership with FXPIG as their broker. FXIFY stands out for its diverse offering of over 300 trading instruments, including FX, metals, indices, and stocks, alongside flexible leverage options that cater to different risk appetites.
Location:
United Kingdom
What Can You Trade:
A comprehensive suite of over 300 instruments, including FX, Metals, Indices, and Stocks, catering to a diverse trading preference.
Profit Share:
75% profit share, upgradeable to 90% at checkout.
Highlights:
- Flexible Evaluation Processes: Options for 1 Step, 2 Step, and 3 Step evaluations to suit different trading strategies and goals.
- Diverse Instrument Offering: Over 300 instruments available for trading.
- Flexible Leverage Options: Starting leverage for FX and Gold at 30:1, with an option to increase to 50:1.
- Modern Trading Platforms: Incorporation of both MT4 and MT5 platforms, aligning with the preferences of a broad trader demographic.
- Innovative Scaling Plan: A structured scaling plan that allows traders to scale their accounts up to $4,000,000, with initial and subsequent scale-ups based on performance.
Summary:
FXIFY, co-founded by Peter Brown and David Bhidey, is a newer participant in the proprietary trading firm industry. The firm provides various account sizes, evaluation methods, and a wide array of trading instruments, aiming to appeal to a broad spectrum of traders. FXIFY supports trading activities with both MT4 and MT5 platforms, accommodating the needs of both beginners and advanced traders. The firm offers competitive profit shares, flexible leverage options, and a strategic scaling plan, all designed to create a supportive and advantageous trading environment.
3. For Traders (Formerly Billions Club)
Overview:
For Traders, transitioning from its earlier identity as Billions Club, has swiftly moved past its inception phase to establish a reputable standing in the proprietary trading industry. Operating since July 2023 under the leadership of CEO Jakub Roz, the firm has its foundation in the United Arab Emirates. By offering the acclaimed MetaTrader 4 and MetaTrader 5 platforms, For Traders signals its commitment to providing tools that are celebrated for their reliability and user-friendly experience. The partnership with Capital Markets as their broker further indicates the firm’s intention to offer competitive trading conditions. Catering to a wide range of traders with account sizes from $5,000 to $200,000, For Traders emphasizes inclusivity and flexibility in trading strategies. The firm’s structured two-step evaluation process underscores a pragmatic approach towards risk and profitability, with a clear progression path for traders.
Location:
United Arab Emirates
What Can You Trade:
An extensive array of trading instruments is at the disposal of For Traders’ clientele, encompassing forex pairs, commodities, equities, indices, and cryptocurrencies.
Profit Share:
Up to 90%
Highlights:
- Robust Platform Offering: With access to MetaTrader 4 and MetaTrader 5, traders have at their disposal reliable and comprehensive trading tools.
- Competitive Leverage Options: A dynamic leverage model caters to aggressive trading strategies in the Challenge Phase and more conservative approaches in the Funded Phase.
- Comprehensive Instrument Access: From forex to crypto, the range of instruments available caters to a broad spectrum of trading interests and strategies.
- Structured Scaling Plan: A well-defined scaling plan allows for systematic account growth, with the potential to scale up to $1.5 million.
Summary:
For Traders stands out as a progressive proprietary trading firm, anchored in the UAE yet offering a global reach through its trading platforms and broker partnerships. The firm’s dedication to providing a spectrum of trading instruments, coupled with flexible account sizes and evaluation processes, positions it as a versatile choice for traders at different stages of their trading journey. The scaling plan, notable for its absence of minimum profit requirements, highlights For Traders’ focus on sustainable and responsible trading growth. With a competitive profit share and a commitment to leveraging advanced trading technologies, For Traders is poised for continued growth and success in the proprietary trading sector.
4. FundedNext
Overview:
FundedNext, established in March 2022 by CEO Abdullah Jayed and based in the United Arab Emirates, presents a fresh perspective in the proprietary trading industry. With a year of operational excellence, the firm offers trading access on both MetaTrader 4 and MetaTrader 5 platforms, through its distinct programs, Incenteco and GrowthNext. Catering to a broad spectrum of traders, FundedNext provides account sizes ranging from $6,000 to $200,000. The firm facilitates entry through both 1-step and 2-step evaluation challenges, accommodating various trader preferences and risk appetites. The challenges are designed with precise profit targets and drawdown limits, ensuring a balanced approach to risk management.
Location:
United Arab Emirates
What Can You Trade:
FundedNext offers a diversified range of trading instruments, including forex pairs from majors to more volatile pairs, precious metals like silver and gold, and broader market indices such as AUS200, GER30, and SPX500, catering to a wide range of trading interests and strategies.
Profit Share:
FundedNext provides a competitive profit-sharing model, with rates up to 80% plus an additional 15% from the challenge phase, rewarding traders for their successful trading strategies and performance.
Highlights:
- Comprehensive Trading Platforms: Offers access to MT4 and MT5, widely recognized for their reliability and advanced features.
- Flexible Account Sizes and Evaluation Challenges: With account sizes up to $200,000 and both 1-step and 2-step evaluation challenges, traders of various levels can find opportunities suited to their needs.
- Diverse Trading Instruments: The platform enables trading across a wide range of instruments, including forex, indices, commodities, and cryptocurrencies.
- Attractive Scaling Plan: A robust scaling plan that allows for a potential capital allocation increase up to $4 million, promoting substantial growth opportunities for successful traders.
Summary:
FundedNext distinguishes itself with its commitment to providing traders with the necessary tools, platforms, and conditions to succeed in the competitive world of proprietary trading. Its innovative approach to trader evaluation, combined with a wide range of trading instruments and leverage options, positions it as a dynamic and forward-thinking firm. The attractive profit-sharing model and the ambitious scaling plan further enhance its appeal to traders looking for growth and profitability. With its base in the UAE, FundedNext is poised for continued success and expansion in the global proprietary trading industry.
5. E8 Markets
Overview:
E8 Markets, based in the United States and led by CEO Dylan Elchami, has made significant inroads into the competitive prop trading industry within two years of its inception. Offering access to renowned platforms like MT4 and MT5, the firm caters to a broad range of traders with account sizes from $25,000 to $250,000. E8 Markets is distinguished by its evaluative approach, allowing traders to choose between 2-step and 3-step evaluations. These evaluations are tailored to accommodate different trading strategies, with profit targets and drawdown limits designed to suit various risk tolerances. The firm’s trading instruments span Forex, Commodities, Indexes, and Cryptocurrencies, supported by leverage options that cater to both conservative and aggressive trading strategies.
Location:
United States
What Can You Trade:
E8 Markets offers an extensive range of trading instruments, including Forex pairs, Commodities, Indexes, and Cryptocurrencies. These offerings cater to traders with diverse interests and strategies, providing opportunities to engage in various markets with flexible leverage options.
Profit Share:
The firm stands out for its generous profit share arrangement, providing traders with an 80% profit split. This policy underscores E8 Markets’ commitment to rewarding successful trading strategies and supporting its traders’ financial goals.
Highlights:
- E8 Markets employs a unique evaluation process, offering 2-step and 3-step paths to cater to traders at different levels.
- The firm supports trading on widely recognized platforms such as MT4 and MT5, ensuring traders can access top-tier trading tools.
- A wide array of trading instruments is available, including leverage options up to 1:50 for major and exotic Forex pairs, and more conservative leverage for cryptocurrencies.
- The scaling plan is a notable feature, allowing traders to incrementally increase their account balance and overall drawdown limit, potentially scaling initial balances to over $1 million.
Summary:
E8 Markets has quickly established itself as a dynamic force in the prop trading industry, thanks to its flexible evaluation process, competitive profit sharing, and a wide selection of trading platforms and instruments. With its foundation in the United States and led by visionary CEO Dylan Elchami, the firm is well-positioned for continued growth and success in the global trading community.
Advantages of Trading with MetaTrader 5 Prop Firms
- Advanced Trading Tools: MetaTrader 5 (MT5) prop firms offer advanced trading tools and charting capabilities, enhancing your trading strategy with technical and fundamental analysis features.
- Diverse Asset Range: With MT5, traders have access to a vast array of markets, including forex, stocks, futures, and cryptocurrencies, allowing for diversified trading strategies and risk management.
- Robust Leverage Options: Many MT5 prop firms provide competitive leverage options, enabling traders to amplify their trading positions with less capital.
- Algorithmic Trading Support: MT5 is renowned for its Expert Advisors (EAs) and algorithmic trading capabilities, offering traders the ability to automate strategies and take advantage of market movements 24/5.
How to Choose a MetaTrader 5 Prop Firm
- Reputation and Reliability: Look for a prop firm with a strong track record and positive reviews from current and former traders. The stability and reliability of their MT5 platform integration are crucial.
- Funding and Growth Opportunities: Evaluate the firm’s funding options, account growth paths, and the clarity of their evaluation process. Consider how their offerings align with your trading style and goals.
- Costs and Profit Sharing: Understand all associated costs, including any fees for software, data, and the structure of profit sharing. Opt for firms with transparent and fair policies.
- Educational and Support Resources: A prop firm that invests in its traders’ growth through educational programs, webinars, and responsive support can be a significant advantage, especially for those looking to enhance their skills on MT5.
Conclusion
Choosing the right MetaTrader 5 prop firm in 2024 hinges on balancing the advanced capabilities and opportunities these platforms offer with the challenges they present. By carefully considering each firm’s reputation, funding options, cost structure, and the support they provide, traders can find a prop firm that not only offers access to the powerful MT5 platform but also aligns with their trading strategy, risk tolerance, and career aspirations in the trading world.
