No Evaluation Prop Firm
No evaluation prop firms will save you time. And for traders, time is money.
Do you want to try your luck as a trader, but you don’t have enough capital to really make a dent in the market? Have you failed the prop trading evaluation several times and been discouraged about your trading abilities despite your experience?
These are just a few of the challenges that traders encounter while attempting to open a trading account with real money. We’re aware that some people have to keep shelling out money for trading evaluations in the hopes that this time they’ll succeed and get funded.
Is There an Easier Way to Get Funding?
It’s possible to acquire funding in a less complicated way. For those who are unfamiliar, getting instant funding does not require an evaluation for your prop trading firm. This will not only significantly improve your chances of getting funds but will also allow you to start trading as soon as possible.
Why Prop Trading Firm Evaluations are Not as Good?
A one-time fee is required when you decide to join a prop firm. Either the evaluation fee or the straight funding is covered by this one-time fee. You must now choose whether you want one with an evaluation or one without. This is important because you won’t get your one-time payment back unless you succeed in the evaluation. Not every individual passes the evaluation. Some prop firms make the task as hard as they can since the fees from traders failing their evaluations are how they make their money. Therefore, if you see refundable, you should be aware that it only applies once you pass their evaluation.
Having to pass the evaluation can take time. It can take traders 30-60 days. Not many traders can pass it in a few days.
Why No Evaluation Prop Trading Firm is Better?
Most no evaluation prop firms usually don’t have a refundable fee, except for one prop firm. It is a new rule that we found for FundYourFX where they refund your fee on your 5th profit share. So this would require you to hit 10% profit 5 times.
Other than that, with a no evaluation prop firm, you get funding much faster. It can be as fast as 24 hours or, at most, 3 days. So if you want to start trading as soon as possible, then the only way is through a no-evaluation prop firm.
What is the Best No Evaluation Prop Trading Firm?
We made a list of some of the best no-evaluation prop firms. What we look for is how affordable it is with the amount of capital you get. How easy it is to join, and also to trade with the firm in general.
Our #1 prop firm is still FundYourFX. We like the fact that the joining fee is the best value among all instant funding prop firms. They have 3 Funded Trader Programs to choose from. You may start live trading at FundYourFX for a low fee of £197 with the Starter program and you get $6,000 in real money. If that is not enough, they also have the Standard at £297 for $15,000 funding. The last is the Professional program with $30,000 funding for £577. Additionally, your fifth profit share will refund this one-time fee. Therefore, you will receive a refund of your fee as long as you are profitable and achieve a 10% profit share 3 times.
Not to mention that they have some of the most lenient trade regulations we have ever come across. You can trade the news, hedge positions, and leave positions open over the weekend and overnight. You are able to work with your own EAs as well. You only need to reach 10% profit to be able to scale. For instance, if a trader with a $15,000 account makes a profit of 10% in the first month of trading. Within two days, they will do the profit split, and the funded account will be raised to $22,500.
Compared to other prop firms on this list, they have the best drawdown at 10%, the scaling target at 10%, and the profit target also at 10%, which is the best in this list.
Another quick-funding prop firm is The 5%ers. You only get $6,000 capital for a cost of £200. Their $10,000 account alone costs £330. The trading guidelines are also rather flexible, much like FundYourFX. Also, you begin with a real account and not a demo account. The only difference between them and FundYourFX is that the one-time fee is larger here.
As you can see from the rules, if you want something like FundYourFX with minimum rules, their Aggressive Trader Program has a 25% profit target for X2 scaling and a 12% profit target. The leverage is only up to 1:30.
Similarly, MyForexFunds offers instant funding. You only receive $10,000 for $485. If you don’t have $485, you may still purchase their capital of $2,000 for $99 instead. It is slightly more expensive and also you can’t use your own EAs. You need to submit your EA for approval.
As you can see, they have 2 types of accounts. The Conventional and Emphatic. Even with Conventional, the price is still higher than FundYourFX. Additionally, the overall drawdown is also at 5%, which can be challenging. Leverage is also at 1:50 which is higher than The 5%ers.
The Emphatic account is available if you want something superior but more pricey. It is more expensive than Conventional, but in order to scale, you must reach the 20% profit target. Not quite as high as FTUK at 25%, but still much greater than FundYourFX and The 5%ers. At 1:50, leverage is a little bit better, but it’s still just half of FundYourFX. The fee is quite pricey. You would have to pay roughly $1,000 to obtain only $10,000 in funding. This is the most expensive program on the list, considering the amount of capital you get. Is it worthwhile to spend so much money when other prop firms are giving a lower price?
In terms of the rules, we have already spoken about drawdown, leverage, and scalability. There is a significant difference between their two programs, the Conventional and Emphatic. 2x the drawdown, 2x the leverage, 2x the scaling, but also 2x the registration fee.
FTUK is another option for instant funding. However, their fee is substantially higher. The least expensive option is £150 but you only get $3,500 in funding. If that is still insufficient, there is £950 with a capital of £17,500. They have a quick funding program that is aggressive and low-risk. Both have the same pricing, but the profit target and leverage are different. To get the best rules, you need to join the Aggressive account. That has a profit target of 25% and the drawdown is 5%. Leverage is also 1:30 like The 5%ers.
Also if you look at Profit Split, it says Up to 80%. Don’t get too excited. This is because the 80% split only happens if you are on level 7 or 8. And to get a 1:100 leverage, you would need to be at level 5. So before that, it might take you a long time to reach that level.
We’ve given you an evaluation-free list of prop firms to choose from. If you want to join a prop firm quickly without wasting time with their evaluation processes, this is the list for you. When it comes to a prop firm where no evaluations are required, we recommend FundYourFX above all others. Below, we’ve outlined the services provided by each prop firm to make it easier for you to make a decision.