Prop Firm Reviews
Our full reviews of prop firms give you a comprehensive overview of the firm, its challenges, and funded accounts. To allow us to rank and only recommend the best prop firms, we rate each firm out of 100 using a fine tuned process.
Broker Backed Prop Firms
Broker backed prop firms are often seen as the most reliable because of their connections to regulated financial companies. Pricing usually comes from the same pricing feed as their brokerage operations, so spreads and fees can be lower than independent firms. It can also make it easier if you’re planning on switching to CFD trading down the track, as you can sign up to a regulated broker with similar trading conditions as what you are used to.
Top Prop Trading Firms
Independent firms make up many of the top prop firms in the industry. They don’t operate under a broker, which gives them more flexibility in how they design challenges, profit splits, and scaling plans. This is why you’ll often see larger account sizes or lower entry costs compared to broker backed firms.
Pricing tends to be less transparent than broker backed firms, and each firm is structured differently. Some independents connect to a single liquidity feed, others use a blend, and not all disclose their providers. That doesn’t automatically make execution unreliable, but it does mean conditions can vary from what you’d see with a regulated broker.
Prop Firms That Didn’t Pass Our Test
The prop firms in this category scored less than 50/100 and didn’t meet our standards, either because their rules lacked clarity, support was slow, or payouts weren’t consistent. Some of them promote very large accounts or unusually high profit splits, but those offers don’t carry much weight if withdrawals aren’t handled properly.
If you’re spending weeks or months working through a challenge, you need to know exactly what rules you’re trading under and that your profits will be paid without issue. When those things aren’t in place, the risk outweighs any potential benefits. That’s why we don’t recommend these firms for anyone looking to trade seriously with funded capital.
Prop Firms No Longer Operating
This section covers firms that have closed down, usually due to financial strain or regulatory pressure. When a firm stops operating, traders lose their challenge fees and any pending payouts, which is why it’s important to check stability before joining.
If a brand that shut down tries to relaunch under a new name, the safest approach is to hold off until they’ve proven they can operate consistently and pay their traders over time.
What makes a prop trading firm good depends on what a given trader finds important. Some favour high profit payouts, some prefer a transparent and fair audition process, while others look for low account costs or superior trading platforms. Our list of prop trading firms shortlists the best firms for 2025.
Best Prop Trading Platforms
Most prop firms will give you a choice of trading platforms, with MetaTrader 4 and 5, cTrader, and TradingView being the most popular. Some firms also offer their own proprietary platforms, which can include features designed specifically for funded traders. The platform you choose will have a big impact on your challenge as it affects everythign from execution speed to the trading tools you can use.
Shared Platforms: Third party platforms like MT4, MT5, cTrader, and TradingView are the most popular because they’re familiar and transferable. If you change prop firms, you don’t have to relearn the software, and things like automated strategies or custom indicators often carry over.
Proprietary Platforms: Some firms design their own trading platforms with features like built in risk dashboards or drawdown tracking. These can help you stay inside evaluation rules, but the trade off is that if you swap prop firms, you’ll likely need to learn new software.
MetaTrader 4 by MetaQuotes (MT4)
MetaTrader is still the standard for most prop firms. MT4 works well for forex-focused traders, while MT5 adds more order types, more timeframes, and better support for multi asset trading. If you’ve traded retail accounts before, you’ve probably already used one of them.
Key Features:
- Charting tools with multiple timeframes and a solid library of technical indicators
- Automated trading through Expert Advisors (EAs)
- Large marketplace of custom scripts and strategies built by other traders
- Copy trading options if you want to follow other accounts
Advantages:
- Almost every prop firm supports MetaTrader, so switching firms is easy
- If you’ve built indicators or automated strategies, they carry over without hassle
- Massive community support means you’ll always find guides, tools, and fixes
- Stable and reliable, even though the interface looks dated compared to newer platforms
cTrader by Spotware
cTrader is a more modern platform and will suit if you care more about execution quality and order flexibility. It feels cleaner than MetaTrader and gives you a clearer view of pricing and trade data, which can help if you’re sensitive to slippage or partial fills.
Key Features:
- Level II pricing for a deeper look at market liquidity
- A wide range of order types for more control over entries and exits
- cTrader Automate for custom strategy development in C#
- Open API for integrating custom tools
Advantages:
- Interface is modern and intuitive, with cleaner trade reporting than MetaTrader
- Strong automation options if you want to code in a full programming language
- Execution tools are more precise than MT4 or MT5
How To Select The Right Prop Trading Firm
The prop firm you choose will shape how you trade and how much you can earn. It’s not only about payout %’s or account size; the firms challenge models need to match the way you trade. Here are the main things to consider.
1
Profit Payout Structure
Profit splits range anywhere from 50% to 90%, and while a higher percentage sounds good, but it only matters if the firm pays consistently and without delays. Make sure you balance the split against the firm’s reputation for actually delivering payouts.
2
Evaluation Process
The evaluation, or challenge, is how you prove yourself worthy of a funded account. Some firms use a one step evaluation process that gets you funded quickly, while others have two or three step challenges that give you more chances but take longer. If you want to start trading fast, one step, or even instant funding account, are the way to go. If you prefer a slower path, look for multi step challenges.
3
Account Types and Costs
Check both the upfront fee and any ongoing charges. One-time fees are simple to manage, but some firms add monthly costs for trading platforms or data. Look beyond the advertised fee and factor in commissions and spreads, since these can eat into profits.
4
Leverage Offered
Leverage varies across firms and broker backed firms usually mirror the leverage of their broker, while independent firms sometimes push it higher. Higher leverage gives you more potential upside but also more risk of hitting drawdown limits, so pick a firm whose leverage lines up with how you trade.
5
Trading Platforms and Tools
Confirm what platforms are supported – most firms offer MT4, MT5, or cTrader, and some now include TradingView. If you use automation, check whether EAs, cBots, or APIs are supported. A good firm should also provide risk dashboards or account metrics that help you stay inside their rules.
6
Range of Markets
Some firms are forex markets only, while others also offer indices, commodities, stocks, or crypto. Make sure the firm gives you access to the instruments you actually plan to trade, otherwise you’ll be forced to adjust your strategy.
7
Customer Support and Education
Support is more important than some people realise. If payouts are delayed or platforms have issues, you want fast responses. Check if the firm has live chat or at least quick email turnaround. Educational resources are useful if you’re still developing, but they’re less critical if you already have a working strategy.
8
Trust and Community
Since most prop firms aren’t regulated like brokers, their track record is what counts. Look for consistent payout history, clear rules, and a community of traders who can share experiences. A strong community can also give you ideas and support while you’re trading the firm’s capital.
9
Account Opening Process
Getting started shouldn’t take long. Most firms now have simple sign up and verification steps. If the process feels slow or overly complicated, that’s usually a sign of how the firm operates in other areas too.
What is a Proprietary Trading Firm?
A proprietary trading firm, aka prop firm, provides skilled traders with the firm’s capital to trade financial markets in exchange for a share of the profits.
Instead of using their own money, forex traders trade firm-funded accounts and follow specific risk management rules.
Prop firms evaluate traders through challenges before granting access to funded accounts, making them a popular choice for those looking to scale their trading without personal risk.
What are the Benefits of Prop Trading?
Prop trading allows profitable traders to access significant capital without risking their own money. Most firms offer profit splits of 70-90%, meaning experienced traders can earn a substantial income with consistent performance.
Other benefits include access to advanced trading platforms, leverage, and risk management tools, as well as the ability to trade a variety of financial markets, including forex, stocks, and futures.
What are the Disadvantages of Prop Trading?
The main disadvantage of prop trading is the challenge phase, which requires traders to meet strict profit targets while adhering to risk rules. Many traders fail these evaluations and lose the upfront fees.
Some proprietary trading firms also operate with simulated accounts instead of live market execution, meaning performance conditions may not fully reflect real trading environments. Additionally, withdrawal policies and profit-sharing structures vary, so careful research is required.
How Prop Trading Firms Operate
Prop firms fall into two main categories: broker-backed and independent.
- Broker-backed prop firms partner with regulated brokers, offering traders direct market access, real execution, and fast payouts. Examples include Blueberry Funded, IC Funded, and DNA Funded.
- Independent prop firms operate without broker affiliation and often use simulated trading environments. These firms make money primarily from challenge fees and profit splits rather than actual market trading. Examples include FTMO, The Funded Trader, and Seacrest Funded (formally known as MyFundedFX).
How Prop Firms Make Money
Prop firms make money primarily through challenge fees, profit splits, and trading costs. Traders pay an upfront fee to attempt a challenge, and since many fail, this provides firms with steady income. Once a trader is funded, the firm takes a percentage of their profits, typically 10-30%, as part of the funding agreement.
Some firms, especially broker-backed ones, also earn from spreads, commissions, and platform fees, as they are connected to regulated brokers. Understanding how a prop firm makes money can help you choose one that aligns with your trading skills and goals.
The Prop Evaluation Process
Prop firms use different challenge structures to assess traders before granting access to funded accounts. Some challenges are straightforward, while others have additional evaluation steps or cater to specific trading styles.
Alternatively, you may opt for instant funding which skips the initial evaluation process altogether and takes you straight to an instant funding account.
1. One-Step Evaluations
One-step evaluations require traders to meet profit targets and risk criteria in a single phase. These are quicker to complete but may have stricter rules on drawdown limits. Examples include FundedNext Express and DNA Funded’s Single Helix Challenge.
2. Two-Step Evaluations
Two-step challenges involve an initial phase with a profit target, followed by a second verification phase with a lower target. This model is common among major firms like OANDA Prop Trader, IC Markets, and BrightFunded.
3. Three-Step Evaluations
Three-step evaluations are less common but offer a more gradual qualification process. Traders must pass multiple profit targets, often with increasing account sizes or risk limits. Some firms offer these models for traders who prefer a structured, long-term approach. FXIFY and ThinkCapital both offer three-step challenges for those wanting a more conservative approach to prop trading.
4. Rapid Challenges
Rapid challenges allow traders to qualify for funded accounts within a shorter timeframe, usually 7 days, with lower profit targets but higher entry fees. These are designed for experienced traders looking for a fast-track evaluation process, and offered by DNA Funded and Blueberry Funded.
5. Instant Funding Programs
Instant funding accounts bypass the evaluation stage, allowing skilled traders to start with a funded account immediately. Yet, these instant funding accounts typically require a high upfront fee and offer lower profit splits. FXIFY is a top prop firm offering instant funding.
Funded Accounts
After successfully completing prop firm’s challenge, you receive a funded account where you can trade using the firm’s capital. However, not all funded accounts operate the same way.
Some firms offer live market execution, while others use simulated trading environments even at the funded trader stage.
Live Funded Trading
In live funded accounts, your trades go directly into the real market, meaning spreads, slippage, and execution speeds reflect actual trading conditions. Broker-backed firms like Blueberry Funded and IC Funded typically offer live accounts, ensuring more transparent trading and reliable payouts.
Simulated Trading
Some prop firms keep traders on simulated accounts, meaning trades do not impact the real market. Instead, performance is tracked within the firm’s system, and payouts are made based on results. While this allows firms to reduce risk, it can lead to differences in execution, spreads, and slippage compared to live accounts.
Profit Splits
Most prop firms offer 70-90% profit splits, meaning you keep the majority of your earnings. Some firms, like BrightFunded, allow traders to scale up to a 100% profit share over time. Payout structures vary, with some firms offering weekly withdrawals, while others require a minimum trading period before you can cash out.
How to Pass a Prop Challenge
To start trading in a prop challenge, follow these steps:
Choose a prop firm: Compare evaluation models, fees, and payouts.- Sign up and pay the challenge fee: This gives access to a demo or simulated account for the evaluation phase.
- Trade within the prop firm’s rules: Follow risk parameters, profit targets, and daily drawdown limits.
- Pass the challenge: Meet all requirements to progress to a funded account.
- Start as a funded trader: Earn real payouts based on the firm’s profit split model.
Successful traders prioritize risk management by limiting losses, avoiding over-leverage, and maintaining a disciplined strategy.
FAQs
What is the most trusted prop firm?
The most trusted prop firms are DNA Funded, BrightFunded, and Blueberry Funded, all of which scored over 90/100 in our testing. DNA Funded offers low trading costs and flexible challenge options, BrightFunded stands out with profit splits that scale up to 100%, and Blueberry Funded has one of the best scaling plans for prop traders.
Which prop firm actually pays?
Broker-backed firms like IC Funded and OANDA Prop Trader are the most reliable for payouts. Since they operate under regulated financial structures, traders benefit from fast withdrawals, direct market execution, and transparent profit-sharing. Unlike some independent firms, broker-backed prop firms have fewer payout issues, making them a safer choice for traders who want to get paid on time.
How much do you get paid at a prop firm?
Your earnings depend on the profit split, typically between 70-90%. If you make $10,000 with an 80/20 split, you take home $8,000. BrightFunded allows traders to scale up to a 100% profit split, while firms like DNA Funded and Blueberry Funded offer competitive payouts with flexible withdrawal options.
Many firms provide weekly or bi-weekly payouts, but some require a minimum trading period before withdrawals.
If you are new to prop trading and want to learn more, we recommend reading our prop trading guide for beginners.
Do all prop firms offer forex trading?
No, not all prop firms offer forex trading. Some focus purely on futures, stocks, or crypto, depending on their structure and target market. Forex prop trading is common among broker-backed firms and many independent ones, but it’s still important to check what instruments are actually supported before signing up, as few have crypto prop trading.
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