5 Newly Launched Prop Firms Which Show Great Promise (May 2024)

5 new prop firms

Many prop traders will advise newcomers to the industry to stick with established firms such as FTMO and the 5%ers. While this is generally good advice, especially for beginners, there are some great opportunities for those willing to accept a slightly higher amount of risk.

As we have seen recently, it’s not just new prop firms that are going under, it’s some big players too – The Funded Trader, My Forex Funds and most recently True Forex Funds.

So How Do I Pick a Safe Prop Firm?

Short answer – you can’t.

Without information on the business operations and what is happening behind the scenes, no one can tell you with 100% certainty that your money is safe with a particular prop firm.

It is down to the trader to do their own due diligence and choose a firm that not only fits their trading style but is also being run in a professional manner.

Here are some common things I explore when evaluating a prop firm:

The Business Model

Is the firm profiting purely on entry fees? Whilst it is possible to run a firm like this, it increases the risk dramatically when changes in the industry happen (such as the recent platform issues). Firms that have multiple revenue streams are going to have a stronger ability to handle the ebbs and flows of the industry.

Firms that have a large amount of capital to copy trade their strong traders are likely to show far greater profitability than those relying on entry fees alone.

Leadership Team

It’s no secret that many prop firms are run by marketing gurus and influencers. When everything is going great this isn’t too much of an issue, but when times get tough, cracks start to form.

By partnering with a firm that has strong leadership and extensive industry experience, you reduce your chances of being collateral damage in another firm closure.

Sustainable and Realistic Challenges

This one is probably the most overlooked. It’s in our nature to look for the best deal possible; the lowest prices and the easiest targets. This, however, is a mistake.

Firms need to balance the wants of the trader against the ability of the company to stay in business and turn a profit.

Sometimes tough decisions need to be made. For example, MyFundedFX started out by offering the best two-phase challenge around with a profit target of 6% and 5%. Quite quickly the management team realised this wasn’t sustainable and moved the 6% target to 8%. Active risk management like this is vital for firms to survive.

Number 1 – Pip Farm (Launched February 2024)

Active Promotion

Get a $5k challenge for just $40 with code: PIP5K

Get a $10k challenge for just $70 with code: PIP10K

Valid until 31st May 2024.

Key Features:

  • CEO has a strong background in the financial/trading industry
  • Interesting and unique features
  • CTrader platform

First on our list is Pip Farm which launched in February of this year. The team behind this firm have put a lot of work into building Pip Farm which is evident when you explore their website.

Traders earn points/XP as they trade and demonstrate sound risk management principles. These traders are then rewarded by progressing through a rank system which provides various perks such as increased leverage and drawdowns.

Our main reason for including this firm on the list however is the strong leadership team which is headed up by James Glyde. James has extensive experience in the industry with his most notable role of a senior Executive in CTrader.

Overall, PipFarm has some great foundations and offers traders something a little different. Those who are confident in their ability can scale their account whilst being given greater flexibility in their trading.

You can read our full PipFarm review below.

Number 2 – Funds For Traders (Launched March 2024)

Active Promotion

Claim a massive 30% discount with the following code: BREACH

Valid until 24th May 2024.

Key Features:

  • Ultra-low-cost accounts available starting at just $5
  • Range of challenge options
  • Metatrader 4 with Eightcap

Funds for Traders have been operating for a couple of months now and have opened doors for traders who are on a budget.

Their account sizes range from just $500 up to $200k. This is one of the few places you can get started trading for the price of a coffee! For experienced traders, their large accounts are available at fantastic value also.

This firm seems to be active on socials with a fast-growing X profile as well as an active community on Discord.

Funds for Traders are certainly worth checking out, especially if you’re looking for a low-cost option.

You can find more information on this firm below:

Number 3 – OANDA Labs (Launched Early 2024)

Key Features:

  • Created by a well-established broker – OANDA with over 25 years of experience. You can see their awards here.
  • $500k Challenge available
  • Metatrader 4 and 5

This is an interesting one which we may see more of in the future – a prop firm launched by a broker. It certainly isn’t the first prop firm launched by a broker (see Tradiac, FXify etc) but it is perhaps one of the most established.

OANDA has been operating as a retail brokerage for over 25 years, long before online prop trading came around. This experience can prove invaluable when it comes to running a prop firm.

They seem to have stuck with the two-phase challenge model with a very reasonable 8% / 5% profit target. On the downside, their challenges do seem slightly above average but perhaps that is money well spent for peace of mind.

For those who want a stable option which offers MT4/MT5, particularly those who use EAs, this looks to be a great choice. We’ll keep the community updated on this one.

Number 4 – Savius (Launched Early 2024)


Key Features:

  • This is a Futures prop firm
  • No upfront cost! (Other than the data feed which is $80 for all challenges)
  • Strong leadership team who have been in the online prop world since 2014

Our Italian readers will have most likely heard of these guys as they have been active traders, educators and leaders in the prop industry in Italy for the past decade. They are now looking to expand globally!

One huge difference with Savius is that they are not asking for a challenge fee upfront. Instead, traders get unlimited retries until they pass at which point the fee is due.

This means you can begin a $200k challenge for just the $80 it costs to set up the data feed. This is unheard of in the industry and provides new and experienced traders alike with some fantastic opportunities.

We plan to check this one out in more detail soon so keep an eye out for our full review!

Number 5 – Golden Pips FX (Coming Soon)

goldenpipsfx coming soon

Key Features:

  • The expected launch in June 2024
  • Run by Traders for Traders
  • This firm will have an emphasis on offering a sustainable solution

We spoke with these guys earlier this week and they have a great understanding of the industry and the problems facing the prop industry at the moment.

Going back to the topic of sustainability, Golden Pips FX is taking a risk by limiting the maximum payouts of each trader. On the surface, this may seem like a negative aspect, but with more thought, it becomes clear that this firm is looking to cater to the many, not the few.

Their opinion is that firms having to pay out large sums of money to the minority of traders who use gambling and other high-risk strategies, firms won’t have the capital to pay out those looking to make a steady, reliable source of income. This is proven true with the closure of many other firms.

This is an interesting idea and it will certainly improve the sustainability of the firm. Coupled with some more unique features this is one we will be keeping an eye on!


I hope this list has given you some thoughts on your next prop firm. As mentioned, the top prop firms such as FTMO are still a great choice and for those looking to play it safe, we advise sticking with those.

But for traders looking for something a bit different or some better value, these options look to be a great choice.

As always, it’s vital to do your own research on any firm you plan to partner with.

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