Top 5 Prop Firms of 2024 (And Those to Avoid) – Including Exclusive Discounts

top 5 prop firms

It has been a turbulent time for prop firms with platform issues and the collapse of various prestigious firms adding uncertainty to the industry.

In this article, I’m going to go over 5 firms which have displayed their ability to provide continuity to their traders over this testing time.

There are several newer firms which show promise but I will leave those off this list for now.

Current Top Choice – FunderPro

funderpro logo

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Key Highlights

  • Live Capital – FunderPro provides live capital to all their funded traders. This ensures that the interests of both parties are aligned.
  • Professional Operation – FunderPro is part of a much larger operation which not only builds trading tech but also provides a number of services to firms across the industry.
  • On-Demand Payouts – Get a payout whenever you reach $100 in profit. You can even request multiple payouts each day!

We have been a long-time partner of FunderPro and had the pleasure of meeting the whole team at the SigmaFX expo in Cyprus last year. We spoke with Gary Mullen, the CEO, who explained how they are looking to shake up the industry with unprecedented transparency and provide a truly fair experience to traders.

Perhaps the best feature of FunderPro is the fact they provide live capital to their traders. By aligning the interests of the trader and the firm, many issues that are plaguing other firms are avoided. It also moves away from the quasi-ponzi model that many other firms use.

Read more on FunderPro below:

Top Runner-Up – FXIFY

FXIFY prop firm

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Affiliate Code: PTC15

Key Highlights

  • Excellent Trading Conditions – By owning their own backend brokerage, FXIFY can offer traders great trading conditions and even the ability to choose their commission structure (All-in or raw spreads).
  • Quick to Adapt – FXIFy has proved on a number of occasions it can adapt to changing business environments. They were among the first to resume payments after DEEL cut ties with the prop trading industry.
  • Fast Payouts – Many traders report receiving their payouts in a matter of minutes which compared to other firms is fantastic.

We spoke to the team at FXIFY last year as they launched and they described how they want to provide traders with a stable and fair environment to put their skills to use. They have fulfilled this promise and have built a loyal following of traders.

FXIFY offers a wide range of account options including one, two and three-phase challenges which are all customizable. Prices are also below average after applying our 15% discount.

Joint 3rd Place – The 5%ers & FTMO

ftmo
5%ers logo

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Key Highlights

  • Both Long-Running Firms – Both the 5%ers and FTMO have been around for several years which displays they have their risk-management perfected.
  • Great Reputations – It’s hard to find anyone who has a negative thing to say about these firms. In the past 2 years, I’ve been involved with Prop Traders Club, I have never seen an unjust payout denial from either of these firms.
  • High Earning Potential – Since both of these firms have a huge amount of traders. Therefore someone making a large withdrawal will have minimal effect on their cash flow whereas smaller firms may struggle.

A top 5 list wouldn’t be complete without these firms. I’ve chosen to combine them at third place as they are so well-known in the industry and I feel traders choose both these firms for similar reasons.

FTMO was among the first online prop firms and despite very little in the way of marketing, they have maintained a strong lead in the industry. They have achieved this by providing a reliable option to traders who are willing to pay a small premium for the confidence in knowing they will receive their hard-earned profits.

The 5%ers are more innovative and reactive in the industry, providing various funding models to suit a larger number of traders. They also have a stronger community presence with regular podcasts, education videos and social media interaction.

4th Place – Tradiac

Tradiac Logo

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Discount Code: PTC10

Key Highlights

  • Strong Leadership Team – All those involved in the leadership and day-to-day running of Tradiac are seasoned industry professionals. This provides various benefits for those partnering with this firm.
  • Large Drawdowns – Receive up to 30% maximum drawdown for your account. This is the highest in the industry and is excellent for aggressive traders, swing traders or even those who just want more breathing space.
  • Unique Scaling System – Save scaling progress even after breaching your account. Read more about Tradiacs scaling system here.

One important question to ask when choosing a prop firm to partner with is what their business model is. Many firms operate purely on the aforementioned quasi-Ponzi model (or even a blatant Ponzi scheme).

Tradiac is different. They have partnered with a large hedge fund who are looking for skilled traders to help direct their capital. This modal does not rely on the trader losing but instead benefits alongside profitable traders. Read more on Tradiac below:

5th Place – FundedNext

FundedNext Logo

Claim 10% Discount on All Challenges

Affiliate Code: PTC

Key Highlights

  • Low-Cost Accounts – Get started trading with FundedNext for as little as $32. Great for those just starting out!
  • 24-Hour Payout Guarantee – FundedNext will pay you $1000 if you don’t receive your payout within 24 hours.
  • Smooth and Intuitive Dashboard – See your challenges, profits and progress in a smooth well-designed dashboard.

FundedNext is one of the few Asia-based prop firms and has consequently built a huge following in this part of the world. It’s not just Asian traders who can benefit from this firm’s platform though.

FundedNext provides a low-cost simple entry option into prop trading. Whether you’re just starting out or are a seasoned professional, there is an option for you. They have earned their place on the top 5 list.

Honourable Mentions – Other Prop Firms

There are a number of other firms which seem to be conducting themselves in a fair and professional way. Below I will include some of these.

My Funded FX

My Funded FX has been around for a while they had some unsettled times at the start they seem to have a great handle on things now. We have been particularly impressed with their quick communication and resolution of issues which arise.

FundingPips

We’ve not worked with FundedPips before but have been following this firm for a while now. All reports look great and their CEO is very active in the community and quick to respond to queries on Twitter.

Prop Firms to Currently Avoid

As mentioned, the industry is in a state of chaos. The firms which have relied on a poor business model or have been managed poorly are now suffering the consequences of their poor decisions.

The following list is firms we recommend avoiding for the time being. This does not mean they are doomed forever, but it’s important to see massive improvements in the coming months.

The Funded Trader

This firm has recently imploded when the loss of a MetaTrader licence caused dramatic cash-flow issues. This led to the pause of all trading accounts, a temporary closure of the website and the loss of many jobs.

They have since made a return promising to make traders whole while they resume operations. This situation is less than ideal and the next few months are going to be vital if this firm is to make it to 2025.

The Funded Engineer

This firm has faced similar problems to The Funded Trader but the issues began after this firm lost their tech licence from FPFX for eligidly trying to cheat the company out of money.

This again caused a cash-flow problem and forced Funded Engineer to take similar steps to The Funded Trader by resetting all funded and challenge accounts back to phase 1.

This isn’t the first time Funded Engineer has faced issues and it seems to be becoming a bit too regular. Hopefully, this firm can turn things around and get back to their hay day of making huge payouts.

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