The Cheapest Prop Firm Programs in the Industry
We compiled this list of the cheapest prop firm programs available, to help you find what you’re looking for. Some of the programs mentioned in the list are unlimited time, and some have set time limits. For our article on prop firms with no time limit, click here.
We compiled this list of the cheapest prop firm programs, all from the most reputable prop firms:
The5ers- High Stakes Program: $39
The5ers offer a $5k plan as part of their High Stakes Program at just $39. In this program, traders have unlimited time to pass the 2 phases. In Phase 1 traders must reach an 8% profit target, and a 5% profit target in Phase 2.
FundedNext- Evaluation Program: $49
FundedNext offers two plans, both for $6k in funding, that each cost $49. The first is part of their Evaluation Program. In Phase 1 traders have 4 weeks to hit a 10% profit target, and in Phase 2 they have 8 weeks to hit a 5% profit target. The second plan is part of their Express program which is 1-step. Here traders have unlimited time to hit a 25% profit target.
Finotive Funding- Classic Challenge: $50
Finotive Funding’s Classic Challenge costs $50 for $2500 in funding. The challenge is comprised of two phases, each with unlimited time to hit the objectives. In the first phase, traders must reach a 7.5% profit target, and in the second phase, traders must reach a 5% profit target.
MyFundedFx- 2-Step Normal: $50
MyFundedFx offer two programs that each cost $50. One is their $5k 2-step challenge, and the other is their $5k 1-step challenge. Both programs allow traders to reach the target profit within an unlimited amount of time. In the 1-step challenge, traders must reach a 10% profit target, and in the 2-step challenge, traders must reach an 8% profit target in Phase 1, and 5% in Phase 2.
Why Choose a Cheap Prop Firm Program
One of the downsides to using a prop firm is the participation fee that traders have to pay before pursuing their challenges. It is important to note that ‘cheapest’ does not always mean ‘best’. It usually means that you’ll gain access to less capital than you would with a more expensive program. However, if you are a rookie trader, or just new to prop firms, one of the programs mentioned below could be a good way to test the waters in the prop trading sphere.
Advantages of Choosing a Cheap Prop Firm Program
Besides from the weight lifted off your wallet, there are more benefits of opting for a cost-effective prop firm program.
- The primary advantage of a cheap prop firm program is its low cost. A cheap prop firm program allows individuals with limited funds to become funded traders and all the educational resources that come with trading with a firm.
- If a trader blows his account, there is significantly less at stake with a small account.
- Cheap prop firm programs are a great way to begin a trading journey. Traders who do not have a large background in trading can spend a small amount to help grow their trading experience.
- A cheap program is a great way to test out the firm and use the account as a trial run. This way the trader can get first-hand experience with a firm’s platform, customer experience, and other resources that the firm offers. If the trader is happy with his experience, he can then purchase a larger account later on.
For a full list of benefits of using a prop firm, click here.
Disadvantages of Choosing a Cheap Prop Firm Program
One of the downsides to using a prop firm is the participation fee that traders have to pay before pursuing their challenges. It is important to note that ‘cheapest’ does not always mean ‘best’. It usually means that you’ll gain access to less capital than you would with a more expensive program. Here are a couple of disadvantages to keep in mind when choosing a cheap prop firm program:
- A cheap account generally means that the account size is small. Meaning that the profit a trader can earn from the account is relatively small.
- It takes time to scale up when you start with a small account. Traders must consistently hit targets in order to scale their accounts to a substantial size.
- Because of the minor commitment, traders tend to not take them seriously and this decreases their chances of passing.
How to Choose The Right Prop Firm For Your Trading Style and Routine
It is essential to remember that while affordability is a crucial factor, it should not overshadow the importance of quality education and reputable prop firms. Aspiring traders should do the following things before choosing a prop firm:
- Conduct thorough research and read reviews on Trustpilot, online chat groups, and social media.
- Carefully consider their trading goals and make sure they choose a program that caters to these goals.
- Choose the program that aligns best with their needs and aspirations for long-term success.
For more advice on how to choose the best prop firm program for you. Check out this article.
Conclusion
In conclusion, the search for affordable prop firm programs has concluded with several promising options for those seeking to enter the world of prop trading without breaking the bank. With the increasing accessibility of trading education, aspiring traders now have access to cost-effective programs that can provide the necessary tools, guidance, and support to kick-start their trading careers.
To get discounts on these top prop firms and more, check out our discounts page.
