ForexPropFirm - Forex Review Global

Forex Prop Firm

ForexPropFirm is a prop firm offering instant funding, as well as the traditional one step and two step challenges to forex traders around the world. These range from $10,000 to $10M and they have a range of features that make them a contender within the industry!

How To Get A Funded Trading Account From ForexPropFirm?

There are multiple ways to get a funded trading account from FPF, depending on which route you’d like to go down…

1. The 2-Step Challenge

Their 2-step challenge is very similar to the standard challenges you would be familiar with in the industry if you’ve worked with other prop firms previously.

In phase 1, you have a profit target of 8%, with no daily drawdown limits but a maximum drawdown of 12%. You’ll need to trade for a minimum of 5 days and a maximum of 35 days. You will still be receiving a profit split for your trading efforts during evaluation, providing you pass!

In phase 2, you have a profit target of 5%, with the same drawdown rules as in phase 1. You’ll have 60 days to pass this phase, rather than 35 days. Again, you’ll have a 10% profit split during this time.

2. The 2-Step Challenge No Time Limit

Rather than a normal 2-step challenge, you can choose to have a funded account with no time limit and with just a little harder target.

In phase 1, you have a profit target of 10%, with 5% daily drawdown limits and a maximum drawdown of 10%. You’ll need to trade for a minimum of 3 days.

In phase 2, you have a profit target of 5%, with the same drawdown and minimum trading days rules as in phase 1.

3. The 1-Step Challenge

The 1-step funding model is very similar to the 2-step model, beyond the fact you won’t need to complete that second verification stage.

The rules are very simple, with a profit target of 10%, daily drawdown limit of 4% and a total drawdown limit of 6%. There are no minimum trading days or time limits, which is great!

As per the other 2 models, weekend holding, signals and EA’s are allowed. The challenge fee is refunded in the first withdrawal, providing you pass the challenge and get funded.

4. Instant Funding Model

The instant funding model provides an opportunity for profitable traders to get funded same day and start earning profits on their funded trading account.

The starting capital ranges from $10,000 to $200,000, of course ranging in price too. You won’t have a profit target or time duration, but you will need to manage drawdown to a maximum of 5% on the account.

You will have to trade for a minimum of 5 days each month in order to keep the account and weekend holding is allowed.

It’s worth mentioning that you’ll need to start at at least $25,000 in capital if you wish to participate in the scaling program.

What Makes ForexPropFirm Different From Other Prop Firms?

Firstly, they offer withdrawals twice per month – unheard of in the industry.

They also offer a much better scaling opportunity than many firms, which allows traders to grow to over $10,000,000 in funded trading capital.

FPF also have much more relaxed rules, in the sense that you’re able to hold trades over the weekends, use EA’s and also hedge on your accounts – something many traders have been penalised for with other prop firms.

They also offer the one step funding account, which a lot of firms don’t! This enables traders a higher chance of succeeding and obviously allows you to obtain capital much faster.

The ForexPropFirm Scaling Plan

ForexPropFirm has a fairly aggressive scaling plan which can result in $10M of trading capital. To qualify for the scaling, you must start with a minimum of $25,000 in trading capital, which the majority of the funded accounts will have.

Once funded, you will work on 10% profit milestones. Essentially, for every 10% profit you earn, they will double your trading account balance!

This is by far the best scaling program we have seen and it reminds us of the old DT4X funding potential that everyone took advantage of many years ago!

ForexPropFirm Partnership With Eightcap

Like many of the industry leading prop firms, ForexPropFirm partner with Eightcap to provide their trading accounts and liquidity.

This is pretty much the industry standard at this point, which is great news! We all know by now that Eightcap is a very respected broker and offers some very good trading conditions, with over 1000+ currency pairs and tight spreads.

Leverage, Commissions, Spreads, Fees

The maximum leverage offered by ForexPropFirm, per the FAQ section on the website, is 1:10, which is in line with the legal cap in force in Canada, albeit too low for certain trading instruments such as FX major pairs.

If you’re a Forex trader or enthusiast, this leverage simply won’t do it for you. For other instruments such as CFDs, it can work. ForesPropFirm claims there are no monthly fees. To reiterate, the spreads and commissions are the ones Eightcap offers.

The broker’s clients seem to stress that the platform had spread malfunction issues, i.e. manipulated spreads. If you trade like this, you may experience issues. If that’s the case, contact us so we could help recover your invested funds!

ForexPropFirm Trading Features

When it comes to the trading platform, Eightcap offers two of the best options in the game – MetaTrader 4 and MetaTrader 5. These platforms set the bar pretty high in the trading industry with their wide range of cutting-edge tools such as automated & algorithmic trading, live market reports, API integration, multiple timeframes, lightning-fast execution and more.

ForexPropFirm does not support cryptocurrency trading. A short digression – avoid shady crypto providers such as Power Trade. As for the instruments that you can trade here, here’s an overview:

Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
Indices – S&P 500, NASDAQ 100, DAX 30…
Commodities – gold, wheat, crude oil, natural gas…
Stocks – Microsoft, Disney, Google…