Day trading in the UK is getting increased day by day so they also need more opportunities in their trading journey. The best opportunity for day traders is prop firms through which they can trade even if they have no personal money or savings. Prop firms provide them with their own money to trade as well as resources they need during their journey and expert guidance. All these benefits of prop firms make it unique and the best chance for day traders to make their trading career. But if you are new in day trading and don’t know about the prop firms or which firms are the best ones so worry not. Let’s discuss in detail the top prop firms for day traders and help you find the best platforms to maximize your success.
What Are Forex Prop Firms and Why Are They Popular?
Forex prop firms, or proprietary trading firms, give traders access to large amounts of trading capital in return for a share of the profits. This setup helps traders to trade with more money without risking their own capital. To choose the best forex prop firms for UK traders, these firms provide different benefits:
- Reduced Risk: You do not take a risk on your own money
- High Leverage: Get access to big funding for larger trades.
- Training and Mentorship: Many firms provide learning resources.
- Profit Sharing: Traders can earn a big share of the profits.
Top Features to Look for in a Forex Prop Firm
To choose the best forex prop firm for your trading goals keep in mind:
- Funding Options: Check how much capital the firm provides and how much maximum you can get when you grow it over time.
- Profit Split: consider those firms that provide you a good share of your profits mostly 80/20.
- Fees and Costs: Compare evaluation fees, monthly charges, and any hidden costs of all the firms.
- Trading Platforms: Make sure the firm provides access to platforms like MetaTrader 4 or 5.
- Risk Management Rules: Must understand their limits for drawdowns and other trading rules.
Top Forex Prop Firms for UK Day Traders
FTMO
FTMO firm was introduced in 2014 and is now considered one of the top prop firms globally. It provides excellent trading conditions and is increasingly preferred by UK day traders.
- Funding Options: You can earn up to $400,000 with scaling programs.
- Profit Split: Keep 90% of the profits.
- Evaluation Process: Pass a two-step evaluation process with clear goals.
- Platform Support: Provide access to MT4, MT5, and cTrader.
MyForexFunds
MyForexFunds is the best choice for traders of all experience levels due to its flexible trading plans.
- Funding Options: Provide up to $300,000 capital for experienced traders.
- Profit Split: Up to 85/15 for advanced accounts.
- Evaluation Process: Simple two-step evaluation phase.
- Platform Support: MT4 and MT5.
- Key Benefits: Low evaluation fees and different account options for both beginners and experts.
The Funded Trader
The Funded Trader provides great funding options and easy and clear processes.
- Funding Options: Up to $600,000 with scaling.
- Profit Split: 80/20 profit split for standard accounts with growth opportunities.
- Evaluation Process: Multiple evaluation challenges according to different trading styles.
- Platform Support: Supports MetaTrader platforms.
- Key Benefits: Regular bonus programs and trading competitions.
City Traders Imperium (CTI)
This firm is located in London and is mainly designed for UK-based traders. This firm has a great focus on education and growth for traders.
- Funding Options: Initial funding up to $70,000 and with scaling up to $4,000,000.
- Profit Split: 50/50 initially that will be increasing with performance.
- Evaluation Process: A very simple and easy One-step evaluation to gain profitability.
- Platform Support: provide access to MT4 and MT5.
- Key Benefits: Extensive mentorship programs and trader development resources.
FundingPips
FundingPips is gaining popularity due to its innovative approach to prop trading. Due to its flexibility, FundingPips is included in the top 5 best prop firms for day trading. Its trading competition makes it unique from other firms and provides you an opportunity to get a funded account for free. FundingPips is especially popular among UK traders due to its easy and clear policies and focus on trader growth.
- Funding Options: provides you funding up to $200,000 with scaling opportunity.
- Profit Split: Provides a competitive 80/20 profit-sharing model.
- Evaluation Process: Provide a one-step evaluation process and focus on consistent trading performance.
- Platform Support: Provide access to MT4 and MT5.
- Key Benefits: Provide flexible trading conditions with clear rules and fast risk management support.
Fidelcrest
Fidelcrest prop firms are also a good choice for traders due to their multiple options for funding plans and flexibility for traders.
- Funding Options: provide up to $400,000 with a tiered scaling plan.
- Profit Split: You can earn profit up to 90/10 for funded accounts.
- Evaluation Process: Has a Two-step evaluation process and mainly focuses on consistent performance.
- Platform Support: Provide access to MT4 and MT5.
- Key Benefits: No restrictions on trading styles and rules.
Conclusion
Choosing the right forex prop firm is important for day traders to make their trading successful. To select the right one it is important to first know the top prop firms. All the firms discussed above provide you with a number of options for different trading styles and needs. First, make your trading goals and then compare all the firms and choose the one according to your trading style and needs.
