More prop firms are popping up every day, providing capital to traders looking to scale their assets under management. ForexPropFirm is a new and fast payout prop firm, popping up in 2023, and has already garnered a great reputation for itself in just a few months! But is it a legitimate prop firm?
In this article we conduct a thorough review of ForexPropFirm, enabling you to decide as to whether or not we are the best prop firm for you! We will also celebrate the achievement of sending over $500,000 in payouts to 85 traders in September 2023. And highlight that more than 2200 traders have been funded, with over $5 million in payouts as proof. So, let’s get into it!
ForexPropFirm.com — What Is It?
ForexPropFirm is a forex-focused prop firm offering a range of options for traders looking to scale their trading capital and earn larger profits from their trading efforts! We have an excellent reputation in the industry and are growing rapidly!
So, what makes ForexPropFirm so great? Well, let’s take a look:
● Up to $10,000,000 in demo capital to trade with
● 90% profit split
● Constantly running discounts on challenge costs for new traders
● Payouts every 2 weeks
Prop firm weekly payout
● Scaling plan to get you to $10M
● 1 Step evaluation process
● 2-Step evaluation process (similar to FTMO)
● Instant funding model
● No time limit model
● MT4 and MT5
● Trading robots, signals, weekend and overnight holding are all allowed
● No restrictions on trading
● Over $500,000 in payouts to 85 traders
● Funding more than 2200 traders
This is just the tip of the iceberg in terms of the perks of working with these guys! Let’s take a deeper look…
How Do You Become A Funded Trader With ForexPropFirm?
When you’re seeking funding, you have 4 options…
● Option 1 — Instant Funding
With the instant funding model, you will get funded as soon as you purchase the account — with no need for a trading challenge, meaning you can profit immediately from your trades.
● Option 2–1 Step Challenge
With the one-step funding challenge, you need to reach the profit target without violating the trading rules, to get funded. The fee is 100% refundable if you pass and get funded — it’ll be included in your first payout.
● Option 3–2 Step Challenge
In the 2-step funding challenge, you’ll have to complete phase 1’s profit objectives, before moving on to phase 2. Once both phases have been completed, you’ll be refunded your fee and move on to your funding account.
No trading rules can be violated during either phase. You will only have 35 trading days to complete Phase 1 and 60 days to complete Phase 2.
● Option 4–2-Step Challenge (No Time Limit)
The ‘no time limit’ challenge works the same as the original 2-step challenge — however, there are no maximum trading days. This gives traders a much longer period to trade, focusing on only trading great quality setups.
Forex Prop Firm Reviews
ForexPropFirm has ‘Excellent’ reviews on Trustpilot with 471 reviews coming in at an average of 4.8/5 stars. This is great to see! However, the reviews are great — with a whole community of traders on Telegram sharing constant withdrawals too!
If you’re curious, join their Telegram group and have a look at the thousands of traders taking withdrawals from ForexPropFirm.
Spreads, Leverage, And Trading Conditions
ForexPropFirm doesn’t offer a huge amount of leverage, but this isn’t all bad news. The leverage offered is 1:10, in line with Canada’s regular unprofitable traders to blow their accounts in minutes.
The ForexPropFirm Scaling Program
The scaling plan allows traders to reinvest 100% of the profit in the scaling plan at every 10% profit. If you choose to do this at every 10% milestone, we will double your capital.
This means that from $25,000 to $10,000,000 of simulated capital under management is technically only 9 steps away, or a total return of 90% away!
All of the accounts are eligible for the scaling plan, to different degrees. Check out their scaling plan in more detail if this is of interest.
How Do Withdrawals Work From ForexPropFirm?
Withdrawals are processed twice per month, which is more than any other firm in the industry. Traders can make withdrawal requests on demand and they’re processed twice per month, on the 1st and the 16th.
Payouts or withdrawals are processed via a range of different platforms including Wise, Wire Transfers, and PayPal.
We are currently celebrating the achievement of sending over $500,000 in payouts to 85 traders in September 2023. Also, we have found that more than 2200 traders have been funded, with over $5 million in payouts as forex funds payout proof. You can be the next successful trader too!
In Conclusion — Is ForexPropFirm Legit?
In summary, ForexPropFirm is a legitimate prop firm offering several great perks for traders looking to get funding and grow their simulated trading portfolio. We don’t use real trading capital but this is unimportant for the most part!
