Everyone in the field of trading wants access to funding accounts to start their forex trading journey. Some traders have very low budgets and find it difficult to get funded accounts. So they try to get a cheap funded account as different firms provide affordable funded accounts. But finding the best cheap funded account is not an easy task when there are a huge number of options available. If you don't know about cheaply funded accounts then let’s discuss the most affordable and reliable funded accounts firms that are best for your forex trading career.
What Are Funded Forex Accounts?
Funded forex accounts are trading accounts provided by proprietary trading firms (prop firms) to traders who pass specific evaluation processes. These accounts help traders to access a large amount of capital to start their careers. Traders in return share a specific percentage of profits without risking their own funds. They are especially beneficial for traders who do not have enough financial resources to trade large volumes independently.
Benefits of Funded Accounts
Low Financial Risk: Traders can trade with a large amount of capital provided by the firm without risking their own money and trade without fear. Those traders who want to take larger positions and have skills but are restricted due to lack of capital can get this benefit.
Profit Sharing: Most funded accounts operate on a profit-split model that is more in favor of traders so traders can earn a specific portion of their earnings.
Access to Professional Tools: Many prop firms provide access to advanced trading platforms, analytics, and educational resources. Firms always want you to perform well and execute successful trading and they also help you to achieve it.
Scalable Opportunities: When traders prove their trading skills then firms also increase their funding limits and provide more opportunities for growth.
Factors to Consider When Choosing a Cheap Funded Account
If you want to choose the right cheap funded account then it is important to consider multiple factors including:
Cost of Entry: It is a very critical step for those traders who have a very low budget and they first see the initial cost of the evaluation. Here prefer those firms that provide affordable entry fees without compromising on quality.
Profit Split: The profit split also really matters as it decides traders' future earnings. So try to prefer those firms that provide higher splits like 80/20 or better in your favor to maximize your profits.
Evaluation Criteria: Some firms have strict criteria of evaluation that are difficult to pass but there are also some firms that provide instant funding. Choose the firms that have a very structured evaluation system with simple criteria.
Trading Conditions: Check the trading rules like maximum drawdown, lot size restrictions, and allowed trading instruments. Flexible conditions are very important for optimizing performance.
Top Cheap Funded Forex Accounts
FTMO
FTMO is one the largest prop trading firms that provides the most competitive funded account options for forex traders. Their evaluation process starts from FTMO Challenge which is very clear and affordable with specific profit targets. FTMO provides access to multiple trading platforms like MetaTrader 4, MetaTrader 5, and cTrader. All these platforms provide more flexibility to traders.
The 5%ers
The 5%ers is also a prop firm and provides three different programs with different fees and criteria. These three evaluation programs include the Hyper Growth Program, High-Stakes Challenge, and Bootcamp Program. This firm is suitable for moderate traders who want stability over competitive growth.
Topstep Forex
Topstep Forex is a trusted prop firm that is specially designed for forex traders who want affordable funded account options. This firm has a very unique approach called trading combine. This means traders combine to learn and prove their skills. Topstep is a great choice for beginners due to its focus on trader growth and education.
FundingPips
FundingPips is a new prop firm in the prop trading industry. This firm became the top firm and is included in the top 5 firms in a very short period of time. The main reason behind this popularity is its affordability and trader-friendly policies. This is also one of the best prop firms for day trading. The firm supports Match Trader, cTrader, and TradeLocker.
Fidelcrest
Fidelcrest is another top-tier prop firm that provides very cost-effective funded account programs for forex traders. They provide traders with different options of trading accounts including micro trader, microprogram, and Pro-Trader. This firm is ideal for traders who want to boost capital. Traders can earn up to 80% profit.
Final Thoughts
Prop firms provide huge opportunities to traders who don't have enough money to start and help access funded accounts. There are different cheap traded funded account options available in the prop market but choosing the best needs some considerations. Choose those firms that provide options that you can easily afford and that align with your goals.
