Is This A Legitimate Prop Firm?
ForexPropFirm are 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!
We were actually asked to delve into ForexPropFirm and by a few traders in our emails not too long ago as their instant funding accounts seem to have become very popular within the industry!
To that end, we can see why they have a flawless reputation… Let’s find out more.
How Do You Become A Funded Trader With ForexPropFirm?
When you’re seeking funding, you have 4 options…
Option 1–1 Step Challenge
With the one step funding challenge, you need to reach the profit target without violating the trading rules, in order to get funded. The fee is 100% refundable if you pass and get funded — it’ll be included in your first payout.
Option 2–2 Step Challenge
In the 2 step funding challenge, you’ll have to complete phase 1’s profit objectives, before moving onto phase 2. Once both phases have been completed, you’ll be refunded your fee and move on to your funding account.
Obviously, 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 3–2 Step Challenge (No Time Limit)
The ‘no time limit’ challenge works exactly the same as the original 2 step challenge — however, there are no maximum trading days. This gives traders a much longer period of time to trade, focusing on only trading great quality setups.
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 be profiting immediately from your trades.
ForexPropFirm Partnership With Eightcap
ForexPropFirm Reviews
ForexPropFirm has ‘Excellent’ reviews on Trustpilot with 471 reviews coming in at an average of 4.4/5 stars.
This is great to see!
There are a few negative reviews, as you’ll find with any prop firm or broker as disgruntled traders usually leave negative reviews after losing money — which makes sense.
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 Canadas regulations on foreign exchange trading.
Realistically speaking, this level of leverage is high enough to make good profits but low enough to keep most traders safe — whereas 1:100 leverage is enough for unprofitable traders to blow their accounts in minutes.
The trading conditions and spreads are exactly those offered by Eightcap, which are regarded as good within the industry. I’d recommend visiting Eightcaps website, or signing up for a demo account to take a look at the live spreads as a comparison.
In Conclusion
In conclusion, ForexPropFirm are not a scam and they’re a great choice of prop firm for traders looking at obtaining funding rather quickly! The leverage, relaxed rules, scaling opportunities, one step funding and great reputation make it a no brainer for traders.
We’ll keep this review updated, should anything change over the coming months but the company looks to be going from strength to strength!
Have you worked with ForexPropFirm? If so, let us know and we’ll add any comments you may have!
Get Funded Now: https://home.forexpropfirm.com/?fpf=832