Funded accounts have recently grown very popular among Forex traders. Such accounts provided by proprietary trading companies allow you to start making serious profits without having to invest capital in exchange for a small fraction of your profits. However, you should be very careful when choosing a funded account since not all prop companies are equally reliable and profitable. To help you with this choice, the TU team has analyzed the market and found the best option suitable for novice traders.
How Funded Accounts Work
Basically, you get a large sum of money that you can use for trading in exchange for a share of future profits. However, you can't just sign up and claim that money: you have to pass a test to prove you're an efficient and reliable trader. The test may take up to several months, and you have to keep profits up during the entire period. All prop companies providing such accounts have their own conditions or additional options, so it's important to find the best one by comparing their features and reading user reviews online.
Best Funded Account for Forex
When it comes to Forex funded accounts, TopstepTrader seems like the best option on the market. It is a US-based prop company that's been around since 2012. The company allows you to trade Forex pairs and futures with up to $500,000 in deposits. You don't have to invest anything, just pass the test and start trading. Once you are allowed to create a funded account, you begin paying a monthly fee of up to $375 and give the company 20% of your profits. But if your income is less than $5,000, you get to keep all of your profits, and that's really important for novice traders.
What makes TopstepTrader even more suitable for beginners is its educational program that includes an impressive variety of articles, podcasts, and so on. That means you can actually learn all you need to know about Forex trading right here, and there are also simulated accounts for practice. Just about every TopstepTrader review seems to praise its user-friendly customer support and honest withdrawal policies. The trading conditions are not exceptional, and the platform definitely suits not every trading strategy, but it's still better than the majority of its competition. The leverage is up to 1:100, and every trade simply gets closed on Friday. All in all, it's probably the best prop company to start with.
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