Prop firms keep paying out huge amounts to their funded traders each month, but if you do try to get funded, it can start getting expensive very quickly. With lots of new prop firms emerging and so many different funding models, it can be hard to find the best deals. In this video, I’ll explain the cheapest prop challenges in 5 different categories and give you discount codes so that you can make them even cheaper. If you want to support my work creating this post, feel free to use the links when getting your prop firm account.
Get Prop Firm Challenges Even Cheaper
The discount codes used in this post work for these challenges all of the time. However, many of the prop firms mentioned also frequently run limited time discount promotions, with higher percentages off and other added benefits. If you want to find the latest discount codes for these prop firms, check out my Prop Firm Discount Codes page. It contains the latest prop firm discount codes and promotions so that you get the best deal when buying a prop firm challenge!
Also, if you can be notified whenever a new code is posted by joining The Prop Journalist’s Discord Server an react to the message in the welcome channel.
Cheapest Prop Firm Account: My Forex Funds $5k
If you want the very cheapest prop firm account that you can buy, My Forex Funds is the prop firm for you. Their $5k evaluation account is just $49, which is reduced to $46.55 when using the discount code Kimmelfx for 5% off. The My Forex Funds evaluation consists of two phases, the first with a profit target of 8% in 30 days for phase 1, then a profit target of 5% in 60 days for phase 2. These phases have a 12% maximum drawdown and 5% daily drawdown limit.
But be careful because daily drawdown is calculated using both equity and balance, you can learn more about this in my MFF daily drawdown explanation post. Once you pass the evaluation you are eligible for 75% of the profits that you make, which is increased to 85% by the third month.
Cheapest $100k Prop Firm Account: E8 Track
While My Forex Funds offers the cheapest prop firm account in the industry, $5k is quite small and more experienced traders may want to go for a larger funded account. E8 Funding offers the cheapest $100k account, with its E8 track program, which costs only $358. However, this evaluation consists of 3 phases, with an 8% profit target in 30 days for phase 1 and a 5% profit target in 60 days for phase 2 and 3.
These accounts have 8% maximum and 5% daily drawdown limits, with daily drawdown being calculated using both equity and balance. The E8 track funded account pays out an 80% profit split biweekly. Even though the E8 track costs significantly less than other $100k prop firm accounts, you may want to consider choosing an alternative because the third phase makes it significantly harder to pass. With other 2 step prop firms you pass much earlier, and are therefore refunded the evaluation fee earlier than with E8 track, which mitigates the benefit of the cheaper evaluation fee.
If you do want to try a regular 2-step E8 account or the ELEV8 account instead of the E8 Track, make sure to use the discount code TPJ for 8% off, but unfortunately this discount code doesn’t work with E8 track accounts. Also, the 8% maximum drawdown means the true backing is smaller than other firms with higher maximum drawdown.
Cheapest 2-Step $100k Prop Firm Account: The Funded Trader Royal Challenge
If you want a cheap $100k account, but would prefer a shorter 2-step challenge, a The Funded Trader Royal Challenge account is the best choice. This originally costs $489, but is reduced to only $415.65 when using the discount code CEASAR for 15% off. The royal challenge has an 8% profit target in 35 days for phase 1 then a 5% profit target in 60 days for phase 2. It has a 10% maximum drawdown and 5% daily drawdown, which is calculated using equity and balance.
The Royal Challenge funded account pays out an 80% profit split, which can be increased with scaling. The 10% maximum drawdown means the true backing is higher than E8 Track, but it isn’t as high as the My Forex Funds evaluation’s 12% maximum drawdown.
This is reflected in My Forex Fund’s more expensive evaluation fee of $499, which can be reduced to $474 with 5% using discount code Kimmelfx. If you divide true backing by the evaluation fee, you can calculate a value I call the drawdown multiplier, where the higher the better. The $100k TFT Royal challenge has a drawdown multiplier of 24.1 while the My Forex Funds has a drawdown multiplier of 25.3.
This means My Forex Funds offers more true backing per dollar of evaluation fee, which is a good thing, but doesn’t show the whole picture. The profit split is just as important as true backing when earning prop firm payouts. By multiplying the drawdown multiplier by the profit split we can find the absolute (drawdown) multiplier. At the start when TFT has a higher profit split it has a higher absolute multiplier, but in the end once they both have the same 90% profit split My Forex Funds has the higher value in line with it’s higher drawdown multiplier.
Also, despite having the same profit targets the higher My Forex Funds 12% maximum drawdown means its evaluation has lower drawdown to profit target ratios, meaning it is easier to pass. While these differences between the $100k TFT Royal challenge and the $100k My Forex Funds evaluations are small so they are very evenly matched, I wanted to highlight the importance of factors other than price that are important when choosing a prop firm. I’ve already made a more in depth review of everything important in The Funded Trader and will be releasing a My Forex Funds review soon.
Cheapest No Time Limits Prop Firm: My Funded Fx
Even though the prop firms I’ve mentioned up until now are great deals for the price, sometimes the hardest part about passing a prop firm challenge and getting funded is the time limits. If you find them a problem, you likely will want to choose a no time limits prop firm.
MyFundedFx offers the cheapest no time limit evaluations, with their $5k account costing only $50. This can be reduced to $47.5 with the discount code TPJ for 5% off. MyFundedFx actually offers 2 different funding models, the 2-step evaluation or the 1-step evaluation. The 2-step evaluation has a profit target of 8% for phase 1, then 5% in phase two, with no time limits in both phases.
The thing that makes the MyFundedFx 2 step evaluation unique is it’s 8% maximum drawdown. It is static maximum drawdown, unlike the trailing relative drawdown that most no time limits prop firms offer. This makes the evaluation easer to pass, and means you can withdraw everything you make from the funded account with an 80% profit split without losing the account like you would with the relative drawdown rule. The 2 step evaluation also has a 5% daily drawdown rule, which is calculated using equity and balance.
The MyFundedFx 1-step evaluation has rules similar to other one step firms, but the $5k evaluation is the cheapest in its category. It has a 10% profit target, with no time limits. However it has a 6% relative drawdown, which is trailing.
This means if you withdraw all the profits made on the funded account after making more than 6% profit, you will lose the account. The 1 step evaluation also has a 4% maximum daily drawdown rule, and pays a 80% profit split on the funded account.
Cheapest 1 step $100k Prop Firm: The Funded Trader Knights Challenge
If the relative drawdown rule isn’t a problem for you, and you want a larger 1 step funding challenge, a The Funded Trader Knights challenge is the cheapest choice. It costs $489, which is reduced to $416 with the discount code CEASAR. It has the same 10% profit target with no time limits and 6% relative drawdown, but a lower 3% daily drawdown.
Once you pass the evaluation the TFT Knights challenge pays out an 80% profit split, which can be increased to 90% with scaling. However the Knight Challenge only has 1:30 leverage, while MyFundedFx offers 1:100, so if high leverage one step evaluation is important for you the more expensive MyFundedFx 1 step evaluation may be the best choice.
Thanks for reading, if you found this video make sure to check out my other content, where I go into more depth with each firm . If you have any questions or suggestions for future videos, feel free to comment below!