Since the industry for prop trading firms began to change significantly in recent years, the number of firms has increased. The advantage of this is that traders have virtually limitless opportunities to find a reliable trading firm that will meet their needs. Different firms have different evaluation programs, and today, we are looking at the 5 Best Two-Step Evaluation Funding Programs.
Two-step Evaluation Funding Program
Forex Prop Reviews chose to rank the top five two-step evaluation funding programs this time. Let’s start then:
My Forex Funds
First is My Forex Funds, an established prop trading firm that started operating in July 2020. Traders can choose the following account sizes: 5, 10, 20, 50, 100, or 200.
- A trader must meet an 8% profit target in phase-one evaluation while adhering to the 5% maximum daily loss or 12% maximum loss rules. From the day they open their first position on their evaluation account, traders must reach their profit target within 30 calendar days.
- To pass phase two, a trader must meet a profit objective of 5% while adhering to the maximum loss or maximum daily loss limits of 5% or 13%, respectively.
- Traders must reach their profit goals in phase two within 60 calendar days, starting when they open their first position on the traders’ evaluation account.
- Traders who complete phases one and two of the evaluation are rewarded with 2% of the profits they made in phase one.
- Traders are given funded accounts with no profit targets. The only rules of a maximum daily loss of 5% and a maximum overall loss of 12%. Thirty calendar days after the trader opens their first position on the funded account, they will receive their first payout.
Next up is E8 Funding, a prop trading firm that has been in the industry since November 2021. The evaluation program account from E8 Funding allows you to trade with 1–100 leverages. You can choose between USD, EUR, and Great British pounds.
- The evaluation phase one requires a trader to reach a profit target of 8% while staying within their 5% maximum daily loss and 8% maximum loss rules.
- There are no minimum trading day requirements to proceed to phase two. Traders can choose how much they want to trade within those 30 days.
- Phase two requires a trader to reach a 5% profit target while staying within their 5% maximum daily loss and 8% maximum overall loss rules.
Overall, E8 Funding is established and famous for a good reason, and the two-step evaluation program is an excellent account.
FundedNext is a prop trading company that has only been operating since March 2022. Despite their short operating history, they have grown and drawn in many traders. Now, their traders have two funding options to choose from, and one of them is the evaluation model. Traders can select from various account sizes for the FundedNext two-step evaluation program.
- The FundedNext evaluation model account allows traders to trade with 1:100 leverage.
- Traders must earn profit within 60 calendar days from the day they place their first position on their evaluation account. Traders are required to trade for a minimum of five trading days.
- Phase one requires the trader to reach a profit target of 10 while not exceeding their 5% maximum daily loss and 10% maximum overall loss rules.
- The trader’s profit split will be 80% based on their profits. In addition, traders also receive a 15% profit share based on their profit in each evaluation phase.
The Funded Trader
Following The Funded Trader, traders have a choice between three funding programs. Traders can choose between the standard, rapid, and royal two-step evaluation programs. The accounts in the evaluation program allow traders to trade with one to 30 up to one to 200 leverages.
- In the Standard Challenge, traders’ first payout is 30 calendar days from the day they take their first position on their funded account. All the payouts will be based on a bi-weekly basis, and their profit split will be 80 to 90 percent, depending on the profit they made that day.
- In the Rapid Challenge, traders must respect the 5% maximum daily loss. The trader’s first payout is 14 calendar days from the day they place their first position.
- The third is the Royal Challenge. Traders have a maximum trading period of 35 calendar days here for phase one and 60 calendar days for phase two.
- By completing both evaluation phases, traders are awarded a funded account.
- Traders’ first payout is 30 calendar days from the day they place their first position.
FTMO is among the earliest prop trading companies and has been active in the market since September 2015. Through an instant funding model, it seeks to attract traders who are rewarded for their consistency throughout a two-step evaluation period. Account sizes include 10, 25, 50, and 100, with an additional option for a regular $200,000 account.
- In evaluation phase one, traders must hit their profit target 30 calendar days from the day they place their first position on an evaluation account.
- A trader must meet a profit objective of 5% while adhering to the 5% daily loss or 10% maximum loss rules for regular accounts to pass Evaluation Phase 2. When considering aggressive accounts, traders must achieve a profit target of 10% and maintain their losses below 20%.
- Traders must reach a profit target within 60 calendar days to move onto a funded account.
- A funded account is given to traders who abide by the regular account’s 10%maximum loss and 5% daily loss restrictions.
- Trading must adhere to the ten maximum daily loss and 20 maximum loss rules while using aggressive accounts.
- After receiving a funded account, traders will start receiving their payouts bi-weekly.
- The first profit split will be based on their profits and set at 80%.
The profit target and maximum daily and maximum loss limits, which are the goals for both evaluation phases, must be between the minimum and maximum. Overall, FTMO has a solid reputation, and for a good reason.
Here’s the full video; watch it for more details:
Also, for a discount on the mentioned firms, here are the discount codes:
- For E8 Funding 10% discount, use code FOREXPROPREVIEWS.
- For My Forex Funds 5% discount, use code forexpropreviews5
- For FundedNext 5% discount, use code FOREXPROPREVIEWS
- For The Funded Trader 10% discount, use FOREXPROPREVIEWS.