In the last article we briefly talked about what a prop company is and how it can be useful for a trader. We focus on the fact that the prop trading service can be offered both by a financial company created for this purpose and by a broker. What conditions are offered to traders in Russia, Ukraine, the CIS countries will be discussed below.
What you need to do to become a prop company trader
1. MFX —Broker, the only broker (prop company) on our list with a secure connection (a “green lock” in the address bar).
Broker offers to get in control up to 100 thousand dollars. United States in two ways:
- participate in the program of prop-trading. Provides a minimum starting deposit of $ 30. US subject to the provision of a statement (trading history) for a period of at least 3 months or $ 100. USA in the absence of a successful trading history;
- Take part in the qualifying tournament MFX Challenge. The tournament conditions are detailed on the prop company website: the initial balance of the demo account is $ 2,000. The United States, the minimum profit is 15%, trading 1 month, more than 10 closed days with a profit. Prerequisite: maintaining a blog on the website with a description of trading strategies. Winners automatically take part in the prop-trading program.
In the first trading days of 100 thousand dollars. Nobody will provide the USA. Trading will be carried out under the control of risk managers, first with trader’s money (stage 1, profit remains at its disposal). At the 2nd stage, it is possible to manage the money of the prop company without investing its own capital. Reviews of online brokers are positive.
2. United Traders is another broker offering the prop-trading service and about which there are almost no negative reviews. To become a member of the program, you need to leave a request on the site, wait for the manager’s call back, enter into an agreement and download the trading platform. Alas, trading is possible only on the broker’s platform (if it is paid, it does not say on the website).
If there is no statement, you can take part in the UTchallenge competition, where 4 options of contests are presented. True, the site states that more than 200 prop traders worldwide work with a broker. Can you get in their number?
3. Delta Discovery Group is a full-fledged prop-company operating worldwide, including Russia. It has the following features of cooperation with prop traders:
- available instruments – futures traded on CME;
- intraday trading only;
- the minimum deposit for participation in the program is 160-350 dollars. USA (4 programs to choose from with a period of 3-8 weeks);
- preference for investors working with no more than 3 instruments (narrow professional specificity);
- maximum remuneration – no more than 80% (up to 90% for the two previous brokers);
- the ability to trade on one of the 4 platforms, and MT4 is not among them.
To become a prop-trader and choose a reliable pro-company, you need to successfully complete one of the programs, enter into a contract of employment and pass a trial period. In general, the prop-company approach to cooperation is impressive. One gets the impression of a serious and responsible approach to business, no negative reviews were found on the Internet.
Summary. As you can see, it is not so easy to become a prop-trader, but this is a chance for those who are willing to spend years on training and devote themselves entirely to Forex, as well as those who have no money for it. But there is a second option: invest your own money and learn from your mistakes. What of this you prefer, you decide! Well, the FxCash rebate service will support you in any undertaking, offering money saving on spread return and a list of reliable brokers!
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