Beginner and experienced forex traders alike are looking forward to reaching the next milestone in their activity. Unfortunately, they do not always have the right capital to move forward, which can limit them greatly. For this reason, traders are looking into prop firms. These companies can help them obtain the desired amount of capital, and all they need to do is prove their worth by passing a few challenges.
One of these prop firms is The Prop Trading. Although it hasn’t been around for too long, the company managed to become popular and gather a generous community. It offers traders a high amount of money in funding as long as they qualify for it.
But is it really a prop firm you should consider when it comes to funded trading? The Prop Trading review will tell you everything you need to know about the company and whether it’s worth signing up for a funded trader program with them or not.
What Is The Prop Trading?
The Prop Trading is a proprietary trading firm with headquarters in Brisbane, Australia. It was only established in 2020, and it worked its way up ever since. The Australian firm offers traders capital of up to $200,000, which is a very generous offer. On top of that, their fees are refundable for individuals who pass their challenges successfully.
Moreover, they offer a 1:200 leverage, and traders who are very close to completing the challenge will also get retries. This is one reason why a lot of forex traders love this firm – it helps you pass the challenges easily and increases the likelihood of becoming a funded trader.
You get access to Indices and Cryptos as well while having the chance to make trades on the MetaTrader 5 platform. Besides, you can get an extra 25% in funding monthly once every 3 months if you got a minimum growth of 6% with a minimum gain of 2% per month.
All these benefits put The Prop Trading high on the list of proprietary trading firms.
What Makes The Prop Trading Unique?
Why should you choose The Prop Trading instead of other similar companies? The firm is very similar to a lot of other proprietary trading companies in the forex market. With this in mind, perhaps you are wondering why one would go for it and not one of the competitors.
Well, it all depends on what you seek as a trader. Maybe you want to test the waters before committing to a company, and that’s understandable. But this is exactly what makes The Prop Trading so amazing.
This firm offers a free trial. As such, you have the opportunity to test all the trading conditions, allowing you to get used to the methods while improving your skills. When you are ready, you can buy a paid option and start your challenge.
You will not get a free trial from all prop trading firms, as some will ask for a fee for joining the challenge right away. But The Prop Trading begs to differ – it lets you see what’s in store before you buy the product, and that alone builds trust.
Many Options to Choose From
The Prop Trading also offers a large selection of cryptos and indices to trade, and if you’re into this, it can be a huge benefit. Not every prop trading firm out there makes so many indices and cryptos available, so it’s easy to see what makes The Prop Trading stand out. Most firms will offer a few forex pairs, crosses, and major, but will not provide cryptos and indices.
How Do You Get Funded by The Prop Trading?
The Prop Trading offers funding of up to $200,000. However, it all starts from $50,000, with this low funding amount requiring a $279 fee. Meanwhile, the $200,000 funding program will require $800. Regardless of how much you pay, you can get this amount back as long as you are able to complete the challenge successfully. If you fail, you will lose the fee without the possibility of recovering it.
The challenge process has two steps, therefore you are required to pass both to gain access to the capital.
What’s great about this prop firm is that it has an 80% profit share. This is one of the highest profit shares in the industry. Thus, it’s an opportunity you shouldn’t miss. Other companies do not offer this much. In fact, many will offer profit shares that are no higher than 65%.
On top of that, if you are flat on trades monthly on the last trading session at midnight time, you will have monthly withdrawal processing.
The Prop Trading – What Do The Reviews Say?
Now you know what this company has to offer and why so many forex traders go for it. Still, that might not be enough to buy your trust. So, let’s take a look at what previous customers have to say about this firm.
If you look on TrustPilot, you will be pleasantly surprised. The company currently has a rating of 4.5 stars out of 5, showing that people’s experiences with it were positive for the most part. This is further proven by the 74% maximum reviews, with only 15% of reviewers giving The Prop Trading one star.
Seeing that 15% of people had issues with The Prop Trading firm is a bit concerning. It shows that while a large number of individuals praise this company, there are still problems that must be addressed. Fortunately, the number of positive reviews keeps increasing, which gives us some hope that nothing worrying will happen in the future.
The Positive and the Negative Parts
Everyone who left a review for The Prop Trading had a unique experience. Those who left a maximum star rating have complimented the customer service team, which helped traders who experienced issues when making payments and not only. It seems that the team is not only responding to inquiries as soon as possible, but they also make efforts to solve problems and give people a good experience overall.
Not only that, but many have claimed that the funds reached their accounts in as little as 2 days after completing the challenges, and this is very promising.
At the same time, we cannot ignore the number of people who have reported problems with the trading rules and not only. People claimed they have lost money unfairly, with others having their accounts deleted after requesting withdrawals.
However, it seems that the firm is working to fix all the previous problems and mistakes and provide a user-friendly experience to everyone, which is commendable.
If you want to see more for yourself, you can always go through all the reviews and find out what good or bad things traders say about The Prop Trading.
What You Need to Know about the Capital Scaling Plan
The Prop Trading has a scaling plan to reward traders who show consistency and are profitable. Many prop trading firms in the industry have scaling plans – therefore, seeing this company offering the same thing is a good sign.
This plan increases the account balance of the trader whenever they reach a new goal. Once every 3 months, profitable traders see a 25% increase in capital, which is great. But other than that, we do not know more about this scaling plan as the firm doesn’t offer a lot of details.
Educational Resources
Having educational content on the website can be of huge help to new forex traders. Unfortunately, The Prop Trading offers no educational resources on their site. All forex traders must find other tutorials and materials before attempting to trade, or they must learn through their trial experiences.
The Prop Trading has been mentioned a few times in a thread called “PROP FIRM HUB”, where people can post about their experiences with the firm.
The Prop Trader Customer Support Team
The company has a very useful FAQ page where you can find answers to some of your questions.
But that is not all. You can also reach out to the customer support team in various ways. They have a live chat on the website which you can use from Monday to Friday between 9 AM and 5 PM AEST. Just keep in mind that the live chat doesn’t work on public holidays.
Furthermore, they allow traders to contact them through email at support at theproptrading.com.au or through social media. They also have a telephone number that you can call when you want a quicker response, respectively +61 1300 984 019.
The customer support is great. You can rest assured the team will get back to you as soon as possible, ready to assist you with any issues or to answer any of your questions.
The Prop Trading Pros and Cons
This proprietary trading firm is the go-to for many people for a lot of reasons. It has a lot to offer, and traders in need of capital can see the benefits. But there is also a negative part about this prop firm, as it has cons just like any company out there.
Let’s see the advantages and disadvantages of The Prop Trading:
Pros
- 80% profit share
- Leverage of 1:200
- You can get up to $200,000 in capital
- The company offers indices and cryptos
- Scaling plan available
- You can get a free trial
- News trading, as well as weekend and overnight holding are all allowed (except cryptos during the weekends)
- Several trading instruments offered
- High Trustpilot rating
- There aren’t any minimum trading days
Cons
- When funded, there are minimum trading days requirements
- The scaling program is pretty slow
- You do not get educational materials
- They are limited in terms of platforms offered
Is The Prop Trading Legit?
The Prop Trading is definitely a legit platform. It’s been tried many times, and traders can pay a fee and join the challenges without problems. Once they succeed, they will obtain the capital of the prop firm.
Still, the number of bad reviews might make you reconsider using The Prop Trading, even though there are positive reviews that show the firm is getting better.
If you’re worried, you can always use more prop firms at the same time and lower the risk. In case something happens with The Prop Trading, you will have the other firms available for capital.
Not only that, but you can also consider using a copier for forex trades. This way, you can copy the trades from The Prop Trading to the other prop firm and reduce the risk.
Conclusion
The Prop Trading is a company with multiple funded trader programs and amazing features for traders. People can start with a free trial before they jump into the challenges, allowing them to prepare for what’s to come. On top of that, there is also a great scaling plan, as well as a profit share of 80%.
The prop firm is legit and has numerous good reviews online. So, generally, it is worth using it for capital.
At the same time, the bad reviews they received cannot be ignored. If you have doubts, keep an eye on the company and see whether things keep improving, and limit yourself to the free trial until you are 100% sure that this firm is safe for you.