13 Cheapest + Free Prop Firm Challenge

Navigating the trading world can be daunting, especially when managing capital and risk. Prop firm challenges offer a unique opportunity to gain access to funded accounts, allowing you to trade without putting your own money on the line. This guide will help you understand how to leverage these challenges to improve your trading skills and achieve your financial goals.

AquaFunded's funded trading program is a great way to get started with prop firm challenges. With their help, you can learn the ropes of trading and start building your career without risking your own money.

Is There Any Free Prop Firm Challenge

The Basics of Free Prop Firm Challenges

Yes, free prop firm challenges are out there, but they’re as rare as a unicorn. They often have specific strings attached, so be prepared for a unique ride. Here's how these challenges operate and what you should know.

Evaluation Phase: Prove Your Skills

You're handed virtual funds and some tight rules. Expect to hit profit targets, usually 8-10%, within a month. It's a simulated environment, so there's no real financial risk, but it's a test of your trading chops.

Risk Management: Keep It Tight

You’ll need to stick to strict drawdown limits. These caps on daily and total losses are non-negotiable. Slip up, and you’re out. It’s about discipline and intelligent trading.

Scaling and Funding: Show Me the Money

Pass the challenge, and you’re in the funded phase. You’ll manage actual or simulated capital, and profits get split. Expect to pocket between 50% and 80%. This is where the rubber meets the road.

Free vs. Paid Challenges: What's the Difference?

Free challenges often come with stricter rules and smaller potential payouts. Paid challenges might offer more significant rewards, but you’ve got to fork over some cash upfront. It’s a trade-off.

Profit Targets and Withdrawal Policies: Get What’s Yours

Meet your profit targets, and you can withdraw some of your earnings. But don’t expect to take it all if you’re on a free trial. These often come with limits on what you can cash out.

Finding Free Prop Firm Challenges: Where to Look

A few firms offer free trials or promotional challenges. Keep an eye on their websites, forums, and social media channels. They might pop up as part of marketing stunts or competitions. Engage with the community and stay alert.

Final Thoughts: No Risk, No Reward

If prop trading is your dream, free trials are a great way to get your feet wet. Just make sure you understand the terms and what you’re getting into.

Related Reading

• Prop Trading Challenge
• Is Prop Trading Worth It
• How to Get Funded Account for Trading
• My Funded Futures
  
• Trading Competitions
• How to Pass a Prop Firm Challenge
• FTMO Challenge
• City Traders Imperium
• Blue Guardian Prop Firm
• My Funded Futures
• Alpha Capital Group
• Elite Trader Funding

7 Best Free Prop Firm Challenge

1. Axe Trader

Axe Trader sometimes lets you try out their Free Prop Firm Challenge. It’s a chance to see what prop trading is like without spending any money upfront. This is ideal for those who want to practice risk-free when the opportunity is there.

Pros

• Offers Three Distinct Funding Programs
• Advanced Trader Dashboard
• No Required Trading Days

Cons

• Limited Leverage of up to 1:20
• Two-step Evaluation Process with 1:30 Leverage
• Highest Daily Equity Drawdown

2. FX Blue

Before paying an entry fee to a prop trading firm, practice trading with an open-ended demo account from FX Blue. No broker registration! And no downloads - trade from your browser or phone. You can set up a trading challenge for yourself with your choice of duration and target. The system automatically tracks your performance and notifies you of success or failure. You can follow your progress tick-by-tick on this website or the trading platform. Try your trading skills before paying entry fees to prop trading firms - or just practice for fun. FX Blue also offers regular demo accounts. These have no fixed duration or target. You can use them for general, open-ended trading practice.

Pros

• Reliable and Well-known for Over a Decade
• Integrated with Major Trading Platforms
• Free Access to 30+ Tools

Cons

• Some Traders Prefer Paid Tools for Accuracy
• Fragmented Service May Be Challenging to Use

3. FTMO Free Trials

FTMO provides a free trial account, so you can try out their challenge format without paying. This helps you understand their requirements before joining a paid challenge.

Pros

• 24/7 Client Support
• Free Trial Available
• Leader in Modern Prop Trading
• Access to Performance Coaches

Cons

• Higher Price Point
• Trading Fees for Certain Symbols
• Standard 80% Reward Ratio

4. The Funded Trader (TFT) Monthly Competitions

TFT hosts free trading competitions regularly. These competitions can get you cash prizes or even funded accounts. This is a great way to access funding without paying entry fees.

Pros

• Retry Failed Challenges
• Offers Variety of Trading Instruments
• No Restrictions on Strategies

Cons

• Limited Instruments Available
• Crypto Trading Only During Challenges
• Support Only Available in English

5. My Forex Funds Free Entry Promotions

My Forex Funds sometimes offer free entry to challenges via promotions or partnerships. Watch their announcements to take advantage of these offers when they appear.

Pros

• Access to Capital for Just $49
• Accelerated Plan for Experienced Traders
• Bonus Programs for Added Rewards

Cons

• Fee Charged Per Lot
• Certain Strategies Restricted
• No Phone Support

6. SurgeTrader Demo Challenge

SurgeTrader occasionally holds free demo challenges. These allow you to showcase your skills and win a funded account, though fierce competition exists.

Pros

• Favorable Profit Split (75%, or 90% with Add-on)
• Flexible Account Options
• One-time Payment for Audition

Cons

• Stop Loss Required on Each Trade
• Limited Educational Information
• Maximum Open Lots Limited

7. Topstep

Topstep is mostly for futures traders. They sometimes offer free "combine" trials. If you succeed, you can move toward actual funding.

Pros

• Simple Evaluation Process
• High-Profit Split
• Daily Profit Withdrawal Processing

Cons

• Limited to Futures Trading
• Maximum Funding of $150,000
• Expensive Monthly Fees

Curious about other options? AquaFunded offers a uniquely funded trading program that might catch your eye. With easy-to-achieve 8% profit targets and fast bi-weekly payouts, this Dubai-based firm is shaking up the prop trading market. Get started with AquaFunded's funded trading program today!

Related Reading

• Forex Proprietary Trading
• Prop Firm Passing Service
• FTMO Challenge Price
• Best Prop Firm
• Funded Pips
  
• Funded Account Challenge
  
• E8 Prop Firm
• MyFunded FX
• Breakout Prop
• AscendX Capital
• Forex Funded Account Challenge
• 5ers High Stakes
• Best Prop Firms for Forex
  

6 Best Cheapest Prop Firm Challenges

1. AquaFunded

AquaFunded is a Dubai-based prop firm that offers traders access to large capital accounts with up to 95% profit splits. They have a unique funding model with an 8% profit target and fast bi-weekly payouts.

2. The 5%ers

Known for its affordable prop firm challenge, The 5%ers offers a $39 challenge for $5,000 in trading capital. It has a two-step evaluation process with no time limits on trading periods.

Pros

• Low cost to entry
• There is no time limit on evaluation phases
• High-quality trading conditions

Cons

• A 50% profit split may not be ideal for traders seeking higher payouts
• Lower initial funding amount compared to other firms

3. Maven Trading

Maven Trading offers a supportive environment and substantial financial backing for traders. Their $5,000 challenge requires traders to meet specific profit targets and has a straightforward evaluation process.

Pros

• High profit share of 85%
• Clear and simple trading rules
• Access to a trading community for support

Cons:

• Registration fees may be a barrier for some traders
• More suitable for experienced traders

4. MyFundedFX

With its two-step evaluation process, MyFundedFX provides access to substantial capital. The firm offers a $50 challenge with $5,000 in initial capital and allows for various trading styles.

Pros

• Affordable entry fee
• There are no restrictions on trading styles
• Unlimited trading periods

Cons

• Lower maximum drawdown compared to other firms
• Limited initial funding amount

5. Limitless Funding

Limitless Funding offers a $42 challenge with a three-step evaluation process. Traders can request payouts from day one and have access to a variety of trading instruments.

Pros

• Payouts from day one
• High-profit split of up to 90%
• Flexible evaluation phases

Cons

• Lower leverage compared to other firms
• More suitable for novice traders

6. Goat Funded Trader

Goat Funded Trader offers a $5,000 challenge with a two-step evaluation process. The firm allows for early profit withdrawals and has flexible profit split options.

Pros

• Substantial funding opportunities
• Early profit withdrawal
• Versatile trading instruments

Cons

• Lower initial profit split
• Limited information on specific trading conditions

7 Tips On How To Pass A Prop Firm Challenge

1. Know the Rules Like the Back of Your Hand

Before kicking off any prop firm challenge, understand every rule. Focus primarily on the maximum drawdown and daily loss limits, where most traders stumble. Masi Hashemi, co-founder of The Funded Trader, suggests you "start with a deep understanding of the firm's rules and structure a plan around them." Timing your trades to avoid these limits can be crucial.

2. Map Out Your Trading Plan

Having a clear trading plan is essential. Set predefined entry and exit points, stop losses, and distinct profit targets. Steven Hart from The Trading Channel likens a trading plan to a GPS—essential for reaching your destination. It keeps you disciplined and helps you stick to your game plan instead of making impulsive decisions.

3. Risk Management: Precision Required

Limit your risk on each trade to just 1-2% of your account balance. Calculating your position size and using tight stop losses are key here. Trading psychologist Mark Douglas advises, “View each trade as one among many, keeping individual risks small enough that they don’t significantly affect your account.”

4. Patience Isn’t Just a Virtue—It’s a Necessity

Don’t overtrade. Jumping into trades too frequently can lead to forced decisions and unnecessary risk. Quality trades that align with your strategy are far more effective. Mike Bellafiore, co-founder of SMB Capital, notes that patience is challenging, but waiting for setups that meet your criteria can drastically reduce losses.

5. Consistency Over Chaos

Stick to a single, well-tested trading strategy. Avoid hopping between strategies when things get rough. Author and trading strategist Adam Grimes points out that a single well-executed strategy will consistently outperform switching strategies in the face of adversity.

6. Keep a Journal, Seriously

Reflect on each trade, win or lose. Regular evaluation helps you identify patterns and improve your decision-making. Trading psychologist Brett Steenbarger recommends keeping a detailed trading journal to understand your strengths and weaknesses. “Self-reflection helps you adapt and grow as a trader,” he says.

7. Confidence Over Emotion

Confidence, not emotion, should guide you through winning and losing streaks. Embrace a long-term mindset to ease the pressure of the challenge. Professional trader and mentor Tom Hougaard emphasizes that mental resilience and the ability to handle losses without letting them affect your next trade separates successful traders from the rest.

Join Our Funded Trading Program Today - Trade with our Capital and Keep 90% of the Profit.

AquaFunded is reshaping the world of prop trading. Based in Dubai, this funded trading program offers traders access to significant capital accounts and profit splits of up to 95%. Their unique funding model makes it easy for traders to hit 8% profit targets, and they offer fast bi-weekly payouts, with the option for a first payout in just 7 days. AquaFunded is designed for traders of all experience levels who want to trade with reduced risk by using the firm's capital instead of their own. With its competitive features and UAE-based operations, AquaFunded is a reliable platform for traders looking to scale their profits.

Related Reading

• Prop Trading Strategies
• Prop Firm Free Trial
• FundedNext Competition
• No Evaluation Prop Firms
• One Step Evaluation Prop Firm
  
• Cheapest Forex Prop Firm
• What Is FTMO Challenge

‍

‍