Choosing the right prop trading firm to trade cryptocurrencies can be a crucial step in your trading career. These prop firms offer the opportunity to use their capital and technology to trade the financial markets, including the exciting world of cryptocurrencies. However, due to the relatively new and volatile nature of this market, it is important to research carefully before making a decision.
Key aspects to consider when choosing a prop trading firm for crypto
Reputation and experience: The reputation and experience of the firm are key factors when choosing a crypto prop trading firm. Research the firm’s track record, its history in the market and seek feedback from other traders who have traded with them. A firm with a good reputation and solid experience is more likely to provide a reliable and beneficial environment for cryptocurrency traders.
Technology and trading platforms: Technology is a crucial aspect of trading cryptocurrencies efficiently. Make sure the proprietary trading firm offers robust and reliable trading platforms, with features such as fast order execution, real-time charting, technical analysis tools and access to a wide catalogue of cryptocurrencies to trade (Bitcoin, Ethereum, Cardano, Dash, Litecoin, Monero, Bitcoin Cash, Ripple, Dogecoin, Neo, Polkadot…).
Business models and commissions: Clearly understand the business model and trading rules of the prop trading firm. Generally these prop firms may charge a participation fee (access fee to their challenge) and also maintain a commission scheme based on the profits generated by the trader, with a percentage for the trader and another percentage for the company offering the crypto funded trading accounts. Carefully analyse the conditions and make sure they are fair and transparent. Also, check whether there are any restrictions on profit withdrawals.
Support and training: Consider the level of support and training that the prop trading firm offers its traders. Some firms provide training programmes, mentoring sessions and access to educational resources to help traders improve their skills and knowledge. Good support can make all the difference in your success as a cryptocurrency trader.
Variety of available cryptocurrencies: Check the variety of cryptocurrencies the company offers for trading. If you are interested in trading specific cryptocurrencies, make sure they are available on the prop trading firm’s platform. Generally, the main crypto prop firms tend to offer the main digital currencies against the US dollar, although some may also offer crosses against other currencies (EUR, AUD, GBP, JPY,…) and crosses between cryptocurrency pairs.
In short, choosing a prop trading firm to trade cryptocurrencies requires thorough research. Taking the time to select the right firm can help you make the most of your skills as a cryptocurrency trader and achieve your financial goals.
Best prop trading firms for cryptocurrencies
E8 Funding
E8 Funding offers a user-friendly platform with the essential information that every trader requires, and the best technology in the industry to support it. With their innovative ideas, they hope to offer their traders the best possible funding experience. The traders can choose between three funding programs: E8 Track, E8 Evaluation and ELEV8. E8 evaluation accounts can be classified into two types: normal and extended. These are differentiated based on trading objectives. The E8 Track is a three step evaluation. The ELEV8 Account is the last challenge, and it’s also a two step process. It has a more aggressive scale-up plan that allows traders to reach a maximum balance of $1,000,000. E8 Funding, one of the top proprietary trading firms, continues to improve with its innovative approach. In terms of cryptocurrencies, it allows operations in the most important ones
FTMO
The world’s largest prop firm has built a large community and taken the industry by surprise over the past few years. Its famous $200,000 Account Challenge is a testament to this. FTMO is the most reputable prop firm in the world. It has a great reputation, offers excellent support to traders, 80%-90% profits, simple rules for trading, and can fund up to $400k for top traders. I’ve personally used FTMO since 2018 and have nothing but good things to say about it. At FTMO you can trade 10 major cryptocurrencies against the US dollar.
Surgetrader
SurgeTrader is a proprietary trading firm owned by Surge Capital Ventures, LLC. Is a new prop firm established in May 2021 formed by seasoned Forex trading veterans, including brokers and venture capitalists. Obviously their main goal is to help profitable traders capitalize their success by accelerating funding. This firm is based in Florida in the United States. It has a rapid growth in the world market despite being a relatively new company. The firm is also unique in that it allows to manage up to $1,000,000 worth of capital. Its profit split system rewards the trader with a 75% share of profits.
SurgeTrader allows you to use any trading style , including hedging strategies, automated or algorithmic trading and trading with fundamental analysis ,…),.
True Forex Funds
The True Forex Funds are a rapidly growing proprietary trading firm. They target motivated, but undercapitalized traders that are willing to receive up to $400,000. To become funded, traders must complete a two-step challenge that is industry standard. On completion of the challenge, traders receive a profit split of 80%!
With this prop firm you can sell or buy 28 most popular cryptocurrencies 7 days a week.
The Funded Trader
The Funded Trader seeks traders with passion and experience who can succeed in unpredictability of market conditions. The Funded Trader Program allows traders to select from four funding programs, and receive high profit splits of up to 90%. The Standard, Rapid Royal and Knight challenge accounts are all differentiating based on trading objectives. Every trader can choose the funding plan that best suits their trading style and strategy! Bitcoin, Bitcoin Cash, Ethereum and Litecoin are available in this prop trading firm.
One of the biggest advantages of trading with a prop trading firm is access to additional capital. Instead of just using your own funds, you can trade with the firm’s capital. This allows you to have more buying power and take advantage of market opportunities that might be out of your personal financial reach. Additional capital can increase your earning potential and accelerate the growth of your trading account. I hope this article will help you find the best crypto prop trading firm for your needs.