For over a decade, DailyForex has been the trusted forex broker authority, and we've extended that same rigorous approach to the evaluation of proprietary trading firms. Our prop firm listings highlight the top-performing firms in specific categories, from instant funding to firms supporting EAs and copy trading. Each recommendation is the result of detailed analysis and strict criteria, ensuring traders can find the best match for their trading goals. Learn more about our methodology and how we maintain editorial integrity here
Most retail prop firms require traders to pass an evaluation. In contrast, no-evaluation prop firms offer immediate access to portfolios for a one-time fee. The fees are higher, and the trading rules are more restrictive than evaluation-based alternatives. So, which one should you choose? Learn about no-evaluation prop trading and how to select the best instant prop firms from my quick guide below. My conclusions also include the restrictions and pros and cons of no-evaluation prop firms to help you make an informed decision.
- Goat Funded Trader, The best prop firm for a monthly salary.
- Rebels Funding, The best prop firm for fast withdrawals.
- 5ers, The best no-evaluation prop firm for scalable accounts.
- FTUK, Prop traders can scale portfolios up to $4M with a 100% profit share.
Goat Funded Trader
In Summary The best prop firm for a monthly salaryGoat Funded Trader is a unique prop trading firm offering qualifying traders a monthly salary between $300 and $500. It also ranks among the prop firms with the lowest evaluation fees, with a maximum profit share of 100%. Other benefits include instant funding, no hidden rules, and a reward guarantee. The profit targets range between 6% and 10% with daily drawdowns between 3% and 4%, and maximum drawdown between 6% and 8%. Therefore, I rank Goat Funded Trader among the best prop firms.
Traders can use MT5, TradeLocker, or Match Trader with commission-free trading on select assets.
Pros & Cons
- 100% in-house technology
- $9.1M+ paid out to traders
- 111K+ active accounts from 98K+ traders
- Processes 36K+ traders daily
- No equity trading
Rebels Funding
In Summary The best prop firm for fast withdrawalsI rank Rebels Funding among the best prop firms, as it offers the most evaluation choices. They include a four-step evaluation with a low 5% profit target. Rebels Funding has no time limits on achieving profit targets, but it has a minimum trade requirement. Traders can also enroll in competitions and win funded accounts with a cash prize. Another unique feature is that Rebels Funding has a refund fee of up to 200%.
The daily drawdown ranges from 0% to 5%, with a maximum drawdown between 6% and 10%. Traders receive a profit split of up to 90%.
Pros & Cons
- No time limit on evaluations
- High profit share
- Wide range of program options
- Some platform lag issues reported
5ers
In Summary The best no-evaluation prop firm for scalable accountsI rank 5ers among the best no-evaluation prop firms as it offers instant funding portfolios of $10,000, $20,000, and $40,000 for a one-time fee of $260, $450, and $850, respectively. 5ers has an evaluation target of 10% on a $5,000, $10,000, and $20,000 evaluation account without time restrictions, and the maximum leverage is 1:30. The daily drawdown limit is 3%, with a maximum drawdown of 6%.
Therefore, retail prop traders who pay for a $10,000 instant funding account must show 5ers their strategy works on a $5,000 evaluation account by generating a 10% profit before receiving the $10,000 account.
Pros & Cons
- Profit share between 80% and 100%
- Scalable accounts up to $4M
- Low evaluation fees
- MT5 trading platform and no restrictions on trading strategies
- Restrictive leverage on instant funding and Bootcamp evaluations
FTUK
In Summary Prop traders can scale portfolios up to $4M with a 100% profit share0rop traders can also purchase add-ons for a 20% additional profit boost, adding 20% to the one-time fee, a 2% increase to the maximum drawdown for a 20% cost, and unlocking Level 7 of the scaling plan for another 10% increase.
Payouts are on demand, no stop-loss requirement exists, and the maximum trailing drawdown is 6%, placing FTUK among the best no-evaluation prop firms.
Pros & Cons
- 14-day free trial
- Three trading platform choices
- Scalable accounts up to $6.4M
- Limited payment methods
- High evaluation fees
Brokers Comparison
| | |||
Year Established | 2022 | 2023 | 2016 | 2021 |
Trading Platform(s) | Other, MetaTrader 5+ | Proprietary platform, Trading View | MetaTrader 5 | Other, DX Trade+ |
| Visit Website | Visit Website | Read Review | Read Review |
What Is an Evaluation, and Why Do Prop Firms Require It?
Retail prop firms claim to use evaluations to fund skilled traders who can operate within their trading rules by generating minimum profits and adhering to daily and maximum drawdown rules, but the reality differs. Retail prop firms rely on one-time evaluation fees as a source of revenue, as most traders fail to pass the evaluation. Retail prop traders must understand that they will only manage demo accounts, and no actual trading occurs. Therefore, retail prop firms are an online financial game.
How to Choose the Best No-evaluation Prop Firm
I recommend all traders consider the below aspects to ensure a safer and more competitive trading environment.
Here is what prop traders should seek in no-evaluation prop firms:
- Reputation and Trustworthiness - Since retail prop firms are unregulated, their reputation and trustworthiness are paramount. I recommend traders ignore no-evaluation prop firms with less than three to five years of operating history. Online reviews can offer some insight, but I advise caution.
- One-time Fees: Traders should ensure they pay a reasonable fee for the portfolio size and gauge it against their expected profit potential.
- Trading Platforms: Traders must choose a no-evaluation prop firm with the trading platform they require to execute their trading strategy.
- Profit Sharing Ratio: I recommend no-evaluation prop firms with a profit share of 90% to 100%. 80% is the bare minimum, and traders should ignore anything below 80%.
- Withdrawal Options: The best instant prop firm will support cryptocurrency withdrawals and bank wires.
- Risk Management Rules: While most no-evaluation prop firms share a similar structure, traders must ensure it suits their strategy. Please note that risk management rules are stricter for no-evaluation portfolios than for evaluation-based options.
- Customer Support: Traders must test customer support, as many prop traders complain about customer support if they require assistance. I recommend 24/5 human customer support that responds swiftly and, ideally, phone support for emergencies.
Trading Restrictions for Prop Firms Without Evaluation
The trading restrictions for prop firms without evaluation depend on the prop firm, but they will include any of the below restrictions.
Here are likely restrictions at the best instant prop firms:
- No Weekend Positions: The prop firm will close all positions before the end of the trading week.
- No News Trading: Prop firms may prohibit trading for a select period before and after news events.
- Mandatory stop-loss: Traders must place a stop-loss level with each order or face rejection.
- Algorithmic Trading: The ban on automated trading solutions or restrictions on what type of algorithmic trading the prop firm allows.
- Maximum Leverage: No-evaluation prop firms usually decrease the maximum trading leverage, which can lower the competitiveness or viability of select trading strategies.
- Maximum Drawdown Levels: They apply to daily and overall drawdown limits, which are often strict and lower than evaluation-based alternatives.
No-evaluation Prop Firms - Pros and Cons
Traders should consider the pros and cons of no-evaluation prop firms.
The Pros of No-evaluation Prop Firms
- Immediate profit share, as no evaluation period exists
- Scalability, due to direct access to capital
The Cons of No-evaluation Prop Firms
- Strict trading rules that make many strategies unviable
- Higher one-time fees for instant capital
- More restrictive trading and risk management via less leverage and tighter drawdown limits
Are No-evaluation Prop Firms Legit?
No-evaluation prop firms are legit but unregulated companies.
Bottom Line
The best instant prop firms offer no-evaluation accounts with reasonable one-time fees, trading rules, and risk management requirements.
