Despite the market being in its infancy, a few prop firms are seeing the opportunity to capitalize on the inherent volatility in the market. Crypto prop trading is widely seen as the biggest opportunity for professional and proprietary traders in 2022 as the lack of capital is what keeps most crypto traders from growing exponentially.
As a trader yourself, what you need is a prop firm that allows you to trade with minimal rules and for most of the 24*7 market. The platforms that allow you to do so are cautious and you can learn about them by the end of this article.
These firms treat their traders as employees and aim to recruit the best ones from the open market. With the competition heating up, prop trading firms want the best traders to exclusively trade with them, and make efforts to ensure that it happens.
Best Crypto Prop Trading Firms
(Editor's Choice For 2022)
- 400,000$ Trading Capital
- 80% profit sharing
- Forex, Commodities, Indices, and Crypto
- 200,000$ Trading Capital
- 85% profit sharing
- Forex, Metals, Indices & Cryptos
- 200,000$ Trading Capital
- 90% profit sharing
- Forex, Indices, Commodities, Stocks, Crypto
TheFundedTrader only allows maximum leverage of 1:2 which is determined by the type of account you have and whether you have an account in the challenge phase or if it is a funded account. For example, when you are part of the Standard challenge with a regular account, you can use 1:2 leverage regardless of whether the account is in the challenge phase or if it is funded.
On the other hand, the swing account in the standard challenge can only use 1:1 leverage in both the challenge phase and after you have been funded.
Currently, the platform only allows the trading of four cryptocurrencies in their USD pairs, namely Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
The good thing is that there are no commissions charged when you trade crypto on TheFundedTrader so at least you won’t have to pay that extra amount. These Prop trading companies tend to work with brokers who help them actualize the trades placed via their system. And some times it is more than one broker and each of them has their area of expertise. TheFundedTrader works with Purple Trading and Eightcap.
You are not allowed to trade crypto over the weekends with Purple Trading but with Eightcap you are allowed to trade crypto over the weekends only in Phase 1 and 2 of the challenge. Once you get funded, Eightcap does not allow you to trade crypto at all. So make your decision wisely.
Although you are not allowed to pay your challenge/registration fee in crypto, you can use ERC20 addresses for payouts in crypto. With a partner like Coinbase helping them out, you will not have a problem getting your profit share credited to your crypto wallet in the form of USDT or ETH. Make sure you only give them an ERC20 address though.
#2. My Forex Funds
With three plans to choose from, My Forex Funds looks to be catering to most types of traders out there. Their Rapid plan (starting at a refundable $99 fee for $10,000 capital) allows you to get started quickly but only allows you to retain 12% of the profits you made.
For the evaluation plan (starting at a refundable $49 fee for $5,000 capital), you need to be able to follow the rules of the evaluation challenge and achieve the profit target without breaching any of them. This allows you to keep up to 85% of your profits.
The Accelerated plan (starting at a refundable $99 fee for $2,000 in trading capital)is the best for seasoned traders as it allows you to scale at every profit target you achieve, get trading balance instantly, and not be bound by any rules regarding consistency.
You are not able to trade crypto or any other instruments over the weekends as the platform’s servers are disabled for trading over the weekend. With crypto, the leverage has also been capped at 1:5 because crypto markets and participants both tend to be volatile and lower leverage helps to protect against those pitfalls.
My Forex Funds have also made it possible to pay your one-time registration fee with crypto. Currently, they accept BTC, ETH, LTC, BCH, USDC, and DOGE.
Confused between FTMO and MFF? Here’s our head to head comparison of FTMO and MyForexFund.
Based in the Czech Republic, FTMO has built up its crypto prop trading wing and allows you to flex your cryptocurrency trading prowess on the way to completing the FTMO challenge. The rules of holding your crypto positions though are different depending on what plan you are on, or whether you are still trying to complete the challenge.
If you have a regular FTMO account or an FTMO Aggressive account you need to close your positions along with the rest of the traders (at the end of the day on Friday) but these restrictions don’t apply to the FTMO Swing account, or when you are in the process of completing the trading challenge or the evaluation.
The platform has also made it possible to pay the challenge fee in crypto, as well as receive your profit payouts in any of the six options including Bitcoin, Ethereum, and Tether.
If you have requested your payouts in anything other than Tether, your final amount might differ from the original calculations as the crypto market is highly volatile and the value of your asset may be different compared to when you put in your withdrawal request.
Starting with a €155 (refundable) fee for their normal challenge, and €250 (refundable) for the aggressive one, you get to prove yourself in a 2-step challenge with a $10,000 trading balance. Your profit target is set at 10% for stage 1 and 5% in stage 2 for the normal challenge and 20% for stage 1 and 10% for stage 2.
FTMO allows its traders to currently trade 10 currency pairs that are all in their USD pairs, including but not limited to BTCUSD, ETHUSD, ADAUSD, and DOGEUSD.
Recommendation: Top Funded Forex Trader Programs
Fidelcrest allows you to trade cryptocurrencies as CFDs (Contract for Differences) as a way of embracing the digital currency revolution. With 19 trading pairs, they are one of the few platforms that allow the trading of BTC pairs along with the corresponding USD ones.
For example, both BCHUSD and BCHBTC are available to trade, hence you can trade the movement of Bitcoin Cash against USD, BTC, or both if that is what your strategy is.
In addition to cryptos, you can also trade forex, indices, metals, commodities, and stocks so it seems like a one-stop shop for trading instruments in today’s market. Their trading platform is also proprietary and has been reviewed to be intuitive and reliable over many years.
The support team is available 24 hours every business day to answer any questions from prospective or current traders regarding the platform. There is an option for maximum leverage of 1:100 if it is your trading style to capture short-term movements for higher profits.
You do have to pass an industry-standard 2-step evaluation challenge before you can start making any money from the platform. The Micro trader accounts have a capital starting from $10,000 to $50,000 that can be accessed by paying the refundable fee of €99 and €449 respectively. This fee will be refunded to your account once you can pass the challenge posted above.
During the challenge, you can trade the news and hold positions overnight, over the weekend, or during trading holidays.
You also have the option of choosing whether you want the normal or the aggressive accounts which have different profit splits (80% for normal and 90% for aggressive) and separate rules for maximum drawdowns.
#5. The Prop Trading
The platform has 5 different account sizes with options starting from a fee of $209 that is refunded with your first profit withdrawal and a trading balance of $25,000. Step 1 of the two-step evaluation requires you to make a profit of 8% in a matter of 30 days and 5% in step 2 which you need to accomplish in 60 days.
The profit split of 80% can be collected in biweekly payouts and is higher than most other platforms especially out of the gate. They also offer a free trial which you can use before deciding if you want to purchase the paid plan.
Their customer service is not beloved, to say the least, which should be a factor in deciding on your platform of choice. Their scaling plan is also slow compared to other participating platforms and your funding will only increase once every 3 months, and that too by 25%.
You are allowed to hold positions over the weekend or trade during the news, and though there are no educational materials available on the website, there are blog posts that might illuminate your trading journey.
The Prop Trading caps the leverage for all account sizes and instruments at 1:100 and that means you can be a degen if you wish to and take a 100x leveraged position if you are that confident about your trading strategy or in the case you have some information before other market participants.
The platform makes sure you trade with ultra-low spreads from 0.5 Pip, no Commission, and no brokerage fees which means you can take more trades and use the leftover money to take bigger positions in trades that you are convinced of.
To answer the question of which cryptos you can trade on The Prop Trading, any coin available on MetaTrader5 can be used. This is the trading interface that The Prop Trading uses so if something is not on there, you can’t trade it.
You need to pay a one-time non-refundable fee starting at $250 for $25,000 capital (Starter plan) and up to $6,500 for $1,000,000 capital (Master plan) and complete SurgeTrader’s trading challenge by staying within the lines. The profit targets are 10%, the maximum daily drawdown is 4% and the maximum trailing drawdown is 5%. If you can manage this with no mandatory minimum trading days, you will be successful at your SurgeTrader audition.
Additionally, there are no rules for the number of unique trades placed in the 30-day audition period.
SurgeTrader defines 1 coin as 1 lot when trading the 135 crypto USD pairs they currently have in their allowed list. The leverage however is capped at 1:2 so the speed of profits might be a little slow and should convince you to take trades with a higher time frame in mind.
The platform does require all trades to be closed by Friday 3:55 pm EST which is not ideal for crypto traders but is a good thing if you want to save your portfolio from the weekend volatility which tends to happen as no other markets are open in this time.
There seems to be no way to scale your account once you get funded which seems to be an oversight on the platform’s part. Until you are funded though, on achieving the required 10% profit target for your chosen plan you are given the choice to either start trading with your funded account or stay in the audition process and work your way up to the next tier by earning a further 10% profit.
The platform also has a regularly updated blog, message boards for its traders to network, and webinars for traders who aspire to learn more from the leading participants in the industry.
When it comes to crypto trading, just like the crypto market, the prop trading firms’ participation is also in its infancy. You might want to look at the number of pairs it allows you to trade, the maximum leverage allowed, and also whether you need to close your positions every Friday and lose out on the weekend volatility.
If you are just starting to explore crypto trading, and you plan to trade Bitcoin and Ethereum as a small part of your portfolio, FTMO might be a good choice. It has all other things going for it and also allows you to dabble in crypto.
On the other hand, if you are looking to trade a wide range of cryptos and require high leverage to take advantage of the swift movements, The Prop Trading gives you 1:100 maximum leverage and the chance to trade all pairs available on MetaTrader5.