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.
Canada has a vibrant Forex market with a complex regulatory environment that varies by territory. Retail prop trading continues to thrive, but not all retail prop firms offer competitive trading conditions that serve the best interest of traders or provide a genuine trading environment. How do you know you are dealing with one of the reputable Canadian prop firms? My in-depth review of prop trading in Canada highlights the pros and cons and offers a quick guide to choosing a Canadian prop trading account.
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- Funded Fast, .
- Eightcap Challenges, .
- Axi Select, .
- DNA Funded, .
- Hola Prime, The best prop firm for ultra-fast withdrawals.
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Year Established | 2024 | 2015 | 2023 | N/A | 2024 |
Minimum Deposit | |||||
Trading Platform(s) | Other+ | Other, MetaTrader 4, MetaTrader 5+ | MetaTrader 4, MetaTrader 5 | Other+ | Other, MetaTrader 5, cTrader, DX Trade+ |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
Funded Fast
In SummaryTraders can start a two-phase evaluation challenge for a $5,000 account from $49, the cheapest option. FundedFast offers six trading challenge accounts, ranging from $5,000 to $400,000, with evaluation fees from $49 to $2,999. The profit target is 10%, except for a 5% profit target for the second phase of the two-phase challenge. Traders must comply with the 5% daily loss and 10% maximum drawdown requirements. The best trading day cannot exceed 50% of profits to qualify for payouts. These factors put FundedFast among the best prop firms in Canada.
The Trader Success Team curates short videos with advice for improving the trading results of prop accounts. The FundedFast University offers four educational modules, with a total of 20 lessons. Affiliates can earn up to 30% on each referral and challenge. A five-level scaling plan increases the balance by 25% each level. FundedFast does not permit EAs or copy trading.
Pros & Cons
- Profit share 90%
- Free retry if rules are followed
- Low evaluation fees starting at $49
- Single-phase evaluation with no time limits
- Rewards are not always clear
Eightcap Challenges
In SummaryDay traders get a unique offer: a 1-hour, 2-hour, 4-hour, and 8-hour challenge, a trading stake selection between $5 and $500, and payout ratios of 2, 5, and 10 times. The selection determines the drawdown and profit target, while all accounts start with a $10,000 balance. Traders can use MT4/MT5 and TradeLocker. This places Eightcap Challenges among the best prop firms. Qualifying traders can request payouts in Bitcoin, USDT (TRC20), or USDT (ERC20). KYC requirements are mandatory for withdrawals exceeding $1,000, in line with industry standards.
Eightcap Challenges also offers traditional one- and two-phase evaluations with five account sizes ranging from $5,000 to $200,000, with up to $600,000 in allocated capital per trader. The maximum leverage is 1:100, with a 80% profit share. The one-time evaluation fees range between $99 and $1,299. The profit target is 10% except for the second phase of the two-phase evaluation, where it decreases to 8%.
Pros & Cons
- No time limits on One-Phase and Two-Phase challenges
- Traders can complete challenges within hours and earn payouts on the same day.
- Day Trader Challenges offers a completely customizable trading experience – traders choose their own duration, stake and payout.
- Operated by the multi-regulated Eightcap Group
- Scalping is restricted; trades must be open for 60 seconds
Axi Select
In SummaryAxi launched its Axi Select in-house prop trading service, which sets itself apart from the industry by not requiring a fee-based evaluation, making it 100% free. Interested traders must open a live Axi trading account, fund it with at least $500, and start trading. The personalized Edge Score determines eligibility for a funded account, and Axi has a six-stage program that scales with the trader. For the initial stage, the $500 deposit grants access to a $5,000 account, and the profit share is 0%. It lasts for at least 30 trading days, has a 7% profit target, and requires 20 trades.
The second stage requires a minimum equity balance of $1,000, caps funding at $20,000, and increases the profit share to 40%. The maximum leverage is 1:100 with a maximum drawdown of 10%. The Axi Select structure is created highly professionally, making Axi one of the best prop firms.
Pros & Cons
- Unrestrictive Rules: There are no time limits to qualify; EAs are permitted.
- Scale up to $1 Million
- Backed by a Broker: Run by Axi (founded 2007)
- No Registration Fees: A unique model where you do not pay for an evaluation; the entry cost is zero.
- Regional Restrictions: Program is not available to the US, UK, EU, or Australia.
DNA Funded
In SummaryI rank DNA Funded among the best Forex prop firms for its low evaluation fees. Traders pay $49 to $1,209 for portfolios between $5,000 and $200,000. Traders can choose among 16 challenges and one-phase, two-phase, and 10-day rapid evaluations. DNA Funded offers add-ons to increase the profit share up to 90% and decrease the payout frequency to seven days.
Prop traders will trade via the TradeLocker platform. The maximum daily drawdown is 5% for the one-step evaluation, 6% for the two-step alternative, and 4% for the 10-day challenge, with a maximum drawdown of 6%, 10%, and 5%, respectively.
Pros & Cons
- Maximum profit share of 90%
- Max allocation of funded accounts up to $600K
- Transparent trading conditions with TradeLocker login details
- A well-balanced asset selection of 800+ assets
- Limited operational history
Hola Prime
In Summary The best prop firm for ultra-fast withdrawalsHola Prime is a transparent retail prop trading firm with four trading platforms and a maximum profit share of up to 95%. Traders can choose a one-step or a two-step evaluation for portfolios between $5,000 and $300,000, with an evaluation fee between $48 and $1,499. Alternatively, the Direct account is without evaluation and a one-time cost between $129 and $2,249. Therefore, I rank Hola Prime among the best prop firms.
Traders must trade for at least two days per challenge. The maximum daily drawdown is between 3% and 5%, with a maximum drawdown between 5% and 8%.
Pros & Cons
- A maximum profit share of 95%
- Four trading platforms
- Scalable accounts up to $4M
- One hour payouts
- Reletively newer firm (around one year old)
Is Forex Prop Trading a Good Idea in Canada?
Prop firms in Canada provide capital, but retail prop traders must accept strict risk management rules, potential consistency rules, strategy restrictions, or uncompetitive trading rules. Therefore, the viability of prop trading is a question every trader must answer based on their preferences, skills, and strategy.
Pros and Cons of Prop Trading in Canada
I recommend traders consider the pros and cons of prop trading in Canada before they pay a one-time evaluation or monthly subscription fee.
The Pros of Prop Trading in Canada
- Access to trading capital
- A generous profit split
- Well-established prop firm partnerships with trusted brokers
The Cons of Prop Trading in Canada
- Unregulated business
- The time zone is not ideal for trading the London trading session
- The regulatory environment differs among territories
- Tight risk management rules
- Some consistency rules make select trading strategies uncompetitive
- Not all prop firms allow algorithmic trading
- Performance pressure
- Inexperienced traders rush to prop firms offering educational content
How to Choose a Prop Trading Account in Canada
Traders must carefully evaluate the trading conditions and risk management rules of prop firms in Canada. While most offer similar core trading conditions to ensure prop traders have a competitive edge and support profitable trading, differences exist.
Prop traders should ensure their prop firms excel in the following aspects:
1. Reputation - Traders should avoid newly established prop firms, as prop firms are unregulated but duly registered businesses.
2. Trading Costs - Some US-based prop firms levy a monthly subscription fee, while non-US prop firms charge a one-time evaluation fee. Trading fees depend on the broker of prop firms.
3. Trading Platform - Most prop firms in Canada offer MT4, MT5, and TradeLocker for algorithmic trading and DXtrade for manual traders.
4. Profit Split - I recommend prop traders consider a profit split of 80%+.
5. Asset Selection - Prop firms in Canada offer Forex, cryptocurrencies, commodities, equities, and futures.
6. Trading Strategies - Almost all prop firms in Canada have trading strategy restrictions that will impact the viability of strategies.
7. Support - Trading with legitimate prop firms involves a contract and receiving payouts. Therefore, I recommend prop firms with fast, responsive customer support.
8. Payouts - Bank wires remain the go-to option, but the best prop firms in Canada also allow cryptocurrency transactions.
What Can You Trade with a Prop Firm in Canada?
The asset selection always depends on the prop firms and their partner broker, but the best prop firms in Canada offer Forex, cryptocurrencies, commodities, metals, equities, ETFs, and futures.
What Trading Platforms are Available in Canada for Prop Trading? H2
The best prop firms in Canada offer MT4, MT5, and TradeLocker, as they support algorithmic trading and DXtrade for manual traders. A few prop firms feature alternative third-party providers or deploy proprietary solutions.
Bottom Line
The best prop firms in Canada provide skilled traders with the necessary capital to succeed full-time. Most prop firms present themselves as excellent choices, but prop traders must evaluate and understand the trading rules and restrictions. They can limit the successful execution of trading strategies, especially if prop traders cannot use algorithmic solutions.
Another fact to consider is that most retail prop firms rely on evaluation fees or monthly subscriptions for their income and not on trading. Regulators label it shadow trading or a trading game as no actual trades reach the market. Therefore, Canadian prop traders must carefully evaluate prop firms before paying the evaluation fee.
