The UK is the financial and Forex capital of the world, accounting for 40%+ of daily turnover. Despite the many retail prop firms and the inflow of new ones to cater to rising demand, not all prop firms are equally competitive. How can you ensure you trade with reputable prop firms in the UK? My comprehensive review of the retail prop trading scene in the UK covers the pros and the cons and will help you choose a prop trading account.
| | | | | |
Year Established | 2015 | 2024 | 2021 | 2023 | N/A |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5+ | Other+ | Other, MetaTrader 5, cTrader, DX Trade+ | MetaTrader 4, MetaTrader 5 | Other+ |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
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
Funded Fast
In SummaryI rank FundedFast among the best prop firms in the UK for account scaling. Successful traders benefit from a five-level scaling plan, which increases the balance by 25% at each level. Scaling requires traders to meet profit target requirements, minimum trading day requirements to promote steady progress, and stricter drawdown limits to enhance professional trading discipline. All accounts offer commission-free trading, but EAs and copy trading are not permitted. 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. Also, the best trading day cannot exceed 50% of total profits to qualify for payouts.
The minimum evaluation fee is $49 for the two-phase $5,000 account, with a maximum of $2,999 for the one-phase $400,000 account. Only two-phase accounts qualify for scaling and are notably cheaper than one-phase alternatives.
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
Funded Trading Plus
In SummaryI rank FundedTrading Plus among the best UK prop firms for its PropIQ, a cutting-edge analytics platform that helps traders identify and reduce errors. Andrew Lockwood, a former UK trader on the London Stock Exchange, leads the educational initiative at FundedTrading Plus. Traders can choose from static and dynamic drawdown accounts, and have a total of 24 account configurations, one-phase, two-phase, and no-phase evaluation programs. The profit target is 10%, except for the second phase of the two-phase programs, which has a 5% profit target.
FundedTrading Plus has a minimum fee of $119 for a one-phase account and a maximum fee of $4,500 for a no-evaluation, $100,000 trading account. The scaling program maxes out at $2.5M. The initial profit split is 80%. After traders generate 20% of profits from their starting balance, a 90% profit split applies. Prop traders qualify for a 100% profit split after profitability reaches 30%.
Pros & Cons
- Clear and aggressive scaling plan up to $5M+
- Generous profit share up to 100%
- No time limits on challenges
- Multiple funding models to suit different traders
- Drawdown rules can be a bit complex
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
Is Forex Prop Trading a Good Idea in the UK?
Every trader must decide if Forex prop trading is a good fit for their strategy and skill set. While prop firms offer capital, they also have strict risk management rules, strategy restrictions, or uncompetitive trading rules.
Pros and Cons of Prop Trading in the UK
Prop traders must consider the pros and cons of the best prop firms in the UK before paying for an evaluation.
The Pros of Prop Trading in the UK
- Access to trading capital
- A generous profit split
- Well-established prop firm partnerships with some of the best UK Forex brokers
- Excellent time zone
- Superb trading infrastructure
- Outstanding support network for professional traders
The Cons of Prop Trading in the UK
- Inexperienced traders rush to prop firms offering educational content
- Some consistency rules make select trading strategies uncompetitive
- Not all prop firms allow algorithmic trading
- Tight risk management rules
- Unregulated business
- Performance pressure
How to Choose a Prop Trading Account in the UK
Interested traders must evaluate the best prop firms in the UK to ensure they enjoy a competitive edge.
Prop traders should ensure their prop firms excel in the following aspects:
1. Reputation - I recommend avoiding newly established prop firms, as prop firms are unregulated but duly registered businesses.
2. Trading Costs - Prop traders either pay a monthly subscription fee at some US-based prop firms or a one-time evaluation fee at non-US prop firms. Trading fees depend on the broker of prop firms.
3. Trading Platform - Most prop firms in the UK offer MT4, MT5, TradeLocker, and DXtrade.
4. Profit Share - Prop traders should only consider a profit split of 80%+.
5. Asset Selection - The asset selection usually features Forex, cryptocurrencies, commodities, and equities.
6. Trading Strategies - Some prop firms have no restrictions, while others restrict or prefer select strategies.
7. Support - I only recommend prop firms with fast, responsive customer support, available 24/5, as trading with legitimate prop firms involves a contract and the receipt of payouts.
8. Payouts - The best prop firms in the UK allow cryptocurrency transactions, but bank wires remain the go-to option.
What Can You Trade with a Prop Firm in the UK?
The asset selection varies, but the best prop firms in the UK offer a combination of Forex, cryptocurrencies, commodities, metals, equities, ETFs, and futures.
What Platforms are Available in the UK for Prop Trading?
The best prop firms in the UK offer MT4, MT5, and TradeLocker for algorithmic trading and DXtrade for manual traders.
Bottom Line
Trading with the best prop firms in the UK can provide profitable traders the necessary capital to succeed as full-time traders. However, this is only the case if the trading conditions support the trader, as many prop firms rely on evaluation fees or monthly subscriptions for their income and not on trading.
