ForexPropFirm Review: The Dark Side of Proprietary Firms
Proprietary firms or so-called prop firms seem like a good choice when you hear you’re not trading with your capital. Getting funded may seem like the way to go but there are various risks associated with prop trading firms. To learn them, read our ForexPropFirm review.
The dark side of prop firms is hard to uncover but our fact-checked evaluation delves deep into the firm’s profile to uncover even the slightest detail of their faulty operations.
ForexPropFirm was recently established and they seem suspicious right from the start. Trustpilot even shut down its profile under the pretense that the company’s website is no longer operational. There is a lot more about this firm that we need to find out, so stay tuned and keep reading.
ForexPropFirm.com was established in 2021 according to our research. They didn’t meet the expectations of several traders due to payout issues. The lack of transparency is evident because there is no information regarding the firm’s owner, history, or any goals.
From what we know, this prop firm could be a scam, and that is where our ForexPropFirm review comes in. With in-depth research, we try to uncover the truth so you can make informed decisions.
|FPF Technology LLC
|134 Yandell Road Canton, MS 39046
|Financial Authorities Warnings
|If Active on Social Media:
|Yes, on all major networks
|United States, India, United Kingdom, Pakistan, Canada
|Potential payout issues;
|Partnered with a regulated broker; Good conditions;
ForexPropFirm is not regulated, nor does it require regulatory oversight. Since they’re not handling your funds directly, they’re not required to provide any type of license. However, in this case, the regulation falls onto the broker you plan on using.
If the broker is unregulated, everything can fall apart easily, so make sure to always choose a prop firm that is partnered with a regulated brokerage like Flatex. In this instance, ForexPropFirm is partnered with Eightcap, which we reviewed earlier.
All FPF traders have a default payout ratio of 90:10, which is more than other prop firms offer. In addition to increasing the amount in your FPF Account to $10,000,000 if you fulfill the requirements of the scaling plan, the payment ratio will also be instantly upgraded to an incredible 100:0.
There are various blogs you can read to educate yourself before committing to the firm’s services, along with the opportunity to become an affiliate for the company. The available instruments include commodities, forex, indices, and stocks on the popular MT4 and MT5 platforms.
There are 1-step and 2-step evaluations that experienced traders need to pass to become funded, or traders can choose the instant funding option if they want to start immediately. The maximum funding is $10,000,000, however, there are also smaller accounts you can choose if you are not ready to invest big.
The one-phase challenge includes accounts from 25k to 200k, with a 10% profit target and no minimum trading days. The two-phase challenge offers the same accounts, with the addition of 5 minimum and 35 maximum trading days. If you pay more, you can trade on the two-phase challenge without minimum trading days.
Last but not least, 10K-200K accounts are available for instant funding where no evaluation is required. This is a much more expensive option than the others, so it’s suitable for very experienced traders with a good strategy.
The ForexPropFirm Trustpilot comments are not visible anymore because apparently, their website doesn’t work. After double-checking, the website seems fine, which could indicate they were not operational for a specific period. The total number of comments is 558 but the overall score is hidden.
According to several traders, as soon as you request a payout of your profits, the firm will do anything to deny it. For example, they will say your trading strategy is bad and doesn’t comply with rules, or accuse you of using tools that are forbidden. One trader even lost $37,000!
The prop firm offers testimonials and pay-out proof on Telegram, however, those can be fabricated and it’s not easy to trust them, especially after seeing several comments that indicate the firm has pay-out issues.
Either way, relying solely on reviews is not the best idea, so keep reading our ForexPropFirm review.
Deposits and Withdrawal Methods
You can seek a payout at any time without stopping trading or waiting for a maximum relative drawdown. All it takes to seek your funds is a few clicks on a button on your dashboard or an email to the company.
The only ‘deposit’ required is the evaluation fee, which is a refundable one-time fee you need to pay to prove you are an experienced trader. After you pass the evaluation, the fee is refunded and your trading begins.
Any FPF Trader may submit an on-demand payout request. The payment is available twice a month, on the 1st and 16th. The company offers several ways to get paid, including WISE, Wire, credit/debit cards, and popular e-wallets. There are no additional fees while depositing or withdrawing funds.
Can I Make Money While Trading Online?
In this line of business, time and dedication are crucial. But before even thinking about starting, you must educate yourself enough to understand the shifting markets and always stay up-to-date. Even then, the risks exist, and it’s important to be aware of them.
It’s vital to choose a regulated broker like Dukascopy to make trading simpler. Additionally, with the help of additional tools, trading can become easier and your chances of profits can increase. Those tools include trading journals, screeners, educational platforms, or our favorite–AI-powered tools.
One such tool is AI.F, our analysis bot. Where years of education are required with someone else, with AI.F, you can skip time and get educated along the way. After it processes billions of data points to forecast future price movements, it will make insightful recommendations on whether to buy or sell.
But that’s not all AI.F offers. This powerful program will make you the decision-maker and the time of relying on shady brokers is over. Sounds good? Book a consultation with one of our experts to learn more about AI.F, or start using the program right now with a 14-day free trial.
What is ForexPropFirm?
ForexPropFirm is a proprietary company looking for experienced traders to join their funding program and become funded traders.
Is ForexPropFirm Regulated?
Regulatory oversight is expected of companies that are providing financial services and are dealing with trader’s funds directly, without a middle-man which in this instance is Eightcap.
Is Proprietary Trading Safe?
It may sound safe because you’re not trading with your capital, however, prop trading poses great risks and it’s suggested to educate yourself before trying.