Forex Prop Firms Without Evaluation

Prop firms are becoming more and more popular among Forex traders, both new and experienced ones. A prop firm is a firm that provides a trader access to capital for them to trade on the firm's behalf. Of course, a firm would not give money to anybody just to lose them completely. Therefore, the vast majority of prop firms have an evaluation program to weed out unsuccessful traders, though there are some exceptions.

What is evaluation and why do prop firms require it?

Before funding a trader, a prop firm wants to be certain that they are capable of making a profit. That is why prop firms have an evaluation process. While different firms can have different names for the process, its nature is largely the same. To get access to funding, a trader has to achieve a specified profit target, usually within a set period of time and limits, such as a maximum drawdown and a maximum loss allowed. Often the evaluation process has multiple phases, each with its own target and limits. If a trader passes the evaluation, it proves to the firm that they are able to earn money,

Yet there are prop firms that can grant you access to funding immediately. While there are very few of them, they do exist.

Advantages and disadvantages of prop firms without evaluation

Trading with a prop firm without a lengthy evaluation process might seem enticing to Forex traders. But there are reasons why you may still prefer passing the evaluation. So let us discuss the advantages and disadvantages of trading with prop firms without evaluations.

Advantages

The advantages of starting to trade on a live account immediately should be obvious for most traders. Nevertheless, let us list them here:

  • You save time by avoiding an evaluation process, which can take a month or even longer.
  • You can save money if you start to make a profit on a live account, which can cover whatever fees you have paid to the firm. In contrast, your virtual profits on a demo account made during the evaluation process will not help you cover your evaluation fees regardless however well you trade.
  • The chance of being scammed is arguably lower as taking evaluation fees and then making you fail the evaluation is a very popular tactic among scammers.

Disadvantages

While the advantages of trading without evaluation are obvious for the most part, there are serious disadvantages as well. The main disadvantage is that prop firms will want more money from you to counter the risk of funding you without evaluation. There are two ways for firms to do that:

  • Upfront fees — prop firms have much higher fees for traders who want to trade without evaluation than for those who have passed the evaluation.
  • Profit split — prop firms typically have a worse profit split when you want to trade without evaluation. While prop firms will often take just 20% of your profits if you have passed the evaluation, it is not unusual for the firm to demand 50% of profits from traders who have joined them without evaluation.

List of prop firms without evaluation

Here is the list of prop firms that allow you to trade with them without evaluation. Some of them provide a choice whether you want to trade with or without evaluation, while others have no evaluation process at all. The list contains fees, requirements, conditions, and other details about the firms. The conclusion portion for each firm takes into account only funding schemes without evaluation.

FTUK

FTUKFTUK provides a scaling account size. A trader starts at level 1 account and can go up to level 7. Each level has an increased account size as well as other benefits. To reach a new level, a trader needs to achieve a profit target.

FTUK offers two types of accounts:

  • Low Risk — lower leverage and mandatory 1.5% stop-loss but a lower profit target and more time to reach the target on level 1.
  • Aggressive — higher leverage and no mandatory stop-loss but a higher profit target and less time to reach the target on level 1.

FTUK offers two funding programs:

  • Evaluation — starts on a demo account at level 1, goes to a live account at level 2. Profit earning starts at level 2. Lower registration fees.
  • Instant Funding — starts on a live account at level 1. Profit earning starts at level 1, though the trader needs to reach the level 1 profit target to be able to withdraw funds. Higher registration fees.

Registration fee and account size: Funds on your account can be in one of the three currencies: USD, EUR, GBP. To save space, the following list will only show the values in dollars. The list has the following format: registration fees for evaluation/instant funding accounts - starting account size at level 1 - maximum account size at level 7.

  • £119/£150 - $3,500 - $896,000
  • £299/£410 - $10,000 - $1,280,000
  • £349/£550 - $15,000 - $1,920,000
  • £499/£950 - $22,500 - $2,880,000

Profit target: 10% for Low-Risk accounts, 25% for Aggressive accounts.

Maximum overall drawdown: 5%.

Leverage: Depends on the account level. Up to 1:50 on Low-Risk accounts, up to 1:100 on Aggressive accounts.

Trade instruments: Forex, metals, indices, and commodities.

Time to reach profit target; 180 days for Low-Risk accounts and 90 days for Aggressive accounts at level 1. No time limit for higher levels.

Addons: FTUK offers a variety of powerful addons. Unlock level 8 (essentially, double the maximum trading capital) — +10% to the fee. Double maximum trading days — +15% to the fee. Joining fee refund — +25% to the fee. Evaluation retake — + 50% to the fee.

Minimum trading days: None.

Payout rate: Depends on the account level. Starts at 50%, goes up to 80% at the maximum level.

Trading platform: MetaTrader 4.

Payment options: Payouts are transferred via the trader's Deel account. Through Deel, the trader can be paid using the following methods: bank transfer, Deel card, Coinbase, PayPal, Payoneer, Revolut, Wise.

Other features: One-to-one, trader interviews, a private session with a support coach available at a request. Expert advisors and robots are allowed. Trade copying is allowed from a non-FTUK account to a FTUK account but not between different FTUK accounts. Overnight, scalping, news, weekend trades are allowed. Hedging allowed. Payouts can be received at a request as long as the traders' share is above one of the following figures: £150, €200, $250.

Conclusion: FTUK provides a very appealing offer for those traders who want to choose Instant Funding. Very few limits on how you trade (even hedging is allowed, which is unusual), a scaling program, a payout rate that can go above the standard 80%, very good leverage on higher levels of the account, a wide range of trading instruments, a chance for 1-to-1 coaching — all these can be considered good reasons to think about joining this trading firm. There are some less positive features, though. Probably the biggest negative for those traders who want to start earning profits immediately is the requirement to reach the profit target on level 1 of your trading account. It makes the instant funding option look very similar to the option with evaluation. Besides that, low maximum drawdown, small leverage on lower levels on the account, and the mandatory stop-loss for low-risk accounts can make FTUK somewhat less appealing to traders.

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MyForexFunds

MyForexFundsMyForexFunds offers three funding schemes: Rapid, Evaluation, and Accelerated.

  1. Rapid account program — allows to start earning bonuses trading on a demo account before moving to a live account. A trader earns 12% in bonuses while trading on a demo account. Additionally, 3.5% of profits are added to the live account. When the amount of funds on the live account reaches 10% of the account size the trader has signed up for, and if at least three months since registration have passed, the trader gets access to a fully funded live account. There is no time limit for trading on a demo account before getting access to a live account.

    Two account types are available:

    • Consistency Enabled Accounts — the number of trades or lots traded per day and the lot size should not be more than twice or less than half of your average. Failure to adhere to this requirement will not result in an automatic account termination but the trader will not be paid for that particular pay period and no profits will be added to the live account deposit. Multiple violations may result in account termination.
    • No Consistency Accounts — the consistency rule is not applied to those accounts.

    Account size and registration fee:

    • $10,000 — $99 fee
    • $20,000 — $189 fee
    • $50,000 — $399 fee
    • $100,000 — $749 fee

    Monthly fee: None.

    Max daily drawdown: 5%.

    Max overall drawdown: 12%.

    Minimum trading days: 3 days per week.

    Trading instruments: All products are available on MetaTrader 4.

    Payout rate: 12% bonus payout for demo accounts bi-weekly (Consistency Enabled Accounts) or monthly (No Consistency Account); 50% on a fully funded account during the first month, 65% during the second month, 80% during the third month onwards.

    Leverage: 1:500.

    Other features: Expert advisors and robots allowed (though you have to send the source code to the firm), the ability to Reset the account after suspension for a discount fee, ability to Refresh the account (which brings the funds on the account to the original amount) for a fee, refund of registration fees when you get access for a live account, trade copying allowed for your own trades, copying of third parties trades disallowed. Two hedge positions are allowed at any given time.

  2. Evaluation program — a two-step evaluation process. Traders who have passed the evaluation get access to a live account with minimal restrictions. The size of the account can be scaled up if a trader manages to secure good profits for several months. If a trader manages to reach or exceed a profit of 10% of the account size within 4 months, with at least 2 months being profitable, the account size will increase by 30%, up to the maximum of $300,000.

    Account size and registration fee:

    • $5,000 — $49 fee
    • $10,000 — $84 fee
    • $20,000 — $139 fee
    • $50,000 — $299 fee
    • $100,000 — $499 fee
    • $200,000 — $979 fee

    Evaluation process: Two phases 30 days each. Profit targets are 8% for Phase 1 and 5% for Phase 2. 5 trading days minimum are required to pass evaluations. 1 free extension if a trader does not pass Phase 1 but ends it in profit and with no rule breaches. Unlimited free retakes.

    Monthly fee: None.

    Payout rate: 75% during the first month with a minimum 10 trading days requirement, 80% during the second month, and 85% during the third month onward. No minimum trading days requirement after the first month.

    Maximum daily drawdown: 5%.

    Maximum overall drawdown: 12%.

    Leverage: 1:100.

    Trading instruments: Forex, CFD's, commodities, cryptocurrencies (on weekdays).

    Other features: Usage of robots and expert advisors allowed (no need to send the source code); weekend, news, scalp, and swing trading allowed, reset of the account size at a discount price if a rule breach has occurred, refund of the evaluation fees after getting access to a live account.

  3. Accelerated program — allows to start live trading and earning profits immediately. The account size can be scaled up when a trader reaches the profit target. Depending on the type and the initial account size, the maximum account size can reach $2 million.

    The Accelerated program has two account types: Conventional and Emphatic.

    Account size and registration fee:

    Conventional:

    • $2,000 — $99 fee
    • $5,000 — $245 fee
    • $10,000 — $485 fee
    • $20,000 — $970 fee
    • $50,000 — $2,450 fee

    Emphatic:

    • $2,000 — $198 fee
    • $5,000 — $490 fee
    • $10,000 — $970 fee
    • $20,000 — $1,940 fee
    • $50,000 — $4,900 fee

    Scaling-Up program: The account size is increased by 1.5x or 2x after reaching a profit target. The maximum size depends on the account type and the initial account size.

    Scaling-Up profit target: 10% for Conventional, 20% for Emphatic accounts.

    Maximum account size: Depends on the type of the account and the initial account size:

    Conventional:

    • $2,000 — $324,000
    • $5,000 — $405,000
    • $10,000 — $540,000
    • $20,000 — $1,080,000
    • $50,000 — $1,350,000

    Emphatic:

    • $2,000 — $486,000
    • $5,000 — $810,000
    • $10,000 — $810,000
    • $20,000 — $1,600,000
    • $50,000 — $2,020,000

    Maximum daily drawdown: None.

    Maximum overall drawdown: 5% of the starting account balance for Conventional, 10% for Emphatic.

    Leverage: 1:50.

    Payout rate: 50%.

    Trading instruments: Forex, cryptocurrencies, CFDs, commodities.

    Other features: Expert advisors and robot usage is not allowed other than for copying purposes; weekly payout; weekend trading not allowed; news trading allowed; overnight positions allowed; KYC documents required for registration to prove ID and address; refunds not available.

Payment options: Bank wire, cryptocurrencies, PayPal, Wise.

Trading platform: MetaTrader 4.

Conclusion: MyForexFunds is probably the most well-known among the listed firms and the most talked about. But while many traders reported positive experience working with the firm, there is a sizeable number of traders who are dissatisfied with the firm. Some report issues with withdrawals, and many complain about slow and unhelpful support. Looking at the firm's features (specifically, the Accelerated program), it is hard to ignore how restrictive the rules seem to be — no EA's, no weekend trading, and a very small drawdown for Conventional accounts. On the positive side, the scaling program, low prices for Conventional accounts, good leverage, a wide range of available trading instruments, overnight positions, and weekly payout make the offer look enticing. In a way, MyForexFunds can be considered a baseline for comparison between prop firms without evaluation. Its offer is decent enough for those traders who want to try the option of instant funding. Anything worse should probably be avoided. Anything better can be considered a good offer.

EarnForex rating: ⭐⭐⭐⭐⭐ (5/5)

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The 5%ers

5%ers Forex Prop Trading FirmThe 5%ers offer two schemes to choose from:

  1. Instant funding with two modes and three balance options. All modes and options support up to $4M growth with extended 10%/25% profit targets:
    • $24K, start with $6K, stop-out $5.75K, 50%/50% payout split — €235 fee:
      • Low Risk — profit target 6%, 1:10 leverage, 1.5% stop-loss required, max time 180 days.
      • Aggressive — profit target 12%, 1:30 leverage, max time 60 days.
    • $40K, start with $10K, stop-out $9.6K, 50%/50% payout split — €385 fee:
      • Low Risk — profit target 6%, 1:10 leverage, 1.5% stop-loss required, max time 180 days.
      • Aggressive — profit target 12%, 1:30 leverage, max time 60 days.
    • $80K, start with $20K, stop-out $19.2K, 50%/50% payout split — €745 fee:
      • Low Risk — profit target 7%, 1:10 leverage, 1.5% stop-loss required, max time 180 days.
      • Aggressive — profit target 12%, 1:30 leverage, max time 60 days.
  2. 100K Bootcamp — three challenges with 6% profit target, 5% max loss, 1:10 leverage, 12 months total time for three stages, €85 fee:
    • Challenge #1: $25K start
    • Challenge #2: $50K start
    • Challenge #3: $75K start
    • Funded conditions: $100K-$4M balance, 5% profit target, 4% max loss, 1:10 leverage, up to 80%/20% profit split (starts with 50%/50%), additional €215 fee.

News trading: Allowed

Account currencies: US dollar

Trading instruments: Forex, gold & silver, indices

Commission: $4/lot round trip

Trading platforms: MetaTrader 5

Free trial: No

Payment options: Bank transfer, credit/debit cards, giropay, EPS

Other features: long-term trading possible, news trading possible, free webinars, psychological coaching.

Website languages: English, Spanish, Arabic

Conclusion: The 5%ers offers a great account range of accounts for no evaluation prop trading. Combined with their support for the MetaTrader 5 platform and reasonable trading restrictions, it makes an excellent choice if you want to start trading immediately. On the not so bright side, the leverage offered by The 5%ers is rather low.

EarnForex rating: ⭐⭐⭐⭐ (4/5)

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AudaCity Capital

AudaCity CapitalAudaCity Capital offers two plans. The Funded Trader Program allows you to start trading on a live account immediately while the Ability Challenge offers a better profit split and no monthly fees after two phases of evaluation. The firm has an unusual requirement for a phone interview (with the option of a face-to-face interview if you live in London) before deciding whether to fund you.

  1. Funded Trader Program offers immediate funding with scaling account size. Each time the trader reaches the profit target of 10% of the account size, the trader can withdraw profits and the account size is doubled. The account size starts at $15,000 on stage 1 and can grow up to the maximum of $480,000 on stage 6.

    Account size: $15,000; $30,000; $60,000; $120,000; $240,000; $480,000.

    Registration fee: £298.

    Monthly fee: £99.

    Maximum lot size: Starts at 0.5 at stage 1 and is double at each of the subsequent stages up to the maximum of 16 at stage 6.

    Maximum overall drawdown: 10%.

    Profit target: 10% to go to the next stage (unless you reached the last stage) and to be able to withdraw profits.

    Trading instruments: Forex in the first three stages; Forex, indices, and commodities in the last three stages.

    Minimum trading days: None.

    Trading platform: MetaTrader 4.

    Payout rate: 50%.

    Payment options: through the firm's app or by sending an email.

    Other features: weekend trading available at a request, news trading not allowed, expert advisors allowed.

  2. Ability Challenge requires a trader to pass a two-step evaluation before getting access to a live account. The first step is called Challenge and lasts 30 days, the second stage is called Verification and lasts 60 days. To pass each stage, the trader is required to reach the 10% profit target within the allotted time limit.

    Account size and registration fee: The registration fee depends on the account size the trader applies to:

    • $15,000 — £149
    • $30,000 — £269
    • $60,000 — £369
    • $120,000 — £629

    Minimum trading time: 7 days.

    Maximum daily drawdown: 7.5% for Challenge, 5% for Verification and Live Account.

    Maximum overall drawdown: 15% for Challenge, 10% for Verification and Live Account.

    Trading platform: MetaTrader 4.

    Payout rate: 75%.

    Trading instruments: Forex, gold, and certain indices such as GER30, US30, US500, and NAS100.

    Leverage: 1:100.

    Payment options: Credit/debit card, PayPal, bank transfer, Bitcoin, Skrill.

    Other features: Interview required; expert advisors allowed; news, weekend, and overnight trading allowed during the two stages of evaluation; monthly profit withdrawal; consistency rule; refundable registration fee if you pass the Verification stage.

Conclusion: AudaCity Capital has both registration fees and monthly fees, and that alone can make traders consider the firm's offer of the Funded Trader Program unappealing. There are other negatives as well — a limited lot size on lower levels of the account, withdrawal only after reaching the profit target, limited trading instruments, limited methods of money withdrawal. Among more positive features are a decent drawdown limit and a scaling plan.

EarnForex rating: ⭐⭐⭐⭐ (4/5)

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City Traders Imperium

City Traders ImperiumCity Traders Imperium has three main trading programs: Standard Funded Trader Program, Classic Funded Trader Program, and Daily Trading Funded Trader Program. The only difference between the Standard and Classic programs is the conditions for passing evaluations. There is no difference between them once you have been funded. You can also decide to skip the evaluation via the Direct Funding Program, getting funded immediately. The registration fee is much higher in this case, though. The Daily Trading program is targeted toward traders who want to trade with higher risk and higher rewards. The company also provides educational courses as well as the option for 1-to-1 mentoring.

  1. Standard, Classic, and Direct Funded Trader Programs

    The only difference between those programs is the evaluation requirements (or lack thereof). Once the account is funded, its size can double each time the trader reaches the 10% profit target up to $2 million.

    Evaluation requirements:

    Standard program:

    • Maximum evaluation time: 6 months.
    • Profit target: 9%.
    • Maximum absolute drawdown: 5%.
    • Minimum active trading days: 30 days.

    Classic program:

    • Maximum evaluation time: 12 months.
    • Profit target: 7%.
    • Maximum relative drawdown: 5%.
    • Minimum active trading days: 30 days.

    Account size and registration fee: The registration fee depends on the account size and the funding program. They are shown in the following format: account size — Standard program fee/Classic program fee/Direct Funding fee.

    • $10,000 — £119/£109/-
    • $20,000 — £209/£199/£999
    • $40,000 — £389/£379/£1,799
    • $50,000 — £459/£449/£2,199
    • $70,000 — £659/£649/£3,099

    Maximum absolute drawdown: 5% for funded accounts.

    Stop-loss risk: 1.5% per position.

    Trading instruments: Forex, gold, indices.

    Leverage: 1:10.

    Trading platform: MetaTrader 5.

    Payment options: Credit/debit card, cryptocurrencies (only for paying fees, no withdrawals in cryptocurrencies are available at this time), and bank wire.

    Payout rate: 60%.

    Other features: Discounts for evaluation programs traders who have failed evaluation or the Direct Funding program, KYC documents required, affiliate program, educational courses, monthly withdrawals, weekend trading allowed, news trading allowed (the only exception is that no new trades allowed three minutes before and three minutes after High Impact news — news marked in red on the Forex Factory Economic Calendar), trade copying allowed (though you are required to provide proof that you are copying your own trades), algorithms and expert advisors allowed with some exceptions.

  2. Daily Trading Funded Trader Program

    To get funded, a trader needs to pass the two-stage evaluation program. Once funded, the trader can grow their account size by 30% each time the 10% profit target and several other requirements are reached up to the maximum account size of $200,000.

    To get funded, a trader needs to pass two phases of evaluation:

    1. Assessment phase

      • Maximum time limit: 45 days.
      • Minimum active trading days: 10 days.
      • Profit target: 10%.
    2. Qualification phase

      • Maximum time limit: 45 days.
      • Minimum active trading days: 10 days.
      • Profit target: 5%.

    Account size and registration fee:

    • $10,000 — £109 fee
    • $25,000 — £169 fee
    • $50,000 — £289 fee

    Maximum daily drawdown: 4%.

    Maximum overall drawdown: 10%.

    Payout rate: 70% after the first 10% profit target, 80% afterward, 90 after reaching the 10% profit target and several other requirements, 100% after reaching those requirements three times.

    Stop-loss: Required.

    Leverage: 1:33.

    Trading platform: MetaTrader 5.

    Other features: News, overnight, and weekend trading allowed with no restrictions; KYC documents required; hedging allowed; copying trades allowed only from your accounts (you will need to provide proof that you are copying your own trades); refund of the registration fee with the first drawdown; one free retake of evaluation if you were in profit during the qualification phase.

Conclusion: City Traders Imperium has extensive training courses, which helps it to stand out from other similar prop firms. Besides that, a higher than the normal payout rate, a scaling program, a decent range of trading instruments, and extremely few limits to how you trade can also be reasons to consider joining City Traders Imperium if you are interested in the Direct Funded Trader Program. Among the negatives are a low drawdown limit, small leverage, and mandatory stop-loss.

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BluFX

BluFXBluFX offers two subscription plans — Lite Package and PRO Package as well swap-free versions of those packages.

The PRO Package allows growing the account size to $1,000,000. There are two ways to grow the account size:

  1. Rapid growth — consists of four stages with the $50,000, $100,000, $200,000, and $1,000,000 account size. To reach a new stage, a trader needs to reach 10% of the starting account size for the previous stage in profits. The 10% profit should be kept in the account to reach a new stage, and any profit withdrawals should be made independently of the profit target.
  2. Steady growth — consists of six stages with the $50,000, $75,000, $100,000, $150,000, $200,000, and $300,000 account size. To reach a new stage, a trader needs to reach the 10% profit target. Once the target is reached, the trader can withdraw 5% of profits with a 50%/50% split and keep another 5% to move to the next stage. After reaching the 10% profit target on stage 6, the account size is increased to $1,000,000.

Account size: $25,000 for the Lite Package, $50,000 for PRO Package.

Monthly fee: £99 for the Lite Package, £249 for the PRO Package.

Leverage: 1:3.

Withdrawals: Withdrawals can be made in 5% of the initial account size increments weekly.

Max daily drawdown: None.

Max overall drawdown: 10%.

Trading hours: 6:00 AM - 9:00 PM UTC for the Lite Package, 24 hours a day for the PRO Package.

Payout rate: 50%.

Trading platform: cTrader.

Trading instruments: 28 currency pairs, including CHF, USD, GBP, EUR, JPY, CAD, AUD, NZD, plus gold.

Payment options: UK, Nigerian, Indian bank transfer; PerfectMoney; USDT; Deel.

Other features: Overnight positions allowed; hedging not allowed, expert advisors, robots, scripts, copy trades are not allowed; account balance refresh for £50; no weekend trading; trading support for all types of accounts; Sharia-compliant Islamic Package for swap-free accounts.

Conclusion: BluFX is probably the second most-talked-about firm on the list. Unfortunately, traders' reports about the firm for the major part are negative. There are plenty of complaints from traders about the firm just stopping paying out profits. And while the firm's Trustpilot rating is not terrible, it is the lowest among the firms on the list. The details of the firm's offer do not look good either. The only positive features of the offered plans are a decent drawdown limit, no daily drawdown limit, and the scaling plan for the PRO package. Everything else looks bad. The monthly fees alone can be a deterrent for a large number of traders. Other negatives are laughable leverage, limited trading hours for the Lite package, a proprietary trading platform, and no EAs, trade copying, and weekend trading. Overall, there is little BluFX has to offer for you to consider joining this firm.

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Final thoughts

All of the proprietary firms that offer the option of funding without evaluation have similarities but each one of them has some distinct features that may either attract traders or push them away. Hopefully, our list can help you make an informed choice. If you need more details, you can visit the site of the firm you are interested in.

Overall, the funding schemes without evaluation look extremely risky with a high upfront cost, a low payout rate, and often restrictive rules. Only traders who can afford to lose the registration fee and are certain that they can be profitable should consider this kind of funding scheme. That said, experienced traders may consider joining firms like FTUK or City Traders Imperium to start earning money immediately while having few restrictions and a decent payout rate.

If you want to share your opinion, observations, conclusions, or simply to ask questions regarding Forex prop firms without evaluation, feel free to join a discussion on our forum.

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