Obtaining a Forex Funded Trading Account in 2021

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Back in the day, and by that, I mean is during the forex trading boom approximately around 2014 to 2015, everyone wanted to trade forex because the markets seemed so easy to trade yet finding funded trading accounts seemed near impossible. In those days you had to know someone willing to fund you or have a track record showing you were consistently profitable with a forex funded account before anyone would touch you.

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Now in 2021, it seems like everyone and their myriad of Insta and TikTok followers provides funding, knows a guy, or knows a guy who knows a guy. Rejoice traders, obtaining funded trading accounts has never been easier you can finally obtain access to larger quantities of capital obtain access to a track record (if you trade well) that can have you taken seriously!

But wait… should you rejoice? While it is nice to have a forex funded account, you need to understand that much like when you are choosing your forex broker, the main think you should look at is the terms and conditions of these funded trading accounts.

That is right, not all funded accounts are built equally. When the first forex trading account service came to London, the account size was small, the progression terms were difficult, and it had a monthly fee attached to it. But what could traders do? There were no other funded trading accounts in the market.

However, when brokers entered the game and provided funding to profitable traders, and other services started popping up in the form of trading competitions such as the former TopTradr competition, said service upped their game and polished their service to be more “reasonable” to justify the monthly fee.

Life as a forex trader, to put it bluntly was difficult due to the hurdles you had to obtain a forex funded account. Obtaining funding for futures trading was easier, but most opportunities are not in the UK.

However, City Traders Imperium did uniquely disrupt the market according to research in that while other companies do provide exponential growth, City Traders Imperium is the only prop trading company in London that provide it with their current sizes up to $2 million, without demanding a recurring monthly fee.

It also appears they are genuinely true to sourcing the best traders considering they have one of the most relaxed trading rules. Rather than a constrained 6 month trading deadline, which puts innate pressure and objectively makes one thing you would prefer scalpers or day traders, they have a 1 year deadline which creates an impression that they really do want traders with a range of abilities, backgrounds and strategies.

You have a strategy then they have a forex account, the only cost is the fee from the evaluation phase. A fair price it seems, especially considering the rules and that some places make you pay a monthly fee for lower account sizes. Further perspective, it is considerably lower than the service costs, and desk fees of typical prop houses in the city. Moreover, with fair terms, it will be difficult to find a prop firm offering a funded forex account where the trader gets a 60% split, let alone a 70% split!

The funded trading accounts are not a one trick pony either, for traders who feel they need guidance or a helping hand, there is a unique option to obtain mentoring or work on calibrating their unique trading psychology. It’s like having your own personal performance coach, or psychologist helping you trade in the zone!

Why would you be interested in funded trading accounts which offer good terms at a fair price anyway rather than any old forex funded account that would just get your foot in the door to kick start your trading career you might be wondering?

I will answer your question.

Remember when I said not all funded trading accounts were built equally? The harsh truth is that many of them do not have trading conditions that many traders can actually pass. Either due to conditions such as traders must close positions during the weekends, before the end of the day or before certain news events or risk penalties.

Bona fide firms which want traders to succeed do not impose frivolous conditions such as this. Companies that do tend do to this because they collect the trading registration fees.

While some prop houses may offer tips and advice, it more like an informal chat about another trader’s experience or a second hand account of another trader’s experience. The advantage of a prop firm which also educates and mentors, such as City Traders Imperium, is you have an experienced team that is used to getting people over the line (they have a blog full of people doing so!).

 

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Comments

  1. Fredrick Waiganjo says:

    Am a price action trader

  2. Nelly says:

    Hi, I’m very interested in trading but
    My problem is that I dnt have a capital to start I’m looking for a founder.

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