A one-step prop firm is a proprietary trading firm that offers traders an opportunity to secure a funded account by passing a single one-step evaluation process. Unlike the traditional multi-step evaluations, a one-step challenge is designed for simplicity, however its harder to pass due to trailing drawdown or lower profit to drawdown ratio. Prop trading is becoming increasingly popular among experienced traders and beginners who want to prove their trading skills but have insufficient capital.
The one-step evaluation process is a simplified evaluation process that helps traders secure funding quickly. It eliminates the need for multiple stages and allows traders to start trading on simulated accounts as soon as they meet the required profit targets. This streamlined approach is highly attractive to traders looking for quicker funding (remember they have to pass one evaluation stage).
What is a One-Step Evaluation Prop Firm?
A one-step evaluation prop firm simplifies the process of obtaining trading funds by requiring traders to pass only one evaluation phase. During this phase, traders must meet specific profit targets and follow challenge rules to qualify for a funded account. Unlike multi-stage evaluations that can be cumbersome, the simplified evaluation process makes it much easier for traders to get started.
For traders, the evaluation process includes demonstrating their trading strategies, adhering to risk management rules, and hitting the profit targets without breaching the maximum drawdown. By meeting these requirements, traders can start trading with the prop firm’s capital and aim for a significant profit split. The evaluation period can vary depending on the firm, but it is generally designed to be efficient, allowing traders to prove their skills in a reasonable timeframe.
Pros and Cons of One-Step Evaluation Prop Firms
Pros
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Simplified Process: One-step evaluations have fewer requirements, however, some traders consider it harder to pass due to trailing drawdown or lower profit to drawdown ratio. Ultimately it allows traders to start trading quickly with a funded accounts since its only one- step.
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Faster Funding: Traders can start trading right after passing the evaluation, which means they get instant funding without participating in the evaluation period
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Secure Funding: The one-step evaluation offers a straightforward path to secure funding, enabling traders to access simulated capital more efficiently.
Cons
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Higher Risks: The focus on achieving profit targets quickly can lead traders to take bigger risks, potentially impacting their trading performance.
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Less Comprehensive Assessment: A one-step evaluation process might not fully evaluate a trader’s skills in areas like risk management and trading style compared to multi-step evaluations.
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Limited Learning Opportunities: The quick evaluation might cause traders to overlook important skills such as Fx strategies and proper risk management.
How to Choose the Best One-Step Prop Firm
To select the best prop trading firms with 1 step evaluation, consider the following factors:
- Evaluation Process and Rules: Analyze the evaluation programs and the specific challenge rules required to successfully pass the evaluation. Understanding the minimum trading days and profit targets is key. The evaluation period should also be considered to ensure it aligns with your trading pace.
- Risk Management Requirements: Some prop firms have strict risk management requirements, such as daily risk limits and maximum drawdown. Traders need to ensure they can adhere to these risk management rules without compromising their trading potential. Effective risk management is crucial to maintaining a funded account and achieving consistent success.
- Account Sizes and Fees: Check the available account sizes and the associated fees. Many prop firms offer different funding programs with a range of account sizes to suit traders at different levels. The top prop firms provide flexible options that allow traders to choose an account size that matches their trading objectives and risk tolerance.
Top One-Step Prop Firms in 2024
1. PipFarm
PipFarm offers a one-step evaluation program designed for traders seeking quick and efficient funding. Their one-step evaluation requires traders to achieve a 12% profit target with either a 6% static drawdown or a 12% trailing drawdown. Also, trailing drawdown for one step challenge resets which is not the case with other competitors, providing flexibility to accommodate different trading styles.
The leverage offered is up to 1:30, and traders must complete a minimum of three profitable trading days to qualify for the funding. Upon successful completion, traders can access capital ranging from $5,000 to $300,000, which provides significant opportunities for scaling up as they hit profit targets.
PipFarm offers an attractive profit share of up to 95%. Traders start with a 70% profit share, which increases as they advance through ranks, ultimately reaching up to 95% if they continue to perform well. This is ideal for traders looking to retain a significant portion of their profits.
The firm also allows traders to use a wide range of strategies, including news trading and martingale strategies, which are often restricted by other firms. They utilize the cTrader platform, known for its robust features and ease of use, ensuring traders have the necessary tools for success.
PipFarm is an excellent choice for traders who want a straightforward path to funding, with the potential for rapid scaling up to $1.5 million through continuous performance-based growth. The firm’s flexibility and generous profit splits make it a strong contender among the top prop firms in 2024.
2. FundedNext
FundedNext also provides a one-step evaluation program, but they offer a broader variety of funding options compared to SurgeTrader. Their one-step program, named the “Stellar” program, requires a 10% profit target, while their “Express” program sets a 25% profit target.
The drawdown limit varies between 3% to 10%, depending on the specific program. FundedNext provides 1:100 leverage, which is significantly higher than SurgeTrader, and there are specific minimum trading day requirements, depending on the evaluation type. This allows traders to manage their risks while still pursuing high-profit potential.
FundedNext offers profit splits that vary depending on the program, and they also provide options for scaling accounts up to $300,000. The firm’s trading instruments include forex, commodities, and indices, and they work with brokers like Incenteco and GrowthNext, utilizing MetaTrader platforms
3. Funded Trading Plus
FTP’s “One-Phase Experienced Trader Program” offers a streamlined approach for traders seeking rapid access to funded accounts. Unlike multi-phase evaluations, this one-step process is designed for efficiency, requiring traders to achieve a 10% profit target with a 5% maximum daily drawdown and a 10% overall drawdown limit.
With leverage of up to 1:30, traders have ample flexibility to develop and execute their strategies, without the pressure of minimum or maximum trading days. This flexibility allows traders to complete the evaluation at their own pace, making it an ideal choice for those with confidence in their trading methods.
4. City Traders Imperium
City Traders Imperium (CTI) offers a one-step evaluation option as part of their overall funding programs. The firm provides a single-phase challenge that requires traders to meet specific profit targets without breaching the set drawdown limits.
CTI’s focus on secure funding and a comprehensive evaluation makes them a great choice for traders looking to enhance their trading performance. They offer leverage up to 1:10 and a range of funding programs that support different trading styles.
Additionally, they utilize MetaTrader 5, providing advanced trading tools that help traders navigate the markets more effectively. CTI’s profit splits can go up to 100%, making them highly attractive to traders looking to maximize earnings from funded accounts
5. OneUp Trader
OneUp Trader stands out with its straightforward one-step evaluation process, making it accessible for traders eager to showcase their skills without navigating multi-phase evaluations. To qualify for funding, traders are required to meet a set profit target, which varies according to account size, and trade for a minimum of 10 days.
This flexibility allows traders to develop their strategies without rushing, making it ideal for those confident in their trading approach. The evaluation accounts are available in various sizes, starting at $25,000 and going up to $250,000, accommodating different experience levels and trading preferences.
Each account includes specific daily loss limits and trailing drawdown requirements to promote disciplined trading, with reasonable targets that make it feasible for skilled traders to pass the evaluation.
Once traders secure funding, they can enjoy a payout-sharing model that maximizes their earnings. OneUp Trader offers an attractive payout split, allowing traders to retain 100% of their first $10,000 in payouts. Beyond this initial threshold, traders receive a 90% payout split on subsequent earnings, providing significant financial incentives.
One-Step vs. Multi-Step Evaluation: Which is Better?
One-step evaluations are attractive due to it’s quick accessibility to funding. For traders who are confident in their trading skills and can meet profit targets with no time limit and almost no pressure, this type of evaluation process is ideal. On the other hand, multi-step evaluations provide a more comprehensive assessment of a trader’s risk management abilities and Forex trading strategies, making them better suited for those who wish to develop their skills more thoroughly.
One-step evaluations often require traders to meet specific challenge rules that focus on achieving a profit target within a defined evaluation period. While this approach can be challenging, it allows traders to start trading with a funded account much faster, making it an appealing option for those seeking instant funding.
Tips for Passing a One-Step Evaluation
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Adhere to Challenge Rules: Follow all the challenge rules carefully to avoid disqualification. Understanding the challenge rules require focus and precision.
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Manage Risks Effectively: Stick to the firm’s risk management rules to demonstrate consistent and responsible trading. Proper risk management is key to maintaining a funded account and avoiding termination.
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Meet Profit Targets: Focus on hitting the profit targets while maintaining your trading performance. Consistently meeting these targets is crucial for traders aiming to secure long-term funded trading opportunities.
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Avoid Disqualification: Keep a close eye on risk limits and avoid behaviors that could lead to even termination of the evaluation.
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Develop Strong Trading Strategies: Effective Forex trading strategies are essential to successfully pass the one-step evaluation. Ensure your approach is well-tested and aligns with the challenge rules of the prop firm.
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Track Your Trading Performance: Monitoring your trading performance throughout the evaluation process will help you make necessary adjustments and improve your chances of passing.
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Clear Rules and Objectives: Stick to the rules set by the best prop firms to maintain consistency and improve your chances of success.
Conclusion
A one-step prop firm can be an excellent choice for traders looking to secure funding quickly through a streamlined evaluation process. By understanding the evaluation programs, adhering to risk management rules, and choosing the right prop trading firm, prop traders can successfully pass the one-step evaluation and start their trading journey with a funded account.
If you are considering prop trading and want to secure funding efficiently, a one-step evaluation might be the perfect solution for you. The best forex prop firms offer clear and transparent rules, competitive profit splits, and a supportive environment for successful traders to thrive.
Whether you are new to prop trading or an experienced trader, a one-step evaluation can provide you with the opportunity to grow your trading capital, develop your trading skills, and achieve your trading objectives. Choose a prop trading firm that aligns with your needs, and embark on your trading journey today.
Secure funding with one of the best prop firms, and take the first step towards becoming one of the successful prop traders in the financial markets.