proprietary trading landscape is growing, offering traders excellent opportunities to earn and grow without risking personal funds. Below, we explore the top five prop trading firms in Canada and what sets them apart.
Best Prop Firms In Canada
$650,000
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$300,000
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Top 5 prop firms
1. Fidelcrest
Fidelcrest is a globally recognized prop firm with a strong presence in Canada. The firm is known for its comprehensive evaluation programs designed to identify talented traders.
- Key Features:
- Offers funding up to $2 million for successful traders.
- Multiple trading styles allowed, including scalping and swing trading.
- Competitive profit splits, with up to 90% of profits retained by traders.
- Why Choose Fidelcrest?
Fidelcrest provides a straightforward evaluation process, making it accessible to both novice and experienced traders. It also boasts an excellent reputation for paying out on time and supporting traders.
2. Topstep
Topstep has been a leader in the prop trading industry for years and has a significant following in Canada. While headquartered in the U.S., its online evaluation programs make it accessible worldwide.
- Key Features:
- Funded trading accounts in forex and futures.
- Educational resources and coaching for traders.
- No upfront risk—traders pass an evaluation to access funds.
- Why Choose Topstep?
For traders new to prop trading, Topstep offers a low-barrier entry point with educational tools to help build their skills. Their risk management rules help instill discipline.
3. MyForexFunds
MyForexFunds (MFF) has gained popularity due to its rapid growth and generous profit splits. While it primarily focuses on forex, it also offers trading opportunities in other asset classes.
- Key Features:
- Instant funding options and evaluation-based funding.
- Profit splits starting at 75%, going up to 90% as traders progress.
- Affordable evaluation programs with lenient rules.
- Why Choose MyForexFunds?
MFF’s affordable and flexible funding options make it a favorite among traders in Canada who want to access significant capital without a hefty upfront cost.
4. The5ers
Based in Israel but widely popular among Canadian traders, The5ers specializes in low-risk, long-term trading strategies. It’s a great option for traders who prefer a patient, disciplined approach.
- Key Features:
- Funded accounts up to $4 million.
- Focus on consistency rather than high-risk strategies.
- Educational resources tailored for risk management.
- Why Choose The5ers?
The5ers is ideal for traders who focus on consistent growth and risk management. Their long-term funding model allows for a steady path to success.
5. FTMO
FTMO is arguably the most well-known prop trading firm globally and has a large Canadian user base. Their robust platform and excellent customer service make them a top choice.
- Key Features:
- Funded accounts up to $400,000.
- Evaluation challenges with achievable targets.
- 90/10 profit splits for traders who pass evaluations.
- Why Choose FTMO?
FTMO combines advanced trading tools with a proven evaluation model. It’s a great choice for traders looking to join a reputable and supportive firm.
FAQs About Proprietary Trading Firms in Canada
1. What is a proprietary trading firm?
A proprietary trading firm (prop firm) provides traders with access to the firm’s capital to trade financial markets. In return, the firm takes a share of the profits, while the trader retains the majority. Prop firms allow traders to grow without risking their own capital.
2. How do proprietary trading firms work?
Most prop firms require traders to complete an evaluation process, proving their ability to manage risk and generate consistent profits. Upon passing, traders receive a funded account. Profits are split based on the firm’s profit-sharing structure, often favoring the trader (e.g., 80/20 or 90/10 splits).
3. Are proprietary trading firms legal in Canada?
Yes, prop trading firms are legal in Canada. However, they operate as private businesses, and traders should research their reputation and regulatory compliance before joining.
4. Do I need trading experience to join a prop firm?
While some firms prefer experienced traders, others offer educational resources and mentorship programs for beginners. Firms like Topstep and Fidelcrest cater to both new and seasoned traders through flexible evaluation programs.
5. What is the evaluation process?
The evaluation process typically involves:
- Trading a demo account: Meeting specific profit targets while adhering to risk management rules.
- Risk management requirements: Limits on daily losses, overall drawdowns, and position sizes.
- Consistency goals: Avoiding over-reliance on single trades to meet targets.
If successful, you’re granted access to a funded trading account.
6. What markets can I trade with a prop firm?
Prop firms offer access to a variety of markets, including:
- Forex
- Stocks
- Futures
- Commodities
- Cryptocurrencies
The available markets depend on the firm’s focus. For instance, MyForexFunds specializes in forex, while FTMO offers broader asset classes.
7. How much capital can I get from a prop firm?
Funding amounts vary by firm and can range from $10,000 to several million dollars. For example, The5ers offers accounts up to $4 million, while Fidelcrest provides up to $2 million. The funding size typically increases as traders demonstrate consistent performance.
8. How are profits split with the firm?
Profit-sharing structures vary by firm but usually range from 70% to 90% in favor of the trader. For instance, FTMO and Fidelcrest offer up to 90% profit splits for top-performing traders.
9. What happens if I lose money?
If you lose money while trading a funded account, you risk breaching the firm’s rules, which may result in account suspension. However, you’re not liable for the losses since you’re trading the firm’s capital, not your own.
10. Are there upfront costs to join a prop firm?
Yes, most firms charge fees for evaluation programs or instant funding accounts. These fees cover administrative costs and ensure traders are serious about their applications. Evaluation fees typically range from $100 to $1,000, depending on the account size.
11. How do I choose the best prop firm?
Consider these factors:
- Profit splits
- Funding amounts
- Evaluation criteria
- Trading platform and tools
- Reputation and reviews
- Rules for risk management
Research thoroughly to find a firm that aligns with your trading goals and style.
12. Can I trade for a prop firm while living in Canada?
Yes, many prop firms are online-based, allowing Canadian traders to participate from anywhere with an internet connection. Ensure the firm supports Canadian traders and offers convenient payment methods for profit withdrawals.
Final Thoughts
Canada’s proprietary trading market offers plenty of opportunities for ambitious traders. Each firm in this list has unique advantages, catering to different trading styles and preferences. When choosing a prop firm, consider factors such as profit splits, evaluation requirements, and the type of support they provide.