With most profitable forex traders only making a few percent gain per month, having access to larger trading capital is crucial to being able to scale up a trading career past it just being a hobby. This is where prop firms come in, offering traders hundreds of thousands of dollars in funding, in exchange for a profit split fee. However, with so many in the market now it can be challenging to work out which company is the best for your specific trading style.
In this article we are reviewing Forex Traders UK, a fairly new prop firm offering instant funding to traders and an aggressive scaling plan. Let’s look at the pros, cons and everything you need to know!
Who Are Forex Traders UK?
Forex Traders UK is a prop firm offering funding of up to £1,000,000 to forex traders around the world. They are offering instant funding, live funds, a nice amount of leverage and realistic trading parameters. This is coupled with a good reputation and one of the most aggressive capital scaling breakdowns I have ever seen!
Now that we know who this company actually is, let’s take a look at their offerings and see what kind of funding they’re offering us traders…
Getting Funding From Forex Traders UK
Forex Traders UK offerings instant funding starting at £10,000, going all the way up to £70,000. When purchased with the one time fee, you’ll have access to a live account 25% of the size of the account you have purchased. When you hit your profit targets, the full size will be awarded to you – this is a slightly different way of doing funding so you don’t have to spend months on a demo account like you would with a challenge from FTMO, for instance.
You will have a profit split of 50%, guaranteed funding of up of £1,000,000 with the scaling plan, achievable profit milestones and a realistic drawdown limit of 5% on the low risk account. The profit split of 50% is fairly industry standard. If we compare this to some of the Top Prop Firms in the industry, DT4X Trader offers 60% and Lux Trading Firm offer 65%, so we are coming in just below those.
The leverage on the low risk account is capped at 1:10, whereas it’s 1:30 on the aggressive accounts so I would personally recommend avoiding the low risk option, unless you like to trade higher frequency but with very small risk per trade.
You will be trading your live funded account on the MetaTrader 4 platform. The platform isn’t the most advanced but it’s more than enough for most retail traders and most MT4 users, like myself, do their technical charting on TradingView as well!
What Makes Forex Traders UK Different From Other Prop Firms?
There are a few key points that makes Forex Traders UK different from some of the other industry leading prop firms.
1. Allowing Extensions
As the company is looking to fund sensible, consistently profitable forex traders they are willing to add small extensions to your challenge duration if you are near hitting your profit targets and you haven’t breached any of your risk parameters during the 90 day challenge. I think this shows a really good side to the company as many competitors wouldn’t offer this kind of lenience.
2. Time Duration
The challenges are a duration of 90 days maximum, with no minimum days required. This is 3x longer than the majority of the challenges you would take with other firms, making them much easier to pass and get funded.
3. Instant Funding
When you take a challenge from Forex Traders UK, you will have access instantly to trading capital. It won’t be the full trading capital but you will still be trading real trading capital instantly. This, in my opinion, is brilliant that you can get started right away! There are a few other firms offering instant funding like DT4X Trader (Full review here) and MyForexFunds (Full review here) so it may be worth comparing their offerings too.
4. Scaling Plan
The company offers a huge scaling plan, making it much faster to grow an account with them, rather than trying to grow your own trading capital. Every time you hit a profit target milestone of 25% growth, your trading capital will be doubled. This means that within a few really good trading months, you could be trading up to £1,000,000 in trading capital – which sounds great, right?
5. Weekend Holding Allowed
Some of the top prop firms don’t allow trades to be held over the weekend and not being flat by market close can result in losing funding. Luckily, Forex Traders UK allow positions to be open over the weekend meaning swing traders and day traders still stand a chance to get funded!
Is Getting Funding From Forex Traders UK Realistic?
When choosing a prop firm, it’s super important to look at the offering and whether or not it’s actually possible for you to obtain the funding being offered. Some companies promise the world but with only a few trading days to pass a challenge it really makes it impossible for 99% of traders.
Forex Traders UK has very relaxed rules and good trading conditions that make it realistic to actually obtain funding and scale up the account. Firstly, they are offering 1:30 leverage on the aggressive account – more than enough for all traders. The low risk option comes with just 1:10 leverage, so I would probably stay away from that.
Secondly, you are allowed 90 days to reach the profit target – which is exponentially more than a lot of providers and trading funders are willing to offer. This means that getting funding is realistic for day traders and even some swing traders too. You’re also being allowed to hold positions over the weekend, which again makes the funding more possible for longer term traders!
Thirdly, on the low risk plan you have a maximum loss of 5% with a profit target of 10%. Granted this is harder to achieve than the rules on the FTMO challenge, but still very achievable in a longer time frame for the majority of profitable traders.
Do Forex Traders UK Offer Education To Traders?
Forex Traders UK offers education to traders, which is great to see as not many firms are currently doing this themselves. They are offering a basic and advanced course, which should cover everything you need to know to get up to speed in your trading journey.
These courses aren’t free, which is a shame but the fact that the company is still offering courses themselves, rather than just offering affiliate links to other companies, is such a massive benefit to traders.
I personally think that there’s a huge amount of really good education out there online for free, since the forex market has been around for a long time now and very accessible to retail traders. Instead of purchasing the education offered, I’d advise starting with a free bit of guidance from Babypips, as this will show you everything you need to know for the fundamentals of the markets.
What Kind Of Trading Is Allowed?
Forex Traders UK allow you to trade in any way you would like. You’re allowed to hold trades overnight, over the weekend, scalp, swing trade, whatever it is you fancy. This freedom is great for traders and with a total of 90 days to complete the profit target challenge, it means even day traders stand a good chance of passing the criteria.
The company even allows EA’s to trade unlike some firms. Providing your EA can run on MT4, you’re going to be absolutely fine as long as you stick to the risk management rules put in place on your account. I would highly recommend using a VPS to ensure that the theoretical results of your EA perfectly match your actual results on the funded account. For this, I would recommend checking out ForexVPS.
Forex Traders UK Reviews – What Are Traders Saying?
If you’ve read the other reviews on our Top Prop Firms list, you’ll know that we absolutely love to look at what experience other traders are having with a prop firm, so help gauge the trustworthiness.
Forex Traders UK has an Excellent rating on Trustpilot, with 4.6/5 stars. This is currently with just over 40 reviews on the platform. In all honesty, compared to how many reviews some of the industry leaders like FTMO and The5ers have, it’s really not enough to make a conclusive decision yet as to how trustworthy the company is going to be over the next few years.
The fact there aren’t many reviews just shows the age of the company and the fact that it’s up and coming. The traders currently using the company are extremely impressed – that’s the main thing!
It’s also worth noting that the company is on the up, in terms of reviews. When I first wrote this article, Forex Traders UK had around 25 reviews. We are now sitting at 40 and the number is still consistently rising. More importantly, the quality of reviews and feedback being given is still extremely positive. This is a great sign and it’ll be worth keeping an eye on this firm over the coming months.
Conclusion – Is Forex Traders UK Legit?
In summary, Forex Traders UK is a legitimate prop firm offering funding starting at £10,000, ranging up to £1,000,000 to profitable traders around the world. They have very lenient rules, a 90 day maximum completion, instant funding and allow any trading styles, making it a great funding option for a lot of traders.
The downside to this company is the fact it’s extremely new and not too well known in the industry. Until the company has more reviews, more time and more exposure, it’s hard to say whether they’re trustworthy and here for the long run. Currently I am sitting on the sidelines on this one and waiting to see how the next few months go for the company and traders withdrawing from their funded accounts.
If you have any experience with the company please do comment down below, I’d love to hear your experience.