Is ForexPropFirm a trustworthy proprietary company that will help you get wealthy? Is it safe to invest money in this scheme? That’s the main focus of our ForexPropFirm Review.
Bear with us and we will explain some shady details about ForexPropFirm and Eightcap, the infamous offshore broker that provides the trading platform for this company. It is imperative that you read our text before investing any money.�
| Regulated by: | No Regulation |
| Is This Company Safe? | No |
| Known Websites: | forexpropfirm.com� |
| Have Warnings from: | N/A |
| Registered in: | Canada |
| Operating since: | 2021-07-26 |
| Trading Platforms: | MT4, MT5 (Eightcap) |
| Maximum Leverage: | 1:10 |
| Trading Assets: | Forex, Indices, Commodities, Stocks |
| Free Demo Account: | No |
| How to� Withdraw from This Company? | If the company refuses to pay you your money, reach out to us for professional assistance in recovering your funds. |
Does ForexPropFirm Need to Be Regulated?
No, this type of business does not require any regulations in North America. Since ForexPropFirm is based in Quebec, Canada, the company is not liable to possess any kind of license. It could be the source of issues due to the fact that nobody is overseeing the financial transactions the trader/user makes.
ForexPropFirm is here to provide capital that the trader uses to make profits, from which the company takes a cut in commissions. This particular business claims to be pretty lucrative, promising clients 90% of the profits they achieve.
Fraudulent brokers such as Capital Hub get blacklisted in Canada but proprietary companies such as ForexPropFirm are not subject to scrutiny since their status is not up for regulation. Again, this could inadvertently lead to issues with fund withdrawals. If that happens, you should contact us for help.
Eightcap
So forexpropfirm.com provides the trading capital but what about the trading platform? All trading goes through a broker, in this case, the platform is Eightcap. This entity is based in Australia and regulated by the Australian Securities & Investment Commission (ASIC), a reputable Tier 1 regulator.
What could go wrong? Actually, Eightcap opened a subsidiary in the offshore domain of the Bahamas, where the regulations and rules are pretty lax. Unlike Australia, offshore domains are known for housing countless scam brokers. Any offshore license is simply not credible enough.
A lot could go south if the broker decides to manipulate the platform or trading conditions. In the following sections, we will see what traders had to say about Eightcap.
What Traders Think Of ForexPropFirm.com?
The focus of our analysis is on forexpropfirm.com trustpilot reviews, which actually prompted us to do our own rendition. On that website, the company has a total of 266 reviews with an average score of 4.7 (excellent) at the time of this writing.
However, Trustpilot caught the company red-handed, stating that “this company has been offering incentives for reviews. Offering an incentive of any kind is not allowed on Trustpilot. This can lead to bias and compromise the reliability of reviews. We’re strongly against this.” Well said, Trustpilot!
This questions the legitimacy of all the forexpropfirm.com reviews on the website, except for the complaints, which are undoubtedly honest.�
Be aware must check all little details of there rules before purchasing 12% draw down is for only phase 1 and 2 once you get funded account drawdown will only be 5% and they don’t mention on the high lights you have to scroll down to terms page plus very low leverage just doesn’t get any better…
– Trustpilot user, January 5, 2023.
ForexPropFirm responded to each and every one of the complaints on Trustpilot, proposing their side of the story. It seems that the issues are related to misinterpretation of the rules, and bad communication.�
We promised we would address Eightcap as well, so here’s a common comment about the broker from Trustpilot. Note, Eightcap has received mostly positive reviews but we went with this review because it mentions a stop-loss malfunction. The main complaints about forexpropfirm.com also mentioned stop-loss issues, which is something to bear in mind.
slippage is very very bad on eightcap. They don’t respect stop losses. I opened a sell trade of 0.5lot size with my stop loss set about 40pips above my price which could have resulted in a maximum of about $200. trade went against me and stop loss never triggered. I lost about $899 and my account was closed…
– Trustpilot user, May 13, 2023.
Where Does ForexPropFirm Mainly Operate?
The forexpropfirm.com website was created on July 26, 2021. The company has since been mainly offering services to users from the following countries:
- US;
- India;
- Pakistan.
We believe that the main communication channel between ForexPropFirm and clients is Discord since there is a small link on the website. Aside from Discord, a phone number & email, the company also posted links to Facebook, Instagram (~ 50k followers), Twitter, TikTok, and YouTube.�
Leverage, Commissions, Spreads, Fees
The maximum leverage offered by ForexPropFirm, per the FAQ section on the website, is 1:10, which is in line with the legal cap in force in Canada, albeit too low for certain trading instruments such as FX major pairs.
If you’re a Forex trader or enthusiast, this leverage simply won’t do it for you. For other instruments such as CFDs, it can work. ForesPropFirm claims there are no monthly fees. To reiterate, the spreads and commissions are the ones Eightcap offers.�
The broker’s clients seem to stress that the platform had spread malfunction issues, i.e. manipulated spreads. If you trade like this, you may experience issues. If that’s the case, contact us so we could help recover your invested funds!
ForexPropFirm Trading Features
When it comes to the trading platform, Eightcap offers two of the best options in the game – MetaTrader 4 and MetaTrader 5. These platforms set the bar pretty high in the trading industry with their wide range of cutting-edge tools such as automated & algorithmic trading, live market reports, API integration, multiple timeframes, lightning-fast execution and more.
The choice of trading platforms is fantastic. The downside, however, is that you’re most likely getting these platforms from an offshore broker with no credible trading license. We suggest sticking to regulated providers.
Available Trading Assets
ForexPropFirm does not support cryptocurrency trading. A short digression – avoid shady crypto providers such as Power Trade. As for the instruments that you can trade here, here’s an overview:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
- Indices – S&P 500, NASDAQ 100, DAX 30…
- Commodities – gold, wheat, crude oil, natural gas…
- Stocks – Microsoft, Disney, Google…
The Model Evaluation Process
In order to get funded by ForexPropFirm, there are three different evaluation processes:
- The 1-Step Challenge (25k-200k account):
- Profit target – 10%;
- Overall drawdown – 6%;
- Daily drawdown – 4%;
- Guaranteed funding – 10,000,000 $.
- The 2-Step Challenge (25k-200k for both phases):
- Phase 1:
- Profit target – 8%;
- Overall drawdown – 12%;
- Daily drawdown – none;
- Guaranteed funding – 10,000,000 $.
- Phase 2:
- Profit target – 5%;
- Overall drawdown – 12%;
- Daily drawdown – none;
- Guaranteed funding – 10,000,000 $.
- Phase 1:
- Instant Funding:
- No evaluation;
- Starting capital – 10,000 $ – 200,000 $;
- Overall drawdown – 5%;
- Daily drawdown – none;
- Minimum withdrawal – 5%;
- Guaranteed profit – 10,000,000 $.
The idea is that you pay a minimum of 25,000 $ to start these challenges. Once you pass the tests successfully, you will be refunded this money.�
For the 2-phase evaluation, the first phase stipulates that you trade for a minimum of 5 days and a maximum of 35 days. The second one requires you to trade 60 days, rather than 35 days. Here, you’ll receive a 5% profit split and if you pass, you’ll get 100% of your fee as part of your first withdrawal.
The instant funding model is self-explanatory – you get the capital immediately and start trading. All you have to do is maintain a 5% drawdown. If for any reason you cannot get your money our, please call us.
How Do Withdrawals Work?
PayPal is the main withdrawal method, according to ForexPropFirm’s FAQ section. The company also adds that “we can also accept other methods to accommodate our traders.” Other payment methods mentioned in this section include Bitcoin, WISE and wire transfers.
Credit/debit cards are not mentioned, which is a disadvantage in this case. Since there are no card transactions, a chargeback cannot be requested at the bank, meaning it’s harder to get your money back.
Key Information To Consider About ForexPropFirm.com
To sum up this review, ForexPropFirm made some bad moves. It is not a company that we would recommend and we have stated our reasons in this review. Nevertheless, it does not necessarily mean that ForexPropFirm is a scam.
You still have to careful though. Things could turn ugly real quick if you’re dealing with unregulated entities. If anything bad happens, you can always book a free consultation with us and we will try to recover your funds for you!
If you’re having issues with this company, book your free consultation today and get your money back!
What Is ForexPropFirm?
ForexPropFirm is a proprietary company that gives clients trading capital so that they could trade and make profits. The company then charges a 10% commission on the profit.
Is ForexPropFirm A Scam?
Not necessarily. However, this type of business is unregulated, which means that you have to be extremely careful.
Is ForexPropFirm.com Available in the United States or the UK?
Yes, ForexPropFirm is available to clients from both the United States and the United Kingdom.
