Today, we’re going to dive into the world of proprietary trading firms, or as they’re more commonly known, prop firms.
Specifically, we’re going to focus on the best prop firms in Kenya. These firms are a significant part of the financial landscape, providing opportunities for traders to trade with the firm’s capital and share in the profits. So, let’s get started!
Top 10 Best Prop Firms in Kenya – 2024
Now, let’s get to the heart of the matter. Based on factors such as reputation, profit-sharing arrangements, and support for traders, here are some of the top prop firms in Kenya.
These firms have been selected based on their safety, assets, funding, rules, support, and more. They have positive reviews online and their overall score is high, indicating that they are legitimate and experienced companies that can be trusted.
- Funded Trading Plus
- The Funded Trader
- True Forex Funds
- Trade The Pool
- Darwinex Zero
What are Forex Prop Firms?
Before we delve into the specifics, let’s quickly recap what prop firms are.
It takes money to make money in forex. You need enough trading capital to properly manage your risk and ride out market volatility. And that starting capital can be hard to come by.
Prop firms, short for “proprietary trading firms”, are companies that provide capital and resources for traders to trade financial markets, in exchange for a share of the traders’ profits. So in essence, prop firms empower traders by giving them access to trading capital and platforms. The profits are then split between the trader and the firm.
Partnering with a prop firm can fast-track your trading career. But not all prop firms are created equal.
In this comprehensive guide, we’ll uncover the best forex prop firms available to Kenyan traders. You’ll learn how these firms work, what to look for when choosing one, and get exclusive details on offerings, fees, and trader profit splits of the top names in the game.
1. The5ers Prop Firm
The5ers was established in 2016 and has since grown to become a reputable platform for forex traders in Kenya. If you’re looking for a prop firm that can offer you a chance to trade with significant capital, then The5ers might just be what you’re searching for.
This prop firm is a great choice for forex traders in Kenya looking for a prop firm with flexible funding options and a supportive trading environment. Their unique funding program, coupled with their education and community support, makes them stand out among the best prop firms in Kenya.
The5ers provides traders with fully-funded forex trading accounts, which means that traders do not need to risk their capital. The firm allocates its own capital to traders on a contractor-based agreement, allowing them to trade on The5ers Fund’s behalf.
The firm offers three different funding programs:
- Hyper Growth
- High Stakes, and
- Bootcamp Program
The Hyper Growth Program offers instant funding with live-trading from day one without a challenge. The High Stakes program is a 2-step program with 1:100 leverage trading capital. The Bootcamp Program is a low-cost program with three challenge phases.
The initial funding level starts at $6,000, and traders can trade based on their own terms and strategies, although they must adhere to certain risk management rules, such as not exceeding a 2% risk of the deposit and always using a stop loss.
The5ers charges a one-time fee for its evaluation program. The fee varies depending on the initial funding capital. For example, for an evaluation funding capital of $5,000, the one-time fee is $260. For $10,000, the fee is $450, and for $20,000, the fee is $850. There are no additional monthly subscription costs or fees to maintain the account once you have paid the initial enrollment fee.
Here are some of the key features that make The5ers stand out as one of the best prop firms in Kenya:
- Funding Levels: The5ers offers various funding levels, starting with an account balance of $6,000 and the potential to scale up significantly.
- Profit Sharing: The firm operates on a 50/50 profit split with its traders, which means you get to keep half of the profits you make.
- Risk Management: Traders are required to adhere to strict risk management rules, such as not exceeding a 2% risk of the deposit on any trade and mandating the use of stop losses.
- Trading Platform: The5ers uses the MetaTrader5 platform, which is known for its advanced features and reliability.
- Education and Support: The firm provides an in-depth education program and demo accounts to help traders improve their skills.
- Low Entry Cost: The Bootcamp program offers a low entry-cost challenge to test traders’ skills before they pay the full fee.
- High Success Rate: The5ers has the highest success rate in the industry, offering unlimited time to reach evaluation targets and up to 100% profit split in certain milestones
The5ers has received positive reviews from traders, with a 4.3-star rating indicating consistent performance and trust from traders. It also has a 4.8-star rating on TrustPilot, making it one of the best-rated prop firms in Kenya.
2. FTMO – Most Trusted Prop Firm in Kenya
FTMO is a proprietary trading firm that started its journey in 2015 in the Czech Republic. The firm has a strong reputation in the prop trading space. It is considered a leader and is known for discovering and developing talented prop traders.
To start with, FTMO offers a unique opportunity for traders to manage a real account, providing up to 90% of the profits. The firm operates on a two-step evaluation process, which includes an FTMO Challenge and a Verification stage.
One of the standout features of FTMO is its evaluation process. The FTMO Challenge is the first step, designed to ensure that you can trade responsibly and manage risk properly. The rules are reasonable, with the Profit Target balanced with the allowed drawdown.
There’s no time limit to pass the Profit Target, and the minimum time to complete an FTMO Challenge is 4 trading days.
Upon successful completion of the Evaluation Process, you are offered to trade on an FTMO Account with a balance of up to $200,000. The payout ratio for all FTMO Traders is set to 80%, but it can increase to a staggering 90% if you meet the conditions of their Scaling Plan.
FTMO places a strong emphasis on risk management, which is a critical aspect of successful trading. They provide educational resources that cover everything you need to know about risk management in trading. This is crucial because proper risk management can differentiate between trading and gambling. FTMO’s approach helps you cover potential losses and aim for wins that can make you profitable in the long run.
FundedNext has established itself as a legit and trusted entity in the prop trading community. Their reputation is further cemented by an excellent Trustpilot rating of 4.7/5, showcasing a high level of trader satisfaction. They offer up to $300,000 in funds to financially empower global traders and help them earn full-time.
One of the standout features of FundedNext is their 15% profit sharing from the profit you make during the challenge phases. This is a unique incentive that’s designed to reward top traders and deliver on their promise of the world’s best payout bonuses.
FundedNext also offers no time limits in its challenge phase, which means you can trade with complete peace of mind, without the anxiety of having to reach the profit target within a deadline. Another feature that sets FundedNext apart is its balance-based drawdown. This is intelligently calculated based on your balance, allowing you to hold trades tension-free.
The cost of a FundedNext account varies depending on the type of account and the level of funding you choose.
- For the Evaluation model, the challenge costs range from $99 for a $15,000 funded account to $999 for a $200,000 funded account.
- In the Express model, the fee starts from $119 for a $15,000 funded account to $699 for a $100,000 funded account
FundedNext offers a refund of your initial registration fee once you become a FundedNext Trader and successfully meet the requirements to achieve a payout from your account. This refund will be processed along with your first payout.
SurgeTrader is a legit and safe prop firm company. It operates under Surge Capital Ventures, LLC, with a registration authority ID RA000603. The trades executed by the proprietary company’s clients go through Eightcap, a broker regulated by two well-known agencies, the Australian Securities and Investment Commission and the Bahamas Securities and Compensation.
Despite its relatively short history, SurgeTrader has shown impressive growth worldwide. The firm is backed by the venture fund Valo Holdings, providing it with stable and secure finances.
SurgeTrader offers traders capital from USD 25,000 to manage after passing an audition. The audition cost ranges from USD 250 to USD 6,500. This fee might seem high in Kenya, but it’s important to remember that you’re being given the opportunity to manage a significant amount of capital.
One of the standout features of SurgeTrader is its transparency and openness. The company doesn’t put unnecessary obstacles in your way and is not overly critical. If you’re a trader who consistently brings in income, the company won’t force you to retake the audition.
The firm also offers excellent customer support. You can reach out to them via phone, chat, or email during regular business hours. This level of support can be invaluable, especially when you’re dealing with complex trading issues.
5. Funded Trading Plus
Funded Trading Plus is a UK-based prop firm that offers a unique simulated-live trading program. This program allows traders to practice their trading techniques and strategies without risking their own capital. The firm’s goal is to be the best in the funded trading business by delivering excellent programs and customer service.
Funded Trading Plus has been praised for its excellent execution and ease of use of the platform. The spreads are tight, making it a very professional program for forex traders. They offer a variety of account sizes, with the largest account offering a balance of up to $2,500,000. This gives traders the flexibility to choose an account that suits their trading style and risk tolerance.
The firm also offers a competitive payout structure. Traders can keep up to 90% of the profit they make. This is a significant advantage, especially for successful forex traders who can maximize their earnings.
Funded Trading Plus offers an innovative scaling plan that stands out from traditional scaling methods, which might require significant time or involve high-risk strategies. With their unique approach, traders have the potential to double their trading accounts every 10% growth milestone they achieve. This means that the scaling plan is not only realistic but also attainable, opening up a world of opportunities for traders.
After you have reached the scaling profit target, you can request support from Funded Trading Plus to scale up with your profit intact. For example, if you have a $100,000 account and you hit the 20% profit target to scale, your account will be worth $120,000 and ready to scale.
You can withdraw from Funded Trading Plus as soon as your closed account balance is $50 above the initial starting balance. This means that once you meet the minimal threshold, you have immediate access to your profits and can request a withdrawal.
There are no minimum withdrawal requirements, and you can submit your withdrawal request on a weekly basis.
For example, if you are enrolled in the Experienced or Advanced funded trading programs and your account balance exceeds the starting balance by $50, you are eligible to withdraw those funds.
6. The Funded Trader
One of the key advantages of The Funded Trader is the high-profit split it offers. Traders can receive up to 90% of the earnings, which is quite competitive compared to other prop firms in Kenya. This means that the better you trade, the more you earn, and the higher the firm’s profit.
The Funded Trader also offers a variety of funding programs designed to cater to different trading profiles, such as beginners, experienced professionals, and full-time traders. These programs include
- Rapid, and
- Royal challenges
All of them offer up to 90% profit splits and allow for account scaling.
The Funded Trader offers competitive pricing compared to other prop firms. For example, the price of its standard $100,000 challenge is $549, while the same challenge on FTMO is priced at $656. The firm also provides a lot of interesting bonuses and constantly holds promotions for new partners.
Another advantage is the firm’s commitment to risk management. The Funded Trader has certain restrictions in place to ensure that trading aligns with the real operations of the market. This can be beneficial for both new and experienced traders, helping them manage their risk effectively.
7. True Forex Funds
Update February 4, 2024: True Forex Funds is currently not operating. The prop firm quoted issues with Metaquotes licensing as the reason they have decided to temporarily cease their operations. We recommend The5ers.
True Forex Funds is a proprietary trading firm that has garnered a lot of attention in Kenya for its straightforward evaluation process and the potential to fund traders up to $400,000 with an 80% profit split. This firm is known for its focus on forex trading, providing traders with the opportunity to trade currency pairs using platforms like MT4, MT5, and cTrader.
The evaluation process at True Forex Funds is designed to be simple and achievable. It consists of two phases, with clear trading objectives that traders must meet to progress onto the funded trading phase.
One of the most attractive features of True Forex Funds is its competitive fee structure. The firm charges an initial fee of €89 for its evaluation program. This fee is refundable, which is a great advantage for traders who are cautious about upfront costs.
When it comes to commissions, True Forex Funds has some of the lowest rates in the market. On Forex and Metal pairs, the commission is $3.5 per lot per side. For crypto trading, the commission is only 0.045% lot per side. On Indices, True Forex Funds strives to keep the commissions as low as reasonably possible.
True Forex Funds offers an 80/20 profit split, which means traders get to keep a whopping 80% of their profits. This is a generous split compared to many other prop firms, and it shows that True Forex Funds values its traders and wants them to succeed.
FTUK, based in the United Kingdom, is a global prop trading firm that offers funded trading accounts to traders worldwide. Founded in 2016, FTUK has gained popularity in Kenya due to its low-risk approach and high-profit potential.
The firm offers two main programs:
- The Evaluation Program, and
- The Instant Funding Program
In the Evaluation Program, traders go through a single-phase process to prove they can manage large capital. The funding amounts range from $14,000 to $90,000. The Instant Funding Program is designed for profitable forex traders who want to start earning from level 1 without going through an evaluation.
The FTUK Instant Funding Program allows traders to skip the evaluation process and start trading with the firm’s capital from day one. This program is ideal for traders who are confident in their trading skills and want to take their trading profits to the next level much faster.
The cost of the FTUK Instant Funding Program is a one-time sign-up fee. The exact amount depends on the account size you choose. For example, for an account size of $90,000, the cost is $1,200.
To succeed in the FTUK Instant Funding Program, you need to hit your profit targets. For example, for a $14,000 instant funding amount, the profit target is $350. Once you hit your profit target, your funding amount increases, allowing you to trade with more capital.
9. Trade The Pool
Trade The Pool, operated by Five Percent Online LTD, is not your typical prop firm. It’s a stock trading prop firm that provides fully-funded trading accounts with monthly profit payout plans. Unlike many other prop firms that focus on forex, Trade The Pool specializes in stocks and ETFs, offering a unique niche for traders interested in these markets.
One of the standout features of Trade The Pool is its cost-effective entry point. With a starting fee of just $97 for $20,000 of buying power, it’s currently one of the cheapest and best prop firms in Kenya. This is particularly attractive if you’re looking to trade with significant capital without a hefty initial outlay.
Some of the standout features of Trade The Pool include:
- Access to over 12,000 stocks and ETFs: Traders can choose from a huge selection of tradable assets. This level of flexibility allows traders to capitalize on evolving market trends.
- Short any penny stock: TTP enables traders to short any penny stock without restrictions. This presents lucrative short-selling opportunities.
- Unlimited buying power: Rather than fixed account sizes, TTP offers unlimited buying power so traders can scale up strategies. The only limits are reasonable daily loss allowances.
- Industry-leading profit splits: Depending on account type, traders can earn from 50% up to 80% of net profits. This represents an attractive incentive structure.
- Free subscriptions to leading trading tools: TTP provides free access to platforms like Trade Ideas, Bookmap, and Tradersync to give its traders an edge.
Trade The Pool offers a profit split of up to 80%, which is quite generous compared to industry standards. This means you get to keep a substantial portion of the profits you make. Additionally, the firm provides access to over 12,000 stocks and ETFs, including the ability to short penny stocks, giving you a wide range of trading opportunities.
To get funded, Trade The Pool operates a single-phase challenge model, which is simpler than the multi-tiered challenges some other prop firms use. This means you only need to pass one evaluation step to get funded, making the process more straightforward and less time-consuming. Traders need to complete a minimum of 30 trades over a 30-day period while staying within risk guidelines. Successful traders then receive ample funding and high-profit splits.
10. Darwinex Zero
Darwinex Zero presents an interesting option for forex traders in Kenya who are looking for the best prop firms. Its flexible trading conditions and the safety net of FCA regulation are significant advantages. This is not your typical prop trading platform. Instead, it’s described as a talent scout for Darwinex’s regulated asset management operations.
It’s a subscription-based trading platform where you, as a trader, pay a monthly fee to trade on a virtual account. If you’re successful, Darwinex provides seed capital and shares a portion of the profit with you.
- Regulation: Darwinex is regulated by the UK’s Financial Conduct Authority (FCA), which adds a layer of trust and security.
- Trading Instruments: You can trade a variety of instruments including FX, stocks, commodities, indices, and cryptocurrencies.
- Performance Fees: Traders earn 15% of the profits they make by trading the prop firm’s capital.
- No Minimum Performance Requirements: Unlike other prop firms in Kenya, Darwinex Zero doesn’t impose profit targets, drawdowns, or time limits.
- Subscription Model: A monthly subscription of €38 and a one-time sign-up fee of €95 are required to start
Darwinex Zero offers a unique proposition for traders. Unlike traditional prop firms that may impose strict trading objectives, Darwinex Zero emphasizes ranking and consistent profitability.
This approach allows you more flexibility in your trading strategies, as there are no minimum or maximum trading days or daily drawdown limits. This can be particularly advantageous if you prefer a trading style that doesn’t conform to the usual constraints set by other prop firms.
Criteria for Choosing the Best Prop Firms in Kenya
Selecting the best forex prop firms in Kenya involves considering several key criteria. Here’s a breakdown of the most important factors you should consider:
- Regulation: The firm should be regulated by a trusted authority. This ensures that the firm operates under strict guidelines designed to protect traders.
- Trading Costs: Consider the costs associated with trading, including spreads, commissions, and other fees. Lower costs can significantly improve your profitability.
- Trading Platform: The firm should offer a robust and user-friendly trading platform. Some of the most popular platforms include MetaTrader 4 and 5.
- Currency Pairs: The number of currency pairs offered by the firm is also important. More pairs provide more trading opportunities.
- Customer Service: Good customer service can be crucial, especially in situations where you need quick assistance.
- Profit Split: Consider the firm’s profit split policy. Some firms offer competitive profit splits, allowing traders to retain a substantial share of their profits
- Training and Educational Resources: Top proprietary firms often provide traders with expert-led training, educational materials, and subscriptions to leading trading platforms.
- Risk Control: The firm should have excellent execution capabilities and risk control measures in place.
- Local Presence: A firm with a local presence in Kenya can be beneficial, especially when it comes to understanding local market dynamics and providing localized customer service.
- Proof of Payment: Make sure the company pays its traders and can provide proof that they do
Remember, it’s important to do your due diligence before committing to a firm. Read client reviews, consult with fellow traders, and thoroughly understand the firm’s terms and conditions.
And there you have it! We’ve walked you through the reviews of what we think are the best prop firms in Kenya, exploring what each has to offer. Now, it’s your turn to share your experiences.
- Have you traded with any of these prop firms?
- What was your experience like?
- Or perhaps you’re trading with a firm that didn’t make it to our list. We’d love to hear about it!
Your insights and experiences are invaluable, not just to us, but to our entire community of readers. By sharing, you’re helping to create a richer, more informed trading community.
So, don’t be shy! Drop a comment below and let’s get the conversation started. Whether you agree or disagree with our picks, or have further examples that would help other readers, we’re all ears.