Proppers is a well-known prop trading firm from the British Virgin Islands.
But is Proppers a scam?
No, it isn’t!
Our review and experience show that Proppers is a safe proprietary trading firm.
You can share your experiences with Proppers within our comment section.
Table of Contents
Key Takeaways
- Proppers is a solid firm and a registered company in the British Virgin Islands. They are working with more than a thousand traders and have been paying them consistently
- The one-step evaluation process offers fast access to funded accounts. You can trade up to 2 million with a profit split of 75% to 90%. The prop trading firm allows you to trade with Forex, crypto, indices, metals, and energies
- Our review of Proppers discusses the pros and cons of the prop firm and looks at the evaluation process, trading rules, payment methods, customer support, and tax implications
About Proppers
Proppers is a proprietary trading firm that provides funding to traders. The company was founded in 2022 by Marvin Don Walker and a team of experienced professionals, including investment specialists, fund managers, and investors.
| Name | Proppers |
|---|---|
| Website | www.proppers.io |
| Company | Proppers, Ltd. |
| Address | Geneva Place, 3rd floor, Waterfront Drive, Road Town, VG1110 Tortola, British Virgin Islands |
| CEO | Marvin Don Walker |
| Founder | Marvin Don Walker |
| Founded | 2022 |
| Contact | Live Chat, Mail |
| [email protected] | |
| Phone Number | not available |
| Starting Capital | $25,000 to $225,000 |
| Profit Share | 75% to 90% |
| Evaluation | 15 days |
| Fee | $147 to $647 (refundable) |
| Payment Methods | Credit Card, Crypto, Perfect Money |
| Instruments | CFDs, Forex |
| Platform | MetaTrader 4 |
| Withdrawals | twice per month (on request) |
| Languages | English |
Walker also serves as the CEO of the company. The firm is registered in the British Virgin Islands under the official address on the 3rd floor of Geneva Place, on Waterfront Drive in Road Town – and it has branches in Estonia and Sweden.
The prop firm offers a one-stage evaluation process with easy to follow trading rules. The profit splits is excellent as well as they offer traders from 75-90% of their monthly profits, based on the trader’s level. Till now, the company have worked with more than a thousand traders and have made thousands of payouts to date.
Safety and Regulation
Proppers.io is one of the top prop firms when it comes to security. They protect user data through encryption, limited access, and regular security reviews. The company complies with privacy laws, obtaining consent for data processing and responding to legal requests when required.
Users have rights over their personal data, including access and deletion.
The company doesn’t require to be regulated because it doesn’t use client funds for trading. Instead, Proppers uses its own money for trading activities. This business model eliminates the need for financial regulation that usually applies to firms handling customer funds.
Accepted Countries
Proppers.io has decided not to offer its services to clients in the United States. This decision comes from the complex regulatory environment in the U.S., which would require Proppers to make significant changes to how they operate.
Adapting to these regulations would be expensive and challenging for the company. That’s why Proppers has chosen to not serve U.S. traders. This allows them to maintain their current business model and avoid the costs and complications of complying with U.S. rules.
They also don’t offer their services to Cuba, Iran, North Korea, Syria, Crimea, Luhansk, Donetsk, Russian Federation (Russia).
Here’s an overview of the key countries:
- Australia: Yes, registration is possible
- Canada: Yes, registration is possible
- Ghana: Yes, registration is possible
- Hong Kong: Yes, registration is possible
- India: No, registration isn’t possible
- Ireland: Yes, registration is possible
- Kenya: Yes, registration is possible
- New Zealand: Yes, registration is possible
- Nigeria: Yes, registration is possible
- Pakistan: Yes, registration is possible
- Philippines: Yes, registration is possible
- Singapore: Yes, registration is possible
- South Africa: Yes, registration is possible
- United Kingdom: Yes, registration is possible
- United States: Registration is suspended
Evaluation Process
The prop firm requires you to pass an one-step evaluation test before you get access to the funded accounts. After you pass the evaluation test, you become a signal provider and can start trading. You can upgrade your account to Hired Trader by consistently achieving profit targets.
1-Step Evaluation
You start with a 25-225K account and have at least 15 days to make a 10% profit. You can’t lose more than 5% of your highest balance. There’s no time limit for trading, and you get free education and daily analysis.
| Starting Capital | $25,000 | $50,000 | $100,000 | $225,000 |
|---|---|---|---|---|
| Profit Target | $2,500 | $5,000 | $10,000 | $22,500 |
| Maximum Daily Loss | – | – | – | – |
| Maximum Loss | $1,250 | $2,500 | $5,000 | $11,250 |
| Minimum Trading Days | 15 | 15 | 15 | 15 |
| Fee | $147 | $287 | $487 | $647 |
| Discount | Check Now | Check Now | Check Now | Check Now |
The evaluation fee is refundable, and you can reset for a fee if needed.
Scaling Plan
If you successfully pass the evaluation, you become a Signal Provider. This means that you will continue to make your trades on a demo account. However, Proppers copies your trades in the market to make a profit. For you, this means that you will receive a profit share from Proppers for the first time.
The top level is called Hired Trader (translated as hired trader). You work at the highest level directly for Proppers. You execute your trades independently.
Challenge Trading Rules
To successfully pass the test, you have to comply with the following trading rules:
- Profit Target
- Profit Split
- Trading Period
- Minimum Trading Days
- Maximum Daily Loss
- Maximum Loss
- Maximum Position Size
- Maximum Capital Allocation and Multiple Accounts
- Trading Types
- Leverage
- Trading Style
- Trading Hours
- News Trading
- Weekend and Overnight Trading
- Expert Advisor
- Copy Trading
Profit Target
The profit target is set at 10% for the evaluation and the steps in the scaling plan.
For example, on a $50,000 account, you must make at least $5,000 in net profit. It’s important to note that when you reach this profit target and want to claim success, you can’t have any open positions or pending orders.
Also, you must have completed the minimum required trading days before you can pass the assessment. Once you achieve the profit target, the company will review your trades manually for any rule violations, which usually take no more than 48 hours.
Profit Split
While using the programs, we found that the Signal Provider program offers a 75% profit split for successful traders, with payouts available every two weeks.
The Hired Trader program offers the best split, with traders keeping 90% of their profits and the option for weekly payouts.
Trading Period
From our own experience, there’s no trading period. You can take as much time as you need to complete the challenges.
Minimum Trading Days
For the 1-Step Evaluation, you have to trade at least 15 days to achieve the 10% profit goal.
However, both the Signal Provider and Hired Trader require a minimum of 25 trading days. An active trading day refers to any weekday when you make at least one trade, regardless of how long that trade lasts.
Maximum Daily Loss
There’s no maximum daily loss. The only drawdown limit is the maximum loss limit.
Maximum Loss
The maximum loss allowed in these programs is 5% of your highest account balance. This means you can’t lose more than 5% of the most money you’ve had in your account. For example, if your account reaches $100,000 at its highest point, you can’t lose more than $5,000 from that peak. This rule helps protect your account and encourages careful risk management.
Maximum Position Size
The prop firm keeps the maximum lot size flexible. Instead of setting a fixed maximum limit, they allow traders to use their full available margin.
This means you can trade larger positions as long as you have enough funds in your account to cover them. However, it’s important to note that the 5% maximum trailing drawdown rule still applies. As your account balance grows, you’ll have more margin available. That will allow you to make larger trades.
Maximum Capital Allocation and Multiple Accounts
You can have multiple accounts at the same time. But you can’t make the same trades on different accounts. Each account is separate. To get an upgrade, one account must reach all targets by itself.
Trading Types
Based on our experience, the prop firm offers forex, crypto, metals, energies, and indices for trading.
Leverage
For foreign exchange (FX) trades, the leverage is 1:30. For indices, metals, and energy trades, the leverage is 1:10. For stocks (equities) and cryptocurrencies, the leverage is set at a bit lower at 1:5.
Trading Style
All kinds of trading styles are allowed except those that are similar to gambling.
Trading Hours
The trading hours depend on what you’re trading. Proppers offers different types of investments, like Forex (foreign exchange) and other financial products.
Each of these has its own schedule for when trading is open. Crypto markets, for example, are open 24 hours a day during the whole week. Other markets, like stocks, have more limited hours.
News Trading
News trading is allowed. You can place trades during important events.
Weekend and Overnight Trading
Weekend and overnight trading are allowed. After-hours trading allows investors to buy and sell stocks outside regular market hours. This flexibility lets traders respond to important news or events that happen when the main market is closed.
Expert Advisor
Proppers doesn’t allow fully automatic trading programs (EAs) unless you created them yourself. They want real human traders who can adapt to market changes, not people testing commercial trading bots.
Some EAs are considered “bad behaving” and are not allowed. These include programs that place unnecessary orders, like changing order prices repeatedly for no reason. EAs that put too much strain on Proppers’ or the broker’s systems are also banned. This includes high-frequency trading bots.
Any EA that doesn’t follow what Proppers or the broker considers “normal” trading behavior isn’t allowed. If you use an EA, you’re responsible for what it does and any results it produces within the terms and conditions you agreed to.
Copy Trading
Proppers has a strict policy against using their trading accounts as slave accounts in automated trade copying or social trading setups. Due to the difficulty in verifying the source of copied trades, Proppers has decided to prohibit all forms of automated trade copying and social trading.
Also, they do not allow the use of signal services that provide complete trade instructions. However, traders are permitted to use services that offer resistance and support levels as a basis for their own decision-making.
Trading Platforms
Proppers uses MetaTrader 4 for trading. This platform offers many tools to help traders analyze markets and find good trading opportunities.
It has over 50 built-in indicators and charting tools. Traders use them to study price movements and make informed decisions. MetaTrader 4 is also very flexible – traders can customize it to fit their specific needs and trading styles. They can even create their own custom indicators and strategies.
Trading Instruments
You can trade forex, crypto, metals, energies, and indices with them. The full list of trading instruments is available on their website.
Brokers
The prop firm uses Strathos Capital Technology LLC as their broker, which is a Corporate Authorised Representative of Alpha Trade Pty Ltd, regulated by ASIC in Australia.
Other Products
Apart from the trading programs, it also offers an education package. This Education Package is a monthly subscription service priced at $17.97.
It’s designed for those who want to learn about trading. Subscribers need to get a trial or demo account as well for extensive practice. The package focuses solely on education. It provides learning resources and daily market analysis.
Prices and Challenge Fees
The prices for the evaluation programs depend on the account size. Evaluation fees are refundable if you pass the test. Also, you can reset the test for a certain fee.
| Account | Initial Amount | Price |
|---|---|---|
| Bronze | $25,000 | $147 |
| Silver | $50,000 | $287 |
| Gold | $100,000 | $487 |
| Diamond | $225,000 | $647 |
Payment Methods and Payout System
Proppers provides various payment methods for traders. Debit and credit card payments are processed through Stripe and Payscout platforms. Payments can be made via Coinbase for those preferring cryptocurrency.
Traders have the option to request weekly payouts of their profits. However, a minimum profit of $100 is required to be eligible for a payout. You can receive payouts through bank transfers or crypto.
Registration and KYC
Follow the step-by-step instructions below to register your account:
- Go to Proppers.io and scroll down to the account models section.
- Click the “Start Your Evaluation” button to begin the registration process.
- Provide your country, name, email address, phone number, and other essential info.
- Fill up the billing info and payment info
- Accept the terms and conditions, promotion requests (optional), and privacy policy.
- Click “Place Order” to proceed.
- After signing up, you’ll receive a detailed email containing step-by-step instructions to activate your account.
The KYC screening takes about 5 minutes for most people. You’ll have to provide them with proof of your ID and proof of address.
Discount and Promo Code
This summer, customers can enjoy a 20% discount on their purchases. To take advantage of this offer, simply use the promotional code “summer202024” at checkout.
Free Trial and Demo Account
Trial accounts are available for a 10-day period. It allows users to test the MT4 platform and various services. After ten days, the account is deactivated or removed. Overall, users are limited to one trial account. These accounts are designed solely for testing purposes and cannot be used to secure funding or converted into assessment accounts.
Mobile App
Proppers.io does not currently have a mobile app available for download. The platform uses its website to run its operations. But Metatrader 4 has a mobile app which you can use to trade.
Customer Service and Support
The company offers customer support through various channels. For emails, live chat, and WhatsApp, assistance is available 24 hours a day, 7 days a week. The live chat service is one of the best in the industry as you get connected to an agent almost immediately.
For phone support, the business hours are more limited. Phone calls are accepted from 9 am to 5 pm Central European (Summer) Time, Monday through Friday.
Taxes
Traders working with Proppers are classified as independent contractors for tax purposes and will receive a 1099 form. This means they’re responsible for paying both self-employment tax and regular income tax on their earnings.
While traders can deduct business-related expenses like internet costs and trading software, Proppers doesn’t withhold taxes from payouts. It’s up to the traders to set aside money for taxes and pay them when filing their returns.
Also, trading through Proppers doesn’t provide the same tax advantages as trading futures with personal capital. Traders need to be aware of these tax implications and plan accordingly to meet their tax obligations.
Alternatives and Competitors of Proppers
If you are not sure about Proppers, you can check out their top rival prop firms:
UProfit
UProfit offers traders a very attractive deal: 100% of profits up to $15,000, then an 80:20 split. Their one-step evaluation speeds up funding access. The platform allows news trading, expert advisors, and copy trading, offering more strategic freedom than most of the competitors.
FTMO
FTMO offers highly competitive profit-sharing, starting at 80-20 and increasing to 90-10. They provide free education and coaching through their FTMO Academy, performance coaches, and trading apps. Traders can access a wide range of instruments, including forex, commodities, indices, cryptocurrencies, and stocks.
Goat Funded Trader
Goat Funded Trader provides flexibility with no time limits or minimum trading days and high leverage. Traders can earn up to 95% of profits, with potential increases based on performance. The platform supports trading in Forex, CFDs, indices, metals, commodities, equities, and cryptocurrencies.
Conclusion
Proppers is a legit prop firm and has earned the trust of thousands of traders. This British Virgin Islands-based firm offers traders the chance to access significant capital without risking their own money. Their one-stage evaluation program, up to 90% profit split, and strong security measures make them a top choice among new traders.
Don’t miss out on their challenges and sign up for Proppers to start your trading career today.
Frequently Asked Questions
Here, we’ve answered the most common questions about the Proppers prop trading firm.
Is Proppers legit or a scam?
Proppers Ltd is a legit firm and is registered with the BVI Financial Services Commission. The level of transparency regarding its policy and operations also indicates that it’s a top prop firm. Find more about the prop firm in the “Safety and Regulation” section.
Is Proppers regulated?
Proppers is not a brokerage firm and isn’t a regulated company. It does not carry out any regulated activities and is not required to be regulated. Find out more about this in the “Safety and Regulation” section.
What is Proppers?
Proppers.io provides trading funds to traders. The company offers a rapid scaling plan that enables traders to access up to 2 million in trading capital. Explore more in the “About Proppers” section.
What broker does Proppers use?
Proppers uses Strathos Capital Technology LLC as its broker. Find out more about this in the “Brokers” section.
How many Proppers accounts can I have?
You can use multiple accounts at the same time. Learn more about this in the “Challenge Trading Rules” section.
Where is Proppers located?
Proppers is located in British Virgin Islands. Find more about the company in our “About Proppers” section.
Does Proppers allow an expert advisor or copy trading?
Proppers allows expert advisors with some conditions, but prohibits copy trading entirely. Learn more about these in the “Expert Advisor” and “Copy Trading” sections.
Is Proppers legal in the US?
Proppers is legal in the US, but the prop firm no longer offers its programs in the USA. Find more about this in the “Accepted Countries” section.
How long has Proppers been around?
The prop company has been around since 2022. Learn about the company in depth in the “About Proppers” section.
How much does Proppers cost?
The entry fee for the evaluation programs ranges from $147 to $647. The “Prices and Challenge Fees” section provides more information.
How often does Proppers payout?
They offer weekly and Biweekly payouts on demand for successful traders. Explore more about this in the section “Payment Methods and Payout System“.
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