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Which Are The Cheap Prop Firms in Kenya in 2024?
Swen Keller
This article covers the best and cheapest proprietary trading firms in Kenya.
To come up with our list we took into consideration each prop firm’s pros and cons, security measures, and unique features.
We also got first-hand experience with each prop firm, analyzed user reviews, and considered expert opinions.
Cheapest Prop Firm in Kenya - Our Take
We found that Topstep is the best cheapest prop firm in Kenya primarily for its low evaluation fees, a large selection of Forex trading platforms, and high-profit split.
Topstep is the best prop firm for Kenyan prop traders interested in Futures trading. Unlike other proprietary trading firms on this list, Topstep only supports Futures trading, it does not support margin, spot, or any other type of trading.
Topstep charges one of the lowest evaluation fees in the industry. Evaluation fees start from $49 to $149 monthly.
It also offers a 100% profit split at the beginning then 90% when you get to $10,000.
This Futures prop firm offers a variety of platforms including Quantower, TradingView, NinjaTrader, Jigsaw Dattrader, Sierra Charts, etc.
Features
Trading Combine
Topstep’s Trading Combine is a simulated account that helps traders improve their trading skills and habits while being evaluated for funding.
Topstep evaluates every trader’s performance in Trading Combine for the opportunity to get a funded trading account and access to advanced Topstep products. The major objective of Trading Combine is for you to reach and maintain the profit target.
Successful traders are upgraded to the Express Funded Account.
Topstep charges a non-refundable monthly fee for Trading Combine.
This fee varies based on the account type selected and the parameters.
Topstep Security
Topstep is registered with the National Futures Association.
The prop firm ensures a safe trading environment using several security measures.
It closely monitors funded accounts to ensure that no account engages in prohibited conduct, violation of rules, or exploitation of the trading environment.
Defaulting users are banned from the platform.
Pros
- Vast selection of trading instruments
- Low evaluation fees
- Good customer support
Cons
- It only supports Futures trading
- Confusing fee structure
FundedNext - Best Cheap Prop Firm in Kenya with Low Trading Restrictions
The FundedNext is one of the best Forex prop trading firms for Kenyan traders looking for a cheap prop firm with low trading restrictions. FundedNext’s evaluation fees start at $49.
This is lower than what most prop trading firms charge and the registration fee is refunded when you become a funded trader on the platform and achieve your first payout.
The Maximum capital provided to forex traders is $200,000.
The prop firm supports the use of Expert Advisors on all funding models.
That said, FundedNext offers a low initial profit split of 15% during assessment but this can be increased to 90% depending on the performance of the trader.
Features
The FundedNext Economic Calendar
The economic calendar features previous and upcoming world news, global announcements, and events that can impact financial markets.
With the calendar, you can determine the best time to make profitable trades.
The calendar lets you filter economic events by levels of impact, the limitations on trade, date, and different currency pairs.
FundedNext Security
FundedNexr is a registered prop firm, based in the United Arab Emirates.
Like most proprietary firms, FundedNext is not licensed because it does not hold users’ funds.
That said, our practical experience with this prop firm has shown us that all users are verified and accounts are monitored to ensure that the platform is not used for prohibited activities like money laundering.
Pros
- Loose trading restrictions
- Low registration fee
- Good customer service
Cons
- High slippage
Instantfunding.io - Best Cheap Prop Firm for Instant Access to Trading Capital
Instantfunding.io made it to our list of cheapest prop firms in Kenya for its low evaluation fees starting at $79. It is also one of the best prop trading firms for instant funding because of the quick access to trading capital it grants to traders.
Unlike most forex prop trading firms, Instantfunding.io does not have any prop firm challenges.
It offers 3 model phases: Instant Funding, One-Phase, and Two-phase.
Traders get instant funding without having to pass any of the phases.
That said, the initial profit share is low, but Instantfunding.io has a scaling plan that allows you to scale your funded trading account capital up to $2,500,000 and profit split up to 90%.
It also offers a maximum leverage of 1:100.
Features
Instant Funding Partners Program
Instantfunding.io offers 3 partner programs: the Introducing Affiliates (I.A) Program for referring affiliates, the Affiliate Program for referring traders, and the Partner Program for referring businesses.
Instant Funding offers a 12.5% commission for the Affiliate program for traders and the Introducing Affiliates Program.
It offers a custom deal for the partner program.
Instantfunding.io Security
After our direct and extensive analysis, we have found that Instant Funding is a secure forex prop trading firm that partners with ThinkMarkets.
The prop firm has a mandatory KYC process that all users must undergo before having a funded account.
It also has several security measures in place to ensure that users’ information and data are not accessed by unauthorized parties or used for unauthorized processes.
Pros
- No trading challenges
- Instant access to funding
- Supports the use of Expert Advisors
Cons
- The evaluation fee is non-refundable
- Steep pricing for challenge programs
True Forex Funds(TFF) - Best Cheap Prop Firm with Low-Profit Target
This is one of the cheap prop trading firms in Kenya. Its evaluation fees start at €89.
It is one of the best prop firms with low-profit targets.
It offers 2 challenge phases and allows the use of Expert advisors, trading indicators, trading bots, news trading, etc.
This forex prop trading platform offers traders 80% of the trading profit.
It supports the trading of Forex, indices, cryptocurrencies, precious metals, and stocks on the MetaTrader 4, and MetaTrader 5 platforms with a maximum leverage of 1:100.
Features
Free Retries
TFF offers unlimited free retries to all evaluation accounts that meet the retry requirements. Free retries give traders whose account balance and equity are positive but failed to meet the profit target requirements, the opportunity to retry the challenge.
To be eligible for free retries, the maximum daily loss, and maximum overall loss must stay under the limit.
TFF Security
TFF is a registered proprietary firm in Hungary.
It partners with licensed and a regulated forex broker and other licensed companies.
The prop firm complies with applicable laws and regulations including Anti-Money Laundering and Counter Terrorism Financing regulations.
TFF also actively monitors users’ accounts to ensure that all accounts comply with the regulations.
Pros
- Low-profit targets
- Relaxed trading rules
- Fast payouts
Cons
- No scaling option
FTMO - Best Cheap Prop Firm in Kenya with Loose Trading Restrictions
FTMO is perfect for Kenyan traders looking for a cheap prop firm with loose trading restrictions.
The prop firm allows the use of Expert Advisors, trading bots, and different trading strategies. The prop firm offers 2 challenges with evaluation fees starting from €155.
The profit target for Step 1 is $1,000 and $500 for Step 2.
FTMO supports the MetaTrader 4, cTrader, and MetaTrader 5 platforms with a maximum leverage of 1:100.
Features
FTMO Trading Apps
FTMO users have access to several trading apps and tools that can enhance their Forex trading experience and maximize profit.
Available trading apps include Statistical App, Equity Simulator, Account MetriX, Trading Journal, Mentor App, Account Analysis, etc.
FTMO Security
FTMO is an award-winning prop firm with industry-level security measures.
The platform does not store users’ data beyond its usefulness and monitors forex trader accounts to prevent the use of the platform for unauthorized activities.
Pros
- High-profit split
- Loose trading restrictions
- Advanced trading apps and tools
Cons
- Steep profit target for the first phase of evaluation
| PROP FIRM | PROFIT SPLITS | MAX. FUNDED CAPITAL | ACCOUNT FEES | TRADING PLATFORMS | N.OF CHALLENGES | TRADABLE INSTRUMENTS | EA ALLOWED | MAX. LEVERAGE | PROFIT TARGET |
|---|---|---|---|---|---|---|---|---|---|
| Topstep | 100% till you get $10,000 then 90/10 | 150,000 | $49 per month to $149 monthly | NinjaTrader, Quantower | 1 (Trading Combine) | CME Agricultural Futures, CME CBOT Agricultural Futures, CME CBOT Financial/Interest Rate Futures, CME Equity Futures, CME Foreign Exchange Futures, CME CBOT Equity Futures | No | 1:100 | $3,000 to $9,000 |
| FundedNext | 15% during evaluation but can be increased to 90% based on your performance | $200,000 | $49 to $999 | MT4, MT5 | 2 | Forex, Commodities, and Indices | Yes | 1:100 | Total of 15% for 2 phases |
| Instantfunding.io | 90%/10% | $2,500,000 | From $79 to $3,460 | MT4, MT5, DXTrade, cTrader | up to 2 | Forex, Cryptocurrency, Metals, and Indices | Yes | 1:100 | Up to 10% |
| TFF | 80%/20% | $400,000 | €89 to €998 | cTrader | 2 Phases | Forex, Indices, Precious Metals, Energies, Cryptocurrencies, and Stocks | Yes | 1:100 | Up to 10% |
| FTMO | 90% | $400,000 | From €155 to €1080 | MT4, MT5, cTrader, DX Trade | 2 FTMO challenges (Step 1 evaluation and Step 2 Verification) | Forex, indices, stocks, commodities, crypto, metals CFD, futures, cash CFD, equities CFD, and custom instruments | Yes | 1:100 | $1000 (Step 1) and $500 (Step 2) |
What is a Prop Trading Firm?
Proprietary trading firms or prop firms are companies that provide funding (trading capital) to skilled traders for implementing strategies that work in exchange for a profit split where the company typically gives individuals who pass an assessment phase 70% to 90% of the profit and take the remaining.
Popular prop firms include FTMO, FundedNext, Instant Funding, etc.
Note that a prop firm isn’t a trading platform but simply provides trading capital to tested and approved traders.
What is a Challenge and Tips For Pass It?
A challenge is a testing phase where prop firms evaluate the trading skills of traders applying for funding.
Funded trading programs typically have 2 challenge phases that require the trader to hit a particular profit target and abide by a set of trading rules.
The first step of the challenge usually measures the skill of the trader while the second phase tests the consistency of the trader’s results.
That said, to pass a prop firm’s trading challenge there are a couple of tips to follow:
Practice Accepted Trading Strategies on a Demo Account
Prop firms typically require traders to use particular trading strategies.
If that is the case with your chosen prop firm then you need to be certain that you can use the accepted trading strategies.
To boost your confidence and gain mastery you need to first start trading on a demo account with simulated funds.
Once you begin getting consistent results with your trading strategy and feel confident you can take on the challenge.
Strictly Adhere to Trading Rules
When executing trades for prop firms you need to stick to their trading rules. For example, some funded trading programs require that you do not participate in news trading or use Expert Advisors, so you need to ensure that your trading strategy does not use prohibited techniques.
Advantages and Disadvantages of Trade with a Prop Firm
The primary advantage of trading with proprietary trading firms is access to high trading capital which means increased profits.
That said, the disadvantage of trading with proprietary trading firms is their stringent trading rules and objectives. These trading rules can be difficult to stick to and may affect the trading strategy you can use.
How to Choose the Right Prop Firm?
Choosing the right proprietary trading firm depends on individual preferences, trading objectives, and the circumstances surrounding the decision.
To choose the right prop firm to trade for, you need to consider the following parameters:
- Profit split
- Challenge profit target
- Maximum funding
- Expert Advisors or news trading acceptability
- Trading platform supported
- Evaluation fee cost
Final Thoughts
Our comprehensive review of proprietary trading firms in Kenya highlights Topstep as a particularly attractive option for traders interested in futures. With its low evaluation fees and a generous profit split, Topstep offers a compelling package that stands out in the competitive market. This prop firm not only supports the growth of traders through practical trading platforms but also emphasizes improving trading habits with its unique Trading Combine program. For Kenyan traders looking to maximize their futures trading potential while minimizing costs, Topstep presents a clear and beneficial choice.
Whether seeking high capital, generous profit shares, or fewer trading restrictions, Kenyan traders have several top-notch prop firms to consider as they aim to enhance their trading careers.
FAQ
Most frequent questions and answers
The cheapest prop firm in Kenya with the lowest evaluation fees is Topstep.
Yes, Instant Funding is a free prop trading firm.
Prop firms typically charge anywhere from $40 to $2,000. However, some prop firms charge more than $2,000 for evaluation.
An example of a proprietary trading firm is FTMO.
We always try to provide the most accurate information available, and make sure our team follow through.
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