Skip to content
- Home
- /
- Nigeria & Crypto
- /
- Prop Firms in Nigeria
- /
- Top 3 Free Prop...
Top 3 Free Prop Firm Challenge in Nigeria
Swen Keller
The standard practice in the prop firm industry is to charge evaluation fees for participating in its challenges.
However, some prop firms in Nigeria offer free challenges, most of which come as free trials.
In this article, we list the best prop firms in Nigeria with free challenges.
Our list of the best Nigerian prop firms with free challenge covers the features, pros and cons, and security measures of each proprietary trading firm.
To build the list we got first-hand experience on each proprietary trading firm, analyzed user reviews, and took into consideration expert opinion.
Top Free Prop Firm Challenge in Nigeria: Our Take
After our exhaustive hands-on investigation, we have concluded that E8 is the best prop firm with a free challenge in Nigeria.
The prop firm made it to the top because it does not require financial commitments to use the free trial and its maximum drawdown of 14%.
Founded in 2021, E8 is relatively new to the scene. The prop trading firm stands out for its financial commitment-free challenges and moderate risk.
E8 supports trading on the MT4 and MT5 platforms and offers a maximum initial balance of up to $300,000. This balance is scalable up to $1.0M+.
E8-funded traders are eligible for a payout after 8 days of successfully trading on the platform. There are no minimum trading days for the evaluation process.
E8 Funding offers different account types including E8 account and E8 Track account.
Both accounts are simulated to mimic live trading conditions. In the demo account, you must trade according to the rules of the specific product you chose.
E8 offers an industry average profit split of 80% to funded traders, a maximum drawdown of 14%, and a maximum leverage of 1:100.
The E8 free challenge account gives you access to all of the platform features without restrictions.
That said, E8 frowns at the use of trading signals and copy trading.
Key Features of E8 Funding
E8 Track
E8 Track is a 3-phase evaluation with a low cost of entry for traders who have proven themselves to be capable of managing capital and do not mind going through an extra phase of evaluation.
E8 Track accounts are similar to the E8 2-phase evaluation but have an additional phase. Also, the drawdown for E8 Track accounts is calculated by 5% of the trader’s starting balance or each new day, not the equity.
E8 charges a one-time fee for the Track account. The fee paid is dependent on the account size you choose.
E8 Funding Security
Like most prop firms, E8 is registered but is not regulated by any financial regulatory body because it does not collect or hold users’ funds.
The platform employs several security measures like password login, AML practices, etc. to ensure the security of the platform at all times and to make sure that users’ data is not compromised or accessed by unauthorized parties.
To trade on E8, you must complete the mandatory verification process.
Pros
- Suitable for advanced traders
- It has a scaling plan
- Fast payouts
- Generous maximum drawdown
Cons
- Prohibits the use of Expert Advisors or signals
Fidelcrest - Best Free Prop Firm Challenge For Trading Capital
Founded in 2018, Fidelcrest is one of the leading Forex prop firms in the industry.
It offers one of the top free prop firm challenges because of the large trading capital traders have access to.
Fidelcrest traders can get up to €2,000,000 in trading capital with a high-profit split that ranges between 80% to 90%.
Fidelcrest evaluation is done using a demo account. With the demo account, you get to trade using predefined rules during the evaluation period.
Fidelcrest offers 2 challenges: Phase 1 and Phase 2.
Once you pass the challenge within the set timeframe, you can access funding and become a funded trader on the platform.
While Fidelcrest offers users free trials, it has tighter trading rules when compared to other prop firms.
Traders must adhere to all the platform’s trading rules even during the free challenge.
Fidelcrest frowns at several trading strategies including automated trading, the use of Expert advisors, or any tool or strategy that gives you an unfair advantage when using the platform.
Fidelcrest offers various demo accounts, the type of demo account you get is determined by the trading conditions of the trading platform you chose for trading.
Key Features of Fidelcrest
Pro Trader Program
The Fidelcrest Pro Trader program is for expert traders with excellent risk management skills and a stable trading strategy who can trade and manage up to $1,000,000 in trading capital.
The Pro Trader Program is in 3 phases: Trading Challenge, Verification, and Fidelcrest Trader. The trading Challenge and evaluation phases last for 60 days each.
Fidelcrest offers 2 types of Pro Trader accounts; Pro Trader Normal and Pro Trader Aggressive.
All Pro Trader account types enjoy free retries.
The Maximum inactivity duration is 30 days while the minimum simulated trading days for traders is 10 days.
Fidelcrest Security
From our direct engagement with Fidelcrest, we’ve ascertained that it is a secure prop trading firm. Just like most proprietary trading firms, Fidelcrest is a registered forex prop firm but it is not regulated as it does not collect or hold clients funds.
To trade on the platform, all users must complete a mandatory KYC verification process.
Fidelcrest is also compliant with international AML requirements.
Users data are securely stored and protected from unauthorized access and use.
Pros
- Offers demo trading
- Good customer support
- Access to large trading capital
- High-profit split (Up to 90%)
Cons
- Delayed payouts
- Strict trading conditions
FTMO - Best Free Prop Firm Challenge With Loose Trading Restrictions In Nigeria
When compared to other prop firms, FTMO stands out for the free hand it gives to traders.
It does not place any restrictions on the type or trading strategy to use, the use of Expert Advisors, copy trading, or news trading.
There is no profit target at the second stage. It also has an unlimited evaluation process time.
Like other Forex prop firms on this list, FTMO offers a free trial account where traders can assess their trading skills and try to pass the FTMO challenge and verification. The free trial account is an abridged version of an FTMO Challenge.
That said, while passing the free trials increases your chances of passing the evaluation process, it does not automatically qualify for an FTMO account as you will still need to go through with the evaluation process on the platform.
FTMO free challenge accounts give you access to all of FTMO features including the various trading applications.
Also, FTMO supports popular trading platforms like MetaTrader 4, MetaTrader 5, and cTrader.
The maximum funded capital is $400,000 while the profit split is up to 90%.
Key Features of FTMO
FTMO Trading Apps
These are tools and trading apps offered by FTMO to enhance your trading experience on the platform and help you maximize profit. Available trading apps include:
Account MetriX: With this tool, you can monitor your progress to becoming a funded trader on FTMO
Equity Evaluator: This calculates how much money you will make in the future
Mentor App: This helps you achieve your trading targets by strengthening your trading discipline
Other apps you can access on FTMO include Account Analysis, Trading Journal, and Statistical App.
FTMO Security
Our first-hand investigation into FTMO demonstrated that it is secure. FTMO is an award-winning proprietary trading firm registered in the Czech Republic.
It has several security measures to ensure a safe trade environment for traders like two-factor authentication, email withdrawal confirmation, etc., and takes extra caution in the handling and storage of users’ data to ensure that they do not get into the wrong hands.
Pros
- High-profit split (Up to 90%)
- Supports new trading and use of Expert advisors
- Relaxed trading rules
Cons
- High evaluation fee
| E8 Funding | Fidelcrest | FTMO | |
|---|---|---|---|
| Profit Spilts | up to 80% | Between 80% to 90% | Up to 90% |
| Max. Funded Capital | Up to $300,000 scalable to $1,000,000 | Up to €2,000,000 | $400,000 |
| Account Fees | Free Trial available in Nigeria | Free Trial available in Nigeria | Free trial available in Nigeria |
| Trading Platforms | MT4, MT5 | Fidelcrest trading platform | MT4, MT5, cTrader |
| N. Of Challenges | 3 | 2 | 2 |
| Tradable Instruments | Forex, indices, stocks, commodities, equities, and crypto | Forex, crypto, indices, and commodities | Futures, Cash CFD, Equities CFD, Forex, indices, stocks, commodities, crypto, metals CFD |
| EA Allowed | Yes | No | Yes |
| Max. Leverage | 1:50 | 1:100 | 1:100 |
| Profit Target | 8% | 10% | $1,000 for Step 1 and $500 for Step 2 |
What is a Prop Firm?
A prop firm is a company that provides trading capital to tested traders in exchange for a split in profit.
Prop firms enable traders to trade stocks, cryptocurrencies, bonds, commodities, derivatives, etc. using the firm’s money, not their own.
Prop firms are not trading platforms or brokers, they simply fund eligible traders.
Also, a prop trading firm isn’t regulated because it does not offer financial products, rather it partners with regulated brokers that facilitate its services.
Popular examples of prop firms include E8, Fidelcrest, FTMO, etc.
What is a Challenge and Tips For Passing It?
A prop firm challenge is a step toward becoming a funded trader with a preferred prop firm where traders are provided by the company with a set amount of capital to trade with.
The objective of the challenge is that the trader must generate a particular amount in profit by hitting a profit target typically set as a percentage of the provided capital.
This goal must be achieved while the trader adheres to specific rules and risk management guidelines placed by the prop firm.
Successful traders at the end of the challenge keep a percentage of the profit generated, while the prop firm takes a portion as well. Some prop firms offer traders up to 90% of the trading profit.
Also, for paid challenges, most prop firms (if no free trial is available) refund the trader’s fee after successfully passing the challenge.
Listed below are tips to help you pass a prop firm challenge:
Begin with a Small Challenge
It is recommended that you start with the smallest challenge on the prop firm than going for the biggest option even if you’re an advanced trader. In most cases, it is best to trade in a demo account before starting live trades.
Starting with the most basic challenge will help you familiarize yourself with the prop firm’s specific rules and requirements as well as build confidence in your chosen trading strategy.
Adhere to the Risk Management Rules of the Prop Firm
Most prop firms take risk management seriously regardless of your profit margin and showing your ability to manage risks effectively is crucial to passing prop firm challenges.
So you would want to implement risk management rules like setting stop-loss orders, diversifying your trades, and managing the size of your positions in comparison to your trading capital.
This will show the prop firm that you understand that it is vital to protect the capital.
Maintain Consistency
Prop trading firms usually assess your trades based on how consistent they are as well as their profitability.
With prop trading firms consistency is maintaining a stable and positive trading outcome over time.
It isn’t about hitting high profits in a couple of trades but displaying sustained profitability.
So your focus should be on creating a track record that displays your skill in generating constant profits.
Stick to Your Trading Strategy
A major tip to pass a prop firm challenge is to stick to a defined trading strategy consistently.
You need to have a clear, well-defined, and proven trading strategy before taking on a prop firm challenge.
As soon as you start trading, adhere to your trading strategy without making frequent impulsive decisions. This will show the prop firm that you have discipline and trust in your strategy.
Advantages and Disadvantages of Trading with a Prop Firm
The primary advantage of trading with a prop firm is the access to large capital, which means increased profits.
That said, the main disadvantage is the set of rules and trading requirements placed by prop trading firms when using their capital.
These rules are usually stringent for most traders and make trading a lot more stressful.
Also, except for free challenge prop firms, most prop trading firms require traders to pay for evaluation and most times this fee is non-refundable for unsuccessful traders.
How to Choose the Right Prop Firm?
To choose the right prop firm you need to consider some parameters as listed below:
- Profit target
- Profit split
- Evaluation Fee
- Free trial availability
- Trading objectives and rules
- Supported trading platforms
- Partner brokers (regulated or not)
Final Thoughts
Leveraging our firsthand insights, we discovered that the above-listed prop firms are the best free-challenge prop firms in Nigeria. However, while our pick is E8 for its no financial commitment-free trial, choosing the best free challenge prop firm in Nigeria for yourself as a trader depends on your particular needs.
Use the parameters listed in the “How to Choose the Right Prop Firm” section to make your choice.
Additionaly if you want to have a wider view of the Prop Firms available in Nigeria see our list of best prop firms.
FAQ
Most frequent questions and answers
Yes, there are many free prop firm challenges such as the E8 prop firm challenge, Fidelcrest prop firm challenge, and FTMO prop firm challenge.
However, note that these free prop firm challenges in Nigeria are available as free trials. So while you may see a paid option, ensure you go for the free trial option if you want a free challenge.
The best free proprietary trading firm is E8 as it does not require financial commitments like inputting your credit card details before you can access the free challenge.
That said, it all depends on your personal preference as you may want other features beyond a free evaluation.
Statistically, only 10 to 15% of traders pass prop firm challenges and just 1 to 2% of these traders succeed in keeping their accounts for an extended period.
The best prop in Nigeria depends on your individual preference. If you’re looking for a free challenge prop firm, for example, E8 is the best option but if you want high leverage FTMO or Fidelcrest will be better options.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
