Introduction
Prop Number One is a proprietary trading firm that offers traders the opportunity to manage virtual capital and earn profits without risking their own funds. The firm provides a structured evaluation process, competitive profit-sharing models, and flexible trading conditions. This review delves into the company’s offerings, evaluating its strengths and potential drawbacks.
Company Overview
Established in 2024, Prop Number One is headquartered in Dubai, United Arab Emirates. The firm aims to provide aspiring and professional traders with access to substantial capital, enabling them to trade various financial instruments. The company’s website serves as the primary platform for its services.
Evaluation Process
Prop Number One employs a two-step evaluation process to assess traders’ skills and risk management abilities:
- Junior Trader Phase: Traders are required to achieve a 5% profit target while adhering to a maximum daily drawdown of 5% and a total drawdown limit of 10%. There is no time limit for this phase, allowing traders to progress at their own pace.
- Senior Trader Phase: Upon successful completion of the Junior Trader phase, traders must reach an 8% profit target with a daily drawdown limit of 4% and a total drawdown of 8%. This phase also has no time constraints, promoting a focus on consistent performance.
After passing these phases, traders are designated as “Top Traders” and gain access to funded accounts based on their chosen capital size, ranging from $7,000 to $300,000.
Profit Sharing and Salary Model
One of the standout features of Prop Number One is its profit-sharing structure:
- Traders retain 100% of the profits generated from their trades.
- Withdrawals can be requested every 21 days, with processing times guaranteed within 24 hours.
- Upon the first withdrawal, the initial evaluation fee is refunded.
Additionally, traders who maintain a consistent performance, achieving at least a 3% monthly gain over two consecutive months, become eligible for a monthly salary. The salary is tiered based on the initial challenge size:
- $7,000 Challenge: $70/month
- $17,000 Challenge: $170/month
- $27,000 Challenge: $270/month
- $50,000 Challenge: $500/month
- $100,000 Challenge: $1,000/month
- $200,000 Challenge: $2,000/month
- $300,000 Challenge: $3,000/month
Trading Conditions
Prop Number One offers favorable trading conditions to its users:
- Flexible Trading Hours: Traders are permitted to trade during news events and over weekends, providing greater flexibility.
- Use of Expert Advisors (EAs): The platform supports the use of EAs, allowing automated trading strategies.
- Platform Compatibility: Traders can utilize popular platforms such as MetaTrader 4, MetaTrader 5, cTrader, DXTrade, and Match-Trader.
- Wide Range of Instruments: Available instruments include Forex, cryptocurrencies, indices, and commodities.
- Leverage: The firm offers leverage up to 1:50, varying by asset class.
Fees and Costs
The entry fees for the evaluation challenges are as follows:
- $7,000 Challenge: $52
- $17,000 Challenge: $161
- $27,000 Challenge: $217
- $50,000 Challenge: $327
- $100,000 Challenge: $580
- $200,000 Challenge: $1,097
- $300,000 Challenge: $1,592
These fees are one-time payments for the evaluation process. Upon successful completion and the first profit withdrawal, the initial fee is refunded.
Customer Feedback
Prop Number One has garnered positive reviews from its user base. On Trustpilot, the firm holds a 4.6 out of 5-star rating based on over 600 reviews. Users frequently commend the company’s transparent processes, responsive customer support, and the flexibility offered in trading conditions.
Pros and Cons
Pros
- High Profit Share: Traders keep 100% of their profits.
- Flexible Trading Conditions: No restrictions on trading times or strategies.
- Multiple Platform Support: Compatibility with various trading platforms.
- Regular Withdrawals: Ability to request withdrawals every 21 days.
- Monthly Salary Incentive: Additional earnings for consistent performance.
Cons
- Newer Firm: Established in 2024, the company has a relatively short track record.
- Limited Account Scaling: No clear scaling plan for increasing capital over time.
- No Instant Funding Options: Only a two-step evaluation process is available.
Conclusion
Prop Number One presents a compelling option for traders seeking to manage substantial capital without risking personal funds. Its transparent evaluation process, favorable profit-sharing model, and flexible trading conditions make it an attractive choice for both aspiring and experienced traders. However, potential users should consider the firm’s recent establishment and the absence of account scaling options when making their decision.
