Most prop companies want you to pass an evaluation before they give you an account, as you are likely already aware if you are an aspiring trader hoping to get into the realm of proprietary trading. These evaluations can be costly; depending on the organization and the size of the account, they frequently cost between $50 and $500. What if I told you, however, that these evaluations are available for free? Yes, it is feasible to get a free evaluation at a leading prop company but how? Let’s discuss this in detail so you avail this opportunity.
Why Do Prop Firms Charge for Evaluations?
Before we go into how to get free evaluations let’s take a moment to understand why prop firms charge for them in the first place. Essentially, these evaluations provide two main purposes:
- Filtering out unqualified traders – Prop firms only want to fund traders who can consistently make money. Charging for evaluations helps weed out those who aren’t serious or skilled enough to succeed.
- Generating revenue – Let’s be real as some prop firms make a significant portion of their income from failed evaluations rather than from traders actually making money. It’s part of the business model.
Now that we know why evaluations exist so let’s get into how to avoid paying for them.
Look for Prop Firms Offering Free Trials
Some prop firms provide free trials or demo challenges as a way to attract new traders. These trials are usually structured like a normal 2 step evaluation but without the upfront cost. While you won’t get funded immediately, they allow you to showcase your skills. If you perform well then some firms might even provide you a free retry on a real evaluation.
Participate in Trading Competitions
Prop firms frequently host trading competitions where winners receive a free evaluation or even a fully funded account. These competitions are usually time-limited and high-intensity challenges where traders compete for top spots on the leaderboard.
How to Maximize Your Chances:
- Trade wisely, not carelessly. Many traders take big chances in an attempt to go up the leaderboard. Although this occasionally succeeds, a methodical and steady strategy usually prevails in the long term.
- Participate in as many contests as you can; the more contests you participate, the more likely it is that you will receive a complimentary review.
- Seek out companies that have contests frequently. Some companies, like as The Funded Trader, do this on a regular basis.
Take Advantage of Referral Programs
Many prop firms have referral programs that reward you for bringing in new traders. Some of them provide free evaluations in exchange for referrals instead of cash payouts.
How to Make the Most of This Strategy:
- Share your referral link on social media – Twitter, Instagram, and TikTok are great platforms to attract aspiring traders.
- Create educational content – If you have a YouTube channel or blog then teaching people about prop trading and recommending firms can be a lucrative way to earn free evaluations.
- Join trading communities – Engaging in Discord groups, Reddit forums, and Telegram chats can help you connect with traders who might use your referral link.
Apply for Sponsorships and Partnerships
It may surprise you to learn that certain prop companies have sponsorships or partnership programs in which they pay for traders who can add value to their brand. This is particularly true if you are well-known online.
Who Stands to Gain?
- Influencers on social media: If you have a YouTube, TikTok, or Twitter following then you can work out a free review in return for advertising.
- Streamers on Twitch Some companies could pay for your evaluation fees in return for exposure if you live-stream your trading sessions.
- Content producers and bloggers Writing about trading and evaluating prop firms can lead to collaborations that provide free evaluations.
Watch for Promotions and Discounts
Prop businesses frequently conduct campaigns that provide high discounts or a free evaluation. These bargains often take place on:
- Black Friday and the holidays.
- Anniversaries of companies
- Launches of new products or special events
How to Stay Updated:
- Keep up with prop companies on social media, since they are the first to provide sales and discounts.
- Sign up for their email lists—many businesses provide their subscribers with exclusive discounts.
- Participate in trading communities; occasionally, traders may reveal exclusive discount codes that aren’t publicly promoted.
