How Prop Firms Can Build Trust With Potential Clients by Offering Free Trials

Proprietary trading firms have been growing in popularity over the past few years. Millions of traders around the world sign up at prop firms to gain access to funded accounts and increase the buying power of their accounts.

However, due to low regulations and licensing requirements, some prospective clients may be apprehensive about signing up at a prop firm – fearing the loss of their account fees and doubting the legitimacy of the business altogether. 

To combat this, many prop firms choose the route of increased transparency to dispel any doubts that may exist around them. 

For example, prop firms that offer free trials have a higher chance of building trust by allowing clients to check out the terms and features offered by them.

How Prop Firm Free Trials Work

When a client signs up at a prop trading firm on a free trial, they are allowed to test out the features that come with the trading platform offered by the firm. 

For example, they can test the number of technical indicators and chart settings that are available, as well as to get a general feel of the interface and various perks that come with a particular prop firm. 

The trials typically last between 7 and 14 days and give unrestricted access to clients to check everything they may be interested in about the prop firm.

Free trials are also important for traders to test whether they are able to comply with the limitations and requirements upheld by prop firms, doing so free of charge. 

Once the trial period has concluded, traders will still have to go through the evaluation process in order to gain access to a funded account. 

Building Trust Using Prop Firm Free Trials

Free trials can be great for prop trading firms in a few key ways, which is why many of them offer such promotions. 

By understanding the advantages of using free trials and how they help prop firms build trust, prospective clients can make more informed decisions about what to look for when choosing a prop firm.

Transparency

Free trials allow clients to see more of what the prop firm offers and how the trading platforms and features offered by the firm work, which improves transparency.

Transparency is a major issue when it comes to the firms engaged in the trading of securities and handling client funds. 

Those who are familiar with the prop trading industry, may also be aware of the lax regulatory scrutiny of these firms and may be vary about their legitimacy. Being transparent with their trading terms, platforms, and other offerings allows prop firms to prove that their business is legitimate and that client funds and accounts are safe and secure. 

Offering a free trial demonstrates transparency and a willingness to let clients assess the firm’s performance before making a commitment.

Progression

Clients that start their prop trading journey with a free trial have a straightforward progression track that starts with the free trial, continues with an evaluation program, and ends with a funded account. 

This provides a clear direction for first-time clients and a linear progression. Furthermore, a free trial gives clients an ability to provide feedback without undertaking any of the financial risk associated with funded accounts. 

Feedback and Client Relationship 

During the free trial period, the prop firm can engage with potential clients, answer their questions, and address any concerns.

This interaction helps in building relationships and establishing trust, as clients see the firm’s dedication to customer support and satisfaction.

Clients that have a positive experience dealing with customer support are more likely to trust the firm and be less anxious about opening their first account. 

Educational Opportunity 

Free trials typically also grant access to the educational materials offered by prop firms, which gives clients the time and opportunity to learn more about how prop trading works, as well as the key concepts from the markets offered by the firm of their choice. 

Trading strategies, market analysis, and risk management are some of the key concepts traders can learn more about during the free trial before they put any of their personal capital at risk.