Tested: The Real Numbers Behind Top Prop Trading Firms (2024 Guide)

How to Evaluate a Prop Trading Firm Test

Every prop firm "test" (or challenge/evaluation) is a gauntlet of rules, targets, and trade-offs. The difference between passing and blowing up often comes down to the details: drawdown ceilings, profit targets, costs, and payout rules. This guide breaks down what really matters—and how the top firms stack up—using real numbers, not hype.

Key Metrics: What Actually Matters

• Max Drawdown: How much you can lose before failing. Is it static, trailing, daily, or a mix?
• Profit Target: What you must earn to pass. Higher targets mean more risk-taking.
• Profit Split: Your share of profits once funded, and how (or if) it improves with performance.
• Challenge Cost: Upfront fee, refund policy, and whether it's a one-off or recurring.
• Minimum Trading Days: Sets the minimum time to complete the test; the lower, the more flexibility.
• Leverage & Instruments: Impacts strategy, risk, and feasibility of hitting targets.
• Payout Frequency & Scaling: How quickly you can get paid—and how large you can grow your account.

But the real test is how these rules interact. For example, a 10% profit target with a 6% max drawdown is a very different challenge than 8% with 10% drawdown—even if both look similar at first glance.

Prop Firm Test Comparison Table

Drawdown & Profit Target: The Hidden Risk Math

Look beyond headline numbers. A 10% profit target with a 10% max drawdown (e.g., FTMO, FundedNext, City Traders Imperium) means you must double your risk-to-reward ratio to pass. If you're trading a $100K account, that's $10,000 of profit needed before you lose $10,000—effectively a 1:1 ratio. But if the drawdown is lower (e.g., The5ers: 6% max), hitting even a 6% profit target is more demanding, especially with a daily loss cap (3% daily at The5ers).

Firms like E8 Markets and MyFundedFX offer lower profit targets (8%) and higher max drawdowns (8%), making the math more forgiving—at the cost of less brand history and sometimes lower max scaling.

Trailing vs. Static Drawdown

Some firms use trailing drawdown (e.g., Apex Trader Funding, Tradeify), which follows your equity peak. Others are static (e.g., City Traders Imperium, Lux Trading Firm). Trailing drawdown is much riskier for aggressive strategies: if you spike up and then draw down, you can lose your account even if still in profit.

Challenge Costs & Refunds: Upfront Outlay vs. Long-Term Value

Challenge costs range from $39 (small account at City Traders Imperium) to $4,999 (Lux Trading Firm $1M account). Most firms refund the fee if you pass the test and get funded, but conditions vary. Some (like TopStep and My Funded Futures) use a monthly subscription model, which can add up if you take longer to pass.

• FTMO: $155 (10K) to $1,080 (200K). Refund with first payout.
• E8 Markets: $48 (5K) to $988 (250K). Refund with first payout.
• TopStep: $49–$149/month. No refund, but low monthly commitment.
• My Funded Futures: $77–$477/month. No refund, but only two trading days minimum.

For large accounts, total cost can be significant—especially if you "reset" or re-try multiple times. Consider how many attempts your strategy might require, and whether a one-off or recurring fee is better for your style.

Profit Splits and Scaling: What You Actually Take Home

Profit splits start at 80/20 for most firms, but some scale up:

• FTMO: 80/20, can increase to 90/10 with performance
• FundedNext: 80/20 → 90/10, plus a 15% profit share during the challenge phase (with conditions)
• MyFundedFX: Up to 92.75%
• The5ers: 50/50 initially, but can reach 100% after milestones
• Blue Guardian: 85/15 base, up to 90/10, plus 24-hour payout guarantee

But, beware: higher splits often come with more rules, scaling hurdles, or payout minimums. For instance, FundedNext offers 15% profit share during the challenge, but only if you’re profitable and meet all rules—otherwise, you get nothing.

Scaling plans also vary wildly. FTMO and FundedNext scale up to $2M and $4M respectively, while Lux Trading Firm claims up to $10M (but with a very strict rule set and high fees). MyFundedFX maxes out at $600K—plenty for most, but less than some headline-grabbing competitors.

Trading Rules: What Trips Up Real Traders

News, EAs, and Weekend Holding

Seemingly "minor" rules can be account killers if your strategy depends on them. For example:

• FTMO: Allows news trading and weekend holding, but no swing trades open during major news.
• The5ers: No EAs, no news trading, no weekend holding. Not for automation or news traders.
• MyFundedFX, FundedNext: EAs, news, and weekend holding allowed—good for flexible strategies.
• Blue Guardian: No news trading on funded accounts. Guardian Shield risk management can close trades at 1-2% loss automatically.
• Futures firms (TopStep, Apex, My Funded Futures): No forex/crypto, but most allow EAs and news (with some exceptions).

Minimum Trading Days: Speed vs. Sustainability

Some firms have no minimum trading days (Funded Trading Plus, Lux Trading Firm, City Traders Imperium), so you can pass in a single day. Others require up to 7 days (Apex). If you’re a high-frequency or news trader, no-minimum firms let you capitalize on a single big move. But be wary: rapid passes can flag you for review or payout delays at some firms.

Non-Obvious Trade-Offs: What the Marketing Doesn’t Say

• Trailing Drawdown Enforcement: Some firms (e.g., Tradeify, My Funded Futures) update trailing drawdown at EOD, but enforce it in real time. You can be stopped out intraday even if the EOD balance is safe.
• Scaling Requirements: Scaling to $2M or $4M sounds great, but most firms require months of consistent profit, strict rule adherence, and sometimes no withdrawals during scaling.
• Payout Minimums & Delays: FundedNext has withdrawal minimums. Blue Guardian only refunds the challenge fee after four payouts. Some firms require a "cushion" before first withdrawal.
• Account Termination Risk: Second Guardian Shield breach at Blue Guardian, or a single news trade at The5ers, can end your account—no appeal.
• Consistency Rules: TopStep requires a 50% consistency target—no single day can be more than half your total profits. This prevents "all-in" passing.
• Instrument Restrictions: Futures-only firms (Apex, TopStep, Tradeify, My Funded Futures) don’t allow forex/crypto. Some (The5ers, Lux) don’t allow EAs at all.

Who Should Pick Which Firm?

• FTMO: Best for traders who want a trusted name, solid scaling ($2M), and are comfortable with a strict evaluation (10% target, 5% daily drawdown). Challenge fees are higher, but so is trust and support.
• E8 Markets: Lower fees and profit target (8%), unlimited time, but lower max drawdown (8%) and leverage (1:50). Good for cautious traders or those new to prop trading.
• FundedNext: Flexible, high scaling ($4M), and profit share during challenge, but rules are complex and support can lag. Good for advanced traders who read the fine print.
• The5ers: For expert risk managers who want instant funding and can work within tight drawdown (6%/3%) and no EAs/news.
• MyFundedFX: Highest profit split (up to 92.75%), multiple challenge types, unlimited time, but scaling is lower ($600K) and rules vary. Good for aggressive, adaptable traders.
• Futures Specialists (TopStep, Apex, My Funded Futures, Tradeify, Take Profit Trader): All futures, no forex. TopStep is most established, but with stricter rules. Apex and My Funded Futures have no daily loss limits, but beware trailing drawdown and monthly fees.
• Blue Guardian: High base profit split (85%), fast payouts, but strict risk management and news trading restrictions. Best for conservative risk managers.
• Lux Trading Firm: Huge scaling ($10M), but high fees ($299–$4,999), lowest leverage (1:10), and strict risk rules. Only suitable for institutional-style traders.

For a tailored recommendation, try our PropSurvivalEngine health grade tool to match rules to your strategy.

Bottom Line: How to Choose Your Prop Firm Test

No firm is "best" for everyone. The right test depends on your trading style, risk tolerance, and growth ambitions. Here’s how to decide:

• Calculate your risk-to-reward for each firm's rules. If you need multiple attempts, total up the likely cost.
• Match the firm's rule set to your strategy. If you need news trading, EAs, or weekend holding, eliminate firms that restrict them.
• Weigh scaling and payout rules—don't get lured by high max accounts if the path is impractical for your style.
• Check for "gotchas" in the fine print: trailing drawdown, payout minimums, or consistency rules.

Whatever you choose, use real numbers and model your expected journey. The right test is the one you can actually pass—and profit from—given your unique edge.