page title icon Prop Trading Firm Comparison

February 20, 2024

More and more experienced traders are turning to proprietary trading firms in order to fund their trading strategies.

The advantages are obvious. You can trade someone else’s money, keep a hefty percentage of your profits, and walk away from any losses. 

Of course, a deal like that doesn’t come without strings attached, so it is imperative that you choose the right firm to set up your funded account.

To help you make that decision, the following charts compare trading rules, scaling opportunities, current discounts, profit splits, evaluation procedures, profit targets and more for the best prop trading firms.

Prop trading firms comparison chart

Firm The 5%ers Topstep FTMO
My RankingBEST FOR
QUICK FUNDING
BEST CURRENT PROMOBEST REPUTATION
Initial Balance
/Fees
High Stakes
$5K – $39
$20K – $165
$60K – $300
$100K – $495
Boot Camp
$100K –  $95
$250K – $225
Hyper Growth
$10K – $260
$20K – $450
$40K – $850
$50K – $49
$100K – $99
$150K – $149
(per month prices with current promo)
$10K – €155
$25K –  €250
$50K – €345
$100K – €540
$200K– €1080
Current Promotion Click for 5% off
Click this link for up to 70% off!

(Limited time)
Click here to sign up for free trial
EvaluationOne-step evaluation with Hyper Growth;
Two-step with High Stakes; Three with Boot Camp
One-step evaluation“FTMO Challenge,” a two-step evaluation
Max Account
Size
$4 millionScales up with profits$2 million
Profit SplitsUp to 100%100% of first $5k in profits; 90% after80-90%
Tradable AssetsForex
Metals
Indices
Futures:
Indices
Forex
Interest rates
Metals
Commodities
& More
Forex
Indices
Metals
Crypto
Stocks
Trading Parameters
(may vary based on account choice)

6%-10% profit targets depending on account

5%-10% max losses
6% profit target

ONE RULE: Max Loss Limit $2,000 – $4,500 depending on account size
10% profit target for Step 1; 5% for Step 2

5% max daily loss,
10% overall max loss
for Step 1 and Step 2
Swap-Free
Accounts
NoN/AYes
Trading Platform(s)MT5TSTrader, NinjaTrader, TradingView, & moreMT4, MT5, cTrader, DXtrade
My Extended Reviews The 5%ers
review
Topstep
review
FTMO review
Get Started Start Trading
with The 5%ers
Start Trading
with Topstep
Start Trading with FTMO
(This summary is updated; however, rules frequently change. Always confirm rules with your prop firm.)
FirmThe 5%ers
My RankingBEST FOR
QUICK FUNDING
Initial Balance
/Fees
High Stakes
$5K – $39
$20K – $165
$60K – $300
$100K – $495
Boot Camp
$100K –  $95
$250K – $225
Hyper Growth
$10K – $260
$20K – $450
$40K – $850
Current PromotionClick for 5% off
EvaluationOne-step evaluation with Hyper Growth;
Two-step with High Stakes; Three with Boot Camp
Max Account
Size
$4 million
Profit SplitsUp to 100%
Tradable AssetsForex
Metals
Indices
Trading Parameters
(may vary based on account choice)

6%-10% profit targets depending on account

5%-10% max losses
Swap-Free
Accounts
No
Trading Platform(s)MT5
My Extended ReviewsThe 5%ers
review
Get StartedStart Trading
with The 5%ers

Prop trading firm comparison chart (cont.)

Firm Lux Trading SurgeTrader True Forex Funds
My RankingBest for Big Accounts
Initial Balance/Fees$25K – £149
$50K – £299
$100K – £449
$200K – £599
$1 mil. – £1499
One Stage Eval:
$25K – $250
$50K – $400
$100K – $700
$250K – $1800
$500K – $3500
$1 mil. – $6,500

Two Stage Eval:
$25K – $200
$50K – $300
$100K – $500
$250K – $1200
$500K – $2300

$10K – €89
$25K – €189
$50K – €299
$100K – €499
$200K – €998


Current Promotion Click for free trial Click for 10% off with code letsgo10
EvaluationTwo-step evaluation; 29 minimum trading days

One-step evaluation for $1 million accounts
Choice of one-step or two-step evaluationTwo-step evaluation: No minimum trading days.

One-step evaluation: 30 day trading period
Max Account Size$10 million$1 million$2.5 million
Profit Splits75%75%
or
90% (with add-on fee)
80%
Tradable AssetsCFDs:
Forex
Indices
Commodities

Stocks

Crypto
Forex
Crypto
Metals
Energy
Indices
Shares
Forex
Shares
Metals
Energy
Indices
Crypto
Trading Parameters
(may vary based on account choice)
Two-step evaluation: 6% profit target Stage 1, 4% profit target Stage 2
6% maximum loss limit

One-step evaluation for $1 million account:
15% profit target
6% maximum loss
One-step evaluation:
10% profit target,
5% daily loss limit, 8% max trailing drawdown

Two-step evaluation:
Phase 1 – 8% profit target
Phase 2 – 5% profit target
5% daily loss limit, 8% max trailing drawdown
Two-step evaluation:
Phase 1 –
8% profit target, 5% maximum daily loss,
10% max overall loss
Phase 2 –
5% profit target, 5% max daily loss,
10% max overall loss

One-step evaluation:
10% profit target, 3% max daily loss,
6% overall max loss

Swap-Free
Accounts
YesNoYes
Trading Platform(s)The Lux Trader, MT5ThinkMarketsMT4, MT5
My Extended Reviews Lux Trading review SurgeTrader review TFF
review
Get Started Start trading with Lux Trading Start Trading with Surge Trading Start trading with TFF
FirmTopstep
My RankingBEST CURRENT PROMO
Initial Balance
/Fees
$50K – $49
$100K – $99
$150K – $149
(per month prices with current promo)
Current Promotion
Click this link for up to 70% off!

(Limited time)
EvaluationOne-step evaluation
Max Account
Size
Scales up with profits
Profit Splits100% of first $5k in profits; 90% after
Tradable AssetsFutures:
Indices
Forex
Interest rates
Metals
Commodities
& More
Trading Parameters
(may vary based on account choice)
6% profit target

ONE RULE: Max Loss Limit $2,000 – $4,500 depending on account size
Swap-Free
Accounts
N/A
Trading Platform(s)TSTrader, NinjaTrader, TradingView, & more
My Extended ReviewsTopstep
review
Get StartedStart Trading
with Topstep
(This summary is updated; however, rules frequently change. Always confirm rules with your prop firm.)

Prop trading firm comparison chart (cont.)

Firm The Funded Trader Fidelcrest
My Ranking
Initial Balance
/Fees
Standard Challenge:
$5K – $65
$10K – $129
$25K – $199
$50K – $299
$100K – $499
$200K – $939
$300K – $1469
$400K – $1879
$15K – €99
$30K – €199
$60K – €299
$250K – €999
$500K – €1899
$1 mil – €2999
Current Promotion Click for 15% off + 125% refund with code TFTJANUARY4 No current promo – click to start trading
EvaluationOne-step evaluation (Knight Challenge) or two-step evaluation – no min. trading daysTwo-step evaluation
Max Account
Size
$1.5 million$1 million
Profit Splits80% to start with scaling up to 90%80-90%
Tradable MarketsForex
Commodities
Indices
Crypto
Crypto
Forex
Stocks
Commodities
Metals
Trading Parameters
(may vary based on account choice)
Standard two-step evaluation:
10% profit target Step 1, 5% for Step 2; 10% max loss limit, 5% max daily loss

One-step evaluation:
10% profit target,
6% max overall loss, 3% max daily loss
Normal accounts:
10% profit target, 5% max daily loss, 10% max overall loss for both phases

Aggressive Accounts:
20% profit target, 20% max loss; 10% max daily loss
Swap-Free
Accounts
NoYes
Trading Platform(s)MT4, MT5MT4, MT5
My Extended Reviews The Funded Trader review Fidelcrest
review
Get Started Start Trading with
The Funded Trader
Start Trading
with Fidelcrest
FirmFTMO
My RankingBEST REPUTATION
Initial Balance
/Fees
$10K – €155
$25K –  €250
$50K – €345
$100K – €540
$200K– €1080
Current PromotionClick here to sign up for free trial
Evaluation“FTMO Challenge,” a two-step evaluation
Max Account
Size
$2 million
Profit Splits80-90%
Tradable AssetsForex
Indices
Metals
Crypto
Stocks
Trading Parameters
(may vary based on account choice)
10% profit target for Step 1; 5% for Step 2

5% max daily loss,
10% overall max loss
for Step 1 and Step 2
Swap-Free
Accounts
Yes
Trading Platform(s)MT4, MT5, cTrader, DXtrade
My Extended ReviewsFTMO review
Get StartedStart Trading with FTMO
(This summary is updated; however, rules frequently change. Always confirm rules with your prop firm.)

Prop trading made simple

For those of you who are new to the prop trading world, here’s a few questions and answers to help you understand the basics. Please post any further questions you may have in the comments, and I’ll add them to this list and answer them. 

What is prop trading?

Proprietary trading is any trading that occurs with one’s own money. A prop trading firm, therefore, is a firm that trades its own capital. Some prop trading firms (like those listed above) have funded trader programs, which provides capital to any traders who prove they have safe, profitable trading strategies.

How does prop trading work?

Prop trading firms will give up to $1 million of their capital to fund good traders. The firm and traders will then split any profits that are made, with the trader keeping anywhere between 50%-90%, depending on the firm. If the trader incurs losses, the firm will pay off those losses, but the trader will more than likely lose their account.

Of course prop firms aren’t just carelessly giving out their money. With most firms, traders must undergo a two-stage evaluation to prove their trading strategy before they get any capital. Traders who meet profit targets and abide by the firm’s trading rules and risk management practices will then become funded traders. 

Funded traders split any profits they make with their prop firm, but usually keep the lion’s share for themselves. Funded traders still have to abide by the prop firm’s trading rules, or their account will be suspended and they will have to go back through the evaluation process all over again. 

How do I get instant funding from a prop firm?

There are some prop firms out there that will give you instant funding. That’s right, they will just give you capital without any evaluation. What’s the catch? The catch is that you’ll split the profits 50/50 with the firm, rather than keeping 80%-90% like you would with an evaluation-based prop firm. Instant funding prop firms also typically charge quite a bit more, but that’s the cost of getting into the market in a matter of hours rather than after several weeks or more of evaluations.

What are typical prop firm trading rules?

All prop firms have different rules, which makes it incredibly important that you study them carefully before signing up. These rules are designed to test your risk management skills before the prop firm commits to giving you real money. 

All prop firms have a max loss limit as one of their rules. If you lose a certain amount, you will lose the challenge or forfeit your account if you are already funded. Seems simple enough, but some firms calculate this limit differently than others. 

For example, say a firm says you can’t lose 5% of your account before they suspend it. For some firms that simply means you can’t lose 5% of your initial balance. So with a $100,000 account, if you lose more than $5,000 and it dips below $95,000 you’re done. Very simple. 

But other firms use “trailing maximum drawdowns” or “relative maximum drawdowns” to determine your maximum loss. Those are both complicated sounding terms that mean your maximum loss is taken from your highest account balance, not your initial balance. So if you made $1,000 on your first day trading with a $100,000 account, your account is at $101,000. Now, you can’t lose more than 5% of $101,000. The bar has moved and now if your account dips below $95,950, you’re done. 

That might seem unfair to a lot of traders, because potentially, you could make 7% profit on your first day, lose 5% on the second and lose your account, even though you are up 2% overall. That might not seem right, since you’re still in the green, but prop trading firms want consistency out of their traders. A trader that’s up big one day and down big the next is not someone they want to give their capital to. 

A lot of firms also have daily maximum loss limits as well as overall maximum loss limits. The daily maximum loss is often quite a bit lower than the overall mark. FTMO, for example, allows you to lose up to 10% overall on your account before they pull the plug, but you can’t lose more than 5% in a single day. Again, prop trading firms want consistency.

Prop firms also might have mandatory stop loss limits with every trade, prohibit trading around major news releases, prohibit holding positions over nights or weekends or any number of other rules. 

The point is, you absolutely must understand the rules before you begin trading. 

What’s the best way to choose a prop trading firm?

There’s a lot of things to consider when you’re choosing a prop trading firm. You need to find a firm you can trust that offers the financial instruments you wish to trade and has trading rules you understand and can abide by. After you check those boxes, you can look at how long your evaluation is going to take, what your profit split might be, how much the firm charges, and whether or not they have any current promotions or discounts. Consult my Best Prop Trading Firms of 2023 for more personal choices.

What are the advantages of prop trading?

The most obvious advantage of using a prop trading firm is capital. If you have a trading strategy but no money to fund it, a prop firm can step in and give you that capital. Yes, you’ll have to split the profits, but usually you’ll keep the bulk of what you make.

Prop firms also allow you to test your trading strategies without putting too much of your own money on the line. For example, if you’ve studied futures and think you have a good strategy, you can put your own money on the line, or you can risk a prop firm’s money. If you don’t have money to burn, a prop firm will give you a lot of the upside and limit how much cash you risk. If you fail, you’ll fail cheaply.

Good prop firms also offer educational resources, mentoring, and an active trading community. 

What are the disadvantages of prop trading?

The biggest disadvantage of prop trading is that you can pay a sign-up fee and dedicate a significant amount of your time to trading, but never see any profits. If you sign up with a proprietary trading firm that requires an evaluation, there’s a good chance you don’t pass, regardless of your skill level, and all that time is wasted. Profitably trading is very difficult. Even the best strategies don’t always work, and if you fail, you’re left with nothing for your efforts. 

Another big disadvantage is that signing up with a prop firm means abiding by someone else’s trading rules. This makes sense since you’re trading their money, but it means you won’t have complete freedom like you would with your own capital.

What other types of prop firms are there?

Beyond the prop firms that we’ve been talking about, there are also prop firms that actually hire traders, pay them a salary and benefits, and then offer them a bonus based on their trading performance. I call them Wall Street prop firms, although they are just as often based in Chicago or Amsterdam, then New York City.

Examples of “Wall Street prop firms” are: 

  • Flow Traders: Specializes in high frequency and quantitative trading strategies. Founded in Amsterdam
  • Akuna Capital: Focuses on quantitative derivatives trading strategies. Based in Chicago. 
  • Akuna Capital: Focuses on quantitative derivatives trading strategies. Based in Chicago. 
  • Belvedere Trading: Specializes in equity index and commodity derivatives. Based in Chicago.
  • IMC Financial Markets: Global technologically driven market maker. Based in Amsterdam.

Wall Street prop firms are often focused on automated trading strategies and hire people with backgrounds in mathematics and computer science. Getting a trading job with them is extremely difficult and usually requires an outstanding academic background. Not all hope is lost, however. Recently some Wall Street prop firms have been going to greater lengths to try and identify prospective traders who wouldn’t otherwise be recruited.

IMC Financial Markets, for example, has a “Traders Challenge,” but it’s nothing like the FTMO Challenge, or other trader evaluations from prop firms that fund traders. Instead, it’s a brain test that measures “the biological building blocks of performance based on brain functions.” Find the IMC Financial Markets Traders Challenge here, if you’re interested in joining a Wall Street prop firm.

If your brain test doesn’t immediately qualify you for a Wall Street prop firm, there’s still plenty of opportunities with the prop firms from the chart above.

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