Prop firm challenges: what the rules and terms actually say
We read the official rules and terms of 10 popular prop firms and put the numbers and the fine print side by side. No sponsors, no affiliate links, no ranking by who pays most.
Three findings that repeat
- The account is a simulation. In the terms we read, the challenge account is simulated at all 10 firms (10 of 10 say so in their terms). Funded accounts are simulated too, except where Topstep and Apex describe a later or discretionary Live account. You pay a fee to trade a demo account, and a reward is paid under the firm's rules.
- No financial regulator supervises the programs. We found none for 10 of 10 firms. The contract is your only protection.
- The firm keeps wide discretion. Each set of terms lets the firm deny, reduce or delay rewards, or close accounts, for reasons it defines. That can be reasonable. It is something to read before you pay, not after you fail.
This is not a statement about whether any firm pays. It is a statement about what each firm's contract says. Payout records need independent proof, which we did not find for most firms.
Ten firms, same questions
Every figure comes from the firm's own pages (rules, terms, help center) read on 9 Oct 2026. "n/v" means we could not verify it. Click a firm for the full rules, the sources and what is missing.
Rules change. Several firms have changed targets, drawdown or payout rules in 2026, and promotions change prices daily. The price column shows list prices before promotions, from each firm's own pricing pages: the cheapest to the dearest account size across the programs listed (EUR where the firm shows only EUR). Confirm everything on the firm's site before you pay. Education only, not investment advice.
Clauses worth reading before you pay
Six questions to answer first
- Is the account real or simulated? Find the clause. It decides what a "funded" account is.
- Is the drawdown static or trailing? A trailing limit moves up with your profit, so the same percentage leaves you less room.
- What breaks the account at once? Daily loss, weekend holds, news windows, consistency or best-day rules, lot limits.
- What can the firm do after you pass? Look for discretion, forfeiture and "risk review" clauses.
- What is the real cost? Fee, resets, activation fee, payout fees, and whether the fee is refunded and when.
- Does your strategy fit? Many firms ban or limit EAs, copy trading, hedging and news trading. Trade the rules you can follow every day.
Prop firm questions
Do prop firms trade your money, or do you trade real money?
In the terms we read, the evaluation accounts of all 10 firms we checked are simulated: you trade a demo account, and the firm pays rewards under its own rules. Topstep and Apex describe a Live account that some traders may reach later. Read the account-nature clause in each firm's terms before you pay.
Are prop firms regulated?
We found no financial regulator supervising the evaluation programs of any of the 10 firms. Alpha Capital's terms state that it is not FCA-authorised, and E8's terms state it is not a regulated entity. Without a regulator, the contract you accept is the only protection you have.
Can a prop firm refuse to pay a reward?
Every firm's terms contain clauses that let it deny, delay or reduce rewards, close accounts or void results for rule breaches, often at its own discretion. That is not the same as saying a given firm acts unfairly. It means you should read these clauses first. They are listed for each firm.
Why are there no prices for some firms?
Prices change often and several checkout pages could not be read as text. We publish a figure only when we read it on the firm's own page, and mark everything else as not verified (n/v).
How we work
We take no money from prop firms and use no affiliate links. We read primary pages only, and we say what we could not verify. See how we check. If a firm believes something is wrong, tell us and we will correct it with a source.