Choosing the wrong prop firm can cost you $200–$500 in failed challenges. Worse, different firms have very different rules — and a trading style that passes easily at one firm might be structurally difficult to pass at another.
This comparison focuses on the three most commonly used firms by Tradapt users as of 2026.
Note: Prop firm rules change frequently. Verify current terms directly with each firm before purchasing.
FTMO
Overview
FTMO pioneered the modern challenge model in 2015 and remains the most established name in the industry. They're headquartered in Prague, Czech Republic.
Account Sizes
$10,000, $25,000, $50,000, $100,000, $200,000
Challenge Structure (Standard Two-Phase)
- Phase 1: 10% profit target, 5% daily loss limit, 10% overall drawdown, minimum 10 trading days in 30 days
- Phase 2: 5% profit target, 5% daily loss limit, 10% overall drawdown, minimum 10 trading days in 60 days
- Funded: 80% profit split (up to 90% under scaling plan)
Pricing (2026 approximate)
- $10K account: ~$155
- $25K account: ~$250
- $50K account: ~$345
- $100K account: ~$540
- $200K account: ~$1,080
Free retry if you fail for reasons outside your control; paid retry otherwise.
Key Strengths
- Longest track record; best-documented payout history
- Swing trading accounts available (no overnight/weekend holding restrictions)
- Excellent educational resources
- Strong community and reputation
Key Considerations
- Strict news trading restrictions (no holding through major news)
- Drawdown is relative (from equity peak, not initial balance) — more restrictive than it appears
- No cryptocurrency trading on standard accounts
Best For
Forex, indices, commodities traders who want the most established option with a proven payout history.
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Funded Next
Overview
Funded Next launched in 2022 and has grown rapidly, offering competitive pricing and a flexible rule structure. They're popular for their simplified evaluation options.
Account Sizes
$6,000, $15,000, $25,000, $50,000, $100,000, $200,000
Challenge Structure (Multiple Options)
Standard (Two-Phase):
- Phase 1: 10% profit target, 5% daily loss, 10% overall drawdown
- Phase 2: 5% profit target, same limits
- Funded: 80% profit split
Express (One-Phase):
- Profit target: 25% (higher)
- Daily loss limit: 5%
- Overall drawdown: 10%
- Funded: 80% profit split (faster to funded status)
Stellar (Two-Phase, Popular):
- Similar structure, with profit sharing starting from Phase 1
Key Strengths
- Competitive pricing, especially for smaller accounts
- More flexible news trading rules than FTMO (check current terms)
- Cryptocurrency trading allowed
- Multiple challenge types for different trading styles
Key Considerations
- Newer firm; shorter payout track record than FTMO
- Rules have changed multiple times (stay updated on current terms)
- Absolute drawdown on some account types (more forgiving) — verify
Best For
Traders who want competitive pricing, crypto trading, or the faster one-phase path to funding.
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TopStep
Overview
TopStep is US-focused and primarily serves futures traders. It's one of the oldest funded trading firms, founded in 2012.
Account Sizes (Futures, Contract-Based)
- $50K: Trade up to 3 contracts
- $100K: Trade up to 10 contracts
- $150K: Trade up to 15 contracts
Challenge Structure (Trading Combine)
- Profit target: $3,000 (50K account), $6,000 (100K), $9,000 (150K)
- Daily loss limit: $1,000 (50K), $2,000 (100K), $3,000 (150K)
- Overall trailing drawdown (relative drawdown)
- No minimum trading days
Monthly subscription model: $165–$375/month for the Combine (ongoing until you pass)
Key Strengths
- Purpose-built for futures traders (ES, NQ, CL, etc.)
- Strong educational community
- Flat-rate combine model means you know your monthly cost
- 90% profit split (one of the highest)
- No expiration on combines (unlike FTMO's 30/60-day windows)
Key Considerations
- Monthly subscription model means you pay every month until you pass
- Trailing drawdown (relative) is stricter than absolute
- Forex-only traders should look elsewhere
- Higher total cost if the combine takes multiple months
Best For
US-based futures traders, particularly ES and NQ traders. The community and tool ecosystem are specifically optimized for futures.
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Head-to-Head Comparison
| Factor | FTMO | Funded Next | TopStep |
|---|---|---|---|
| Established | 2015 | 2022 | 2012 |
| Asset focus | Forex, indices | Multi-asset, crypto | Futures |
| Drawdown type | Relative | Mixed (check account) | Trailing |
| Profit split | 80–90% | 80% | 90% |
| One-time vs. subscription | One-time | One-time | Monthly subscription |
| Crypto allowed | No | Yes | No |
| News trading | Strict restrictions | Flexible | Check current terms |
| Minimum trading days | Yes (10 days) | Varies by account | No |
| Best for | Forex/indices traders wanting top reputation | Crypto/multi-asset + competitive pricing | Futures traders |
How to Choose
Choose FTMO if: You primarily trade forex and major indices, want the most established firm with the longest payout track record, and don't trade crypto.
Choose Funded Next if: You want competitive pricing, trade crypto, or want the faster one-phase evaluation option.
Choose TopStep if: You're a futures trader (especially ES/NQ) and want a community-oriented platform with 90% split and no time pressure.
The Universal Success Factor
Across all three firms, the traders who pass most consistently share one trait: they track their performance against the firm's specific rules in real time using a trading journal.
Tradapt has dedicated prop firm features — including multi-account tracking, drawdown monitoring, and daily loss limit alerts — specifically to help you pass and manage funded accounts.
Track your prop firm challenge progress with Tradapt.