A prop firm evaluation is a paid test with rules designed to be hard to pass. Most buyers do not pass, a failed attempt's fee is not refunded, and passing is not the same as getting paid.
Most evaluation fees are lost
The firm earns most of its revenue from evaluation fees, resets and rebills. A max loss that is small next to the profit target means an ordinary losing streak can end an account. Treat any evaluation fee as money you can afford to lose. Our pass probability calculator shows how quickly sizing and win rate change the odds.
Funded accounts are often simulated
At most firms the "funded" account trades simulated money. The firm pays you a share of simulated profits under its own payout rules, and it can refuse payouts that break those rules. Some firms move consistent traders to a live account; the review for each firm says whether it does.
Rules change, and firms close
Firms change prices, drawdown types and payout rules often, sometimes several times a year. Firms also close: in 2023 US regulators shut down My Forex Funds, then one of the largest forex prop firms, and many smaller firms have closed since. When a firm closes, open evaluations and pending payouts can be lost. Read the firm's terms on refunds and closures, and avoid keeping more money with one firm than you can lose.
Payout rules decide when you get paid
Consistency rules, minimum trading days, payout caps and buffers can delay or reduce payouts even when your account is in profit. Read the payout section of the firm's terms before you buy, not after you pass.
This is not investment advice
We explain rules and prices; we do not tell you whether to trade or which firm to buy. If trading is causing you money or mental-health problems, stop and talk to someone you trust.