Prop firm challenge checklist: what to check before you buy

Most failed challenges start before the first trade. A trader buys the wrong product, misreads a loss limit or finds out about a fee after passing. This checklist covers what to confirm before you pay. It assumes you have already checked that the firm itself is trustworthy. If not, start with our guide on whether prop firms are legit.

The firm examples below come from official sites and help centers, checked on 3 November 2026. Some come from our rules database, verified the same day.

1. Read the full rules for your exact product

Firms sell several programs, and rules differ between them. Open the rules page for the exact program and account size you plan to buy. Our prop firm rules database has one page per challenge.

Loss limits

• Daily loss limit: the amount, and whether it uses balance, equity or both. FundedNext's Stellar Lite, for example, sets 4% of the initial balance per day.
• Maximum loss: the amount, and whether it is static, end-of-day trailing or intraday trailing.
• When the floor stops moving: Take Profit Trader's help center says its Test floor stops rising once it reaches the starting balance.

Then test your risk plan against those limits with the drawdown calculator.

Targets, days and deadlines

• The profit target for each phase.
• Minimum trading days. FTMO's 2-Step needs 4 days.
• Any time limit. Many firms now have none.
• Inactivity rules. The5ers closes accounts after 30 inactive days. My Funded Futures Studio plans have a 7-day inactivity limit.

Consistency rules

Some firms cap how much of your profit can come from one day. Topstep's help center says your best day should stay below 55% of the profit target, or the target rises. Our database lists a 40% consistency rule on Tradeify's Select evaluation. Check whether the rule applies in the evaluation, the funded stage or both.

2. Add up the real cost

The headline price is rarely the whole cost. Check each item:

• One-time or monthly. Topstep and Take Profit Trader charge monthly until you pass or cancel. Tradeify's pricing reference says all its plans are one-time purchases.
• Activation fees. Topstep's Standard Path adds $149 per Express Funded Account earned, per its pricing help article. Take Profit Trader's homepage lists a one-time $130 PRO fee.
• Refunds. FTMO's 2-Step page says the fee is 100% refundable after success. FundedNext refunds Stellar Lite with your third Performance Reward. My Funded Futures says evaluation fees are non-refundable.
• Resets and add-ons. Price these before you need them.
• Currency. FTMO prices in EUR, so a card in another currency adds conversion costs.

Then check for a live code on our prop firm discounts page. Read the code's terms, since some apply only to certain plans or first purchases.

3. Check the trading restrictions

A strategy that breaks a restriction can fail an account that is in profit. Confirm each rule for both the evaluation and the funded stage.

• News trading. Many firms restrict trading around major releases on funded accounts. See our news trading rules guide.
• Overnight and weekend holding. Our database lists no overnight holding at all four futures firms we track.
• EAs, bots and copiers. FundedNext's copy trading article allows copying between your own Challenge Accounts only, within a $300,000 cap.
• Hedging. Tradeify and My Funded Futures both prohibit hedging. Tradeify says this includes positions across multiple accounts.
• Position limits. Futures firms cap contracts by account size.

4. Confirm the platform works for you

Do not assume your usual platform is supported. Our database lists:

• FTMO: MT4, MT5, cTrader and TradingView.
• FundedNext: MT4, MT5, cTrader and Match-Trader.
• Topstep: its own TopstepX platform only.

Platform choice can also change other rules. FundedNext, for example, ties EA permissions to the platform and account size. Try the platform before you pay if you can. FTMO offers a 14-day Free Trial with simulated capital. Our platforms guide compares the options.

5. Read the payout terms before you pass

Passing means little if you cannot get paid on terms you accept. Check:

• First payout timing. FTMO's withdrawal FAQ says you can request a first reward from the 14th day after your first trade on that account.
• Profit split. The same FAQ lists 90% on the 1-Step and 80% by default on the 2-Step.
• Minimums and caps. My Funded Futures Studio plans list a $250 or $100 minimum payout request. Some firms also cap each payout.
• Processing time and methods. Take Profit Trader says payouts are typically processed within one business day.
• Funded-stage rule changes. Drawdown type, consistency rules and news rules can change once you are funded.

Our payout rules guide explains splits, buffers and frequency in more detail.

6. Confirm you are eligible in your country

Eligibility varies widely. Check this before you pay, not after you pass.

• FTMO's "Who can join" FAQ requires clients to be over 18. It lists countries and regions where it does not provide its CFD service.
• My Funded Futures publishes a restricted countries policy covering roughly 90 countries and territories. Traders visiting a restricted country cannot buy or reset accounts while there.
• Tradeify says it cannot accept payments from certain countries, and some residents must complete KYC before funding.
• FundedNext sets a lower $50,000 funded allocation for traders in some countries.

Most firms also require identity checks before payouts. Make sure your documents match your account name.

7. Check account limits

If you plan to run more than one account, check the firm's limits first. These differ a lot between firms. Our guide on how many prop firm accounts you can have covers each firm.

How to check a rule properly

1. Use the firm's own pages. Coupon sites and reviews are leads, not evidence.
2. Find the help center article, not just the sales page. Sales pages summarise. Help articles define.
3. Check the date. Many help articles show when they were last updated.
4. Compare pages. Official pages sometimes conflict. The5ers' Bootcamp FAQ allows 4 active Bootcamp accounts, while its High Stakes page mentions 3.
5. Ask support in writing. Keep the reply. A chat transcript is better than memory.
6. Save a copy of the rules. Take screenshots on the day you buy.

The checklist in short

• Exact program and account size chosen.
• Daily loss, maximum loss and drawdown type understood.
• Targets, minimum days, time limit and inactivity rules noted.
• Consistency rules checked for both stages.
• Total cost known: fees, activation, refunds, resets and currency.
• News, holding, automation, hedging and position rules confirmed.
• Platform supported and tested.
• Payout timing, split, minimums and caps understood.
• Country eligibility and ID requirements confirmed.
• Account limits checked if you plan to run several.

Common questions

What is the most important rule to check before buying a challenge?

The maximum loss and how it is measured. A trailing drawdown can end an account that is in profit. Know where your floor sits after every trading day.

Are prop firm challenge fees refundable?

It depends on the firm and program. FTMO's 2-Step refunds the fee after success. FundedNext refunds Stellar Lite with the third reward. My Funded Futures fees are non-refundable.

Can I change my platform after buying?

Often not. Topstep's help center says getting an Express Funded Account on another platform requires a new Trading Combine. Check your firm's policy before you choose.

What if two official pages give different rules?

Ask the firm's support in writing which page applies. Keep the answer. Follow the stricter rule until you have it.

Related reading

• How prop firm challenges work
• Prop firm refunds and resets
• Why traders fail prop firm challenges
• Trailing vs static drawdown

Firm details change. Confirm current terms on each firm's official site before you buy. This checklist is educational and not financial or legal advice. Trading involves risk. FundedKings may earn a commission if you buy through our links. See our affiliate disclosure.