How to Get Funded as a Trader: Prop Firm Fees vs Drawdown
Getting funded means buying a prop-firm evaluation and passing it inside fixed loss limits. AlphaScala checked seven $100K programs at four firms on 22 October 2026 and ranked them by drawdown room per dollar of fee.
To get funded as a trader, you buy a prop firm's evaluation and reach its profit target without breaching its daily or overall loss limit. Passing earns a funded account with a listed reward share of 80% to 95%. On 22 October 2026, a $100,000 evaluation cost from $99 a month at Topstep to €540 (about $607) at FTMO.
The route is the same at FTMO, Topstep, The5ers and FundedNext, the four prop firms listed in AlphaScala's broker database:
- Buy an evaluation for a chosen account size, paid as a monthly subscription at Topstep or as a one-off fee at the other firms.
- Reach the profit target, in one phase or two, without the account touching the daily or maximum loss limit. A single breach ends the attempt.
- Move to the funded account. Topstep's Standard path charges a $149 activation fee at this point, while the 2-Step programs at FTMO and FundedNext return the evaluation fee with the first reward.
- Trade for payouts under a loss limit that stays in force, on each firm's own payout schedule and split.
What separates the firms is price and room for error. This guide puts seven $100,000 programs on one scale: dollars of permitted loss per dollar of fee.
Funded accounts run on simulated capital
Every firm in this comparison runs its evaluation on simulated money, and FTMO and FundedNext say the same of the funded stage. FTMO advertises "up to $200K simulated capital" and pays traders a share of "simulated profits" on what its pricing page calls the "demo FTMO Account." FundedNext's site says "all trading takes place in a simulated environment using virtual funds" and that its rewards "do not represent profits from real trading."
The5ers says its evaluations "operate exclusively within a simulated environment." Its terms (updated 20 October 2026) are less clear about the funded Pro stage: one clause says Pro traders are "backed with Our simulated capital," another that they "trade with Our trading capital."
Topstep is the exception at the top of its ladder. Its Trading Combine and Express Funded Account are simulated, while its Live Funded Account trades real capital, according to the firm's prop-firm page. Under Topstep's Live Funded Account rules (updated 1 July 2026), a trader called up to live starts with 20% of the eligible starting balance available, and the reserve is released in 25% steps as profit milestones are met.
None of these evaluation products is a brokerage account. FundedNext states that none of its entities "acts as a broker, dealer, exchange or investment adviser," and that fees "are not deposits or investments and are not used for trading." The5ers' operator, Five Percent Online Ltd of Israel, says it "is not a broker." Topstep does own a brokerage, Topstep Brokerage LLC, an NFA-member introducing broker (NFA ID 0567079), but its site says the simulated Combine is run by a separate company, TopstepTrader, LLC.
Seven $100K evaluations, rule by rule
AlphaScala read each firm's pricing and rules pages on 22 October 2026 and set every program to a $100,000 account. For Topstep that is the 100K Trading Combine on futures, where the limits are fixed in dollars. Topstep's two payment paths and The5ers' two High Stakes versions get a row each, so seven programs fill nine rows. FTMO prices its challenges in euros, so its fees appear here in euros and are converted in the next section.
| Program ($100K) | Fee | Profit target | Daily loss limit | Maximum loss | Minimum days | Starting split | Fee refund |
|---|---|---|---|---|---|---|---|
| FTMO 2-Step | €540 | 10%, then 5% | 5% | 10%, static | 4 per phase | 80% | With first reward |
| FTMO 1-Step | €499 | 10% | 3% | 10%, trailing (end-of-day balance) | None (50% best-day cap) | 90% | No |
| Topstep Combine, Standard | $99/month + $149 activation | $6,000 | Optional ($2,000) | $3,000, trailing (end-of-day high) | None (55% best-day target) | 90% | n/a (monthly) |
| Topstep Combine, No Activation Fee | $149/month | $6,000 | Optional ($2,000) | $3,000, trailing (end-of-day high) | None (55% best-day target) | 90% | n/a (monthly) |
| The5ers High Stakes, New | $405 | 10%, then 5% | 4% | 8%, from initial balance | 3 profitable days per step | 80% | After Step 2 |
| The5ers High Stakes, Classic | $455 | 8%, then 5% | 4% | 8%, from initial balance | 3 profitable days per step | 80% | After Step 2 |
| FundedNext Stellar 2-Step | $549.99 | 8%, then 5% | 5% | 10%, static | 5 per phase | 80% | With first reward |
| FundedNext Stellar 1-Step | $569.99 | 10% | 3% | 6%, static | 2 | Up to 95% | At third reward |
| FundedNext Stellar Lite | $399.99 | 8%, then 4% | 4% | 8%, static | 2 per phase | 80% | At third reward |
None of the seven programs sets a deadline to pass. The5ers expires an evaluation account after 30 consecutive days without activity, and Topstep's subscription rebills monthly until the trader passes or cancels.
FundedNext's 80% applies to its default payout cycle on the Stellar 2-Step and Lite; the same pages list 60% on a faster "3 Winning Days" cycle and 90% on "On-Demand." The5ers' page says the fee can be withdrawn after Step 2, though its refund breakdown on the same page lists hub credits of 10% after Phase 1 and 20% after Phase 2.
Apex Trader Funding, a futures firm often compared with Topstep, is not in the table: its site refused automated requests on 22 October 2026, and AlphaScala does not publish rule figures it could not read at the source.
FTMO's 1-Step consistency rule changed on 12 October 2026
For 1-Step accounts ordered from 12 October 2026, FTMO's Consistency rule caps the best day at 50% of total profit, and total profit is the net of every trading day, losing days included. The legacy Best Day Rule, which still covers earlier orders, measured the same 50% against the sum of profitable days only, according to FTMO's Trading Objectives page (last modified 20 October 2026). Going over the cap is not a rule breach; the trader keeps trading until the best day falls to 50% or less.
FTMO's own example shows the difference. A $6,000 gain, a $2,000 loss, then gains of $4,000 and $2,000 net $10,000, so the $6,000 best day is 60% of total profit and fails the new rule. Applying the legacy formula to the same four days gives $12,000 of positive-day profit, and $6,000 is exactly 50%, which passes.
The 1-Step maximum loss also trails: it is set from the end-of-day balance and "can only increase, but never decrease." FTMO's FAQ says three trading days are "considered the minimum standard" for a 1-Step pass because of the 50% limit. The 2-Step keeps a fixed floor at $90,000 on a $100,000 account and needs four trading days in each phase.
Topstep charges by the month and trails its loss limit
Topstep's 100K Combine costs $99 a month on the Standard path, plus $149 to activate the funded account once passed, or $149 a month on the No Activation Fee path ($129 if a Daily Loss Limit is added at purchase), per its pricing help article. The Maximum Loss Limit is the account's highest end-of-day balance minus $3,000. The Daily Loss Limit is optional; if it is hit, positions are closed and trading pauses until the next session, which Topstep says is not a rule violation (help article updated 30 June 2026).
A best day above 55% of the $6,000 target, or $3,300, raises the Consistency Target, and Topstep says no Combine can be passed in one day. Combine profit does not carry over: the Express Funded Account starts at a $0 balance with the same $3,000 Maximum Loss Limit.
The5ers cuts its limits at $50,000, while FundedNext keeps them flat
The5ers' High Stakes plan uses a 5% daily and 10% overall limit on accounts up to $25,000, but 4% and 8% on the $50,000 and $100,000 tiers. Its "New" version asks for 10% in Step 1 at $405; the "Classic" version asks for 8% at $455. A day counts as profitable only if closed profit reaches 0.5% of the initial balance, and the split starts at 80%, reaching 100% plus a fixed payout once the account is scaled to $350,000.
FundedNext sells three $100,000 challenges, and its limits are the same percentage at every size: AlphaScala checked all 18 of its Stellar challenge listings, from $5,000 to $200,000, on 22 October 2026. The Stellar 1-Step pairs a 10% target with a 6% static loss limit, the steepest target-to-loss ratio in the table after Topstep. The 2-Step and 1-Step also pay a one-time "performance reward" of 15% of challenge profit to traders who pass and meet FundedNext's Scale-Up criteria (it lists $1,950 for the $100K 2-Step). All three funded accounts cap the risk on any single open trade at 3% of the starting balance.
FTMO now owns OANDA
FTMO, a Czech Republic-headquartered prop firm, bought the broker OANDA Global Corporation. OANDA Group's own press releases date the steps:
| Date | Event |
|---|---|
| 3 Feb 2025 | CVC Asia Fund IV agrees to sell OANDA Global Corporation to FTMO; terms not disclosed |
| 26 Aug 2025 | FTMO and OANDA announce a partnership giving US residents access to FTMO's education and simulated trading tools |
| 1 Dec 2025 | Deal completed after approvals from five regulators; value not disclosed (announced 2 Dec 2025) |
| 2 Mar 2026 | OANDA moves its OANDA Prop Trader business into the FTMO Group; transition period ends 31 Mar 2026 |
| 27 Mar 2026 | FTMO founders Otakar Šuffner and Marek Vašíček named OANDA co-CEOs |
FTMO said at completion that it "plans to maintain the OANDA group as a fully standalone business," and the March 2026 statement said the two firms "continue to operate as independent organisations." OANDA Prop Trader clients who chose not to move to FTMO's platform were offered full refunds where applicable, OANDA said.
Drawdown room per dollar of fee
Drawdown room is the maximum overall loss, in dollars, an account can take before the attempt ends. Dividing it by the fee puts a price on that room.
Room per fee dollar = maximum loss ($) ÷ cost to reach a funded account ($)
Cost assumes a first-attempt pass inside one month, at list price. FTMO's euro fees are converted at the European Central Bank reference rate of 1.1234 dollars per euro (21 October 2026). Topstep's cost is one month of subscription, plus the $149 activation fee on the Standard path. Promotions are excluded: FTMO was showing €439 for the $100K 2-Step on 22 October 2026, and FundedNext was advertising coupon codes. Two more columns follow the same inputs. Target ÷ room divides the first-phase profit target by the maximum loss, and the last two columns count how many 1% losses ($1,000 each) each limit absorbs.
| Program ($100K) | Cost to funding | Maximum loss | Room per fee dollar | Target ÷ room | 1% losses to maximum loss | 1% losses to daily limit |
|---|---|---|---|---|---|---|
| Topstep, No Activation Fee (1 month) | $149 | $3,000 | 20.1 | 2.0 | 3 | None set (2 with optional limit) |
| FundedNext Stellar Lite | $399.99 | $8,000 | 20.0 | 1.0 | 8 | 4 |
| The5ers High Stakes, New | $405 | $8,000 | 19.8 | 1.25 | 8 | 4 |
| FundedNext Stellar 2-Step | $549.99 | $10,000 | 18.2 | 0.8 | 10 | 5 |
| FTMO 1-Step | $561 | $10,000 | 17.8 | 1.0 | 10 | 3 |
| The5ers High Stakes, Classic | $455 | $8,000 | 17.6 | 1.0 | 8 | 4 |
| FTMO 2-Step | $607 | $10,000 | 16.5 | 1.0 | 10 | 5 |
| Topstep, Standard (1 month) | $248 | $3,000 | 12.1 | 2.0 | 3 | None set (2 with optional limit) |
| FundedNext Stellar 1-Step | $569.99 | $6,000 | 10.5 | 1.67 | 6 | 3 |
The ranking spreads by a factor of about two, from 20.1 dollars of room per fee dollar at the top to 10.5 at the bottom.
Four readings matter more than the order itself:
- Topstep ranks first or eighth depending on the payment path and how fast the trader passes. Each extra month adds $149 on the No Activation Fee path or $99 on Standard, and a three-month pass on the No Activation Fee path costs $447, which drops the figure to 6.7. Adding the optional daily limit at purchase cuts the monthly price to $129 and lifts the one-month figure to 23.3.
- Target ÷ room is the other half of the trade. Topstep asks for $2 of profit for every $1 of permitted loss and FundedNext's Stellar 1-Step for $1.67, while FundedNext's Stellar 2-Step asks for $0.80.
- A trailing limit is worth less than a static one of the same size. After a $5,000 gain, an FTMO 1-Step account still has $10,000 of room below its new end-of-day high, while a 2-Step account has $15,000 above its fixed $90,000 floor.
- Every refund in the rules table depends on passing, so a failed attempt costs the full fee at every firm here. FTMO's FAQ says the 1-Step fee is not refunded even after a pass.
FTMO's Instant Account sells the same room at 5.5 times the price
FTMO's Instant Account skips the evaluation: €2,999 for $100,000, about $3,369 at the ECB rate, with a 10% maximum loss that trails the highest closed balance, a 3% daily limit, a 30% best-day consistency cap and a 90% split. That works out to 3.0 dollars of room per fee dollar, against 16.5 for FTMO's own 2-Step, a ratio of about 5.5 to 1. FTMO's FAQ lists the Instant fee as non-refundable.
FundedNext has no $100,000 equivalent. Its largest Stellar Instant account on 22 October 2026 was $20,000 for $599.99, with a $1,200 trailing limit and no daily limit: 2.0 dollars of room per fee dollar.
Sizing trades so the daily limit does not end the attempt
The last two columns of the room table turn limits into losing trades. At 1% risk per trade ($1,000), FTMO's 1-Step daily limit is used up after three straight losers, and Topstep's entire $3,000 limit after three. At 0.5% risk, the same limits absorb six. Topstep's help center, read on 22 October 2026, says "over 63% of traders have lost an account in a single day."
Position size sets that risk. AlphaScala's position size calculator uses units = risk amount ÷ (stop distance in pips × pip value per unit). For a $1,000 risk on EUR/USD with a 25-pip stop in a dollar account, that comes to 400,000 units, or 4.0 standard lots; at 0.5% risk it is 2.0 lots. On Topstep's futures accounts the same arithmetic runs on the contract's tick value, which the explainer on how a futures contract works covers.
How much to risk inside these limits is a separate question from how to size, and the answer on how much capital to risk per trade covers the general case.
An evaluation fee is money at risk: none of the seven programs returns it after a failed attempt, and trading leveraged futures or CFDs with your own capital can lose more than the deposit (see the risk disclaimer). This guide is educational and is not personalised advice.
AlphaScala's broker matcher draws on a database of 27 active listings that includes FTMO, FundedNext, The5ers and Topstep. The FTMO listing carries an affiliate link, disclosed under the editorial policy, and the room-per-dollar figures above use the same formula for every firm.
FAQ
How much does it cost to get funded as a trader?
For a $100,000 account on 22 October 2026: €540 for FTMO's 2-Step and €499 for its 1-Step, $405 or $455 for The5ers High Stakes, $399.99 to $569.99 at FundedNext, and $99 or $149 a month at Topstep, plus a $149 activation fee on Topstep's Standard path. None of these firms refunds a failed attempt.
Do funded traders trade real money?
Mostly not. Topstep is the one firm here that says it moves traders to real capital, through a Live Funded Account that starts with 20% of the eligible balance available. FTMO and FundedNext pay rewards from simulated profit on simulated funded accounts, and The5ers' terms describe its Pro accounts both ways.
Which prop firm gives the most drawdown room for the fee?
On list prices checked 22 October 2026, Topstep's No Activation Fee path led at 20.1 dollars of loss room per fee dollar if passed within a month, with FundedNext Stellar Lite at 20.0. FundedNext's Stellar 1-Step was lowest at 10.5. Topstep also asks for the most profit per dollar of room: $2.
How long do you have to pass a prop firm challenge?
None of the seven programs compared here sets a time limit, though The5ers closes evaluation accounts after 30 consecutive inactive days and Topstep rebills its subscription monthly. Minimum-day rules run from none (FTMO 1-Step and Topstep) to five trading days per phase (FundedNext Stellar 2-Step), and best-day caps mean neither of the first two can be passed in one day.
Who owns OANDA now?
FTMO. The Czech Republic-headquartered prop firm completed its purchase of OANDA Global Corporation from CVC Asia Fund IV on 1 December 2025, after approvals from five regulators, without disclosing the price. FTMO founders Otakar Šuffner and Marek Vašíček were named OANDA's co-CEOs in a statement dated 27 March 2026.
Drafted with AI writing tools and published without an individual editor review. Figures, prices and dates may be out of date; check them against the primary sources before relying on them. Educational content only, not personalized financial advice.