Last updated: February 2026 — Prop firm rules change frequently. Verify current rules at each firm's official website before purchasing.
The best prop firm depends on your trading style. FTMO suits traders who want predictable fixed drawdown rules. Apex offers 90% splits paid weekly. TopstepTrader's 100% profit split after the first $5k makes it attractive for consistent earners. All three are established, reputable firms.
| Feature | FTMO | Apex Trader Funding | TopstepTrader |
|---|---|---|---|
| Account sizes | $10k–$200k | $25k–$300k Winner | $50k–$150k |
| Challenge fee | One-time (~$155 for 25k) Winner | Monthly subscription (~$167/mo for 50k) | Monthly subscription (~$135/mo for 50k) |
| Max daily loss | 5% of account balance | Varies by account ($1,500–$3,500) | Fixed ($1,000–$2,000 by account size) |
| Trailing drawdown | No — fixed from starting balance Winner | Yes — trails from highest balance | Yes — trails from highest balance |
| Profit split | 80% (scales to 90%) | 90% | 90% first $5k, then 100% Winner |
| Payout frequency | Monthly | Weekly Winner | Monthly |
| Best for | Traders who want fixed, predictable drawdown rules | Traders wanting high profit split + weekly payouts | Traders aiming for 100% split long-term |
Last updated: February 2026. Prop firm rules change frequently. Verify current fees and rules at each firm’s official website before purchasing.
Every funded account has a drawdown rule — the maximum cumulative loss the firm will allow before they close your account. Understanding the two main types is the single most important thing you can do before choosing a firm.
Fixed drawdown locks the loss floor at your starting balance minus the allowed drawdown, and it never moves. If your FTMO account starts at $100,000 with a 10% max drawdown, your floor is permanently at $90,000. Grow to $130,000 — your floor is still $90,000. This model rewards traders who run their accounts up significantly, because the cushion between your balance and your floor grows over time.
Trailing drawdown follows your peak balance upward, and it never comes back down. Apex and Topstep both use this model. Here is why it matters in practice:
Trailing Drawdown Example
You open a $50,000 Apex account with a $3,000 trailing drawdown rule.
Day 1 — Starting floor: $50,000 − $3,000 = $47,000
Day 5 — Account grows to $53,000. New floor: $53,000 − $3,000 = $50,000
Day 6 — Account drops back to $50,000. You are now at your floor and the account is closed — even though you are at exactly your starting balance.
This is the critical risk: a normal losing day after a good week can stop you out even when you are breakeven overall.
Neither model is better for every trader. If you are a consistent earner who rarely gives back large chunks of profit, trailing drawdown is manageable. If you are a swing trader who naturally experiences larger intra-month swings, fixed drawdown gives you more room to operate.
FTMO is a Prague-based prop firm that has been operating since 2015, making it one of the longest-running in the industry. Their two-phase evaluation (FTMO Challenge + Verification) tests discipline and consistency before funding. The challenge fee is a one-time cost that is refunded with your first funded payout, making the net cost zero if you pass.
The fixed drawdown model is the defining feature. Your maximum loss floor never moves, which means a strong trading month builds a growing safety margin. The 80% profit split on entry is lower than competitors, but the scaling plan increases it to 90% over time. Monthly payouts may frustrate traders who want faster access to their profits.
FTMO also supports the widest range of instruments — forex pairs, crypto, stocks, indices, and futures — which makes it suitable for traders who are not exclusively futures-focused.
Best for: Disciplined traders with consistent strategies who want the stability of fixed drawdown and do not need weekly payouts.
Apex Trader Funding is a futures-focused prop firm known for its straightforward evaluation rules, high profit split, and weekly payout schedule. The subscription model means you pay monthly until you pass — which keeps ongoing costs low if you are a fast evaluator, but can add up if you take several months.
The 90% profit split is available from day one of funded trading, with no scaling plan required. Weekly payouts are a meaningful differentiator for traders who rely on their trading income. Account sizes go up to $300,000, the highest of the three firms reviewed here.
The trailing drawdown is the main risk to understand. The drawdown follows your highest balance, meaning a good early week that is then given back can stop out your account. Traders who are consistent but experience natural profit retracement need to account for this carefully.
Best for: Futures traders who are consistent earners, want 90% split paid weekly, and can manage the trailing drawdown risk with disciplined profit protection.
TopstepTrader is one of the original prop firms for futures traders, operating since 2012. Their model has a unique structure: the profit split is 90% for the first $5,000 in total withdrawals, then steps up to 100% on all subsequent payouts. For a consistent trader who stays funded long-term, this is the best profit split available among the three firms.
Like Apex, Topstep uses a trailing drawdown model and monthly subscriptions. The subscription fee is slightly lower than Apex for comparable account sizes. The platform is also well-regarded for its educational resources and trader community, which may benefit newer funded traders.
The $150,000 maximum account size is the lowest of the three, which limits earning potential for traders who want to scale to very large positions. Monthly payouts (rather than weekly) also put it behind Apex for traders prioritizing cash flow speed.
Best for: Long-term funded traders who prioritize the highest possible profit split and are willing to wait through the $5k threshold to reach 100%.
What is a prop firm trailing drawdown?
A trailing drawdown is a loss limit that follows your highest account balance upward and never resets downward. For example: you start a $50,000 account with a $3,000 trailing drawdown. Your initial floor is $47,000. If your balance rises to $53,000, the floor moves up to $50,000. If your account then falls back to $50,000, you are at your floor and the account is closed — even though you are exactly at your starting balance. FTMO uses a fixed drawdown, which does not trail: the floor stays locked to the original starting balance minus the allowed drawdown, no matter how high your balance grows.
How much does it cost to get funded by a prop firm?
Costs depend on the firm and account size. FTMO charges a one-time challenge fee — approximately $155 for a $25,000 account — which is refunded with your first funded withdrawal. Apex Trader Funding charges a monthly subscription of around $167 for a $50,000 account. TopstepTrader charges approximately $135 per month for a comparable account. If you pass the evaluation within one billing cycle, subscription models can be cheaper than a one-time fee; if evaluation takes several months, the one-time model (FTMO) typically costs less overall.
What happens if you fail a prop firm evaluation?
Failing the evaluation means you have breached a rule — such as the daily loss limit or maximum drawdown. You lose the fee paid for that attempt. Most firms let you repurchase or reset the evaluation immediately, sometimes at a discounted reset price. For subscription-based firms like Apex and Topstep, your subscription stays active and you can restart within the same billing cycle without paying again.
Which prop firm has the highest profit split?
TopstepTrader offers the highest long-term split: 90% on the first $5,000 in total withdrawals, then 100% on every dollar after that. Apex Trader Funding offers a flat 90% split from the first funded day, with no threshold to clear. FTMO starts at 80% and scales up to 90% through their scaling plan. For a consistent earner who stays funded over months, TopstepTrader’s 100% split is the clear winner on total earnings potential.
Can you trade futures with a prop firm?
Yes. All three firms reviewed here support futures trading, including NQ (E-mini Nasdaq-100) and MNQ (Micro E-mini Nasdaq-100) contracts. Apex Trader Funding and TopstepTrader are futures-specialist firms — futures is their primary focus. FTMO also supports futures alongside forex, crypto, stocks, and indices. If you trade primarily MNQ or NQ, all three firms are compatible with your strategy. See the MNQ position size calculator to size your entries correctly within prop firm risk limits.