1. Active firms in 2026
2. Full rules comparison
| Rule | FTMO | TopStep | The5%ers | FundedNext |
|---|---|---|---|---|
| Daily loss type | Static 5% | Static (plan) | Strict 4% | Static 5% |
| Drawdown type | Static (easier) | Trailing EOD | Static 5% | Static (easier) |
| Profit target (Phase 1) | 10% | Plan-dep. | 6% | 8% |
| Time pressure | None | None | None | None |
| Min trading days | 4 | 5 | None | 5 |
| Consistency rule | None | None | Yes (50%) | Yes (40%) |
| Instruments | Forex, indices, metals, crypto | Futures only | Forex, metals | Forex, crypto |
| Payout during challenge | No | No | No | 15% |
| Top payout split | 90% | 100% first $10k | 100% | 90% |
| News trading allowed | Restricted | Allowed | Restricted | Restricted |
| Weekend holding | Allowed | Not allowed | Allowed | Allowed |
3. Firm deep dives
FTMO
FTMO is the most established prop firm and by far the most used by forex and CFD traders. Its static drawdown model is the most trader-friendly — your floor doesn't move as you make money, so a string of wins followed by one bad day won't blow your account. No consistency rule means you can make 8% in one day without penalty. The two-phase structure and 10% Phase 1 target are the main hurdles.
TopStep
TopStep is the dominant name in prop futures trading (NQ, ES, CL). The trailing drawdown is the defining feature — and the main difficulty. As your equity grows, your floor rises with it. Once you hit 10% profit, the trailing stops and locks at breakeven — a major advantage for funded traders. The 100% payout on the first $10k is unusually generous. Not available for forex traders.
The5%ers
The5%ers has the lowest profit target and no time pressure — in theory the easiest challenge to pass. But the 5% max drawdown (half of FTMO's) and the consistency rule (no single day > 50% of total profits) make it genuinely difficult for traders who have a few very large winning days. Best suited for systematic, consistent traders who grind small wins daily.
FundedNext
FundedNext's standout feature is the 15% profit share during the challenge phase itself — you make money while you're trying to get funded. The 40% consistency rule is stricter than The5%ers' 50%, which catches traders who rely on occasional big days. Strong option for crypto traders given instrument availability.
4. Which firm for which trader
Forex swing trader
FTMO. Static drawdown, weekend holding allowed, no consistency rule. The 10% target is the only real hurdle.
Futures day trader
TopStep. Built for futures. Trailing drawdown is harder but the 100% first $10k payout and breakeven lock are worth it.
Systematic / algo trader
The5%ers. Consistent small wins satisfy the consistency rule easily. No minimum trading days suits algos running on a schedule.
Crypto trader
FundedNext. Best crypto instrument availability plus 15% profit during the challenge.
News / event trader
TopStep (futures). Most permissive on news trading. FTMO restricts entries within 2 minutes of high-impact news.
First challenge, limited capital
FTMO at smaller account sizes. Wide instrument range, no consistency rule, proven payout history.
5. Dead firms — avoid
⚠️ Do not send money to these firms
6. Tracking your challenge
The most preventable way to fail a prop challenge is losing track of a rule. Daily loss limits, trailing drawdown calculations, consistency percentages — these are your real constraints and they need to be visible at all times.
TSB Pro includes a prop firm tracker that connects to your account, calculates all limits automatically (including trailing drawdown), and shows you exactly where you stand before each session. It works for all four major firms and embeds directly in Notion if that's where you work.