Futures prop firm guides
Four plain-English guides to how futures prop firms work, plus our rule explainers and lists.
- Guides
- 4
- Firms behind the examples
- 12
- Trading advice
- None
Rules checked on · By helloweekends Editors
These prop firm guides explain how futures prop firms work in plain words: what a prop firm is, what prop trading means, what a funded account is and which rules decide whether an evaluation passes or fails. Each guide uses rules from the firms' own pages, checked on September 26, 2026. For single rules, see the rules section; for firm comparisons, see our lists.
Start here
Guides and related sections
Where to start
- What is a prop firm. The retail model step by step: you pay for an evaluation on a simulated account, pass its rules, then trade a funded account for a share of the profit.
- What is prop trading. What proprietary trading means at banks and trading firms, how the Volcker rule limits banks, and how to check a firm's registration.
- Funded account. What you get after passing, which firms move traders to live accounts, and what ends a funded account.
- How to pass a futures prop firm evaluation. Ten rule checks and a total-cost plan. Not a trading strategy.
What each guide answers
| Guide | Question it answers | A fact it uses |
|---|---|---|
| What is a prop firm | What am I buying, and how does the firm make money? | The cheapest confirmed 50K evaluation ranges from $49 a month at Topstep, plus $149 on activation, to $192 one-time at Lucid Trading. |
| What is prop trading | How does retail prop trading differ from a firm trading its own capital? | Topstep's registration as an introducing broker is held by its affiliate Topstep Brokerage LLC, not by Topstep LLC. |
| Funded account | Is the funded account real money, and what ends it? | Apex Trader Funding closes a funded account after its sixth payout. |
| How to pass a futures prop firm evaluation | Which rules fail accounts, and what will it cost? | Minimum trading days range from none at Apex and Earn2Trade to 4 on MyFundedFutures Rapid EOD. |
Key terms
- Evaluation: a paid test on a simulated account. You must reach a profit target without breaking the rules.
- Funded account: the account you trade after passing, usually also simulated, with a profit split on payouts.
- Maximum loss: the lowest your balance may go. Most firms use a trailing drawdown that rises with your balance; see EOD vs intraday drawdown.
- Daily loss limit: a cap on one session's loss, usually a pause rather than a fail. See daily loss limit.
- Consistency rule: a cap on how much of your profit one day may make up. See consistency rule.
- Profit split: your share of each payout from a funded account, from 50% to 100% at the firms we track.
- Instant funding: a funded account sold without an evaluation, at a higher price.
- Activation fee: a charge some firms add when you pass. See activation fee.
- Flat-by time: the time by which positions must be closed each day. See weekend holding and news trading for related rules.
The firms behind the examples
The guides use examples from the 12 futures prop firms we track. Seven sell one-time evaluations, three sell monthly subscriptions and two sell both. Four also sell instant funding: Alpha Futures, Bulenox, Lucid Trading and Tradeify. Each firm has a profile in futures prop firms by firm, and every rule change we find goes into the rule change log. How we collect and check rules is on the methodology page.
Know the riskA prop firm evaluation is a paid service with simulated trading. Most people who buy one do not pass it, and firms change their rules, pause payouts and close. These guides are general information, not investment advice.
Questions
Which prop firm guide should I read first?
Start with what is a prop firm, then funded account. Read the evaluation checklist before you buy an evaluation.
Are these guides trading advice?
No. They explain how firms and their rules work. They do not tell you what or how to trade.
How current are the rules in the guides?
They were checked on the firms' own pages on September 26, 2026. Firms change rules often, so check the firm's current rules page before you pay.
Do the guides cover taxes?
No. US tax basics for prop firm payouts are on a separate page, as general information and not tax advice.
Sources
- Alpha Futures: Direct account overview
- Bulenox: Fast Track account
- Lucid Trading: LucidDirect funded account
- Tradeify: Lightning Funded accounts
- Topstep: Trading Combine subscriptions
- Apex Trader Funding: Evaluation plan fees and access
- Apex Trader Funding: EOD payouts
- Topstep: Pricing and payment questions
- Lucid Trading homepage (prices)
- NFA BASIC: Topstep Brokerage LLC
- MyFundedFutures: Traders evaluation simplified
Each guide lists the official sources for its own figures.
All checked on .