Ultimate Guide · 2026
Prop Firm Comparison: Apex vs FTMO vs Topstep vs Funding Pips
Apex Trader Funding, FTMO, Topstep and Funding Pips are the four most searched prop firms in the industry. Comparing them by headline profit split is a trap — the real differences live in the daily loss limit, the drawdown type, the profit target and the payout rules. This guide lays out what each firm is known for and gives you the checklist that actually decides which one fits you.
Which prop firm is best for your trading style?
No single firm is best — the right one matches your market and risk style. Futures traders usually prefer Apex or Topstep for NQ, ES and micro contracts; forex and CFD traders lean toward FTMO or Funding Pips. Score each firm on its daily loss limit, drawdown type (static vs trailing), profit target, evaluation price and payout cycle, then pick the one whose rules your style can actually survive.
Written by Benjamin Rotshtein
Updated
What each of the four firms is known for
Every firm updates its programs, so treat the details below as a general orientation and confirm the current rulebook before you pay. What matters is the pattern: each firm makes a different trade-off between price, rules and payout speed.
| Firm | Typical focus | Commonly known for |
|---|---|---|
| Apex Trader Funding | CME futures (NQ, ES, MNQ) | Aggressive discounts, large accounts and static drawdown programs |
| FTMO | Forex, CFDs, gold, indices | Mature evaluation, strong reputation and a proven payout track record |
| Topstep | Futures trading combine | Trailing-drawdown combine, funded-first model and trader coaching |
| Funding Pips | Forex and CFD prop trading | Popular two-step challenge with frequent promos and high split tiers |
The six factors that actually decide your choice
- Daily loss limit. The most common account-killer. Firms commonly set it at 5% of the day's starting balance; some use 4%. Lower limits force smaller risk per trade and tighter intraday discipline.
- Drawdown type — static or trailing. A static limit is measured against the starting balance and never moves. A trailing limit follows your equity peak, so it grows with profits but punishes giving back gains. This changes your sizing more than any other single rule.
- Profit target. The evaluation target is usually 8–10% for a one-step or phase-one, and 4–5% for verification. A lower target is friendlier, but it is often paired with a tighter drawdown — the pair, not the target alone, is what matters.
- Evaluation price and re-takes. The fee is non-refundable tuition. Compare the price per $1,000 of buying power, and whether failures give you a free or discounted re-take.
- Profit split and payout cycle. Most firms start at 80/20 and climb to 90–95% on higher tiers. Read how payouts are requested, how long they take and whether a first-payout rule or consistency check applies.
- Instrument fit. A futures firm is usually a better home for NQ and ES traders; forex and gold traders often prefer a CFD-style platform. Match the firm to the market you actually trade.
How the four firms typically differ
Apex Trader Funding is best known for heavily discounted futures challenges and static drawdown programs, which appeals to NQ and ES traders who want wide, predictable buffers. FTMO built its reputation on a strict but fair two-phase evaluation on forex and CFDs, with a long payout history — a strong default when trust matters more than the cheapest fee. Topstep uses a combine with a trailing drawdown, then moves you to a funded account, and is favored by futures traders who want a structured path plus coaching. Funding Pips offers a popular two-step forex/CFD challenge with frequent promos and high split tiers, making it a frequent pick for traders shopping for value on currency pairs.
None of these profiles is permanent — firms regularly tweak targets, limits and payouts. That is exactly why a comparison guide should teach you the checklist, not memorize current numbers.
The two rules that matter more than the firm name
Whatever firm you pick, two numbers dominate your survival rate. First, the daily loss limit — size each trade so that a stop-out costs at most 20–25% of the daily ceiling, so a losing streak of three or four trades cannot end the day. Second, the drawdown type — a trailing limit means you must protect profits, not just your starting balance. Run both numbers through a risk calculator before the first trade of the day.
Frequently asked questions
Which prop firm is the best for a beginner?
For beginners, the deciding factors are daily loss limits, evaluation price and re-take rules rather than headline profit splits. Look for a firm with a 5% daily loss limit, a reasonably priced challenge for the account size you want, and a free or discounted re-take policy. Which firm is 'best' depends on your market: futures traders often gravitate toward Apex or Topstep, while forex and CFD traders tend to use FTMO or Funding Pips.
Are prop firm profit splits really 80/20 or better?
Most firms advertise a profit split of 80% to you and 20% to the firm, with top tiers reaching 90–95%. The split is usually locked to the tier you pay for. Before paying, read whether the highest splits are gated behind resets, stricter rules or a longer payout cycle.
What is the difference between a static and trailing drawdown across firms?
A static (fixed) drawdown is measured against the starting balance and never moves, so you always have your full buffer until you hit it. A trailing drawdown is measured from your highest equity peak, so it moves up with profits but shrinks your buffer if you give back gains. Apex and Topstep are known for static limits on several programs, while FTMO and Funding Pips commonly use static maximum drawdowns too — but firms change this, so verify the rulebook for the exact program you buy.
How much does a $50,000 prop firm evaluation cost?
Pricing changes frequently, but as a general guide a $50,000 evaluation typically costs in the range of $30–$200 depending on the firm and promo codes. Sales and seasonal discounts are common, so the effective price is often lower. The evaluation fee is non-refundable, so treat it as tuition and size your trades to survive the rules.
Which prop firm is best for trading the Nasdaq (NQ)?
Futures-focused firms like Apex and Topstep are built around CME products, so NQ, ES and MNQ are first-class citizens with per-contract pricing and rules that fit micro and e-mini traders. FTMO and Funding Pips also support futures-like CFD indexes but are more often used for forex and gold. Choose based on which instrument fees and rulebook fit your NQ trading plan.
How do I choose between Apex, FTMO, Topstep and Funding Pips?
Score each firm on the things that actually end accounts: the daily loss limit, the maximum drawdown type (static vs trailing), the profit target, the evaluation price and re-take policy, and the profit split and payout cycle. Then match the result to your trading style — how much you risk per trade and how often you have winning vs losing days. No firm is universally best; the one that fits your rules is.
Check any firm's limits with the RiskCalc calculator
Enter your balance, risk % and stop-loss, and RiskCalc returns the exact position size plus an implied daily-loss-limit check — so your trade fits the rulebook of whatever firm you choose. Free, no signup.
Related guides
- What Is a Prop Firm? How Funded Trading Accounts Work — the evaluation, the rules and the payouts behind every comparison.
- What Is a Prop Firm Challenge? Evaluation Rules and Profit Targets — how the two-phase evaluation actually works.
- Max Loss vs Max Daily Loss: Drawdown Limits Explained — the limits that end accounts before any firm comparison matters.
- Position Sizing for Funded Prop Accounts — how to size trades inside any firm's limits.