Comparison · Updated August 2026
Prop Firm Comparison 2026: FTMO vs TopStep vs The5ers
Three of the most searched funded-account providers, set against each other on the terms that decide whether you ever see a payout: challenge cost, profit split, drawdown type, profit target, time limits, payout frequency, platforms and instruments. Every figure below is read directly from our prop-firm dataset. Before any of it matters, one thing has to be said plainly: a prop firm is not a broker, and your challenge fee is not protected money.
Read this before comparing anything
- Prop firms are not brokers. You are not opening a trading account in your own name. You are buying an evaluation from a company that sets the rules, marks your result and decides whether to pay.
- The capital is simulated in most models.In the standard funded-account structure the evaluation runs on a demo environment, and the “funded” stage often does too. The payout is a share of a notional result under a contract, not proceeds from positions held in your name.
- There is no FSCS or ICF cover. Those schemes protect clients of authorised investment firms. A challenge fee is a service fee paid to an unregulated company. If the firm folds or rewrites its terms, there is no compensation scheme and no ombudsman.
- The fee is at risk from the moment you pay it. Budget it as a sunk cost, not as a deposit.
The regulatory position is moving. Prop firm regulation in Europe 2026 covers what ESMA has signalled, where MiFID II may bite, and what the FTMO–OANDA acquisition did and did not change.
Quick Answer
These three are not substitutes for one another. FTMO scores 9.2/10 and is the spot-forex and CFD option with the widest platform choice (MetaTrader 4, MetaTrader 5, cTrader, DXtrade). TopStep scores 8.3/10 and is a futures firm — its forex exposure comes through futures contracts, not spot. The5ers scores 8.4/10 on a single platform (MetaTrader 5) with no time limit on the evaluation.
Pick on instrument class first, drawdown mechanism second, and profit split last. A 90% split on a rule set you cannot survive pays nothing.
FTMO
9.2/10Founded 2015 · Prague, Czech Republic
FTMO is the most established prop trading firm in the industry, known for its rigorous two-step evaluation and reliable payouts. Based in Prague, it has funded tens of thousands of traders worldwide.
- From
- $155
- Split
- 80%
- Payouts
- Bi-weekly (every 14 days)
- Platforms
- 4
TopStep
8.3/10Founded 2012 · Chicago, USA
TopStep is the pioneer of the funded trader concept, originally focused on futures trading but now offering forex funding. Known for its strong educational resources and trader development programs.
- From
- $49
- Split
- 90%
- Payouts
- Weekly (after initial waiting period)
- Platforms
- 3
The5ers
8.4/10Founded 2016 · Ra'anana, Israel
The5ers is one of the longest-running prop firms, offering instant funding options alongside traditional evaluations, with a focus on forex traders who prefer lower risk profiles.
- From
- $95
- Split
- 80%
- Payouts
- Bi-weekly
- Platforms
- 1
Side by Side: The Full Terms
Every cell is read from our prop-firm dataset as recorded at the time of testing. Where a firm's terms differ across account tiers, all distinct values are shown rather than a single best-case figure. Fees and rules change without notice — confirm on the firm's own pricing and terms pages before paying.
| Term | FTMO | TopStep | The5ers |
|---|---|---|---|
| Founded | 2015 | 2012 | 2016 |
| Headquarters | Prague, Czech Republic | Chicago, USA | Ra'anana, Israel |
| Cheapest challenge | $155 ($10,000 account) | $49 ($50,000 account) | $95 ($6,000 account) |
| Largest account offered | $200,000 ($1,080) | $150,000 ($149) | $100,000 ($575) |
| Profit split | 80% / 80% (up to 90%) | 90% | 80% |
| Profit target | 10% (Step 1), 5% (Step 2) | $3,000 · $6,000 · $9,000 | 8% (Step 1), 5% (Step 2) |
| Max overall loss | 10% | $2,000 / $3,000 / $4,500 | 8% |
| Max daily loss | 5% | $1,000 / $1,500 / $2,250 | 4% |
| Time limit | 30 days (Step 1), 60 days (Step 2) | Unlimited | Unlimited |
| Payout frequency | Bi-weekly (every 14 days) | Weekly (after initial waiting period) | Bi-weekly |
| Payout methods | Bank Transfer, Skrill, Crypto | Bank Transfer, ACH | Bank Transfer, PayPal, Crypto |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, DXtrade | TopStepX, TradingView, NinjaTrader | MetaTrader 5 |
| Instruments | Forex, Indices, Commodities, Stocks, Crypto | Futures (CME, CBOT, NYMEX, COMEX), Forex (via futures) | Forex, Indices, Commodities, Metals |
Challenge Tiers and Prices
Cost per unit of funded capital is the number that matters, not the entry fee. The same $100,000 account costs a different amount at each firm and comes with different targets and loss limits.
FTMO — 5 tiers
| Programme | Account size | Cost | Profit target | Max loss | Max daily loss | Split | Time limit |
|---|---|---|---|---|---|---|---|
| FTMO Challenge | $10,000 | $155 | 10% (Step 1), 5% (Step 2) | 10% | 5% | 80% | 30 days (Step 1), 60 days (Step 2) |
| FTMO Challenge | $25,000 | $250 | 10% (Step 1), 5% (Step 2) | 10% | 5% | 80% | 30 days (Step 1), 60 days (Step 2) |
| FTMO Challenge | $50,000 | $345 | 10% (Step 1), 5% (Step 2) | 10% | 5% | 80% | 30 days (Step 1), 60 days (Step 2) |
| FTMO Challenge | $100,000 | $540 | 10% (Step 1), 5% (Step 2) | 10% | 5% | 80% (up to 90%) | 30 days (Step 1), 60 days (Step 2) |
| FTMO Challenge | $200,000 | $1,080 | 10% (Step 1), 5% (Step 2) | 10% | 5% | 80% (up to 90%) | 30 days (Step 1), 60 days (Step 2) |
TopStep — 3 tiers
| Programme | Account size | Cost | Profit target | Max loss | Max daily loss | Split | Time limit |
|---|---|---|---|---|---|---|---|
| Trading Combine | $50,000 | $49 | $3,000 | $2,000 | $1,000 | 90% | Unlimited |
| Trading Combine | $100,000 | $99 | $6,000 | $3,000 | $1,500 | 90% | Unlimited |
| Trading Combine | $150,000 | $149 | $9,000 | $4,500 | $2,250 | 90% | Unlimited |
The5ers — 3 tiers
| Programme | Account size | Cost | Profit target | Max loss | Max daily loss | Split | Time limit |
|---|---|---|---|---|---|---|---|
| Hyper Growth | $6,000 | $95 | 8% (Step 1), 5% (Step 2) | 8% | 4% | 80% | Unlimited |
| Hyper Growth | $20,000 | $275 | 8% (Step 1), 5% (Step 2) | 8% | 4% | 80% | Unlimited |
| Hyper Growth | $100,000 | $575 | 8% (Step 1), 5% (Step 2) | 8% | 4% | 80% | Unlimited |
What Actually Matters
Marketing competes on profit split because it is the one number that looks the same across firms. It is close to the least important of the three below.
1. Drawdown type — trailing vs static
This is the rule that ends most accounts
A static drawdown is measured from your starting balance and never moves. Reach a 6% gain on a 10% static limit and you now have 16% of room. A trailing drawdown follows your equity upwards, so the distance to failure stays fixed no matter how far ahead you get. Give back part of an unrealised gain and you can breach the limit while still showing a profit on the account.
The difference is decisive for anyone who lets winners run. Under a trailing rule, a strategy with large open-profit excursions is structurally disadvantaged regardless of its expectancy. Under a static rule, an early loss is far more damaging than a late one. Neither is generous; they penalise different mistakes.
Note also whether the limit is measured on balance or equity, and whether it resets daily at the firm's server midnight or on a rolling basis. Two firms quoting the same headline percentage can fail you at completely different points.
| Firm | Loss rules, as the firm states them |
|---|---|
| FTMO |
|
| TopStep |
|
| The5ers |
|
TopStep is the trailing case here: its funded accounts run a trailing drawdown against a cash limit ($2,000 on the $50,000 Combine). FTMO and The5ers both state their overall limit as a percentage of the initial balance.
2. Consistency and activity rules
The clauses that void a passed challenge
A consistency rule caps how much of your total profit any single day or single trade may contribute — commonly expressed as a percentage of the target. Hit the target with one outsized winner and the result can be rejected even though every loss limit was respected. Minimum-trading-day requirements work the same way from the other direction: pass too quickly and the account does not qualify.
Read these before paying, not after passing. They are the clauses most often discovered at payout stage. Also check the treatment of news trading, weekend holds, expert advisors and copy trading — a strategy that is fine at one firm can be a terminable breach at another.
FTMO
- Must trade at least 4 days in each evaluation phase
- Maximum daily loss of 5% of initial balance
- Maximum overall loss of 10% of initial balance
- Profit target: 10% in Step 1, 5% in Step 2
- No news trading within 2 minutes of major releases
- Positions cannot be held over weekends (optional)
TopStep
- Must follow the Trading Combine rules
- Maximum daily loss limit must be respected
- Trailing drawdown on funded accounts
- Minimum 5 trading days
- No holding positions during major news (optional)
The5ers
- Minimum 3 trading days per evaluation phase
- Maximum daily loss of 4% of balance
- Maximum overall loss of 8% of initial balance
- No EA restrictions
- News trading and weekend holding allowed
3. Payout proof
A stated frequency is a policy, not evidence
Every firm publishes a payout schedule. The schedule costs nothing to publish. What separates a firm that pays from one that does not is a long, dated, independently visible record of withdrawals — and terms that do not quietly reserve the right to withhold.
Four checks before you pay a challenge fee:
- Dated proof from non-affiliates. Payout screenshots posted by people earning a referral commission are marketing. Look for dated withdrawals discussed by traders with nothing to sell.
- First-payout caps and rolling limits. Many firms cap the first one or two withdrawals as a percentage of balance and impose a rolling 30-day ceiling. Neither appears in the headline split.
- Discretionary clauses. Search the terms for wording that lets the firm review, delay or refuse a payout on a subjective judgement about your trading style.
- Operating history. FTMO has run since 2015, The5ers since 2016 and TopStep since 2012. Longevity is not a guarantee, but a firm that has paid through several market cycles has more to lose from not paying.
| Firm | Stated frequency | Methods | Operating since |
|---|---|---|---|
| FTMO | Bi-weekly (every 14 days) | Bank Transfer, Skrill, Crypto | 2015 |
| TopStep | Weekly (after initial waiting period) | Bank Transfer, ACH | 2012 |
| The5ers | Bi-weekly | Bank Transfer, PayPal, Crypto | 2016 |
Who Each Firm Suits
FTMO
9.2/10Strengths
- Most established and trusted prop firm in the industry
- Free retries if you fail but show consistent trading
- Scaling plan up to $2,000,000 account size
- Profit split up to 90% for consistent traders
- Wide range of platforms including cTrader and DXtrade
Trade-offs
- Two-step evaluation takes longer than one-step alternatives
- Challenge fees are higher than some competitors
- No swap-free accounts available
- Strict trading rules may limit some strategies
TopStep
8.3/10Strengths
- Pioneered the funded trading concept (since 2012)
- 90% profit split from day one
- Excellent educational resources and coaching
- Very competitive monthly pricing
- Strong community and trader support
Trade-offs
- Primarily focused on futures rather than spot forex
- Limited platform options for forex traders
- US-focused with limited international payment options
- Profit targets can be challenging for smaller accounts
The5ers
8.4/10Strengths
- One of the oldest and most trusted prop firms
- Instant funding option available
- Low-risk trading approach encouraged
- Scaling up to $4,000,000
- Unlimited evaluation time
Trade-offs
- Only MT5 platform available
- Lower leverage compared to some competitors
- Limited instrument selection (no stocks/crypto CFDs)
- Instant funding has lower starting balance
One Comparison Trap: These Are Not the Same Market
TopStep is a futures firm. Its instrument list is Futures (CME, CBOT, NYMEX, COMEX), Forex (via futures)— forex exposure arrives through currency futures on regulated exchanges, not through spot FX or CFDs. That changes the contract specifications, the tick value, the margin mechanics and the trading hours. A strategy built on spot EUR/USD does not transfer unchanged to a 6E futures contract.
FTMO covers Forex, Indices, Commodities, Stocks, Crypto, and The5ers covers Forex, Indices, Commodities, Metals. If you trade spot forex, the real choice is between those two and TopStep is a different question entirely. Comparing all three on entry price alone hides that.
Frequently Asked Questions
- Are FTMO, TopStep and The5ers regulated brokers?
- No. None of the three is a broker, and a prop-firm evaluation is not a regulated investment service. You pay a fee to trade an account the firm controls, under rules the firm writes and can change. In most funded-account models the trading environment is simulated and the firm pays you a share of the notional result rather than passing your orders to a market. FTMO's group owns the broker OANDA following its December 2025 acquisition, but owning a regulated broker does not make a challenge account a regulated product. Read our guide to prop firm regulation in Europe for the ESMA and MiFID II position.
- Do I get FSCS or ICF protection if a prop firm stops paying or shuts down?
- No. FSCS (UK, up to £85,000) and the Investor Compensation Fund (CySEC, up to €20,000) cover clients of authorised investment firms. A prop-firm challenge fee is a service fee paid to an unregulated company, and a funded account is a contract, not a client money balance. If the firm becomes insolvent or changes its terms, there is no compensation scheme and no financial ombudsman to appeal to. Treat the challenge fee as money you can afford to lose outright.
- What is a trailing drawdown, and why does it matter more than the headline profit split?
- A static drawdown is measured from your starting balance and never moves. FTMO records a maximum overall loss of 10% and a maximum daily loss of 5% of initial balance; The5ers records 8% overall and 4% daily. A trailing drawdown follows your account equity up as you profit, so the distance to failure stays constant even after you are ahead. TopStep's rules list a trailing drawdown on funded accounts with a $2,000 maximum loss on a $50,000 Trading Combine. On a trailing model, giving back part of an unrealised gain can breach the limit at an account balance that would be comfortably profitable under a static rule. The drawdown mechanism decides how many traders reach a payout at all, which is why it matters more than a 80% versus 90% split.
- Which of the three is cheapest to start with in 2026?
- By listed entry price, TopStep is the lowest at $49 for a $50,000 Trading Combine, followed by The5ers at $95 for a $6,000 Hyper Growth account and FTMO at $155 for a $10,000 Challenge. Entry price alone is misleading: TopStep's Combine is a recurring monthly subscription rather than a one-off fee, The5ers' cheapest tier funds a far smaller account, and FTMO's fee buys a two-step evaluation on a larger balance. Compare cost per dollar of funded capital and the odds of passing, not the sticker price. Prices are as recorded in our dataset at the time of testing — check the firm's own pricing page before paying.
- How often do these firms pay out, and how do I verify it?
- FTMO records bi-weekly payouts (every 14 days) via bank transfer, Skrill or crypto. The5ers records bi-weekly payouts via bank transfer, PayPal or crypto. TopStep records weekly payouts after an initial waiting period, via bank transfer or ACH. A stated frequency is a policy, not evidence. Before paying a challenge fee, look for dated payout proof from traders who are not affiliates, check whether the firm publishes cumulative payout totals, and read the payout clause in the terms for first-payout caps, rolling withdrawal limits and any risk interview requirement above a threshold.
Related Reading
- Best Prop Trading Firms 2026 — the full roster of funded-account providers we track
- Prop Firm Regulation in Europe 2026 — ESMA, MiCA and what simulated funding means legally
- Compare Prop Firms Side by Side — build your own head-to-head from the full roster
- FTMO vs TopStep — direct head-to-head
- FTMO vs The5ers — direct head-to-head
- Maven Trading Review 2026 — the budget-positioned alternative to all three
CFD Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This website is for informational purposes only. The content does not constitute investment advice. Trading leveraged products carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. EU retail leverage limits apply (ESMA): up to 30:1 on major FX pairs, 20:1 on minor FX, 20:1 on major indices, 10:1 on commodities, 5:1 on equities, 2:1 on crypto.