Apex Trader Funding Review

Our verdict

Apex is a futures-only prop firm with low headline evaluation prices, frequent discounts and a 100% payout share. Since the Apex 4.0 update on March 1, 2026, you choose an end-of-day or intraday trailing drawdown — and that choice, plus the payout caps, defines how the account behaves.

Overview

Apex Trader Funding focuses on CME Group futures — ES, NQ, CL, GC and their micro contracts. It is one of the most heavily discounted evaluations on the market, which makes it a common first challenge for futures traders. The flip side is a tight trailing drawdown and rules that have changed several times, most recently with the Apex 4.0 update on March 1, 2026.

Evaluation rules (Apex 4.0)

You have 30 calendar days to reach the goal, with no minimum number of trading days. The drawdown floor locks once it reaches your starting balance.

EOD vs intraday drawdown

This is the most important choice you make at checkout.

• EOD trail recalculates the floor once a day from your settled balance. A trade that runs +$800 and closes at +$200 only raises the floor by $200. EOD accounts add a daily loss limit, and cost more.
• Intraday trail follows your peak equity in real time, including open profit. Give back a large open gain and the floor has already moved up.

If you scale out of winners or hold through pullbacks, EOD is usually easier to manage. If you take quick, fixed targets, intraday’s lower price may be worth it.

Sizing within a $2,000 drawdown

On a 50K account, risking $250 per trade means eight consecutive losses reach the floor; risking $500 means only four. For ES that is a 5-point stop on one contract ($250) — on MES you can risk the same 5 points with ten contracts for $250. Run your numbers through the futures calculator and test your stats with the Apex presets in the prop firm challenge simulator.

Payouts

Performance Accounts pay 100% of approved payouts, up to weekly. Each request needs five qualifying trading days, a balance above the safety net, and no single day making up 50% or more of profit since the last payout. Payouts are capped at six per account; after that the account closes and you start a new one.

Costs

You pay an evaluation fee up front and an activation fee once you pass. EOD accounts cost noticeably more than intraday ones. Apex runs discount codes so often that the list price is rarely what traders pay — compare the total of evaluation plus activation, not the headline price.

Who it suits

Futures day traders who want a cheap entry point, are comfortable with a tight trailing drawdown, and trade with small, consistent risk. Traders who need more room for swing-style stops should compare Topstep’s end-of-day loss limit — see Topstep vs Apex and Apex vs MyFundedFutures.

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