Forex prop firms let you trade a simulated account and share the profits once you pass an evaluation. The three firms below are among the most established for forex, metals and index CFDs. They look similar at first glance, but their targets, loss limits and payout terms differ in ways that matter for how you trade.
The 100K two-step challenges side by side
| FTMO 2-Step | FundedNext Stellar 2-Step | The5ers High Stakes | |
|---|---|---|---|
| Phase 1 target | 10% ($10,000) | 8% ($8,000) | 10% ($10,000) |
| Phase 2 target | 5% ($5,000) | 5% ($5,000) | 5% ($5,000) |
| Daily loss limit | 5% ($5,000) | 5% ($5,000) | 5% ($4,000 on 100K*) |
| Maximum loss | 10%, static | 10%, static | $8,000, static |
| Minimum days | 4 trading days | 5 days per phase | 3 profitable days per step |
| Time limit | None | None | None (30-day inactivity rule) |
| Starting profit split | 80% | 80% | 80% |
*The5ers’ 100K High Stakes account uses a $4,000 daily limit and an $8,000 maximum loss at the time of writing; smaller sizes use 5% and 10%. Figures were checked against each firm’s published rules on November 1, 2026. Rules and prices change often, so confirm them on the firm’s site before buying.
Read the full reviews: FTMO, FundedNext and The5ers.
1. Static loss limits make planning easier
All three two-step programs measure the maximum loss from the starting balance. On a 100K account with a 10% limit, the account fails at $90,000 no matter how high your balance has been. That is very different from futures firms, where the floor usually trails your highest balance.
The exception is FTMO’s 1-Step program, which uses a 10% maximum loss that trails your end-of-day balance and a tighter 3% daily limit, plus a rule that your best day must be no more than half of your total profit. If you choose a one-step product, read its drawdown rule carefully.
2. The daily loss limit is the rule that fails most accounts
A 5% daily limit sounds generous, but it includes open losses, and several bad trades in one session can reach it quickly. Size so the limit is out of reach on a normal bad day:
| Risk per trade | Losses to hit a $5,000 daily limit | Losses to hit $4,000 |
|---|---|---|
| 0.25% ($250) | 20 | 16 |
| 0.5% ($500) | 10 | 8 |
| 1% ($1,000) | 5 | 4 |
At 0.5% risk, a 25-pip stop on EUR/USD is 2.0 standard lots ($500 ÷ (25 × $10)). Run your own numbers with the position size calculator.
3. Minimum days and consistency
- FTMO: at least four trading days in each phase.
- FundedNext Stellar: at least five trading days per phase.
- The5ers High Stakes: three profitable days per step, each worth at least 0.5% of the starting balance — $500 on a 100K account. A day with a tiny profit does not count.
If you trade only a few high-quality setups a week, these requirements can stretch the time it takes to pass, even after you reach the target.
4. Payouts and scaling
All three start funded traders at an 80% split and offer ways to raise it. FTMO’s scaling plan can lift the split to 90%; FundedNext offers 90% through on-demand or scale-up options and a 95% add-on; The5ers raises both capital and split as you hit 10% milestones on a funded account, and pays out every 14 days with a $150 minimum. Compare how often you can withdraw, not just the headline percentage.
5. Test your plan before you pay
Enter each firm’s target, daily limit and maximum loss into the prop firm challenge simulator along with your real win rate and risk per trade. It estimates how often a trader with your statistics would pass, fail on the daily limit or run out of room — before you spend money on an evaluation.
How to choose
- You want the most established name and the widest platform choice: FTMO.
- You want the lowest first-phase target: FundedNext Stellar 2-Step.
- You want no deadline and to grow the account through scaling: The5ers.
- You trade futures rather than forex: see our best prop firms for futures guide instead.
For head-to-head detail, read FTMO vs FundedNext and FTMO vs The5ers. Whichever you pick, read how to pass a prop firm challenge and keep your risk per trade small enough that one bad day can’t end the evaluation.
Frequently asked questions
What is the best prop firm for forex?
There is no single best firm. FTMO has the longest track record and a standard 10%/5% two-step challenge; FundedNext's Stellar 2-Step has a lower 8% first-phase target; The5ers stands out for scaling plans and evaluations with no deadline. The right choice depends on your trading style and how you handle drawdown.
Which forex prop firm has the easiest challenge?
Among these three, FundedNext's Stellar 2-Step has the lowest Phase 1 target at 8%, versus 10% at FTMO and The5ers High Stakes. A lower target is only easier if the loss limits and minimum trading days also suit your style.
Do forex prop firms use trailing drawdown?
Most two-step forex challenges use a static maximum loss measured from the starting balance, unlike the trailing drawdowns common at futures firms. Some one-step programs, such as FTMO's 1-Step, use an end-of-day trailing maximum loss instead.
How much should I risk per trade in a forex prop firm challenge?
Many traders risk 0.25% to 1% per trade. At 0.5%, a 5% daily loss limit allows ten consecutive full losses in one day, which leaves plenty of room for normal losing streaks.