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Prop FirmsFTMOFunded NextTopStep

FTMO vs Funded Next vs TopStep: A Trader's Honest Comparison (2026)

Choosing the right prop firm challenge matters. Here's an honest breakdown of the three most popular options.

Marcus Chen
Jan 22, 2026
9 min

Choosing the wrong prop firm can cost you $200–$500 in failed challenges. Worse, different firms have very different rules — and a trading style that passes easily at one firm might be structurally difficult to pass at another.


This comparison focuses on the three most commonly used firms by Tradapt users as of 2026.


Note: Prop firm rules change frequently. Verify current terms directly with each firm before purchasing.


FTMO


Overview

FTMO pioneered the modern challenge model in 2015 and remains the most established name in the industry. They're headquartered in Prague, Czech Republic.


Account Sizes

$10,000, $25,000, $50,000, $100,000, $200,000


Challenge Structure (Standard Two-Phase)

  • Phase 1: 10% profit target, 5% daily loss limit, 10% overall drawdown, minimum 10 trading days in 30 days
  • Phase 2: 5% profit target, 5% daily loss limit, 10% overall drawdown, minimum 10 trading days in 60 days
  • Funded: 80% profit split (up to 90% under scaling plan)

Pricing (2026 approximate)

  • $10K account: ~$155
  • $25K account: ~$250
  • $50K account: ~$345
  • $100K account: ~$540
  • $200K account: ~$1,080

Free retry if you fail for reasons outside your control; paid retry otherwise.


Key Strengths

  • Longest track record; best-documented payout history
  • Swing trading accounts available (no overnight/weekend holding restrictions)
  • Excellent educational resources
  • Strong community and reputation

Key Considerations

  • Strict news trading restrictions (no holding through major news)
  • Drawdown is relative (from equity peak, not initial balance) — more restrictive than it appears
  • No cryptocurrency trading on standard accounts

Best For

Forex, indices, commodities traders who want the most established option with a proven payout history.


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Funded Next


Overview

Funded Next launched in 2022 and has grown rapidly, offering competitive pricing and a flexible rule structure. They're popular for their simplified evaluation options.


Account Sizes

$6,000, $15,000, $25,000, $50,000, $100,000, $200,000


Challenge Structure (Multiple Options)

Standard (Two-Phase):

  • Phase 1: 10% profit target, 5% daily loss, 10% overall drawdown
  • Phase 2: 5% profit target, same limits
  • Funded: 80% profit split

Express (One-Phase):

  • Profit target: 25% (higher)
  • Daily loss limit: 5%
  • Overall drawdown: 10%
  • Funded: 80% profit split (faster to funded status)

Stellar (Two-Phase, Popular):

  • Similar structure, with profit sharing starting from Phase 1

Key Strengths

  • Competitive pricing, especially for smaller accounts
  • More flexible news trading rules than FTMO (check current terms)
  • Cryptocurrency trading allowed
  • Multiple challenge types for different trading styles

Key Considerations

  • Newer firm; shorter payout track record than FTMO
  • Rules have changed multiple times (stay updated on current terms)
  • Absolute drawdown on some account types (more forgiving) — verify

Best For

Traders who want competitive pricing, crypto trading, or the faster one-phase path to funding.


---


TopStep


Overview

TopStep is US-focused and primarily serves futures traders. It's one of the oldest funded trading firms, founded in 2012.


Account Sizes (Futures, Contract-Based)

  • $50K: Trade up to 3 contracts
  • $100K: Trade up to 10 contracts
  • $150K: Trade up to 15 contracts

Challenge Structure (Trading Combine)

  • Profit target: $3,000 (50K account), $6,000 (100K), $9,000 (150K)
  • Daily loss limit: $1,000 (50K), $2,000 (100K), $3,000 (150K)
  • Overall trailing drawdown (relative drawdown)
  • No minimum trading days

Monthly subscription model: $165–$375/month for the Combine (ongoing until you pass)


Key Strengths

  • Purpose-built for futures traders (ES, NQ, CL, etc.)
  • Strong educational community
  • Flat-rate combine model means you know your monthly cost
  • 90% profit split (one of the highest)
  • No expiration on combines (unlike FTMO's 30/60-day windows)

Key Considerations

  • Monthly subscription model means you pay every month until you pass
  • Trailing drawdown (relative) is stricter than absolute
  • Forex-only traders should look elsewhere
  • Higher total cost if the combine takes multiple months

Best For

US-based futures traders, particularly ES and NQ traders. The community and tool ecosystem are specifically optimized for futures.


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Head-to-Head Comparison


FactorFTMOFunded NextTopStep
Established201520222012
Asset focusForex, indicesMulti-asset, cryptoFutures
Drawdown typeRelativeMixed (check account)Trailing
Profit split80–90%80%90%
One-time vs. subscriptionOne-timeOne-timeMonthly subscription
Crypto allowedNoYesNo
News tradingStrict restrictionsFlexibleCheck current terms
Minimum trading daysYes (10 days)Varies by accountNo
Best forForex/indices traders wanting top reputationCrypto/multi-asset + competitive pricingFutures traders

How to Choose


Choose FTMO if: You primarily trade forex and major indices, want the most established firm with the longest payout track record, and don't trade crypto.


Choose Funded Next if: You want competitive pricing, trade crypto, or want the faster one-phase evaluation option.


Choose TopStep if: You're a futures trader (especially ES/NQ) and want a community-oriented platform with 90% split and no time pressure.


The Universal Success Factor


Across all three firms, the traders who pass most consistently share one trait: they track their performance against the firm's specific rules in real time using a trading journal.


Tradapt has dedicated prop firm features — including multi-account tracking, drawdown monitoring, and daily loss limit alerts — specifically to help you pass and manage funded accounts.


Track your prop firm challenge progress with Tradapt.


For informational purposes only. Not financial advice. Trading involves risk of loss.

Track and analyze your own trades in Tradapt — free to start, no card required.

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