Introduction
If you want to control $100,000 of trading capital, what does that normally cost you?
If you’re trading your own money, the cost is the interest you could have earned on that $100,000, plus the full risk of losing it. If you’re using leverage with a broker, the cost is your margin, your interest payments and your emotional sanity when a single scalp turns into a margin call.
A prop firm challenge offers a different deal: pay a fee, prove you can trade within their risk parameters, and you get access to simulated or partially funded capital. The fee is not a loan. It is not collateral. It is an “evaluation fee” a payment for the right to show that you deserve funding.
The price range is wild. You can find a $10,000 challenge for $39 and you can find a $10,000 challenge for $150. A $100,000 challenge might cost $199 but it might also cost $700, depending on the firm, the refund conditions and whether you are buying during a holiday sale.
The prop firm challenge cost matters more than most people realise. If you buy a challenge with hidden monthly fees, you are not just paying an entry ticket you are paying a subscription to stress. If you buy a challenge with a refundable fee, you are effectively trading for free if you reach your first payout.
This guide is not a vote for the cheapest firm and the most expensive firm it is a complete fee orientation so you can choose intelligently.
How Prop Firm Challenge Pricing Works
Before comparing prices, you need to understand how the pricing model works. Prop firms do not all sell the same thing, even though they all use the same words: “challenge,” “evaluation,” “funded,” “profit split.”
One-Time Fee vs. Recurring Fee
Most prop firms charge a one-time evaluation fee. You pay once, you receive access to the challenge, and if you pass, you become a funded trader. No extra monthly fee during the evaluation usually.
Other firms, especially futures prop firms, charge a monthly subscription. You pay every month for as long as you are in the challenge or funded account. If you pass in the first month, that is great. If you take four months to pass, your total cost is four times the monthly fee.
This is a huge distinction. A $100 monthly fee sounds cheaper than a $500 one-time fee. But if you need three months to pass, you have already paid $300, and if you fail and reset, you may pay another $300. The sticker price is never the full price.
Account Size Tiers
Nearly every prop firm offers account sizes in the same increments:
$10,000
$25,000
$50,000
$100,000
$200,000 and above
The fee usually scales with the account size, but not perfectly. A $100,000 challenge rarely costs twice as much as a $50,000 challenge. Larger accounts often give you more buying power per dollar spent.
Why Do Fees Vary So Much by Firm?
The fee reflects a few things:
How difficult the evaluation is: a two-step challenge with a 10% profit target is worth more than a one-step challenge with a 5% target, because the firm can afford to refund fees more often.
The payout reputation: established firms like FTMO charge more because they have a long track record of paying traders.
The profit split: firms offering 90% or 100% profit share tend to charge higher fees than those offering 70%.
The drawdown structure: a trailing drawdown is harder to survive than a static drawdown. Firms with more forgiving models may charge less.
Marketing and promotions: the prop firm industry is ultra-competitive. Prices change constantly.
What does your fee actually include? In most cases, it includes access to the firm’s dashboard, trade-simulator platform, performance tracking, support, and a community. You are not buying a “company account.” You are buying a set of rules and a scoreboard.
The first challenge I ever bought cost $250 for a $50,000 account. I thought I was buying a business account. In reality, I was buying a permission slip to trade a simulation. Nothing wrong with that, but the word “funded” kept me from reading the drawdown details carefully.
Prop Firm Challenge Cost by Account Size
Let’s get straight to the numbers. The following table shows the typical fee ranges for a standard two-step prop firm challenge across common account sizes. I have not used exact current prices from any one firm because prop firms change them every few weeks.
Account Size | Typical Challenge Fee Range | Cost per $1 of Buying Power |
$10,000 | $50 – $150 | 0.50% – 1.50% |
$25,000 | $150 – $250 | 0.60% – 1.00% |
$50,000 | $250 – $400 | 0.50% – 0.80% |
$100,000 | $400 – $600 | 0.40% – 0.60% |
$200,000 | $800 – $1,200 | 0.40% – 0.60% |
If the fee is refundable after passing, the net cost can drop to zero. But if you pay a hidden activation fee, data feed fee, or payout processing fee, the total can be much higher.
Consider the value per dollar at different sizes. A $100 fee on a $10,000 account is 1% of your buying power. A $500 fee on a $100,000 account is only 0.5% of buying power. Larger challenges almost always give you more leverage for your fee.
That does not mean you should buy the biggest account you can find. The larger the account, the larger the potential loss when you violate a rule a challenge fee is a small cost compared to the emotional damage of destroying a $200,000 opportunity because you overtraded.
Top Prop Firm Challenge Prices & Fees Compared
There is no single “best” prop firm because a firm that works well for a swing trader may be terrible for a news scalper but we can compare the major pricing structures side by side.
The table below uses approximate figures and should be checked against each firm’s official website. Prices in the prop firm world change faster than market sentiment.
Firm | 100K Fee (Approx.) | Refundable? | Profit Split | Model |
$540 | Yes, after first payout | Up to 90% | Two-step | |
$399 | On many plans | Up to 80% | Two-step | |
$499 | On select plans | Varies | Two-step, high leverage | |
$320 | No | Up to 100% | Futures, combine account | |
$165/mo | No | Up to 100% | Futures, monthly combine |
What the table doesn’t tell you
FTMO is often considered the industry benchmark. It is not the cheapest, but it has a long history of paying traders and a clear set of rules. Its 100K fee is around $540, which is high compared to newer firms. But FTMO’s fee is refunded after your first profit split, and the profit split can reach 90%.
Funding Pips is one of the most popular lower-cost alternatives. Its 100K fee is around $399, and on many plans the fee is refundable after the first payout. It also offers a very generous profit split and a lower barrier to entry.
The5ers takes a slightly different approach. Its 100K fee is around $499, and while it's not refundable on all plans, select plans do offer refund. The5ers is known for high-leverage options and a two-step evaluation, but what really sets it apart is its flexibility — it offers multiple funding models, including a bootstrapping program for smaller accounts and a high-stakes plan for experienced traders.
Apex Trader Funding is popular with futures traders. The fees are heavily discounted and they frequently run promotions. Apex uses a combine model, not a classic two-step evaluation, and it allows traders to combine multiple accounts to build up a larger funded balance.
Topstep is a long-established futures prop firm with a strong educational platform. Instead of a one-time fee, you pay a monthly subscription. If you pass the combine quickly, the monthly cost is low. If you take a long time, the cost compounds.
A warning from history
We are also mentioning MyForexFunds here because it used to be one of the biggest cheap options in the industry. It was also, tragically, one of the most famous prop firm shutdowns. Traders who had passed expensive challenges and earned consistent payouts suddenly found themselves locked out of their accounts. No cheap fee protected them.
That is the reality of this industry. Most prop firm accounts are simulated accounts. The payouts are funded by the challenge fees of other traders, plus the firm’s own capital. When a firm collapses, all of that money can disappear.
So when you compare top prop firm challenge prices and fees, remember that price is only one part of the equation.
Best Prop Firm with Refundable Challenge Fee
The phrase “refundable challenge fee” is the closest thing prop trading has to a free lunch. If you pay a $500 fee, pass the evaluation, and receive your first payout, the firm deposits $500 back into your account or refunds it to your original payment method.
That means the challenge was free assuming you pass and reach that first payout.
FTMO is the standard
FTMO refunds the challenge fee after your first profit split. There are conditions, but they are fairly transparent. You need to pass both evaluation phases, trade the minimum number of trading days, and satisfy the consistency checklist. Once you receive a payout, the original fee is refunded.
Funding Pips follows closely
Funding Pips also offers refundable fees on many plans. It has become a favourite for traders who want a lower initial cost without completely sacrificing the refund benefit.
E8 Markets performance plans
E8 Markets offers different account types. Some are cheaper but not refundable. Others, often labelled as performance plans, refund the fee after successful completion that means the cheapest price on the website is not necessarily the best deal if you have a high chance of passing.
How to identify the best refundable firm
Ask yourself these three questions:
Do I have a proven, repeatable strategy that can hit the profit target without violating drawdown rules?
Is the refund paid to my card, or only credited to my trading account?
Does the refund happen after passing the evaluation, or only after reaching a minimum payout in the funded phase?
If the refund only happens after reaching a payout, then you are not fully eligible just by passing. You also need to make a small profit in the funded account. That is still better than no refund at all, but it is an important nuance.
The best firm with a refundable challenge fee is the one you can actually pass. A refund is worthless to somebody who fails three times in a row.
Prop Firm Refund Policy: What to Look For
“Refundable” is a marketing word. Read the fine print.
Common Refund Conditions
Most prop firms do not throw a refund back at you the second you complete the final phase. They usually require:
A first payout request. You must remain funded for at least a short period and place at least one trade after passing.
Minimum trading days. You may be required to complete a minimum number of trading days during the evaluation. FTMO, for example, historically required at least 4 calendar days per phase.
No rule breaches. If you hit the trailing drawdown in the funded phase before you request your first payout, you lose the refund.
Minimum profit. Some firms require a minimum profit in the funded phase, such as 1%, before you can request a payout and receive the fee refund.
A refund to the firm’s wallet. Some firms do not refund to your card. They credit your trader dashboard or internal wallet, and you have to withdraw it separately.
Non-Refundable is not Automatically Bad
A refundable fee is valuable, but it is not always the cheapest route. Suppose a firm charges $500 refundable and a smaller firm charges $250 non-refundable. If your pass rate is low, the non-refundable option is cheaper in practice. If your pass rate is high, the refundable option wins.
Let’s do a quick calculation.
Imagine you attempt ten challenges.
Firm A charges $250, non-refundable. Ten attempts cost $2,500.
Firm B charges $500, refundable after the first payout. Ten attempts cost $5,000, but every successful attempt gives you $500 back.
If you pass only two of ten attempts, Firm A costs $2,500 and Firm B costs $4,000 after refunds. Firm A is cheaper.
If you pass six of ten attempts, Firm A costs $2,500, but Firm B costs $2,000 after refunds. Firm B becomes cheaper.
Your own prop firm evaluation cost depends on your real pass rate, not just the price list.
Hidden Costs of Prop Firm Challenges to Avoid
Hidden costs are the reason two traders can buy the same challenge and one ends up paying twice as much.
Here are the fees most people forget to check before checkout.
Activation Fee
Some firms charge a one-time activation or onboarding fee after you pass the challenge. It is not included in the challenge price. It can range from $29 to $149. You only see it when you are about to move from evaluation to funded status.
Platform and Data Feed Fee
Many prop firms, especially futures firms, do not include the cost of the trading platform’s real-time data package. For example, if you are using RTrader, Sierra Chart, or NinjaTrader, you may need to pay an exchange data fee every month. This cost is not entirely the firm’s fault market data is not free but it is often hidden in the sales funnel.
Payout Processing Fee
This is the one that hurts most. You make a successful trade, hit your profit target, and then the firm deducts $25–$50 for the bank wire. If the payout is also subject to your profit split, you lose money twice.
Inactivity Fee
Some prop firms charge you a fee if you do not place a trade within 30, 60, or 90 days. It can be $10 to $30 per month. If you are going through a quiet market period, this charge appears from nowhere.
Reset and Retry Fees
Failing a challenge is bad enough. Then the firm offers you a “discounted retry” at $75, $150, or more. Sometimes the reset fee is higher than the fee you originally paid, especially if you let your coupon code expire.
Currency Conversion and Tax Fees
If you are paying a European firm in euros and your bank is in the US, you may pay a foreign transaction fee. If the firm charges VAT or sales tax, the final price at checkout can be 10 to 20% higher than the advertised price. PayPal also adds a small percentage to international payments.
The Opportunity Cost of Time
This is not a line on your receipt, but it is the most expensive hidden cost. If you spend three months trying to pass a challenge without a real trading edge, you would have earned more money working, studying, or taking a different career path. The fee is the visible cost. Time is the invisible one.
Before you pay, ask these questions:
Is the challenge fee one-time or monthly?
Is there an activation fee after I pass?
Are data feed and platform fees included?
What does a payout cost me?
Is the refund paid to my card or held in an account wallet?
What happens if I do not trade for 30 days?
How much does a reset cost after a failed attempt?
Prop Firm Cost Breakdown: What You Actually Pay
Let’s put all of this into a realistic example.
You decide to buy a $100,000 two-step challenge from a popular prop firm.
Challenge fee: $500
Activation fee after passing: $99
Data feed fee during your funded phase: $30 per month
First payout wire fee: $50
Your total cash out after passing and reaching your first payout is:
$500 + $99 + $30 + $50 = $679
Now, if the challenge fee is refundable, the firm sends $500 back after your first payout.
Your net cost becomes:
$679 – $500 = $179
That is not bad. You effectively paid $179 for access to a $100,000 simulated account.
But what if the challenge fee is not refundable?
Your total cost is $679, and you still have to pay profit split on your first payout. Suppose you make 2% in the funded account, which is $2,000. At an 80% profit split, you receive $1,600.
If the fee was refundable, you have paid $179 and received $1,600. Your net profit is $1,421. If the fee was non-refundable, you have paid $679 and received $1,600. Your net profit is $921.
Notice what changed? The strategy did not change. The market did not change. The only difference is the fee structure.
Now imagine the firm charges a $50 payout fee and the wire transfer loses 3% to exchange rate conversion. Your payout of $1,600 could drop to $1,502. That $50 fee is not huge, but it can make a small profitable month turn into a break-even month.
The prop firm cost breakdown matters because it changes your payout math.
Is a Cheaper Challenge Better? Cost vs. Quality
There is a famous saying in trading: “The best price is the one that pays you.” The same applies to prop firm challenges.
A cheaper challenge can be excellent. Some lower-cost firms are small, nimble, and excellent. Some expensive firms are also excellent. But a cheap challenge is not automatically a good deal, and an expensive challenge is not automatically a rip-off.
Why the cheapest challenge can become the most expensive
Imagine you buy a $1,000 account size challenge for $50. The rules look easy: only a 5% drawdown, no minimum trading days, and a 70% profit split. You pass in two days. Then you try to withdraw your payout.
The platform has technical issues. Customer support does not answer. Your withdrawal request stays pending for a month. You start to feel uneasy. Eventually, you receive half of your payout after a 15% withdrawal fee.
What did that cheap challenge actually cost you? It cost you time, uncertainty, and part of your hard-earned profit.
This is not an argument against cheaper firms. It is an argument against choosing a firm solely because of the price.
Compare “cost per successful payout” instead
If you are serious about this, calculate the total cost of a successful outcome, not just the cost of an entry ticket.
A firm with a $199 fee, non-refundable, and no payout delays can be far better for you than a firm with a $500 fee, refundable, but a history of customer-service failures. On the other hand, a refundable fee from a reputable firm is hard to beat, because it makes the challenge free if you pass.
Red flags to avoid
No transparency about where the money is held Compare that with how regulated futures firms must handle customer funds see the NFA’s investor protection page.”
No physical address or real customer support.
Unclear drawdown definitions.
Profit splits that change after you pass.
“Funded” accounts that are obviously simulated but not disclosed in the terms.
A payout process that asks you to pay a “performance fee” or “payout tax” before releasing funds.
Any firm can call itself a prop firm. The challenge is finding one that actually pays traders.
Tips to Reduce Your Prop Firm Challenge Cost
You now know the full cost structure. Here is how to reduce it.
1. Wait for a sale
The prop firm industry is dominated by discounts. Black Friday, New Year, Christmas, and even random “independence day” sales can reduce challenge fees by 10% to 40%. If you are not in a rush, wait.
2. Use promo codes or referrals
Almost every popular firm partners with traders and influencers. A promo code can save you 10–20%. Just make sure the code does not change the refundability of the challenge. Sometimes discounted challenge fees are non-refundable, and the full-price challenge is refundable.
3. Start with a smaller account size
Money do you need to start to trading a $10,000 challenge is enough to test a firm’s rules, customer support, and payout process. Once you know the firm works, pay for a larger account. You are buying information with the smaller fee.
4. Choose a refundable fee if you have an edge
If you have been consistently profitable in a demo account for at least three months, a refundable challenge is the obvious choice. Even if the fee is higher, you get it back if you pass.
5. Trade smaller than the maximum allowed
This sounds counterintuitive, but one of the biggest hidden costs of a challenge is blowing through your drawdown. If you trade with a position size that could hit the daily loss limit after two bad trades, you are not just risking the account. You are risking the fee, plus the time spent, plus the emotional cost of resetting.
6. Do not buy multiple challenges at once
Some traders buy two or three challenges from the same firm hoping that at least one will pass. That is gambling. If your strategy is not stable, you are just multiplying your prop firm challenge cost.
7. Avoid resets unless you know exactly what went wrong
A reset is only useful if you identified the mistake. If you failed because you overtraded while bored, the reset will not fix the boredom.
8. Never split the cost with a friend
I have seen traders split a challenge fee to share the account. This is a terrible idea. Most prop firms prohibit sharing accounts. If the firm detects two different IP addresses or trading styles, you will be banned, and you will have no recourse.
Before You Pay: A 60-Second Due Diligence Checklist
Here is a quick checklist to run before you hit the pay button.
Is the challenge fee one-time or recurring?
Is the fee refundable after the first payout?
If refundable, does the refund go to my card or remain inside the firm’s wallet?
Are there any activation fees after passing?
Are platform, data feed, and charting costs included?
What is the withdrawal fee for payouts?
Is there an inactivity fee?
Are the maximum daily loss and maximum total loss clearly defined?
Are the profit target and minimum trading days clearly stated?
Does the firm have a history of paying traders?
If you cannot confidently answer every question, do not pay yet.For more, see Investor.gov’s fraud protection page.”
Conclusion
The prop firm challenge cost is not just a number on a pricing page. It is the price of entry into a system that can either fund your future or quietly drain your bank account through failed attempts, hidden fees, and payout friction.
A $100,000 challenge might cost $199 from one firm and $700 from another. The difference is not just profit split and reputation. It is also the rules, the refund policy, and the probability that you will actually see a payout.
The best strategy is not to buy the cheapest challenge. It is to buy the challenge that gives you the highest probability of success and clearly pays you if you succeed. A refundable fee turns the entire challenge into a free education if you pass. A transparent cost structure prevents nasty surprises later.
Compare your options. Calculate your total cost. Then trade small, follow the rules, and treat the challenge fee as tuition not as the price of a guaranteed payout.
Check TheTrustedProp now because the best way to lower your prop firm challenge cost is to choose a firm you can actually trust from day one.