A prop (proprietary trading) firm sells you an evaluation. Pass it and you trade a funded account — almost always simulated — and get paid a share of the profit. There are hundreds of firms, and the headline numbers ("up to 100% split!") look alike. These are the seven things that actually separate them. They're also the seven factors in our prop firm Radar score.
1. Price and minimum buy-in
Compare the list price of the same account size (we use $100k) — not the promo price. Some firms run permanent "70% off" codes, so the list price is mostly marketing. Also check the cheapest challenge: starting on a $5k or $10k account is a cheaper way to learn a firm's rules before you buy a big one.
2. Payouts: when, how often, and the fee refund
- Days to first payout. Anything from about 5 days to 21+. A long wait means more time for something to go wrong.
- Frequency. Weekly, bi-weekly, monthly or on-demand. Some firms lower your split if you withdraw more often.
- Payout caps. Some cap your first one or two payouts at a % of the account.
- Fee refund. "100% refundable" often means after your 3rd or 4th payout, not the first. Read when.
3. Profit split — day one vs "up to"
Look at the split you get from your first payout. "Up to 100%" is usually a scaling reward after months of payouts, or a paid add-on.
4. Rules and T&Cs
This is where most traders lose their fee. Check, for the exact program you're buying:
- Daily loss limit (4% vs 5% is a big difference) and whether it's measured on balance or equity, and at what time of day it resets.
- Max loss — static or trailing. A static 10% stays fixed at 10% below your starting balance. A trailing drawdown follows your highest balance up, so the room you have shrinks as you profit.
- News trading. Many firms block trades or remove profit around high-impact news on funded accounts.
- EAs and copy trading. Often banned or limited. Trading the same signals as other people can be flagged as "group trading" and get a payout denied.
- Consistency rules and minimum trading days. Some firms reject a payout if one day made most of your profit.
- Rules that only apply once funded. Read the funded-account rules, not just the challenge rules.
5. Trust and track record
- How long has it been paying? Several firms closed or changed terms mid-stream in 2025–2026.
- Trustpilot — and whether the rating is hidden. Trustpilot hides the score of companies that breach its review guidelines, for example over fake reviews. A hidden rating is a warning sign in itself.
- Who owns it? Firms that don't name their owners are harder to hold to account.
- News reports about denied payouts or forced rule changes.
6. Getting paid in Africa
Check the firm pays out in a way that reaches you: crypto (USDT/USDC), Rise, or bank transfer. Not every firm offers all three. See how to get paid by a prop firm in Africa.
7. Platforms
Use a platform you already know. MT5 is almost universal; MT4, cTrader, Match-Trader, TradingView and TradeLocker vary by firm.
How the firms we track compare
Live from our data — scores update when firms change their terms.
| Firm | Radar score | $100k | 1st payout | Split | Payout methods |
|---|---|---|---|---|---|
| The5ers | 8.8/10 | $455 | 14 days | 80% → 100% | Crypto, Rise, Bank transfer |
| FTMO | 7.8/10 | $583 | 14 days | 80% → 90% | Crypto, Bank transfer, Skrill |
| FundedNext | 7.6/10 | $550 | 21 days | 80% → 95% | Crypto, Rise, Bank transfer |
| FundingPips | 7.5/10 | $529 | 14 days | 80% → 100% | Crypto, Rise, Bank transfer |
| Equity Edge | 6.9/10 | $565 | 14 days | 80% → 90% | Bank transfer, Crypto |
| Goat Funded Trader | 6.9/10 | $458 | 14 days | 80% → 100% | Rise, Crypto, Skrill |
| Eightcap Challenges | 6.8/10 | $599 | 14 days | 80% → 90% | Bank transfer, Crypto |
| AquaFunded | 6.5/10 | $469 | 14 days | 90% → 100% | Crypto, Rise |
| NYS Markets | 5.5/10 | $498 | Unclear | 80% → 100% | Crypto |
| Funded Trader Markets | 5.4/10 | $622 | 5 days | 80% → 90% | Crypto, Rise |
Compare all prop firms side by side
Red flags
- "Pass guarantee" or account-passing services. They break every firm's rules and the account will be closed.
- A firm that won't show its full rulebook before you pay.
- Rules that changed after you bought, applied to your existing account.
- A hidden Trustpilot rating plus a wave of payout complaints.
FAQ
Are prop firms regulated in South Africa, Nigeria or Kenya?
No. Prop firms sell evaluations, not investments, so the FSCA, SEC Nigeria and CMA don't protect your fee. That's why the firm's track record matters so much.
Is a funded account real money?
Usually not. Most funded accounts are simulated, and the firm pays you from its own revenue.
Which account size should I start with?
Start small. A $5k–$10k challenge costs much less and teaches you the firm's rules. Size up once you've been paid.
This guide is general information, not financial advice. Prop trading is high risk; most people who buy a challenge don't pass it.