Prop Firm Comparison: How to Compare Apex, Topstep, FTMO and Earn2Trade Evaluations

An evaluation fee looks like the cost of entry, but the rule set decides whether a profitable method can pass at all. A strategy that makes money can still fail on a trailing drawdown, a consistency rule or a news restriction, and the fee is lost either way. This guide is about reading rule documents, not ranking firms.

This article names Apex, Topstep, FTMO and Earn2Trade only because traders ask about them. Fees, targets, drawdown definitions, payout splits, automation rules and promotions change often, and they can differ by product and by account vintage. So I won't list current numbers. Open each firm's official rules page on the day you decide, and keep a dated copy of the text you relied on.

Automation is the clearest example of a rule you must read per firm. Apex prohibits automated or algorithmic preset bots that place, modify or cancel trades without your personal real-time review (see also its user agreement), so no bot, including any YMI bot, should be treated as Apex compatible or as a way to pass. Topstep's API access depends on the account product, and its TopstepX API page describes SIM access only, from a personal device, with no VPS, VPN or remote-server order transmission. Tradeify's trader guidelines allow personal bots only under conditions such as sole ownership and exclusive use within that firm. FTMO is a different kind of evaluation from exchange-traded ES or NQ programs, so don't assume one firm's answer carries to another.

First, confirm the product matches your instrument

Some firms offer exchange-traded futures evaluations on products like ES and NQ. Others built their brand on forex or CFDs and offer different instruments with different pricing and contract behavior. FTMO is not interchangeable with an exchange-traded ES or NQ evaluation, so check which instruments and data feed apply to the exact account you are buying. A funded account is also not the same as live capital in every case. Read what the firm says your account actually is and how payouts are made.

Drawdown type is the first rule to read

There are a few common shapes. A static drawdown is a fixed dollar floor. A trailing drawdown follows your highest account value, sometimes intraday and including open profit. Some programs lock the floor at a certain point, and others keep trailing. The difference matters because open profit can raise the floor before you have banked anything.

In this made-up case the trade closed flat to slightly down by end of day, but the floor rose with the intraday peak, so a $1,500 open gain turned into a failed account. Always check whether the firm trails on open equity or on closed balance, and whether the floor ever stops moving.

Daily loss rules and what counts

Daily loss limits come in different forms: fixed, tied to the start-of-day balance, or including open positions. Check the reset time, since it may not match the trading day you expect. Know what happens when you hit it, such as a paused day versus a closed account.

Consistency rules

Some programs limit how much of total profit any single day can represent. As a hypothetical example, if a rule says no day can exceed 30% of total profit and you made $3,000 in total, a single day cannot exceed $900. A $2,000 day plus smaller days fails. Strategies that rely on a few large event sessions are exposed here. Read the exact wording, because rules differ on whether they apply during evaluation, after funding, or only at payout.

News, weekend and holding rules

Some firms restrict trading around scheduled releases. Some require flat positions before the session close or before weekends. If your method enters near economic releases or holds past the cash close, confirm the rule for your exact account type before paying. Sessions, early closes and holiday times are not universal, so verify against the exchange calendar as well.

Automation

Whether automated or semi-automated trading is allowed varies by firm and sometimes by account. Do not assume any bot works at every firm. If you plan to use automation, get the policy in writing from the current rules and from support. YMI's bot behavior is described in the published specifications at /docs/kpl-bot-specs, and bot access is part of the Pro membership, not Intro or VIP.

Payouts and costs

Compare how payouts are requested, minimum thresholds, waiting periods, profit split and any fees on withdrawal. Do not assume a payout is guaranteed. Prop payouts may be service or contract income rather than Section 1256 futures gains, and the tax result depends on the contract and your facts. The IRS describes Section 1256 treatment at Form 6781 and Topic 429. Ask a qualified tax professional how your payouts are treated. Taxes can erase a small difference you thought you found between firms.

Total cost of getting funded

The fee for one attempt is not the cost of getting funded. Build a simple model: expected attempts times fee, plus monthly data or platform costs, plus resets. As a hypothetical, a $150 evaluation that takes three attempts costs $450. A $300 evaluation that passes on the first try costs $300. The cheaper fee was not cheaper. An evaluation fee does not cap your total downside either, since repeated attempts and resets add up and you also risk time and focus. Estimate your pass rate from simulated or live results under the same rules, not from a guess.

A method for choosing

1. Write down your strategy's typical daily range of outcomes, worst day, and how often you hold through news.
2. Pull the current official rules for each candidate and save a dated copy.
3. Run your own trade log through each rule set: where would the floor have been, which days break consistency, which trades hit restrictions.
4. Choose the smallest account size that lets your normal position size fit inside the drawdown. Three ES contracts risk much more of a small drawdown than of a large one.
5. Start with one attempt, review the result, then decide whether to buy more.