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Prop firms

Looking for a Topstep alternative? Compare the rules first

Prop firms differ most in their rules, and the rules decide whether your trading style can pass. Before you pay for any evaluation, compare how each firm measures drawdown, daily losses, consistency and payouts, then model your own trades against those rules.

By Sage · Updated · For: Futures traders comparing prop firm evaluations

How do I choose between prop firms?

Read each firm's rules page and compare: how the maximum loss is measured (trailing, end-of-day, or fixed), whether there is a daily loss limit, any consistency rule, the payout split and schedule, which platforms are allowed, and the total cost of evaluations. Then run your own recent trades through those rules before paying.

What to look for

The rules that matter most

Two firms with the same account size can be very different to trade.

How drawdown is measured
Trailing intraday, end-of-day, or fixed. A trailing limit can follow your open profit up, which changes how you manage winners.
Daily loss limit
Whether there is one, how big it is, and whether breaking it ends the account or just the day.
Consistency rule
Some firms cap how much of your profit can come from one day. This matters if you make most of your money on a few big days.
Payouts
The split, how often you can withdraw, minimums and any caps.
Platforms
Which trading platforms and data connections are allowed, and whether rules differ by platform.
Checklist

Checklist: comparing prop firms

Fill in one row per firm from its own rules page, not from reviews.

CriterionWhy it mattersHow to check
Drawdown typeDecides how much room you really have after a winning trade.Find the exact wording for the maximum loss limit on the firm's rules page.
Daily loss limitOne bad morning can end an account.Check the amount and what happens when you hit it.
Consistency ruleCan block payouts if one day is too large a share of profit.Compare it with the share of your profit that came from your biggest day last month.
Payout termsDecides when and how much you can actually withdraw.Read the payout policy, including caps and minimums.
Total costResets and monthly fees add up if you need several attempts.Price two or three attempts, not just one.
How to evaluate

How to test a firm's rules before you pay

  1. 01Export your last 30 to 60 trades with dates, sizes and results.
  2. 02Enter the firm's drawdown type and limits into a drawdown simulator.
  3. 03Check how often your real sequence of trades would have broken a rule.
  4. 04Size down until the worst stretch stays inside the limits.
  5. 05Repeat for each firm on your shortlist and compare.
Avoid these

Common mistakes

  • Choosing by discount codes or account size.Choose by whether your trading fits the rules.
  • Trading full size from day one of an evaluation.Size so your worst recent stretch fits inside the limit.
  • Relying on reviews or summaries for the rules.Read the firm's own rules page; rules change.
  • Ignoring the consistency rule until payout time.Check how much of your profit comes from your biggest day before you start.
From their own pages

What Topstep's own rules page says

These facts are from Topstep's Express Funded Account rules page, on the date shown in Sources. Rules change and may differ by account type, so read the current page before deciding.

Topstep

  • Topstep says its Maximum Loss Limit is based on your highest end-of-day balance and does not go down if you lose money the next day. [1]
  • It says accounts trading on platforms other than TopstepX are also subject to a Daily Loss Limit. [1]
  • The page refers to a 40% Consistency Target. [1]
  • It says traders keep 90% of their profits and Topstep keeps 10%, up to the maximum payout allowed under the selected payout policy. [1]
  • It says your contract limit is based on your account balance and follows its Scaling Plan. [1]

Where Nexural fits

Nexural is not a prop firm and has no affiliation with any prop firm. What we offer is free tools to model a firm's rules before you pay, and education on risk. Nexural is a trading community, not a broker or a prop firm, and nothing here is financial advice.

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FAQ

Common questions

Is Nexural a prop firm?

No. Nexural is a trading community. We don't fund accounts. Our free calculators let you model any firm's rules before you pay for an evaluation.

Which prop firm should I choose?

We don't recommend a firm. Compare each firm's rules against your own recent trades, using the checklist on this page, and choose the one your trading fits.

What is the difference between trailing and end-of-day drawdown?

A trailing limit moves up as your balance or open profit rises. An end-of-day limit only moves based on the balance at the close. End-of-day limits usually give more room during the session.

Where should I check a firm's current rules?

On the firm's own rules and payout pages. Rules change, so check the date on any summary, including this one.

Keep reading

Related tools and terms

Other guides: Order Flow Indicators: How to Choose · TradingView Indicators for Futures Traders · Choosing a Futures Trading Platform · Risk Management Tools for Traders

Sources

  1. [1] Topstep, “Express Funded Account Rules”, https://www.topstep.com/express-funded-account-rules, accessed .

Education only. Not financial advice; not a broker. Trading is risky; only trade money you can afford to lose.

Where to go next

The tools are free. The trades are in Pro.

Every calculator and guide here is free, no account needed. If you want to learn the craft, that is the Academy. If you want our trades as we take them, with alerts, that is Pro. New paid memberships are paused right now, so paid plans go through the waitlist.

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