Last verified: July 13, 2026. Every cell below comes from the firm’s official documentation — click any firm name for its full sourced profile. We re-verify weekly and log every change we detect.
| Rule | FTMO (2-step) | Topstep | Apex (intraday) |
|---|---|---|---|
| Market | Forex/CFDs (+ crypto, indices) | CME futures | CME futures |
| Cost (50K example) | €345 one-time, refundable | $49/month until passed | $249 one-time (heavy coupons common) |
| Evaluation steps | 2 (10% then 5%) | 1 ($3,000 target) | 1 ($3,000 target) |
| Daily loss limit | 5% of initial, hard breach | Optional; forced break, not a fail | None (eval) |
| Max drawdown type | Static 10% | EOD-trailing, locks at breakeven | Intraday-trailing on unrealized peaks |
| Min trading days | 4 + 4 | 2 | 0 (one-day pass possible) |
| Time limit | None | None (subscription) | 30 days, no resets |
| Consistency rule | None (2-step) | Best day ≤50% of target (raises target, never fails you) | None in eval; 50% rule gates payouts |
| Profit split | 80→90% | 90% | 100% (capped per payout) |
| Payout cadence | On demand from day 14 | Per 5 winning days ($150+) | Per 5 profit days; 6 payouts max per account |
| Payout ceiling | No cap; scaling to $2M | XFA capped per request; LFA uncapped | ~$15K lifetime per 50K PA, then account closes |
| Automation/EAs | Allowed (limits) | Allowed (unsupported) | Prohibited |
| News trading | Restricted on Standard funded only | Allowed except max-size into releases | Allowed for normal strategies |
| Overnight/weekend | Standard: no weekend; Swing: unrestricted | No — flat by 3:10 PM CT daily | No — flat before close |
| US residents | Yes (FTMO US via OANDA, 5 states excluded) | Yes | Yes |
| Max accounts | $400K allocation cap | 5 XFAs | 20 PAs |
Which structure fits which trader
- Swing/news traders and algo traders: FTMO — static drawdown, unlimited time, EAs allowed, Swing type removes news/weekend restrictions. The 1-step variant trades a trailing drawdown and a Best Day Rule for a 90% split from day one.
- Futures day traders who want real capital eventually: Topstep — the only one of the three with a live-capital stage, the most forgiving daily-loss design, and automation tolerance.
- Cheap attempts and volume tactics: Apex — deep coupons, no minimum days, 20 accounts, 100% split. Price it honestly: no resets, 30-day expiry, intraday trail on unrealized peaks, and each funded account is a ~$15K-lifetime vehicle, not a career.
Deeper math on what these structures actually cost per dollar of payout is coming in our calculators section. For dated records of every rule change we detect, see the Rule Changes log.