Top Prop Firms Compared: Spreads, Rules & Payouts (2026)

Looking for the best proprietary trading firm in 2026? Here's a quick breakdown of the top contenders:

1. DNA Funded: Offers spreads starting at 0.0 pips and up to 90% profit splits on TradeLocker. New orders were paused in October 2026 while MT5 accounts move to TradeLocker.
2. FTMO: Known for its rigorous two-phase evaluation process (a 1-Step is also offered), institutional-grade pricing, and a scaling plan up to $2 million with a 90% split.
3. Topstep: Focused on futures trading, with a 90% profit split and a structured evaluation process.
4. The 5%ers: Provides flexible profit-sharing (50%-100%), supports speculative trading, and offers competitive spreads.
5. Funding Pips: Offers 1-step, 2-step and instant (Zero) accounts, with splits from 60% to 100% depending on the payout cycle.

Quick Comparison Table:

Key Takeaway: Choose a firm based on your trading goals. FundingPips and FTMO suit forex traders, Topstep is ideal for futures, and The 5%ers caters to long-term growth. Dive deeper into the article for detailed comparisons.

1. DNA Funded

DNA Funded is a proprietary trading firm backed by the regulated broker DNA Markets. It offers three challenge types for different trading preferences. With competitive spreads, straightforward rules, and flexible payout options, DNA Funded aims to attract traders looking for a streamlined experience.

Status note (October 2026): DNA Funded's homepage says new orders are currently paused while MT5 accounts migrate to TradeLocker; other trading is unaffected. Program details below may change when sales reopen.

Spreads

Forex traders will find spreads starting at 0.0 pips on major pairs like EUR/USD. A $5.00 round-turn commission applies, which is lower than the industry average of $7.00.

Rules

DNA Funded offers three challenge structures, each with specific requirements and restrictions. These challenges are designed to test trading skills while maintaining a fair trading environment. Key rules include:

• Daily profit cap: Limited to 40%.
• Minimum trading days: At least three days are required to meet profit targets.
• Strategy restrictions: Martingale strategies are banned, and news trading is prohibited within 10 minutes of major releases.
• Hedging: Inter-account hedging is not allowed.

Algorithmic trading and Expert Advisors (EAs) are allowed for funded accounts - typically run from a forex VPS so they stay live 24/5 without a home PC in the loop. These accounts range from $5,000 to $200,000 and provide access to over 800 trading instruments.

Here’s a breakdown of the challenge types:

Payouts

DNA Funded offers an 80% profit split by default, with an option to upgrade to 90% through a profit split add-on. Payouts are available every 14 days, but traders can opt for a 7-day payout cycle by purchasing an early payout add-on.

• Add-on costs: Both the profit split and early payout add-ons increase the challenge price by 20%. Alternatively, traders can choose the Pro Challenge add-on, which combines the 90% profit split and 7-day payout, for a 30% premium.
• Withdrawal minimums: The minimum withdrawal amount is $100. Refunds are no longer available after the fourth withdrawal.

Trader Requirements

Challenge prices vary based on account size and structure:

• A $5,000 2 Phase Challenge costs $49, while the 1 Phase equivalent is priced at $59.
• For larger accounts, a $200,000 2 Phase Challenge is $1,079, compared to $1,209 for the 1 Phase.
• The Rapid Challenge, available for a $100,000 account, costs $549 and matches the 2 Phase pricing. However, it must be completed within 10 days.

2. FTMO

FTMO is a well-known proprietary trading firm that provides traders with professional trading conditions and a structured evaluation process. By partnering with tier-1 liquidity providers, FTMO ensures tight spreads and institutional-grade pricing that closely align with real market conditions. Let’s break down FTMO’s features, including spreads, rules, and payout structures.

Spreads

FTMO offers competitive spreads across major forex pairs and CFDs. Thanks to its partnerships with top-tier liquidity providers, traders benefit from live market pricing and high-quality execution. Beyond forex, tight spreads are also available for CFDs on indices, commodities, and individual stocks, making FTMO a versatile choice for traders employing diverse strategies.

Rules

FTMO uses a two-phase evaluation process to assess traders' skills and ensure fair trading practices.

• Phase 1: The Challenge requires traders to achieve a 10% profit target.
• Phase 2: Verification lowers the target to 5%. Both phases require a minimum of four trading days to complete.

Risk management is central to FTMO’s approach. Traders face a daily loss limit of 5% and an overall loss limit of 10% of the account balance. For instance, on a $10,000 account, the daily loss cap is $500, and the total loss limit is $1,000. These limits scale with account size.

FTMO also offers a 1-Step Challenge with a single 10% profit target, a 3% daily loss limit, a 10% maximum loss and a 50% Best Day rule. It pays a 90% split from the start.

Additional trading rules include:

• Position Duration: During the evaluation, you must trade on at least four days. Once funded, traders are required to close positions by the weekend market close or after two hours of rollover, except for swing traders.
• News Trading: During the Challenge and Verification phases, there are no restrictions on trading during major economic events. Funded accounts, however, impose a two-minute restriction before and after significant news releases for specific instruments like USDJPY and GBPUSD. Other pairs, such as EURGBP and AUDNZD, remain unrestricted.
• Trading Strategies: FTMO supports a variety of strategies, including the use of Expert Advisors (EAs) and algorithmic trading, provided they align with risk management rules. Maximum forex order volume is capped at 50 lots.

"Money management is one of the most important factors affecting a trader's long-term performance in trading. Reasonable risk per trade will give you the much-needed psychological comfort that will prevent you from making unnecessary mistakes. In turn, it will show us that you are a trader who is serious about trading and wants to make consistent results over the long term." – FTMO

Payouts

FTMO’s profit-sharing model allows traders to keep 80% of their profits on the 2-Step, with the potential to increase this to 90% through the Scaling Plan; the 1-Step pays 90% from the start.

• Withdrawal Process: The first reward can be requested 14 days after your first trade and on demand after that. Requests are reviewed within 1–2 business days, and funds usually arrive 1–2 business days later.
• Payment Methods: Options include bank wire transfers, Visa Direct/Mastercard Send (up to $20,000), Skrill, and cryptocurrencies. FTMO doesn’t charge additional fees, but minimum profit thresholds apply - $20 for bank wires and $50 for crypto transfers.
• Reinvestment Option: Traders can reinvest their profits, though the profit split remains in effect regardless of withdrawal choices.

Trader Requirements

FTMO emphasizes consistent performance, recommending traders manage risk at 1%–1.5% per trade. It’s also essential for traders to familiarize themselves with FTMO’s Terms & Conditions, especially clause 5.4, which prohibits certain trading practices. All evaluation trading is conducted using simulated capital designed to mimic real market conditions closely. Additionally, FTMO provides a timezone converter to help traders track when daily loss limits reset, reducing the risk of accidental breaches.

FTMO's platforms are MT4, MT5, cTrader and TradingView. U.S. traders can join through FTMO's partnership with OANDA, which uses a separate sign-up route. Compare a TradingView VPS with the receiving bridge's requirements if TradingView alerts are part of your permitted account setup.

FTMO scaling requirements

FTMO's Scaling Plan can increase the simulated account balance by 25% every four months, up to $2 million across the trader's FTMO Accounts. The published requirements include at least 10% net simulated profit over the prior four months, at least two processed rewards in that period and a positive balance at scale-up. This is conditional growth, not an automatic increase for every funded trader.

3. Topstep

Topstep has carved out a niche in proprietary trading by focusing on futures trading. This focus caters to traders working in commodities, indices, and other futures markets. Unlike forex trading, which often involves traditional spreads, trading futures with Topstep comes with fees and costs tied to specific contracts. Let’s break down how Topstep operates, including its evaluation process, payout structure, and trader requirements.

Rules

Topstep employs a clear evaluation process to identify traders who can consistently perform in the futures market. To qualify for a live funded account, traders must show both profitability and strong risk management by achieving a winning day. A winning day is defined as a Net PNL (Profit and Loss) of $150 or more on the Standard payout path. This rule applies across all account types, ensuring traders can generate returns that align with the capital they are given.

Payouts

Topstep incentivizes traders with a two-tier payout system that grows as they demonstrate consistent performance. Here’s how it works:

• Traders keep 90% of profits.
• Traders who joined Topstep's new dashboard before January 12, 2026 keep 100% of their first $10,000.

The table below highlights the payout structure and requirements for Topstep accounts:

The minimum payout request is $125, allowing traders to withdraw profits regularly. Additionally, there’s a one-time activation fee of $149 for Express Funded Accounts on the Standard path, or none on the No Activation Fee path, which costs more per month.

Trader Requirements

Topstep places a strong emphasis on risk management and long-term trading strategies. Traders are required to balance profit-taking with account growth, ensuring they maintain enough capital for proper position sizing. After the first payout, the Maximum Loss Limit resets to $0, which corresponds to the account’s starting balance. This means traders must keep their account above the initial funding level.

Reaching 30 winning days unlocks additional benefits, including daily payout eligibility and access to withdraw up to 100% of the account balance.

4. The 5%ers

The 5%ers has built a reputation for its flexible trader development programs and profit-sharing opportunities. It runs High Stakes (2-step), Hyper Growth (1-step), Bootcamp (3-step), Pro Growth (1-step) and Instant Funding programs on MT5. It supports speculative trading strategies across various markets, making it a popular choice for traders looking for growth.

Spreads

The 5%ers provides competitive spreads for traders. For major currency pairs, spreads range between 0.2 to 0.9 pips. If you opt for raw spread trading, spreads start at 0.0 pips, with commissions set at $4 per standard lot (round-trip) or $8 per 1.0 standard lot.

As Dukascopy Bank SA explains:

"Spreads are a key component of trading costs, directly affecting profitability and are often narrower in high-liquidity markets and wider during low liquidity or volatile conditions."

Traders can access real-time spread details in MT5 by right-clicking a symbol in the market watch window and selecting "specification". This transparency ensures traders have the information they need to manage their costs effectively.

Rules

The 5%ers imposes strict trading rules to maintain a structured environment. Prohibited practices include high-frequency trading (HFT), copy trading, hedging, arbitrage, tick scalping, account sharing, and using third-party expert advisors unless you own the source code.

Accounts that remain inactive for over 30 consecutive days are set to expire, with the countdown starting from the registration date. Despite these restrictions, traders are allowed to hold positions overnight, over weekends, and during news events. However, the High Stakes Program has an exception: no orders can be placed within two minutes before or after high-impact news related to the traded currency or index. Violating these rules can lead to account termination. These stringent protocols help ensure a fair and disciplined trading environment.

Payouts

The 5%ers offers a flexible profit-sharing model, with payouts ranging from 50% to 100%. The first withdrawal comes 14 days after the funded account is activated and then every two weeks; requests are processed within up to 3 business days, with a minimum of $150 and a 3.5% fee on Rise, crypto and bank payouts. Payment options include Rise, cryptocurrencies, or hub credits, which are added directly to the trader’s dashboard.

A one-time entry fee applies for each challenge, and profits earned with bonuses are subject to a 50% split. Importantly, withdrawals do not impact account scaling, though the 14-day payout cycle resets upon scaling.

Trader Requirements

To succeed with The 5%ers, traders must showcase consistent speculative performance while adhering to strict conduct rules. This includes avoiding trade coordination, copy trading, account sharing, or using unverified automation tools. These requirements emphasize the firm’s focus on disciplined and independent trading practices.

5. FundingPips

FundingPips is a proprietary trading firm headquartered in Dubai (United Arab Emirates), offering multiple challenge and funding paths for traders of various experience levels. Known for its flexible model (ranging from one-step challenges to direct funded “zero” programs), it aims to provide low entry cost, transparent rules, and high profit-split opportunities.

Spreads & Markets

Traders at FundingPips gain access to a broad range of instruments, including forex, commodities, indices, and cryptocurrencies. Spreads are competitive: for instance, review sources report spreads “starting from 0.1 pips” on major forex pairs under certain challenge accounts. Commission structure likewise varies by account type but is designed to be cost‐efficient for day/swing traders.

Rules & Challenge Types

FundingPips offers several evaluation/funding models, typically including:

• 1 Step Flex: 12% profit target, 2% or 3% daily loss, 12% static maximum loss, no minimum trading days.
• 2 Step Standard: 8% then 5% targets, 3% or 5% daily loss, 10% static maximum loss, 3 trading days per phase ($529 for $100,000). The 2 Step Pro uses 6% targets with 3% daily and 6% maximum loss, and the 2 Step Flex 10% then 8% with 4% daily and 12% maximum loss.
• Zero (instant): no evaluation, a 3% daily loss limit and a 5% trailing maximum loss that locks at breakeven, with a 95% split.

General rules across their programs include:

• Minimum trading days: ~3 days required in most challenge paths.
• Static drawdown limits (rather than trailing) in many models.
• Leverage varies by program: forex up to 1:100 in two-step models.
• Use of EAs/automated trading: FundingPips allows certain risk-management tools, but prohibits fully automated bots placing trades.

Payouts & Profit Splits

FundingPips links the split to the payout cycle you choose: on the 2 Step Standard it is 60% weekly, 80% bi-weekly, 90% on demand and 100% monthly; the 2 Step Pro pays 80% weekly or 100% monthly, and Zero pays 95% bi-weekly. Payouts need at least 1% of the account size and are processed in 1–3 working days. The old Hot Seat program is no longer listed; top traders may be invited to the Prime account instead.

Minimum challenge fee entry points are reported as low as US$29 for a $5K account in certain models.

FundingPips offers MT5, cTrader and Match-Trader (no MT4). Its restricted-country list covers FATF, EU and UN sanctions lists plus Vietnam and the UAE; the United States is not on it.

Trader Requirements & Scaling

FundingPips allows up to $400,000 across accounts, and its invitation-only Prime account scales up to $2 million. Withdrawal minimums may vary by program, and payout processing times generally claim expedited service (some within 48-hours) under certain conditions.

Reputation & Considerations

Most recent reviews highlight FundingPips as competitive and trader-friendly with strong profit potential. However, there are trader complaints and caution notes: issues raised include changing rules post-funding, slippage or execution complaints in phase 2, and delay in payouts or “interview” requirements.

Advantages and Disadvantages

Here's a quick look at the pros and cons of the firms surveyed:

The cost structures vary across firms. For instance, DNA Funded's challenge fees start as low as $49 (new orders were paused in October 2026), while Topstep charges monthly fees from $49 to $199. Both pay up to 90%: DNA Funded with a paid add-on, Topstep as its standard split.

Evaluation processes also differ. DNA Funded provides multiple evaluation paths, and FTMO offers a standardized two-phase method plus a 1-Step Challenge. Market access varies, too - Topstep focuses exclusively on futures, while DNA Funded, FTMO, and The 5%ers offer broader market options. FTMO's order cap of 200 simultaneous orders and 2,000 daily positions may limit high-frequency traders, whereas other firms impose no such restrictions.

Ultimately, no single firm excels in every area. Choosing the best fit depends on your priorities - whether it’s cost, payout structure, trading flexibility, or market access. These comparisons aim to help you align your choice with your trading strategy.

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Conclusion

Selecting the right proprietary trading firm is all about finding one that aligns with your trading style and goals. For intraday strategies, compare the day-trading prop-firm shortlist and its account restrictions rather than the overall ranking alone.

DNA Funded offers low entry fees, generous profit splits, and access to over 800 trading instruments. As Noam Korbl, co-founder of Prop-Firms.com, explains:

"DNA Funded's extensive range of markets includes a broad selection of global equities and indices. In an industry that often prioritizes forex and commodities, DNA Funded addresses the needs of stock traders, providing them with unmatched access in the prop trading space."

FTMO is well-regarded for its rigorous evaluation process and large funded accounts, making it a strong choice for seasoned traders looking for higher capital.

For those focused on futures, Topstep is a compelling option. They pay a 90% profit split, with monthly evaluations from $49.

Meanwhile, The 5%ers caters to traders aiming for steady, long-term growth. Their conservative approach is ideal for those who prefer a more measured trading style.

When evaluating firms, pay close attention to eligibility criteria and profit-split structures. Many U.S.-based traders lean toward firms offering profit splits of 80% or more. As the industry continues to evolve, transparency and reduced fees are becoming key competitive factors.

Each firm has its strengths - whether it’s affordability, evaluation processes, or market specialization. The key is to choose a firm that aligns with your trading capital, market preferences, and profit objectives.

FAQs

How do the evaluation processes of DNA Funded and FTMO differ?

DNA Funded gives traders two evaluation options: a single-step process with a 10% profit target or a two-step process where traders aim for a 10% profit target in Phase 1 and 5% in Phase 2. This setup offers more flexibility and places a strong focus on managing risk effectively.

On the other hand, FTMO follows a more structured two-phase evaluation system. The first phase, known as the Challenge, requires traders to hit specific profit and risk targets within a set timeframe. The second phase, called Verification, ensures traders can maintain consistent performance, but with a lower profit target.

The main difference? DNA Funded lets traders choose between single-step or two-step evaluations, offering more adaptability. FTMO, however, sticks to a fixed two-phase structure aimed at testing both a trader's profitability and discipline.

How do the payout structures of Topstep and The 5%ers compare, and what do they mean for traders?

Topstep pays a 90/10 split (traders who joined its new dashboard before January 12, 2026 keep 100% of their first $10,000). Each payout is capped at 50% of the account balance, and on the Standard path traders need five winning days of $150 or more before they can request a withdrawal.

The 5%ers, by contrast, begin with an 80% profit split, which can increase to 100% as traders advance through their program. Payouts are processed on a bi-weekly schedule, providing a consistent timeline for receiving earnings.

For traders, Topstep's structure offers a simple 90% split but caps each payout at half the balance. Meanwhile, the 5%ers' approach, with its higher starting split and potential for full profit sharing, may appeal to those focused on long-term growth and more flexible payout options.

What should traders look for when evaluating proprietary trading firms based on market access and available instruments?

When choosing a proprietary trading firm, it's crucial to examine the kind of market access they provide. Do they offer direct market access (DMA), or will you be trading through intermediaries? This distinction can significantly affect your trading experience.

You'll also want to check the variety of trading instruments available. For stocks, forex, futures, or options, make sure the firm's offerings align with your trading strategy and goals.

Equally important are factors like order execution speed, available liquidity, and the firm's approach to risk management. These elements play a big role in how smoothly and securely you can trade. Lastly, confirm that the firm adheres to relevant regulations, such as FINRA’s Market Access Rule, to ensure you're working within a safe and reliable trading environment.