How to Choose a Prop Firm: A Checklist (2026)

Last updated: July 2026. Most comparisons start with price. That's backwards — price is the last filter, not the first. Here's the order that actually matters, with a link to the deep-dive on each one.

1. Market — does the firm even offer what you trade?

Futures-only firms like Topstep and forex/CFD firms like FTMO don't compete for the same trader. This filters out most options before anything else matters — see our Topstep vs FTMO comparison.

2. Evaluation structure — one-step or two-step?

This determines both speed to funded and typical daily loss tightness. See our one-step vs two-step breakdown.

3. Drawdown type — trailing or fixed?

A trailing drawdown that ratchets up with your peak balance is a meaningfully different risk profile than a fixed one, especially if you tend to give back some profit before locking it in. Covered in our Topstep vs FTMO comparison.

4. Time limit and minimum trading days — two separate rules

Don't assume a "no time limit" firm also has no minimum trading day requirement — they're independent rules. Check both: no time limit list and no minimum trading days list.

5. Consistency rule — does one big day get your payout held?

If your strategy produces occasional outsized wins, a strict consistency rule can hold your payout even after a technically successful evaluation. See our consistency rule explainer.

6. Payout track record — will they actually pay?

Check processing time, split percentage, and public review volume before you buy, not after you pass. See our FTMO payout data breakdown.

7. Scaling plan — what's the long-term ceiling?

The evaluation gets you funded once; the scaling plan determines your earning ceiling over years. See our scaling plans explained.

8. Price and refund policy — the last filter, not the first

Only after the above line up should price break the tie — and check whether the fee is refundable on your first payout. See our cheapest challenges breakdown and refund policy guide.

Bottom line

Run this list top to bottom before comparing prices — most traders do it in reverse, pick the cheapest option first, and only discover the rule mismatch after they've already paid. If you're a beginner working through this list for the first time, start with our guide to beginner-friendly firms.

Check current FTMO pricing →   Check current The5ers pricing (code GHZHCY) →