Prop trading.
Clearly explained.

It is a paid rule-based assessment. You trade a simulated account with profit targets, loss limits and strategy restrictions. Passing can lead to another evaluation stage or a funded-stage agreement, which is often still simulated.

No. Many retail prop programs continue to use simulated execution while paying real monetary rewards under a contract. A move to live market capital may be discretionary or may never occur.

Yes. A breach, expiry, cancellation or failed attempt commonly ends the account without a refund. Some providers refund a fee only after one or more qualifying payouts.

Forex/CFD programs often use percentage-based limits and one-time fees. Futures programs frequently use dollar drawdowns, subscriptions, activation, data feeds and contract limits.

No. The usable buffer is the distance to the binding maximum-loss threshold. A 100K account with a 3K drawdown offers roughly a 3K gross buffer, not 100K of spendable risk.

Not automatically. It has fewer stages but can use a smaller daily limit, trailing drawdown, a higher target or a best-day rule.

You must pass two stages, usually with a lower target in phase two. Loss rules may remain identical, so total target and time should be compared together.

It removes a conventional evaluation stage, not the rules. Instant programs can have tighter drawdown, lower split, consistency restrictions or higher purchase prices.

Recurring access, resets, activation, platform licences, exchange data, paid add-ons, withdrawal charges and currency conversion can all change the total.

No. Apply discounts only after comparing the exact program rules and total path. Confirm the code is accepted for the selected size at checkout.

The threshold usually stays fixed below the starting balance, so closed profits increase the distance to the limit. Confirm whether any later funded-stage rule changes it.

The threshold follows a high-water mark. Intraday trailing may react to open profits; end-of-day trailing usually updates from a daily reference. Check where, if anywhere, it stops.

Providers can use balance, equity, start-of-day values, fees and open P&L differently. The reset time zone is part of the rule.

It often limits the best day as a percentage of total profit. Exceeding it may require more total profit before a payout rather than closing the account.

These are separate permissions and can differ between evaluation and funded stages. Holding can be allowed while opening or closing in an event window is restricted.

Start with drawdown type, actual currency buffer, total cost, first payout conditions and the exact trading restrictions. Platform and support come next.

It is a sentiment signal, not proof of solvency or future payouts. Review volume, recent low and mid ratings, repeated complaints and platform warnings all matter.

Unclear contracting entities, contradictory rules, retroactive changes, hidden fees, unrealistic earnings claims, pressure timers and no written support path deserve caution.

KYC inconsistencies, prohibited strategies, coordinated trading, copy trading, technical anomalies or a rule breach can trigger review. Ask for the exact rule and trade IDs in writing.

Save the checkout, product page, rule book, payout policy and terms with the date. Keep invoices, support answers and account statements.