How crypto prop firms work: evaluations, rules and payouts

Crypto prop programmes offer evaluations or other funded-access models for specific instruments and stages. Many stages are simulated, while some use live capital. Before paying, read the exact account model and instruments, the real fees, the loss rules and the payout prerequisites in the provider's own documentation. Access terms differ between programmes and stages.

The Rock Trading · Updated 3 October 2026

Identify the account model and instrument

One point promotions leave vague is whether the account you trade holds real capital or simulated funds. FTMO's technical FAQ states that its accounts use fictitious funds and that client trades never take place on live markets. That describes one named firm, not the sector; BrightFunded's terms and Blueberry Funded's Instant Elite guide also describe simulated services, while some programmes may offer live-capital stages.

An advertised account size is distinct from money you personally own and from the fees you pay. Keep the three figures separate: advertised size, your capital, and every cost the contract can levy.

Check the instrument as well as the stage. CFDs carry particular ownership and exposure mechanics, which our guide to crypto CFDs defines. Simulated leverage settings are not equivalent to the permissions and protections attached to Australian retail CFD accounts.

FTMO's joining FAQ sets an adult age requirement, lists excluded jurisdictions and routes Australian clients to an affiliated Australian entity. Confirm your own country, age, legal entity, product and programme before paying; identity, security and funding checks are covered in our guide to opening a crypto account.

Separate evaluation targets from real fees

Meeting a profit target is one of several advancement conditions, not the only one. Programmes may also require minimum trading days, loss limits, consistency rules or permitted methods before advancing a participant. Fees are an actual outlay even when balances are simulated, and costs paid by the participant are distinct from simulated trading costs. Rules differ, so check the exact agreement.

Refund terms deserve equal scrutiny. FTMO's fee FAQ distinguishes a conditional evaluation fee refund, available with the first reward in its 2-Step programme, from its 1-Step programme, which offers no refund. Treat that as one firm's terms, not a sector norm or a promise. Where the contract applies, record initial, renewal, activation, reset and add-on costs; not every programme charges every category.

Build a programme rule sheet

The reliable comparison method is a rule sheet built from the exact agreement, not marketing pages or forum summaries. For each programme, record:

the programme name and version
the contract URL
the date you checked it

Then answer the questions below. These are research questions, not asserted rules; firms answer them differently.

Programme rule sheet: what to record from the exact contract before paying a fee
Rule	What to record	Why it affects the decision
Account stage/instrument	Simulated or live capital, and the product traded	Defines what the fee buys and which protections apply
Phase targets and minimum days	Profit target per phase, minimum trading days, maximum duration	Sets the workload and conditions before advancement
Total loss reference/sampling	Balance or equity, static or trailing, sampling point	Defines when the programme can end
Daily reset/time zone/open P&L	Reset time, time zone, open position treatment	Changes what counts and when the day resets
Consistency and position/trade-idea limits	Caps on single-day, single-position or single-idea contribution	A concentrated result can breach a cap even when profitable
Permitted automation/copy/news/weekend methods	Allowed execution methods and holding periods	Disallowed methods can void results or payouts
Fees/refunds	Initial, renewal, activation, reset and add-on costs; refund terms	Real outlays regardless of simulated balances
Payout eligibility/review	Request timing, closed-position requirements, approval steps	Rewards depend on eligibility, not targets alone

Two structural points: a daily loss floor and a total loss floor may both apply in one programme, and either can end it. A published profit split is insufficient to infer take-home rewards, because eligibility and review conditions stand between a passing target and payment.

Understand static, trailing and daily limits

FTMO's 2-Step evaluation sets a static maximum loss floor: the initial balance minus a fixed allowance based on that initial balance. Its 1-Step floor instead trails the highest qualifying balance recorded at preceding midnights, or the initial balance if higher, again minus a fixed allowance based on the initial balance. Equity for these calculations includes open profit and loss, swaps and commissions. Within an unchanged account cycle, the trailing reference is nondecreasing, so it never falls back. Notably, FTMO's primary source states the trailing reference resets only after a reward withdrawal and the provision of a new FTMO account, a combined circumstance rather than a withdrawal alone. These examples are specific to FTMO; see https://ftmo.com/en/trading-objectives/.

Daily limits are separate. In FTMO's objectives they depend on the midnight account balance and a fixed allowance based on initial capital, and a reset can change the daily floor even without a new trade. Models vary sector-wide in reference (balance or equity), sampling point (intraday or end-of-day), caps, withdrawal and reset adjustments, and breach thresholds.

Select a static or uncapped trailing model, enter a starting balance, current equity and allowance percentage, and for trailing a qualifying high-water reference; its balance-or-equity basis and sampling depend on the chosen rule. The reference must at least equal the starting balance but may sit below current intraday equity. The currency allowance is fixed from the starting balance. The tool shows the selected floor and the signed equity-minus-floor distance, not both at once. It performs no automatic history sampling, daily checks, time-zone or reset processing, capped trails, withdrawals, variable allowances, target, consistency or payout modelling, or provider breach decisions. Inputs are hypothetical, without presets. It does not reproduce a complete FTMO programme or confirm any account state is safe.

Prop firm drawdown calculator

Illustrative total loss floor · USD values · No provider presets

Compare a static floor with an uncapped trailing floor using a qualifying reference you supply. Both use a fixed loss allowance from the starting balance. Current equity includes open profit or loss. Enter all values in USD.

Worked example: USD 100,000 starting balance, USD 98,000 current equity and a 6% allowance. The static model gives a USD 94,000 floor and USD 4,000 buffer. Interactive inputs become available when JavaScript loads.

Fixed loss allowance: USD 6,000.00
Illustrative equity floor: USD 94,000.00
Current equity minus floor: USD 4,000.00

Above the illustrative floor by USD 4,000.

Allowance = starting balance × percentage ÷ 100. Static floor = starting balance minus allowance. Trailing floor = qualifying high-water reference minus the same allowance. Buffer = current equity minus floor.

At the floor means zero buffer; below it means this illustration's limit is exceeded. Neither determines a provider breach. The tool does not sample history or apply timezones. It excludes daily loss rules, reset times, trailing caps, fees, withdrawals and payout adjustments. Confirm the reference and exact programme terms.

Check payout conditions before paying

As a named example, FTMO permits a payout request from the 14th day onward after the first trade, according to https://ftmo.com/en/faq/how-do-i-withdraw-my-profits/. A request is subject to objectives and agreement compliance, review and approval. The participant must close all open positions and cancel pending orders before requesting the payout; this is a participant requirement, not a promise that the firm closes everything automatically. Reaching a profit target alone does not establish payout eligibility. Record the programme's timing, starting event and compliance, request and review requirements.

Compare the exact programme

Comparison only works at the level of the exact programme version, because rules, fees and payout terms differ between stages and updates of one brand. Our crypto prop firm comparison covers provider rankings, the comparison tool builds a functional shortlist, and the methodology page explains rating provenance. The trading walkthrough covers product selection and the order process.

No programme guarantees profitable results. Complete these contract research steps before making any payment, and remember that understanding the rules does not remove financial or provider risk.

locate the agreement for the exact programme version
record its identification and your check date
complete the rule sheet before paying
re-check whenever the version changes