Trading involves substantial risk
Futures, forex, crypto and leveraged trading involve substantial risk of loss and are not suitable for everyone. Leverage means a small market move can produce a large loss. Past results, whether yours, a firm's or anyone else's, do not guarantee future results. Only trade with money you can afford to lose.
How prop firm programs work
- You pay a fee to be evaluated. An evaluation fee, and any reset, renewal or activation fee, is a cost you pay the firm. It is usually non-refundable, whether or not you pass.
- Most accounts are simulated. Evaluations, and most funded accounts, trade in a simulated environment. Your trades may not be placed in a real market, and fills may differ from what a live account would get.
- Payouts depend on the firm's rules. A firm pays you under its own terms, which it sets, interprets and can change. Rules such as drawdown, daily loss limits, consistency, minimum days, news restrictions and payout caps decide whether you can withdraw.
- Many traders don't pass. Passing an evaluation is difficult, and passing doesn't guarantee any payout.
- Firms carry business risk. Firms can change their rules, pause payouts, stop serving your country or close. Consider how long a firm has operated and read its payout terms before you pay.
Not advice, not a recommendation
Everything on this site is general information and education. It is not financial, investment, trading, tax or legal advice, and it is not a recommendation to buy any firm's product or to make any trade. Comparisons show firms' published rules only. They don't tell you which firm is right for you, and they don't predict whether you'll pass, get paid or profit. Consider getting independent advice for your situation.
Who we are, and aren't
Prop Firm Duel is an independent information website. It is not a broker, futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator or investment adviser, and it is not registered with the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), the Securities and Exchange Commission (SEC) or any other regulator. We don't manage money, hold funds, place trades or provide trading signals.
Hypothetical and simulated results
Our tools (Replay My Trades, the Survival Test, Stack Builder, All-in Cost and others) apply published rules to numbers you enter, and some content discusses results from simulated accounts.
Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
Live Duels and personal results
Live Duels show results from accounts bought and traded by the site's founder. They are one trader's results, from specific accounts over a specific period. They are not typical, they are not a prediction of your results, and they are not a recommendation of either firm. Duels never declare a winner. How the accounts were paid for is stated on each duel, and our Disclosure page explains any relationship with a firm.
Rules and prices change
Firms change their rules, prices and terms often. We date every value and link to its source, but information here can be out of date or wrong. Always read the firm's current terms, rules and FAQ, and check that you're eligible from your country, before you buy.
Taxes
Payouts from prop firms may be taxable, and firms may report them to tax authorities. Tax treatment depends on where you live and your circumstances. Guides on this site are general information, not tax advice; ask a qualified tax professional.
Crypto and stock programs
Crypto markets trade around the clock, can move sharply and can be affected by exchange outages or regulatory action. Stock programs can be affected by earnings, halts and overnight gaps. Each firm's rules for these markets differ from futures programs; read them in full.