FTMO, The5ers, E8 Markets and FundedNext are four of the most discussed proprietary trading firms, and traders constantly ask how they stack up. This comparison takes a deliberately honest approach: rather than publishing specific rules and fees we haven't independently validated — which change frequently and would mislead you if stale — we give you the framework to compare them properly, plus what is generally known about each firm's positioning.
Where specific figures matter, we point you to each firm's official site rather than quoting numbers that change often. Our editorial policy explains how we assess providers.
How to read this comparison
The firms differ less in headline numbers than in the structure of their rules. Before comparing them, make sure you understand the criteria that actually separate prop firms, covered in depth in How to Choose a Prop Firm:
- Drawdown type — static vs trailing (the biggest differentiator).
- Daily loss limit — the most common failure point.
- Target-to-drawdown ratio — how achievable the target is.
- Payout terms and reliability — split, frequency, and track record.
- Restrictions — news, weekend holding, EAs, consistency rules.
Use these as your lens for all four firms below.
The four firms at a glance
The following describes each firm's general positioning. Confirm specific current rules, fees, profit splits and payout details directly with each firm before committing.
FTMO
One of the most established and widely recognised prop firms, offering both 1-step and 2-step evaluation models and a broad instrument range. Often used as the reference point other firms are compared against. For current targets, drawdown rules, fees and payout terms, see the provider site and our FTMO review.
The5ers
Known for offering instant-funding and step-based models with a defined scaling plan, positioning itself toward traders who value a structured growth path. For current rules, fees and payout terms, see our The5ers review.
E8 Markets
Generally positioned around flexible evaluation structures and configurable account targets, appealing to traders who want options in how their challenge is set up. For current rules, fees and payout terms, see our E8 Markets review.
FundedNext
Offers several evaluation and express models, often noted for a profit-share component during the challenge phase. For current rules, fees and payout terms, see our FundedNext review.
Comparison framework table
Use this structure to compare the firms side by side, filling each cell from the firm's current official terms:
| Criterion | What to check | What it tells you |
|---|---|---|
| Model | One-step / two-step / instant | Compare directly across firms |
| Drawdown type | Static or trailing | Compare directly across firms |
| Daily loss limit | % and calculation basis | Compare directly across firms |
| Profit target | % and phases | Compare directly across firms |
| Profit split | Starting % and scaling | Compare directly across firms |
| Payout frequency | And first-payout conditions | Compare directly across firms |
| Restrictions | News, weekend, EAs | Compare directly across firms |
| Reputation | Recent payout reliability | See individual reviews |
Fill this from each firm's official source, and the right choice usually becomes obvious for your specific strategy.
How to decide between them
The decision rarely comes down to which firm is "best" in the abstract. It comes down to fit:
- If your strategy needs room to breathe after winning runs, a firm with a static drawdown will suit you far better than one with a tight trailing drawdown — regardless of brand.
- If you trade around news, prioritise firms whose restrictions permit it.
- If you run an EA, eliminate any firm that restricts automation before comparing anything else.
- If payout reliability is your priority (it should be), weight recent independent community experience most heavily.
Model your own strategy and risk against each firm's rules with the Prop Challenge Planner before paying for anything.
Build your plan before you choose
Whichever firm fits best, you'll only pass and keep the account with disciplined risk. Size positions with the Position Size Calculator, and build a concrete plan with our Prop Challenge Risk Plan guide. The firm provides the opportunity; your risk management determines whether you keep it.
The honest bottom line
All four firms are widely used, and each can be the right choice for the right trader. We won't crown a winner on unvalidated data, and you should be skeptical of any comparison that ranks firms confidently without disclosing how recent its data is. Use the framework, verify current terms directly, and choose on fit.
Risk disclaimer: This guide is educational content only and is not financial advice or a recommendation of any specific firm. Prop firm terms change frequently, so always verify a firm's current terms directly before committing. Proprietary trading challenges involve risk, can be failed, and fees are generally non-refundable. Past performance does not guarantee future results. You are responsible for your own decisions.
Ready to compare prop firms?
See every firm we have reviewed side by side — models, platforms, scores and trader fit, with every partnership disclosed.
Frequently asked questions
Which is the best prop firm out of these four?
There is no single best — it depends on your strategy, the drawdown type you can trade under, and which payout terms matter most to you. The right choice is the firm whose current, verified rules best fit how you actually trade. We don't publish a ranking until each firm's data is validated.
Why doesn't this page show exact rules and fees?
Prop firm terms change frequently, so we describe each firm qualitatively and link to its official site for the current numbers rather than quoting figures that could go stale. Always verify the current rules directly with each firm before paying.
Is FTMO better than The5ers?
They use different models and rule structures, so 'better' depends entirely on your strategy and priorities. Compare them on the framework in this guide — drawdown type, target-to-drawdown ratio, payout reliability and restrictions — using each firm's current official terms.
How often do prop firm rules change?
Often enough that any comparison can go out of date quickly. Treat any third-party comparison, including this one, as a framework for what to check — not a substitute for the firm's current official terms.