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Best prop firms in the USA: FTMO US, Topstep and Apex compared

Last reviewed: October 2026

A prop firm "challenge" or "evaluation" lets you pay a fee to trade a simulated account under strict rules, with the chance of performance-based payouts if you pass. This OpenBook guide compares three well-known firms that accept US residents, FTMO US (run with OANDA), Topstep and Apex Trader Funding, on the facts each one publishes: who runs it, fees, loss limits, profit split, payout rules, platforms and refund policy. It also explains what these products are, what they are not, and the risks to weigh before you pay. Educational content only; not investment, tax or legal advice.

Want to trade your own money in a regulated account instead? See our guide to CFTC-registered US forex brokers.

Risk warning: Trading CFDs, forex, crypto and other leveraged products carries a high level of risk and may not be suitable for all investors. You can lose more than your initial deposit in some products. Past performance is not a reliable indicator of future results. OpenBook provides general market information and educational content only; it is not investment advice.

Prop firm evaluations are paid products, and most people who buy one do not pass. Fees are generally non-refundable, including when you fail. Funded accounts are usually simulated, and payouts are discretionary performance rewards, not returns on an investment. Only spend money you can afford to lose.

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Affiliate disclosure: OpenBook has an affiliate relationship with FTMO. If you buy an FTMO Challenge through a link marked "Affiliate link" on this page, OpenBook may earn a commission, at no extra cost to you. Topstep and Apex Trader Funding have no commercial relationship with OpenBook, and we earn nothing from links to them. The affiliate relationship does not change which firms we list or what we say about them, and no firm reviews this page before it is published.

Regulation: Prop firms are not CFTC- or NFA-regulated brokers. Each firm on this page states in its own terms that it is not a regulated broker, so you do not get the protections that come with an account at a CFTC-registered, NFA-member firm.

Independence: OpenBook is not an official channel of FTMO, OANDA, Topstep or Apex Trader Funding. Apart from the FTMO affiliate relationship described above, OpenBook is not affiliated with any firm listed.

Availability: Eligibility depends on your US state and on each firm's terms. For example, FTMO US does not currently accept residents of Arkansas, Delaware, Louisiana, Montana or South Carolina. Check eligibility on the firm's own site before you pay.

Not advice: This guide is general educational information. It is not investment, financial, tax or legal advice, and it is not a recommendation to buy any evaluation.

What a prop firm evaluation is, and what it is not

A paid educational and evaluation product — You buy access to a simulated trading account, rules and tools. You are not opening a brokerage account and you do not deposit trading capital.
Funded accounts are usually simulated — After you pass, the "funded" account is in most cases still a simulated (demo) account. FTMO US says no real capital is involved at any stage.
Fees are generally non-refundable, and most traders fail — If you break a loss limit or miss the target, the evaluation ends and the fee is gone. Most people who buy an evaluation do not pass.
Payouts are performance rewards, not investment returns — The firm pays a share of simulated profits under its own rules, caps and discretion. Your fee is not invested and earns no return.
Prop firms are not CFTC- or NFA-regulated brokers — Their terms say so. Disputes are handled under each firm's own terms, often through arbitration.
This is not investment advice — Nothing here is a recommendation to buy an evaluation or to trade.

Quick comparison: prop firms for US residents

Listed alphabetically, not ranked. Facts as published by each firm on its official pages, checked on 3 October 2026. Prices and rules change often: confirm them on the firm's own site before you pay.

Prop firms for US residents compared on availability, markets, fees, profit split, funded account type and refunds (October 2026)
Firm	US residents	Markets	Evaluation fee	Profit split	Funded account	Fee refunds
Apex Trader Funding Official site	Yes: US-focused	Futures	One-time fee by size and drawdown type, plus an activation fee on most plans	100% of approved payouts	Simulated (live by invitation)	No refunds
FTMO US Visit site (affiliate link)	Most states (not AR, DE, LA, MT, SC)	Forex, US indices, gold, oil, bitcoin (simulated)	One-time: $89 to $1,249 by size and type	Up to 90% (1-Step 90%; 2-Step 80% to 90%)	Simulated	No refunds
Topstep Official site	Yes: US company	Futures	$49 to $229 a month, plus $149 activation on the Standard path	90%	Simulated (live account possible later)	No refunds

Profit split is the share of simulated profit a firm says it pays as a reward, subject to its payout rules and caps. "Simulated" means the account is not traded in live markets. None of these firms is a CFTC- or NFA-regulated broker. Promotions and discounts are not shown.

Prop firm profiles

Each profile sums up what the firm states on its own official pages and terms. Rules are summarized; the firm's full rules and terms always apply. This is not a complete list of prop firms that accept US residents.

Apex Trader Funding

Simulated evaluation · Not a broker

Who runs it: Apex Trader Funding, Inc. A Texas corporation headquartered in Austin, Texas.
Regulatory status: Apex says it is not a broker-dealer, futures commission merchant or investment adviser and is not regulated by financial regulatory authorities.
US availability: Apex says its services are intended for United States users. The US is not on its list of restricted countries.
How it works: One-step Evaluation with an end-of-day (EOD) or intraday trailing drawdown, 30 calendar days of access and no minimum trading days. Pass and you can activate a Performance Account, which is simulated. Apex says live trading with its capital is by invitation only.
Evaluation fee: One-time fee per Evaluation (not a subscription), set by account size ($25K to $150K), drawdown type and whether you pick a "no activation fee" plan; otherwise a one-time Performance Account activation fee is due within 7 days of passing. No resets: a failed or expired Evaluation means buying a new one. Apex often advertises discounts, so check the price at checkout.
Key rules: EOD Evaluation: profit target $1,500 to $9,000, maximum EOD drawdown $1,000 to $4,000 and a daily loss limit of $500 to $2,000 (hitting it pauses trading for the session), by account size.
Profit split: 100% of approved payouts.
Payouts: Up to weekly: each request needs 5 qualifying trading days with a minimum daily profit, a 50% consistency rule and a $500 minimum, with your balance kept above a "safety net". Each Performance Account has at most six payouts, each with a size cap, and closes after the sixth.
Platforms and markets: NinjaTrader (via Rithmic), Tradovate or WealthCharts. US-listed futures only.
Refund policy: Apex says the Evaluation fee cannot be refunded, transferred or changed after purchase.
Sources checked: Evaluation fees and access

EOD Evaluation rules

EOD Performance Account

EOD payouts

Risk disclosure

Terms of use

Most traders do not pass. The fee is not refunded if you fail, the funded account you get after passing is simulated, and payouts are not guaranteed.

Official website: apextraderfunding.com No commercial relationship

FTMO US

Simulated evaluation · Not a broker

Who runs it: JV Prop Corporation (FTMO Group) and OANDA Prop US Corporation (OANDA Group) JV Prop Corporation, a Delaware corporation, runs the FTMO Challenge. OANDA Prop US Corporation, a Delaware corporation with offices in New York and owned by OANDA Global Corporation, runs the FTMO Rewards Account. FTMO US launched with OANDA on 26 August 2025. FTMO US says you have no client relationship with OANDA Corporation, the NFA-member forex dealer.
Regulatory status: FTMO US's terms say its services are not regulated financial services and that it is not regulated by the CFTC, the NFA or a similar authority.
US availability: For legal US residents aged 18 or over with a US tax ID (for example a Social Security Number). FTMO US does not currently accept residents of Arkansas, Delaware, Louisiana, Montana or South Carolina. Rewards are paid only to a US bank account you can prove you own, after you submit IRS Form W-9.
How it works: Choose a 1-Step or 2-Step FTMO Challenge on a simulated account of $10,000 to $200,000. Pass and, after identity checks, you may be offered an FTMO Rewards Account with OANDA Prop US Corporation. That account is also simulated; FTMO US says no real capital is involved at any stage. There is no time limit on the Challenge.
Evaluation fee: One-time fee, not a subscription. On 3 October 2026, FTMO US listed fees from $89 (1-Step) and $99 (2-Step) for the smallest account up to $1,149 (1-Step) and $1,249 (2-Step) for the largest.
Key rules: 2-Step: profit target 10% (Challenge) then 5% (Verification), maximum daily loss 5%, maximum loss 10% (static), at least 4 trading days. 1-Step: profit target 10%, maximum daily loss 3%, maximum loss 10% (trailing at end of day) and a Best Day Rule (your best day must be no more than 50% of your positive days' profit). Percentages are of the initial simulated balance.
Profit split: 1-Step: 90% of simulated profit. 2-Step: 80%, rising to up to 90% through FTMO's Scaling Plan or Premium Program.
Payouts: The first reward can be requested 14 days after your first trading day on the FTMO Rewards Account, with no open positions. FTMO US says withdrawals are usually processed within 1 to 2 business days of confirming the invoice, by bank wire. A $20 minimum closed profit applies to cover transfer fees.
Platforms and markets: MetaTrader 5 or TradingView. Simulated forex pairs plus a few US indices, gold, crude oil and bitcoin.
Refund policy: No refunds. FTMO US labels the Challenge fee "one-time fee (non-refundable)", and its terms say a paid fee is not refunded. The 1-Step fee is never reimbursed. For the 2-Step only, FTMO US says the fee is paid back with your first reward if you pass, complete identity checks and Form W-9 and follow its terms; that is not a refund if you fail.
Sources checked: FTMO US entities and OANDA's role

Who can join FTMO US

1-Step vs 2-Step comparison

Trading Objectives

Withdrawing a reward

Why is there a fee

FTMO US Challenge terms

OANDA press release (26 Aug 2025)

Most traders do not pass. The fee is not refunded if you fail, the funded account you get after passing is simulated, and payouts are not guaranteed.

Visit FTMO US (ftmo.oanda.com) Affiliate link: OpenBook may earn a commission

Topstep

Simulated evaluation · Not a broker

Who runs it: Topstep LLC A Delaware limited liability company based in Chicago, Illinois. Live funded capital comes from its affiliate TopstepFunded LLC.
Regulatory status: Topstep's terms say it is not a broker-dealer and that trades in the Trading Combine and Express Funded Account are simulated and not made in live markets.
US availability: A US company that accepts US residents (18 or over). Some products and live trading are restricted in certain jurisdictions; check its terms.
How it works: One-step Trading Combine on a $50K, $100K or $150K simulated account. Pass and you can activate an Express Funded Account, which is still simulated. Topstep may later move a trader to a Live Funded Account with its own capital.
Evaluation fee: Monthly subscription until you pass or cancel: $49, $99 or $199 a month (50K, 100K, 150K) on the Standard path plus a one-time $149 activation fee when you pass, or $95, $149 or $229 a month with no activation fee. Resets cost extra; sales tax may apply.
Key rules: Profit target $3,000, $6,000 or $9,000 with a 55% consistency target. Maximum Loss Limit of $2,000, $3,000 or $4,500 that trails your end-of-day balance high. An optional daily loss limit ($1,000, $2,000 or $3,000) pauses trading for the session.
Profit split: Traders keep 90%; Topstep keeps 10%.
Payouts: Standard path: request after 5 winning days of $150 or more, up to 50% of the balance and at most $5,000 per payout. Consistency path: after 3 trading days with a 40% consistency target, up to $6,000. Minimum payout $125.
Platforms and markets: TopstepX, Topstep's own platform. US futures.
Refund policy: Topstep's terms say all fees are final, non-cancelable and non-refundable, including when you fail the Trading Combine.
Sources checked: Pricing and payments

Trading Combine parameters

Consistency target

Maximum Loss Limit

Payout policy

Terms of use

Most traders do not pass. The fee is not refunded if you fail, the funded account you get after passing is simulated, and payouts are not guaranteed.

Official website: topstep.com No commercial relationship

How we compare prop firms (methodology)

For each firm we checked, on 3 October 2026, only its own official pages and terms:

Who runs it and US availability — the legal entity named in the firm's terms or imprint, and the eligibility rules it publishes for US residents.
Regulatory status — what the firm's terms say about broker status and regulation.
Fees and refunds — list prices and fee type (one-time or subscription) on the official pricing page, and the refund wording in the terms. We do not show promotions.
Rules, profit split and payouts — the published loss limits, targets, reward share and payout conditions.
Platforms and markets — the platforms and instrument types the firm lists.

We chose well-known firms that accept US residents and publish their rules in detail. We list them alphabetically and do not rank them, rate them, publish pass rates or payout claims, or say which is right for you. We did not buy evaluations or test the platforms for this page. OpenBook has an affiliate relationship with FTMO only; Topstep and Apex do not pay us, and no firm reviews this page. Read more in our editorial policy.

Before you pay for an evaluation

Check you are eligible. Confirm the firm accepts residents of your state and that you can meet its identity, tax and bank requirements before you pay.
Read the full rules and terms. Loss limits, consistency rules, banned strategies and payout caps decide whether you ever receive a payout.
Add up the full cost. Include monthly renewals, resets, activation fees and data fees, and assume you may need several attempts.
Treat the fee as money you can lose. Only spend what you can afford to lose completely, and do not borrow to pay for evaluations.
Practise first. Use a free trial or practice account where the firm offers one, to see whether you can follow the rules.
Keep records. Save your receipts, the rules in force when you bought, and any payout correspondence. Rewards may be taxable.

US prop firms FAQ

What is a prop firm evaluation?

It is a paid product: you pay a fee to trade a simulated account under set rules, such as a profit target and loss limits. If you meet the rules, the firm may offer you a funded account and pay you a share of the simulated profits as a performance reward. You do not deposit money into a trading account; the fee is the money you put at risk.

Is a prop firm funded account real money?

Usually not. FTMO US says its FTMO Rewards Account is simulated and that no real capital is involved at any stage. Topstep's Express Funded Account and Apex's Performance Account are also simulated. Topstep may later move some traders to a live account, and Apex says live trading is by invitation only. Payouts are paid in real money, but they are discretionary rewards based on simulated results.

Are prop firms regulated in the US?

Prop firms are not CFTC- or NFA-regulated brokers. FTMO US's terms say it is not regulated by the CFTC or the NFA, Topstep's terms say it is not a broker-dealer, and Apex says it is not a broker-dealer, futures commission merchant or investment adviser. You therefore do not get the protections of an account at a CFTC-registered, NFA-member firm.

Can I get my evaluation fee back if I fail?

No. All three firms say their fees are non-refundable, and you lose the fee if you break a rule or do not reach the target. FTMO US pays back the 2-Step fee only together with your first reward, after you pass and meet its conditions; the 1-Step fee is never paid back. Topstep's Trading Combine is a monthly subscription, so you keep paying each month until you pass or cancel.

How many traders pass a prop firm evaluation?

Most do not. Firms rarely publish complete pass rates, but the rules (daily and overall loss limits, consistency rules, minimum trading days) are hard to meet, and many traders who pass later lose the funded account by breaking a loss limit. Topstep itself says over 63% of traders have lost an account in a single day. Treat the fee as money you may lose.

Are prop firm payouts a return on an investment?

No. The fee pays for access to an evaluation and related tools; it is not an investment, and the firm does not invest it for you. Payouts are performance rewards that the firm pays under its own rules, with caps and conditions, and it can refuse them if it decides a rule was broken. Rewards may be taxable: FTMO US, for example, requires IRS Form W-9 before the first reward. This is not tax advice.

Is FTMO US the same as OANDA?

No. FTMO US is run by JV Prop Corporation, an FTMO Group company that provides the FTMO Challenge, and OANDA Prop US Corporation, an OANDA Group company that provides the FTMO Rewards Account. FTMO US says you have no client relationship with OANDA Corporation, the NFA-member forex dealer, and that FTMO US products are not offered by OANDA Corporation.

Which is the best prop firm in the USA?

There is no single best prop firm for everyone, and OpenBook does not rank the firms on this page. They differ in markets (FTMO US offers simulated forex; Topstep and Apex are futures only), fee model (one-time fee or monthly subscription), loss limits and payout rules. Read each firm's full rules and terms, and keep in mind that OpenBook may earn a commission from FTMO but not from Topstep or Apex.

Can US residents trade forex with a prop firm?

FTMO US offers simulated forex pairs to eligible US residents, except in the states it excludes. Topstep and Apex offer futures only. To trade forex with your own money in the US, you need a CFTC-registered, NFA-member forex dealer.

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This page: OpenBook has an affiliate relationship with FTMO. If you buy an FTMO Challenge through a link marked "Affiliate link" on this page, OpenBook may earn a commission, at no extra cost to you. Topstep and Apex Trader Funding have no commercial relationship with OpenBook, and we earn nothing from links to them. The affiliate relationship does not change which firms we list or what we say about them, and no firm reviews this page before it is published. Other OpenBook pages may contain affiliate links. See Affiliate disclosure and Risk disclosure.