10 Best Prop Firms with Live Market Execution in 2026

This article will discuss the Best Prop Firms with Live Market Execution. I will cover trading conditions, funding, profit sharing, platforms, daily maximum loss amount, largest maximum drawdown, news trading policies and if there are opportunities to scale. This should help traders know what trading and funding opportunities are available at different firms and choose a funding program that matches their trading strategy and risk appetite.

What Is Live Market Execution in Prop Trading?

Prop trading occurs in real markets. It consists of executing eligible trades through a broker, exchange or liquidity provider in the real market rather than within a virtual market. This means that traders will experience real spreads, liquidity, slippage, fills, as well as market volatility.

Not all prop firms execute trades in real-time throughout the trading process. Some firms put traders through a simulation evaluation process and then transition successful traders to real markets.

Some firms use the hybrid or the Agency model as an approach to trading, while some firms incorporate simulated trading accounts in their evaluation process. Individuals considering a prop firm should research each firm to determine whether such a firm includes live trading in its evaluation, funded, and professional trading accounts.

How We Ranked the Best Live-Market Prop Firms

Transparency of Execution: We ensure a firm’s explained execution model includes live execution for evaluations, funding, or professional stages.

Account Options: We consider the size of the available accounts, funding models, evaluation structures, and the potential trading capital.

Profit Split: Included in our analysis is the profit split, how the advertised split would change at various payout stages, or if the split is based on trading performance.

Daily Loss Limit: We analyze the daily loss rules and how the loss is defined (if it is the account balance or trading equity).

Maximum Drawdown: We assessed the total drawdown and how it differs from being static, trailing, intraday, interday, end-of-day, and how the calculation changes materially and affects the usable risk.

Trading Platforms: Assessed market access, trading platforms, and execution.

News Trading: We assessed if trading was allowed during economic announcements; if there were restrictions, if it applied to funded accounts.

Scaling Opportunities: Assessed how traders increased the available capital through performance.

Key Points

1. Topstep

Starting with Patak Trading Partners in 2010 and launching Topstep Trader in 2012, the firm primarily aimed for the futures trading community. Now, their program features Trading Combine sizes of $50K, $100K and $150K, and upper limits of losses set at $2,000, $3,000 and $4,500 respectively.

The Trading Combine is simulated, and traders who achieve good scores in this segment of the program are granted access to the Express Funded Account and then to a Live Funded Account. The standard profit split is 90/10, favoring the trader who gets 90% of the profits.

Topstep also utilizes TopstepX and Futures Infrastructure. Daily Loss Limits are set on Express accounts but are not offered for Evaluation accounts, while in Live accounts they are automatic. Scaling, in this program, means improved buying power and contract limits based on trader performance.

Topstep Features, Pros & Cons

Features

• Futures-focused and includes Trading Combines at the sizes of $50K, $100K, and $150K.
• Supported futures products are CME Group and have no forex; positions must be closed before the daily cutoff.
• Trading Combine has Profit Target/Consistency requirements as well as Maximum Loss Limit.
• Progression is from Trading Combine to Express Funded Account to Live Funded Account.
• The payouts are structured at a standard 90/10, where the trader keeps 90% (Topstep Help Center).

Pros

• Strong focus on futures trading.
• Clear path to the Live Funded Account.
• 90/10 profit split.
• Multiple account sizes.
• Risk management is established.

Cons

• Not for forex trading.
• No swing trading.
• Evaluation and Express Funded Accounts are simulations.
• Management of daily/position rules requires discipline.
• Express Funded Accounts have payout limits.

2. FTMO

Created in 2015, FTMO is one of the most popular proprietary trading firms globally. Its primary method is through simulated trading accounts. When describing the FTMO Account, traders should note that it does not involve direct execution within a live market.

FTMO offers trader accounts up to $200,000 (not including scaling for top performers). Currently, the 1-Step model targets a daily profit of 10%. Other parameters for the model include a maximum loss of 10% and a maximum loss for the day of 3%. The 2-Step model retains a 10% Challenge target, but reduces the target for Verification to 5%.

Rewards for profit can amount to an impressively high 90% (depending on the trading program). Availability of MetaTrader, and other trading technologies, depends on the program. News trading is permitted depending on the product and associated rules.

FTMO Features, Pros & Cons

Features

• Global proprietary trading company offering structured evaluation programs.
• Standard FTMO trading remains simulated, including the FTMO Account.
• Offers different account sizes and both 1-Step and 2-Step evaluation structures.
• 2-Step Challenge uses a 10% Challenge target and 5% Verification target.
• Traders can receive rewards of up to 90% of simulated profits and can participate in FTMO’s Scaling Plan.

Pros

• Well-defined evaluation objectives.
• Clear daily-loss and maximum-loss rules.
• Up to 90% reward split.
• Scaling opportunities.
• Multiple trading products and platform options.

Cons

• Standard FTMO trading is simulated.
• Risk rules can be demanding.
• Best-Day/consistency requirements can affect some strategies.
• Not a straightforward direct-live-market model.
• Traders must carefully understand the differences between 1-Step and 2-Step rules.

3. Phidias Propfirm

When compared to other firms, Phidias is uniquely positioned as a live futures funding firm. The company’s Express to Live program offers sizes at $25K, $50K, $100K, and $150K. The E2L model features a static drawdown with no daily loss limit, no consistency rule, and no minimum trading day requirement.

The standard profits split for E2L is 80/20, while premult premium accounts can expose the trader to a profit split of 75% to 100% post successful profits. Supported platforms and feeds include Rithmic, Tradovate, NinjaTrader, TradingView, and DeepCharts.

News trading is permitted, while overnight and weekend holding depends on the account type. Phidias claims its LIVE trades are cleared through Dorman Trading, making a live execution comparison relevant.

Phidias Propfirm Features, Pros & Cons

Features

• Futures-focused programs including Express to Live, Fundamental, Premium, and 10K Challenge.
• Express to Live accounts are available in $25K, $50K, $100K, and $150K sizes.
• Supports Rithmic, NinjaTrader, Tradovate, and DeepCharts/dxFeed connections.
• News trading is permitted across account types.
• E2L can progress from evaluation to CASH and then to a LIVE account, with static drawdown and no minimum trading days.

Pros

• Clear pathway to live trading.
• Static drawdown available through E2L.
• No daily-loss limit on E2L.
• News trading permitted.
• Multiple futures platforms and data connections.

Cons

• Account rules differ significantly by program.
• Fundamental accounts require positions to be closed daily.
• Automated/HFT trading is restricted.
• Live-account eligibility can involve risk-management approval depending on the pathway.
• Monthly fees apply to certain account structures.

4. FXLiveCapital

FXLiveCapital is a 2020 establishment forex and CFD funding program for trading instruments including forex, indices, commodities, metals, and cryptos. Its current Boost+ program includes trading accounts from around $7,500 to $75,000 with a 10% Phase 1 target and 6% Phase 2 target.

The published rules for the Boost+ structure define a 5% daily drawdown and a 10% overall drawdown. Profit splits vary by the program (70% for Live FX, 70% post first month for X150 Boost+, and up to 95% for Power Live), and MT5 is one of the trading platforms that is supported, while trading rules under the published guidelines allow EAs under the trading conditions.

Traders generally need 3 trading days, and news, live execution, and the selected program’s specifications should be checked.

FXLiveCapital Features, Pros & Cons

Features

• Specializes in forex and CFD trading markets.
• Offers different account sizes and funding/evaluation structures.
• Offers programs with established profit potential targets and drawdown limits.
• Supports trading programs through MetaTrader 5.
• Various profit sharing and profit scaling schemes, based on the selected program.

Pros

• Specialization in forex trading.
• Forex focused environments.
• Multiple program options.
• Competitive profit sharing options for select programs.
• West facing trading options.

Cons

• Program rules vary.
• Once a program is selected, the execution model must be verified.
• Drawdowns may vary across products.
• Traders must be aware of the trading conditions for news and automation.
• Not intended for futures trading.

5. FundedIn

FundedIn is a proprietary trading evaluation platform operated by Credantium LLP that is focused on India. Trading evaluation accounts for Indian equities and derivatives trading on the NSE and BSE F&O markets. Evals are currently offered for sizes of ₹10,000, ₹50,000, and ₹100,000, and include a 10% Phase 1 target, 5% Phase 2 target, 5% daily loss limit, and 10% maximum loss.

Traders that pass the evals will receive an 85% split of the net profits. The evals are done in a simulated trading environment using FundedIn’s proprietary trading software and trading is done through the firm’s broker account. Trading scale is supported as long as the trader maintains performance. Trading options is permitted, while trading options is restricted.

FundedIn Features, Pros & Cons

Features

• Proprietary trading platform for Indian Equities and derivatives.
• Evaluation accounts available at various funding levels.
• Evaluations with trading executed via a browser in a live market environment.
• Published funded structure has a trader profit share of 85%.
• Defined risk framework includes daily and hard stop loss limits.

Pros

• Focused on trading Indian markets.
• Trade knowledge of NSE and BSE is useful.
• Definition of evaluation structures is useful.
• High published trader profit share.

Cons

• Market coverage is limited.
• Primary focus on Indian trading.
• Evaluation and funded trading execution must be considered separately.
• There may be less choice in platforms for funds trading firms compared to larger, international, prop firms.
• Traders should double check current limitations on instruments and strategies.

6. Lux Trading Firm

In 2021, Lux Trading Firm opened up and adopted a novel model for firm growth centered around increased trading capital. The model is designed around a framework for progression through different trading capital tiers. An example of their model is their $100k evaluation, which has a 6% maximum loss with a $94,000 drawdown and a 10% profit goal.

Increased capital tiers include stages for $100k, $200k, $400k, $1 million, and $2.5 million of trading capital, leading to the tier of $10 million of trading capital as a Fund Manager. Published profit splits for trading capital stages are generally 80% profit to the trader, and there may be different early-stage profit split rules.

Lux built its own trading infrastructure and supports trading workflows. The relative maximum drawdown on their model is generally 6%. Traders should review specific program restrictions regarding trading, as there may be news-trading restrictions.

 Lux Trading Firm Features, Pros & Cons

Features

• Offers a structured progression model principally focused on the development of traders and the scaling of capital.
• Provides staged account growth as opposed to a single funded balance.
• Scaling extends to substantially larger capital amounts for traders who perform well.
• Encourages a focused approach to risk management and controlled drawdown.
• Develops a longer-term professional-style funding model.

Pros

• Emphasis on disciplined approach to risk management.
• Long-term substantial potential for capital scaling.
• Offers a professional trading model.
• Appropriate for traders focused on long-term capital growth.
• Progressive approach to capital funding (staged account growth as opposed to a single evaluation).

Cons

• More restricted than challenge model-based rules.
• Long-term funding model.
• Traders seeking very short-term funding may find this program restrictive.
• Funding multiple accounts may result in varying program conditions.
• Traders should verify current execution and platform conditions before joining.

7. Moneta Funded

In 2025, Moneta Funded launched as an offshoot of Moneta Markets. This gives Moneta Funded a broker-backed structure. Their funding programs include One-step, Two-step, Instant Funding, and Phoenix programs, and scale from small accounts to programs with potential for $2 million.

MT5 and Match-Trader are their trading platforms, and the programs may offer leverage of up to 1:30 or 1:100. Current examples of these programs have 3–4% daily loss limits and approximately 6–10% maximum loss.

Some programs offer a potential 88% profit split to the trader, while others offer higher profit splits. News trading and overnight holding are allowed on applicable programs. However, individual account programs may have varying restrictions.

Moneta Funded Features, Pros & Cons

Features

• Proprietary trading program under the Moneta Markets broker.
• Offers several options including One-Step, Two-Step, Instant Funding and Phoenix programs.
• Supports MetaTrader 5 and MatchTrader.
• Uses MatchTrader to simplify web and mobile trading, and uses MT5 for more advanced trading that includes EA support.
• Programs differ in terms of leverage, drawdowns, payouts and trading. (Moneta Funded -)

Pros

• Broker-backed trading ecosystem.
• Access to MT5.
• Trading with MatchTrader as an alternative.
• Trading with Algos/EAs is allowed in MT5.
• Multiple funding models.

Cons

• Rules vary considerably among programs.
• Accessibility to MT5 fluctuates by location.
• Competitors must analyze drawdown rules for every program.
• Accounts and trading conditions vary across the industry.
• Novice traders may find a surplus of program choices overwhelming.

8. AXIS

AXIS Funded was founded in 2023. It markets itself as an advanced A-Book trading firm that provides both evaluation and instant funding services. It stands out from the rest of those firms by stating it offers real A-Book liquidity and social-trading technologies.

Traders can connect, copy, or follow other market participants. As program rules are distinct for the evaluation and funded stages of several accounts, traders should review each account first to understand the daily-loss, maximum-drawdown, and payout limits. AXIS is well suited for live-execution comparison, as its approach emphasizes real-market liquidity over simulated execution.

The available size of each account, the profit split, the trading platforms, access to Indices news, and the scaling of the account are all program specific and should not be thought of as one universal AXIS rule.

AXIS Features, Pros & Cons

Features

• A-Book/live-market-oriented* proprietary trading model.*
• The way AXIS focuses on trader performance and external market liquidity.
• Evaluation/Funding Pathways instead of solely depending on Simulated-Trading programs.
• Real-market execution focused program.
• Program-specific rules determine account size, drawdown, payouts, platforms, and scaling.

Pros

• Strong focus on Real-market execution.
• A-Book positioning its first of its kind in the market.
• Focus on trading execution transparency.
• Appeals to Experienced traders.
• Professional trading infrastructure.

Cons

• Exact conditions can vary by program.
• Traders should verify the specific funded-stage execution arrangement.
• Less suitable for traders who want a simple challenge model.
• Trading rules and platform availability should be checked for selected account.
• Execution claims should be evaluated against the firm’s current documentation.

9. BullRush

BullRush runs both trading competitions and trading programs. It has expanded into a multi-asset class offering covering Forex/CFDs, crypto, equities, and futures. Within the two-step model of its FX/CFD program, BullRush has 6% profit targets for both the first and second steps, 3% daily drawdown, and 6% maximum drawdown that is static, an 80% profit split (which can be increased), and an optional profit split.

Its futures programs use different maximum drawdowns around 4% depending on the account. BullRush states that news trading is possible and is not constrained by a news ban, though slippage and volatility can still be a risk. Trading platforms include Match-Trader and cTrader. Its funded route is progressive, focusing on trading in the real market. Each account should be evaluated in this trend to determine the live-execution stage.

BullRush Features, Pros & Cons

Features

• A structured multi-level pathway to live-funded trading.
• Current BullRush Prop rules include a maximum-drawdown rule without a daily drawdown rule.
• Level 1 includes a drawdown trailing until the account reaches 7% profit with a target of 10% and a max drawdown of 7%.
• BullRush Prop states that they have no news-trading bans and no weekend restrictions for its Prop program.
• Designed to evolve from challenge trading to real-market trading.

Pros

• No daily drawdown rule in the stated Prop structure.
• No news trading ban stated.
• No restriction in the stated rules for trading over the weekend.
• Focus on maximum drawdown is clear.
• Has an explicit pathway to trading in real markets.

Cons

• Trailing drawdown is difficult.
• There are some consistency requirements.
• Different BullRush products can have different rules.
• Traders need to understand the distinction between the challenge and live-funded stages.
• The market and trading platform conditions need to be checked for the chosen program.

10. T4T Capital

T4T Capital belongs to the more recently formed firms within the 2026 live-market/A-Book prop-firm ecosystem and has sectors that are not consistently disclosed in a single authoritative public rule set, including its founding year, current account sizes, universal profit split, daily loss limits, and maximum drawdowns. 

These sections would therefore have to be noted as “Not publicly disclosed” unless the exact T4T program documentation states otherwise. As T4T Capital is associated with a real-market/A-Book execution model, the article should also review evaluation execution, funded execution, broker or liquidity relationships, platform availability, news trading, scaling rules, payout conditions, and maximum drawdown for the account selected.

T4T Capital Features, Pros & Cons

Features

• Positioned within the newer proprietary-trading/funding market.
• Focuses on providing traders access to funded trading opportunities.
• Program conditions should be evaluated according to the specific account selected.
• Key comparison areas include execution model, account size, profit split, drawdown and payout rules.
• Traders should verify current platform, news-trading, scaling and live-execution conditions directly from the firm’s latest documentation.

Pros

• Relevant option for traders comparing newer prop firms.
• Can provide an alternative to established providers.
• Potentially attractive program structures.
• Useful for traders looking beyond traditional challenge providers.
• Execution model can be an important differentiator.

Cons

• Publicly available information can be less extensive than larger established firms.
• Current account rules should be verified before publication or purchase.
• Exact profit split may vary by program.
• Execution conditions should not be assumed without documentation.
• Traders should carefully review payout and risk rules.

Quick Comparison

Conclusion

When evaluating prop firms for live market execution, considering account size, profit split, or low evaluation cost is not sufficient. Traders should analyze a firm’s execution model and evaluate a firm’s funded stage and trading conditions, maximum drawdown, daily loss limit, payout structure, trading platforms offered, news trading policy, and trading opportunities for scaling.

For prop firms, live execution during evaluation, funded, or professional stage may differ, so this should be researched as well. Topstep, Phidias, FundedIn, Lux Trading Firm, and other providers offer various funding and market access solutions. The best solution for a trader will depend on the trading strategy, preferred markets, risk tolerance, and need for a trustworthy revenue source and scaling.

FAQ