Profit split vs 100% of your own money: the arithmetic
By Tomas Rieder
Proprietary traders choosing between challenge models face straightforward arithmetic: what does it cost to enter, and what profit split do you earn once funded? This analysis compares verified pricing, profit splits, and payout terms across four active firms, Bullwaves Prime, FunderPro Futures, For Traders, and Top One Trader, drawn from official pricing pages and platform rules. Data freshness matters: specifics are current as of the research cutoff, though terms change frequently. The lowest entry fee doesn't always signal the best long-term economics for a live funded account.
Key findings: profit splits and entry costs across four prop firms
Bullwaves Prime operates a dual-challenge model with transparent pricing and 100% profit splits on funded accounts. The 1-step challenge ranges from $89 (for a $5,000 account) to $2,199 (for a $400,000 account), demanding a 10% profit target with 8% max drawdown. The 2-step challenge costs $59 to $999, softens the profit target to 8%, but allows a 10% max drawdown. Neither route imposes a time limit.
FunderPro Futures uses subscription billing. Monthly charges continue until you reach funded status; once you generate $100 in profit on a live account, billing stops and you receive an 80% profit split. Specific challenge pricing tiers aren't itemized in verified sources.
For Traders publishes promotional codes offering discounts up to 50% but doesn't disclose specific challenge structures, pricing tables, or profit splits in official catalog data.
Top One Trader, founded in 2026, offers promotional codes including BATTLE75 (75% discount) and SUMMER (60% discount). Specific challenge details, pricing, and profit splits aren't available in verified sources.
Method and data
This comparison draws on verified public rules, official pricing pages, and platform support documentation current as of August 2026. Data points include challenge entry fees and account size tiers, profit targets, drawdown limits, profit split percentages on funded accounts, payout methods and frequency, EA and copy trading policies, minimum spreads and commissions, and restricted trading jurisdictions.
Sample: Four proprietary trading firms.
Sources: Official firm websites, published pricing pages, affiliate pricing catalogs, and support documentation.
Data gaps: FunderPro Futures doesn't itemize specific challenge pricing by account size. For Traders and Top One Trader don't publish detailed challenge rules or profit splits. Bullwaves Prime shows a discrepancy between individual challenge data (100% profit split) and a recent announcement (up to 80% profit split); traders should verify the current rate directly with the firm.
Last verified: September 1, 2026
The findings
Entry costs by firm and account size
Bullwaves Prime displays the most granular pricing. The 1-step challenge costs range from $89 to $2,199 across five account tiers ($5K, $10K, $25K, $50K, and $400K). The 2-step challenge ranges from $59 to $999 across four tiers ($5K, $10K, $50K, and $200K). Both routes allow entry into the same funded pools.
| Account Size | 1-Step Cost | 2-Step Cost |
|---|---|---|
| $5,000 | $89 | $59 |
| $10,000 | $149 | $99 |
| $25,000 | $349 | $249 |
| $50,000 | $699 | $499 |
| $200,000 | $1,699 | $999 |
| $400,000 | $2,199 | , |
FunderPro Futures operates on a subscription model with monthly billing. The firm advertises no activation fee during promotional periods (e.g., "BLACK FRIDAY FOR FUTURES TRADERS"). Specific monthly costs aren't itemized in public sources.
For Traders doesn't publish tiered challenge pricing in official catalog data.
Top One Trader doesn't publish tiered challenge pricing in official catalog data.
Profit splits and payout mechanics
Profit split transparency varies dramatically.
Bullwaves Prime states 100% profit splits on funded accounts. A Twitter announcement dated August 27, 2026, references "up to 80%" splits. This discrepancy requires clarification directly from the firm before committing capital. Payouts occur monthly via crypto, bank transfer, USDT ERC20, or withdrawal.
FunderPro Futures specifies an 80% profit split on live accounts once you reach $100 in profit. Payouts are available via withdrawal, crypto, or e-wallet.
For Traders doesn't publish profit split percentages in verified sources.
Top One Trader doesn't publish profit split percentages in verified sources.
Challenge rules and trading restrictions
Bullwaves Prime 1-Step:
- Profit target: 10%
- Max drawdown: 8%
- Daily drawdown: 4%
- Minimum trading days: 10
- Time limit: None
- EAs allowed: Yes
- News trading: Allowed
- Copy trading: Personal (on funded accounts only)
- Stop loss required: No
Bullwaves Prime 2-Step:
- Profit target: 8%
- Max drawdown: 10%
- Daily drawdown: 5%
- Minimum trading days: 10
- Time limit: None
- EAs allowed: Yes
- Consistency rule: No single day's profit may exceed 40% of total account profit
FunderPro Futures:
- EAs allowed: No
- Copy trading: Allowed (up to $1,000,000 across multiple accounts)
For Traders:
- EAs allowed: Yes
- Copy trading: Allowed
Top One Trader:
- EAs allowed: No
- Copy trading: Allowed
Spreads and commissions
Raw spreads (lower cost when active) are available at three of four firms studied:
- Bullwaves Prime: 0 pips raw spreads (MetaTrader 5 only)
- FunderPro Futures: Spreads vary by platform (11 platforms supported; specific spread tiers not itemized)
- For Traders: 0.06 pips standard spread; $2 per lot commission
- Top One Trader: 0.0001 pips raw spread; $3 per lot commission
Geographic restrictions
Each firm restricts access by jurisdiction:
- Bullwaves Prime: Restricted from US, Belgium, Israel, China, Cuba, Venezuela, North Korea, Afghanistan, Belarus, Central African Republic, Libya, Nicaragua, Palestine
- FunderPro Futures: Malta residents restricted
- For Traders: Pakistan, Iran, Syria, Bangladesh, North Korea, Cuba, Lebanon, Libya, Sudan, UAE, Myanmar, Russia, Belarus, Ukraine, Afghanistan, Kazakhstan, Mongolia, Morocco, Poland, Taiwan, Venezuela, Vietnam, US
- Top One Trader: US, North Korea, Iran
What it means
Entry cost is only one variable. A $59 challenge fee at Bullwaves Prime (2-step, $5K account) costs less than the $89 fee (1-step, $5K account), but the 2-step requires only 8% profit versus 10%, which may offset the savings for most traders. The time cost of a second phase also matters.
FunderPro Futures' subscription model creates monthly friction until funding. The 80% profit split is lower than Bullwaves Prime's stated 100%, but access to 11 trading platforms (versus Bullwaves' single MT5) may appeal to futures traders already using NinjaTrader, Rithmic, or other professional setups.
For Traders and Top One Trader lack published challenge pricing and profit splits. Direct comparison is difficult. Traders interested in either should contact support for current terms.
Geographic restrictions eliminate entire regions from specific firms. A trader in the UAE can't use For Traders; a trader in Malta can't use FunderPro Futures.
EA policies differ. Bullwaves Prime and For Traders allow Expert Advisors; FunderPro Futures and Top One Trader don't. Traders running automated strategies must verify before entering a challenge.
Promotional codes, ranging from 15% to 75% discounts, appear across all four firms. Bullwaves Prime offers codes like FXV50KICKOFF (50% off), while Top One Trader advertises BATTLE75 (75% off). These discounts reduce effective entry cost but typically expire. Verify current code validity before signup.
Limitations
This analysis is subject to several constraints.
Incomplete data for three of four firms: FunderPro Futures, For Traders, and Top One Trader don't publish itemized challenge pricing or profit splits in official catalog sources. Comparisons for these firms are qualitative rather than quantitative.
Profit split discrepancy at Bullwaves Prime: Individual challenge documentation specifies 100% profit splits, while a recent social media announcement references "up to 80%." The reason for this gap is unclear. Traders must confirm the current rate with the firm.
Promotional code expiry: Discount codes are time-limited and subject to change. Prices shown here reflect list rates; actual costs depend on current code validity.
Subscription model opacity: FunderPro Futures doesn't break down monthly costs, account tier pricing, or the exact conditions under which billing stops. Traders must request specific quotes from the firm.
Platform and rule evolution: Rules, spreads, and allowed strategies change frequently. This snapshot reflects August 2026 data; traders should verify terms directly before committing.
Geographic variance: Regulatory restrictions differ by country. A firm's terms in one jurisdiction may not apply in another.
Frequently asked questions
What's the actual cost difference between Bullwaves Prime's 1-step and 2-step challenges?
At the $5,000 account level, the 1-step costs $89 and the 2-step costs $59, a $30 difference. At higher tiers ($200,000+), the gap widens: 1-step is $1,699 versus 2-step at $999, saving $700. The 2-step carries a lower profit target (8% vs. 10%), so the lower fee may reflect reduced difficulty. Both reach the same funding cap.
Why does FunderPro Futures use a subscription model instead of a flat challenge fee?
Monthly billing continues until you reach funded status; once you generate $100 profit on a live account, charges stop. This shifts the cost structure from upfront to ongoing, appealing to traders who prefer capital efficiency. The 80% profit split is lower than some competitors, but access to professional platforms (NinjaTrader, Rithmic, ATAS) may offset this for futures traders.
Can I use an Expert Advisor on all four firms?
No. Bullwaves Prime and For Traders allow EAs during challenges. FunderPro Futures and Top One Trader prohibit them. Traders running automated strategies must choose accordingly. Verify EA rules with the firm before entering a challenge.
How do promotional codes affect the true entry cost?
Codes range from 15% to 75% discounts across the four firms. FXV50KICKOFF at Bullwaves Prime cuts the $89 entry fee to roughly $44; BATTLE75 at Top One Trader offers 75% off (exact base price unstated). Codes expire frequently; verify current validity before signup. Never assume a code works at checkout.
What happens if my profit split rate changes after I'm funded?
This analysis found a discrepancy at Bullwaves Prime: challenges state 100% splits, but a recent announcement mentions "up to 80%." The timing of any change is unclear. Request written confirmation of your profit split rate before completing a challenge and again before withdrawing profits.
Which firm has the tightest spreads for active traders?
Bullwaves Prime offers 0 pips raw spreads; Top One Trader offers 0.0001 pips. For Traders charges 0.06 pips standard spread plus $2 per lot commission. FunderPro Futures' spread tiers depend on platform choice. Scalpers and high-frequency traders benefit most from raw spreads; longer-term traders may find the difference negligible after commissions.