How to Become a Funded Trader: Each Stage, Firm by Firm
The path to funded at FTMO, Alpha Capital Group and Topstep, stage by stage: targets, loss limits, and which stages the firms say are simulated.
To become a funded trader, you pay a prop firm for an evaluation, hit its profit target without breaking its loss limits, and move to the account the firm pays out on. At FTMO and Alpha Capital Group every stage, the “funded” one included, is simulated; at Topstep, only the final Live Funded Account trades live markets.
That is the whole route, and the firms’ own guides to it each describe one firm. This desk read the stage-by-stage pages of three firms, FTMO, Alpha Capital Group and Topstep, on 18 October 2026, and set them side by side below.
This is an evergreen how-to. The path does not expire; the figures are as each firm published them on that date, and any firm can change its terms. For what the word “funded” means before any of this, see this site’s explainer on what a funded trader is.
How to become a funded trader, stage by stage
Every cell is from the firm’s own page, read at 200 on 18 October 2026.
| Firm | Stage | Account, per the firm | Targets and limits published | Money at this stage |
|---|---|---|---|---|
| FTMO | 1. FTMO Challenge | Simulated, $10,000 to $200,000 | 10% profit target; 5% Maximum Daily Loss; 10% Maximum Loss | Trader pays the fee |
| FTMO | 2. Verification | Simulated, same size | Same rules, 5% profit target | None paid out |
| FTMO | 3. FTMO Account | “Simulated capital” | Full rule set not read this run | Reward, up to 90% of simulated profits |
| Alpha Capital Group | Evaluation phases | Simulated funds | Chosen at checkout | Trader pays the fee |
| Alpha Capital Group | Qualified Account | Simulated, “Qualified Analyst” | 0% profit target | Performance fee, 80% or 90% |
| Topstep | 1. Trading Combine | Simulated | Profit target; maximum loss limit | Trader pays the fee |
| Topstep | 2. Express Funded Account | Simulated | “Similar risk limits” to the Combine | Payouts; 90% kept |
| Topstep | 3. Live Funded Account | Live markets, up to $150,000 | Daily loss limit moves with the balance | Payouts; daily after 30 winning days of $150+ |
Read down the third column and the word “funded” changes meaning by firm. At FTMO and Alpha Capital Group it names a stage of a simulated programme. At Topstep it names two stages, and only the second trades live.
What does each firm’s path involve?
FTMO: Challenge, Verification, FTMO Account
FTMO’s how-it-works page gives the worked example: on a $100,000 simulated account, reach a $10,000 profit target without exceeding a $5,000 Maximum Daily Loss or a $10,000 Maximum Loss. Verification repeats the rules at a lower target. The page says the trader then keeps trading simulated capital and earns a share of simulated profits as a reward, and that the first reward withdrawal refunds the initial fee in full. The site’s footer says FTMO provides simulated trading services only and accepts no deposits.
Alpha Capital Group: evaluation, then Qualified Analyst
Alpha Capital Group’s UK homepage describes evaluation phases leading to a Qualified Account “with a 0% profit target and up to 90% performance fee”. Its checkout says the standard split is 80%, and that the 90% split is an add-on priced at 10% on top of the On-Demand plan. Its FAQ says a trader who passes stays in a simulated market environment.
Topstep: Combine, Express, Live
Topstep’s programme page calls the Trading Combine a simulated trading environment and the Express Funded Account the same, with the line “Simulated trading. Real payouts.” It says payouts of up to $12,000 can come in as little as 3 days. Traders who profit consistently on Express can be “called up” to a Live Funded Account. Topstep’s site disclosure says the simulated programmes are run by TopstepTrader, LLC and live funded services by a separate entity, TopstepFunded LLC.
How much does it cost to become a funded trader?
The cost is the evaluation fee, and it is the one figure this post does not print: no fee amount rendered on any of the three firms’ pages this desk opened, so none is given here. That is a limit of the pages read, not a claim that the firms hide their prices. Alpha Capital Group’s checkout shows the fee’s structure instead: the payout schedule sets the base price, and the higher split costs extra.
What ends an attempt before you are funded?
On all three paths an attempt is judged against loss rules as well as a target. The daily cap works differently from firm to firm, as set out in this site’s guide to the daily loss limit, and some firms add a floor on trading days before a phase can pass, covered in the minimum trading days rule.
Frequently asked questions
How do you become a funded trader?
You buy a prop firm’s evaluation, reach its profit target without breaching its loss limits, and move to the account the firm pays out on. FTMO uses two phases, a Challenge and a Verification. Alpha Capital Group uses evaluation phases leading to a Qualified Account. Topstep uses a Trading Combine, then an Express Funded Account, then possibly a Live Funded Account.
How much does it cost to become a funded trader?
The cost is the evaluation fee, and it varies by firm, account size and add-ons. Alpha Capital Group’s checkout says the payout schedule sets the base price and a 90% split adds 10% to the On-Demand price. This desk did not read a fee amount on any of the three firms’ pages it opened, so this post prints none.
Is a funded trader account real money?
At two of the three firms read, no. FTMO’s pages describe simulated accounts at every stage, and Alpha Capital Group’s Qualified Account is simulated too. Topstep’s first two stages are simulated; its Live Funded Account trades live markets, per its own programme page. Topstep’s page says its Express Funded Account pays real payouts while still being simulated trading.
How long does it take to become a funded trader?
As long as it takes to hit each stage’s profit target inside the loss limits, plus any minimum trading days a firm sets. The results decide the pace, not the calendar. Topstep adds a later threshold: on a Live Funded Account, full access to the balance and daily payouts follow 30 winning Live days of $150 or more.
What this desk read, and what it did not
Read at 200 on 18 October 2026: FTMO’s how-it-works page, FAQ page and English homepage; Alpha Capital Group’s UK homepage, including its checkout, FAQ and footer; and Topstep’s homepage and programme page. Not read: any firm’s full terms and conditions, any fee page, or any regulator’s register.
The risk line
This desk read no regulator’s register, and this post does not claim that any of the three firms is regulated or authorised; for how UK promotion rules sit around the industry, see this site’s note on the promotions perimeter. The money certainly at risk on the way to “funded” is the fee, lost each time a rule ends the account. This is a description of the path, not advice to take it.