A prop trading challenge is a paid evaluation, offered by proprietary trading firms like FTMO, that requires a trader to hit a profit target within defined risk limits (such as a maximum daily loss and maximum overall drawdown) over one or more phases, before being granted a funded account trading the firm's capital. Passing shifts the trader from risking their own money to trading (and earning a split of the profit on) the firm's capital instead.
Challenge rules vary by firm and structure — one-step versus two-step evaluations, trailing versus static drawdown limits — so comparing the exact rules matters as much as comparing the fee.
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Choosing a Trading Platform: MT4, MT5, cTrader and the Broker's Own
The platform decides which orders you can place, whether your stops survive a closed laptop, and how much you would have to rewrite to leave. What actually differs between the options — and the point where the platform stops mattering and the broker takes over.