Multi-Phase Evaluation Prop Firms
Multi-phase evaluation prop firms structure the path to funding across three or more progressive challenges. Each phase has a smaller target than a one- or two-step would, making the journey gradual and the entry cost lower — but the path to a fully funded account is longer.
How to Choose a Multi-Phase Evaluation Prop Firm
Three decision factors for narrowing the list above to the firm that fits your trading style and risk profile.
Phase Count and Scaling Structure
Multi-phase programs range from 3 phases to 10+ tiers, with the smallest tiers acting as cheap entry points. Some firms scale the account size up as you progress (e.g. start at $5k, end at $200k); others hold size constant and just split targets. Look for firms that publish the full phase-by-phase target schedule — opaque scaling rules are a red flag.
Evaluation Cost vs. Account Size
Cheaper evaluations let you attempt funding more times, but the largest accounts ( $4.0M at the top firm in this list) come with higher fees and stricter rules. Compare the cost-to-capital ratio on each firm's profile.
Profit Split & Payout Speed
Profit splits across this list typically range from 70/30 to 90/10 in the trader's favour. Payout speed and frequency vary — some firms pay weekly, others monthly. Both are listed on each firm's profile.
Multi-Phase Evaluation Prop Firms FAQ
Quick answers to the questions traders ask before choosing a multi-phase evaluation prop firm.