Best Prop Firms for One Step Challenges

How a one step challenge works

A one step challenge has a single evaluation phase. You reach one profit target without breaking the daily or maximum loss limit, meet any minimum trading days, and the firm offers a funded account. Two step challenges split the test into two phases with separate targets. The firms listed above offer at least one single phase program, and the list changes as firms add or retire programs.

Who this suits

One step programs suit traders who want the shortest route to a funded account and whose strategy produces steady returns with small drawdowns. They also suit traders who have passed two phase challenges before and found that the second phase added time without telling them anything new about their trading. They suit traders less well if their results come in uneven bursts, because tighter loss limits leave less room for a losing run before the target is reached.

The trade offs

The single phase usually comes at a cost elsewhere. The profit target is often higher than the first phase of a two step challenge, and the maximum loss is often smaller. Many one step programs use a trailing maximum loss that rises with your highest balance, which tightens the limit as you make progress. Some firms charge more for one step than for two step at the same account size, and some pair the program with a lower starting profit split or a consistency rule on the funded account. The time saved can be real, but the margin for error is smaller.

What to check before you buy

• Profit target against maximum loss. For example, a 10% target with a 6% maximum loss is a very different test from a 10% target with 10% of room.
• How the maximum loss is measured. Check whether it is static, trailing on balance or trailing on equity, and whether it locks once it reaches the starting balance.
• Daily loss limit. Confirm whether it is based on the starting balance or the previous day's closing equity, and whether open trades count.
• Minimum days and time limits. Some one step programs require a minimum number of trading days, and others set no time limit at all.
• Funded account rules. Check whether the rules change after you pass, including any consistency rule, payout cap or new daily limit.

How to compare the firms listed

Put the profit target and the maximum loss side by side for each program, since the ratio between them says more about the test than either number alone. Then compare the drawdown type, because a static limit gives more room than a trailing one of the same size. Look at the fee as a price per $1,000 of account size so that different sizes can be compared, and include the cost of a reset or retry if the firm offers one. Finally, compare the funded account terms: profit split, first payout timing and any consistency rule. Each firm's profile sets these out program by program, and the comparison table narrows the field by platform and country.

One step vs two step challenges compares the two formats in detail, and firms offering the two phase format are listed under two step challenges. For drawdown mechanics, see trailing vs static drawdown, and for planning an attempt, see how to build a prop firm trading plan.