Introduction: The Changing Landscape of Prop Firms
FTMO and some other prop firms have just changed the industry forever by completely removing their time limits. These changes come as other large players like the Funded Trader and True Forex Funds have launched new No Time Limit challenges and other No Time Limit firms like MyFundedFx, Bespoke Funding, and Smart Prop Trader are experiencing huge growth.
In a short amount of time, the industry has moved from No Time Limits being extremely rare to being adopted by almost every firm, including the industry leader. This is a brilliant change, but it means there are so many No Time Limits pro firms that it can be difficult to choose the best one.
So, in this article, I'll discuss the top No Time Limits Pro Firms, with all the key details you need to know.
The FTMO Option: A Pioneer in No Time Limits
Let's start with FTMO, one of the oldest pro firms. It is a classic two-step evaluation with a 10% profit target in phase one and a 5% profit target in phase two, 10% maximum drawdown, and 5% balance-based daily drawdown.
While its evaluations are on the expensive side, FTMO is one of the most reputable pro firms with excellent trading conditions and arguably one of the cleanest dashboards in the industry. It pays out an industry standard 80% profit split on the funded account, with withdrawals every 14 days.
The profit split is increased to 90% with scaling, which happens when 10% profit or more is achieved over a 4-month period. Scaling increases the account by 25% of the initial account balance, up to a maximum of $2 million.
The main choice when going for FTMO is between its regular and swing accounts. Regular has up to 1-100 leverage but can't trade through high-impact news or hold over the weekend, whereas Swing has lower up to 1:30 leverage but can trade news and weekend hold.
FTMO offers the option between normal risk and aggressive risk accounts, but these are essentially the same thing, except aggressive has double the loss limits and profit target, and a higher price that matches the normal risk account with the same drawdown and target parameters.
The final option for FTMO is which currency you want your account to be in, with 7 different currencies available. When trading with FTMO, commission is $3 per lot in Forex, with no commissions for indices and crypto.
You can test out these conditions with the free trial, which is a feature that most firms don't offer. Things like this, along with the clean dashboard and years of successful operation, are why FTMO is one of the top picks in the prop firm space.
While previously, the time limits were starting to make its challenge feel outdated, the removal of them has launched FTMO back as one of the best Prop Firms you can choose right now. However, this isn't without its disadvantages, such as the high price and not allowing news trading or weekend holding with the regular account.
MyFundedFx - A Competitive Alternative
So let's have a look at what the competition has to offer. MyFundedFx is another no-time limits Prop Firm that experienced huge growth by being one of the first to offer no-time limits together with static maximum drawdown in its two-step challenge.
It has 8% and 5% profit targets, 8% maximum drawdown, and 5% daily drawdown, calculated using equity and balance. With accounts available from 5k to 300k, it's a well-priced challenge, with frequent limited-time discounts that make it even cheaper, which can start to make FTMO look very expensive in comparison.
Also, news trading, weekend holding, and EA trading are allowed, and leverage is up to 1:100 with its brokers Eightcap and ThinkMarkets, charging up to $5 and $7 per lot, respectively. The funded account pays out an 80% profit split every 14 days, with scaling available every 3 months if 12% or more profit is made.
This increases the account by 25% of the initial balance, up to a maximum of 5 times the initial balance. Meaning a $1.5 million scaling limit for the maximum 300k initial two-step allocation. The profit split isn't increased through the scaling plan, but through the MyFundedFx VIP program.
This offers benefits of increased drawdown, more frequent withdrawals, and higher profit splits once a certain number of withdrawals are achieved. However, most benefits only start at tier 2, which requires 10 withdrawals over 6 months, which is quite a challenging target.
Still, the 92.75% profit target, anytime withdrawal, 14% maximum drawdown, and 8% daily drawdown are great benefits for the very few traders who can reach tier 3 of the VIP program. Here is the discount code of MyFundedFX MYFOREXBUDDY
Exploring Blue Guardian: An Alternative Perspective
The Blue Guardian Unlimited Guardian offers a very similar challenge to the MyFundedFx 2-step, with the benefits of a slightly cheaper No Expiry discounted price and a higher 85% profit split.
This comes with a disadvantage of a lower 4% daily drawdown that is also equity and balance-based. However, you don't need to worry about breaching the daily drawdown due to Blue Guardian's "Guardian Protector" feature.
The "Guardian Protector" allows you to set a maximum daily loss limit for your account, which will automatically close all trades and prevent trading for the rest of the day once it is triggered. So, if you turn on the Guardian Protector and are not trading high slippage events like news, you will never have to worry about breaking the daily drawdown rule.
This is a great, trader-friendly feature that Blue Guardian first introduced and that some other firms have implemented to help their traders as well. The funded account pays out an 85% profit split every 14 days, with scaling available every 3 months.
If 12% or more total profit is made, the same requirement as MyFundedFx. Scaling increases the account by 30% of the initial balance, but doesn't increase the profit split. Blue Guardian has "Eightcap" as a broker, with up to $6 commission per lot, and up to 1:100 leverage.
The Smart Prop Trader Advantage: Lower Targets and Strong Scaling
But there's a firm that has the potential to beat both the MyFundedFx 2-step and Blue Guardian, Smart Prop Trader, has a lower phase 1 target of just 7%, then a 5% target in phase 2, with 8% maximum and 4% equity and balance-based daily drawdown.
It also has a high 85% profit split, with an incredible scaling plan and extremely cheap fees. With accounts available from 10k to 200k, Smart Prop Trader has some of the lowest base prices for a reputable firm.
In fact, its 10k challenge is almost half the price of some competition. The funded account pays out after 12 days, which lets you get the extremely cheap fees refunded that little bit quicker than the competition.
But the scaling plan is where Smart Prop Trader really stands out. To scale up, you need to make at least 2% profit per month for 3 months in a row. While this means consistency is required, and 1 negative month can set you back, the total requirement of 6% profit is half that of the 12% MyFundedFx and Blue Guardian required to scale up.
Upon scaling with Smart Prop Trader, the account is increased by 25% of the initial balance, the profit split is increased by 90%, and the maximum drawdown is increased by 2%. You can keep scaling up every 3 months, increasing the balance all the way up to $2.5 million, and maximum drawdown up to 28%.
News Trading, EA Trading, and Weekend Holdings are all allowed with Smart Prop Trader, and they offer up to 1:100 leverage with Eightcap as their broker, charging up to $6 commission per lot. With a low at phase 1 profit target, cheap prices, high profit split, and a great scaling plan, Smart Prop Trader is arguably one of the best 8% drawdown no-time limits challenges.
However, many firms offer even higher 10% maximum drawdown, which means 25% higher true backing on the funded account. MyFundedFx's new 2-step Pro Challenge is one, offering similar parameters to this 2-step, but with a higher 10% maximum drawdown.
This comes with the cost of a higher evaluation fee and only up to 1:50 leverage. But the same profit targets, but higher maximum drawdown makes the challenge easier to pass because of lower drawdown to profit target ratios. So you could argue this makes the extra price worth it. But there's lots more competition for the MyFundedFx 2-step Pro.
Funded Engineer - A New Player with Unique Features
Funded Engineer is a newer firm run by Trader Tristian, a successful trader who has reached the leaderboards and received huge payouts from many different firms.
The Funded Engineer 2-step standard challenge has almost exactly the same key parameters as the MyFundedFx 2-step Pro, even with the exact same price, but daily drawdown is balance-based. Funded Engineer frequently runs aggressive discounts, making it usually the cheaper of the two.
Also, Funded Engineer has different brokers, Purple Trading and Blueberry Markets, charging up to $5 per lot. But the scaling plan is what makes Funded Engineer stand out. Scaling up requires 10% profit over 3 months, which is lower than MyFundedFx, and while higher than Smart Prop Trader, it doesn't require profit every month.
When you scale up, the account is increased by 25% of the initial balance, max drawdown is increased by 2%, and daily drawdown is increased by 1%. Also, the profit split is increased to 90%, and you are given a free challenge of the same size if you ever fail the funded account.
This scaling plan is extremely beneficial to consistent traders, increasing the solid 10% maximum and 5% daily drawdown limits all the way up to 20% and 9%. It's clear Funded Engineer is a very trader-friendly firm, with other beneficial features like automatically closing all trades once the profit target is reached and the drawdown blocker like the Guardian Protector.
Funded Engineer also gives extra perks to its most successful traders like care packages and free restaurant meals. Imperfect Trader is someone who is 50k in withdrawals. He makes some great, 100% transparent documentaries of him trading live with Funded Engineer, which you should definitely go check out.
Funded Engineer also offers a cheaper valuation with its 2-step superior challenge. This has the disadvantage of a higher 10% profit target in Phase 1, but the benefit of higher 1:100 leverage. As a result, it could be seen as a cheaper alternative to FTMO, that allows news trading and weekend holding with higher leverage.
However... The Funded Engineer Two Step Superior isn't the only challenge that has similar parameters to FTMO.
The Funded Trader - Removing Time Limits
The Funded Trader recently removed time limits from its standard challenge, which now has the same 10% and 5% targets and 10% drawdown, although the 5% daily drawdown is equity and balance based, unlike FTMO and funded engineer which are balance based and have better trading conditions.
The advantage of the The Funded Trader standard challenge comes with its low base price, but depending on the promotions, sometimes the Funded Engineer superior challenge may be cheaper.
The The Funded Trader standard challenge comes with up to 1:200 leverage, and EA trading is not allowed unless you purchase the add-on, which costs an extra 15%. The true power of the The Funded Trader standard challenge comes with its extra drawdown add-on.
For a 20% higher price, the maximum drawdown is increased to 12%, and daily drawdown is increased to 6%. While still being calculated using equity and balance, the 6% daily drawdown is the largest available in the industry.
Also, the higher maximum drawdown improves the challenge drawdown to profit target ratios, meaning 20% higher true backing on the funded account. But this does make the challenge significantly more expensive.
As I've been making this article, the The Funded Trader Royal Challenge has just moved to no time limits. This has 8% and 5% targets with 10% maximum and 5% equity and balance-based daily drawdown. It is the very cheapest 10% maximum drawdown challenge before discounts with the added benefit of being from one of the largest pro firms in the world.
Also, the Royal Challenge is the most flexible of the The Funded Trader challenges with EA trading allowed, news trading allowed, weekends holding allowed, and no lot size limit. This makes it a very good pick if you like The Funded Trader and don't want 12% maximum drawdown that the upgraded standard challenge can offer. Here is 5% discount code for The Funded Trader TFTTrader9860189.
Maven Trading - Two Step Challenge
Maven Trading Two Step is a challenge with 10% maximum drawdown and some unique features for funded traders. With a 9% and 5% profit target and 5% balance-based daily drawdown, the challenge is fairly standard.
It is fairly priced, with the 5k and 10k accounts being cheaper than most of the competition. If you go for Maven Trading, its account resets and buyback features may be useful to you. Their account resets feature lets funded traders pay to reset their account back to the initial balance when in drawdown.
This costs between 50% and 100% of the drawdown amount, which is decided by the Maven team. Also, if you fail the funded account and purchase a new challenge, then pass phase 1, you can skip phase 2 by paying 50% of the evaluation fee, which is the buyback feature.
However, both special features are only available upon the approval of the Maven team, so not everyone will have access to them. Also, Maven enforces a 1% minimum withdrawal to receive your 8% profit split, which can be withdrawn every 14 days.
With only up to 1:30 leverage and news trading only being partially allowed, you probably will only want to go with Maven Trading if you really want the special features. And if any of these disadvantages sound like a problem, there are lots of alternatives in a similar price range that may be better for you.
Exploring Bespoke Funding: A Maven Alternative
Bespoke Funding classic challenge is a good Maven alternative that has a lower 8% Phase 1 profit target as well as the benefit of balance-based daily drawdown and up to 1:60 leverage. This does come with a slightly higher price, but with Bespoke, you can trade news, hold over the weekend, and use EA's with no problems.
Also, Bespoke auto closes all trades once you reach the profit target. The firm uses Eightcap as a broker charging up to $4 commission per lot. Also, scaling is available if you make 80% profit over 4 months, which increases the account by a large 40%, but doesn't increase the profit split like most firms do.
A large benefit of Bespoke for experienced traders is the huge $2 million maximum initial allocation, which can be scaled up to a maximum of $4 million.
This can be of any combination of Bespoke's programs, so you may also want to consider their rapid challenge too. It comes with lower 8% maximum drawdown but with a cheaper price, higher 1:100 leverage, and zero minimum trading days.
However, if you're happy with 8% max drawdown, SmartPropTrader is probably a better choice as it has a lower profit target and higher profit split for a cheaper price. But if you want to challenge with 10% maximum drawdown, there are even more firms to consider.
True Forex Funds - A Costly Proposition
True Forex Funds just released their timeless funding model with the same parameters as their standard offer but no time limits and a higher price.
This price makes it one of the most expensive two-step no time limits challenges. And while True Forex Funds has the selling point of a good platform and better trade execution than most firms, it's hard to justify the price when 100k challenges can be more than $100 cheaper with other firms.
Skilled Funded Traders - New Entrants in the Game
Skilled Funded Traders is a new pro firm run by the popular prop firm traders Paladin, Omar Agag, and Riz. I highly recommend watching their podcasts together where they discuss their experience as successful prop traders.
The Skilled Funded Traders challenge is similar to the Bespoke classic challenge with 8% and 5% profit targets and 10% maximum drawdown. However, the 5% daily drawdown is equity and balance based, which is a downside, but it has higher up to 1:100 leverage.
The base account prices are high, but recently they have been running a lot of high discounts that make them more competitive. Here is 8% discount code for Skilled Funded Traders MYFOREXBUDDY.
The 5ers High Stakes Challenge
The 5ers or 5%ers High Stakes challenge has very similar parameters and even pays a bonus when you pass phase one.
The 5ers is also one of the oldest online prop firms, having operated with a good reputation since 2016. However, the high stakes challenge comes with extra rules that most firms don't have. Like the inactivity rule, which starting from the day you buy the challenge account, if there is no trading activity for more than 14 calendar days, the account will get expired.
Whereas with most firms, you can buy a challenge and wait as long as you want to start because inactivity rules only start when the first trade is placed. Also, the 5%ers High Stakes enforces a three minimum profitable days rule to pass, with a day when you make 0.5% profit or more being classed as profitable.
The max initial allocation is only 105k, and while you can scale up to 500k, where you are given a monthly salary, the amount of times you have to scale up to reach this is huge.
The Funded NEXT Option: A Viable Choice
The Funded NEXT 2 Steps Steller Challenge also has 1:100 leverage, 10% maximum drawdown, and an 8% profit target but has balance-based daily drawdown. This comes with the higher 5 minimum trading days, but their 15% profit share from the challenge phase more than makes up for this.
This is a bonus payment that is given out to traders once they make 5% profit on the funded account and means an extra $1,950 on a 100k account if achieved. With an 80% profit split, news trading allowed, EA trading allowed, and $3 commission per lot on their own broker, The Funded NEXT is a great option.
With good pricing, although not as cheap as the The Funded Trader Royal Challenge, their scaling plan increases the account by 40% and the profit split to 90% when 10% or more profit is achieved over 4 months. But even with all this, there's a firm that has something that The Funded NEXT doesn't.
Challenges of One-Step Challenges: A Critical Evaluation
You may have noticed I haven't discussed one-step challenges so far in this article, that's because, being honest, they just can't compete with the majority of two-step challenges right now.
Most one-step challenges have relative drawdown, which trails up as the account balance makes new highs, then locks in place at the original account size. This restricts the trader during the challenge.
Not only this, but on the funded account once the relative drawdown is locked in place at the original account balance, withdrawing all of your profit breaches your account. Ment Funding and Lark Funding did remove the relative drawdown rule and instead made maximum drawdown static but still make withdrawing all profit from the funded account breach it, which is in no way beneficial to the trader.
Also, their evaluation fees are not refundable and are extremely expensive, costing almost double the price of some discounted two-step alternatives. Despite all these negatives, you may argue that one-step challenges have the benefit of only one profit target to achieve, but when you look into the numbers, most one-step challenges are actually harder to pass than two steps.
This is because maximum drawdown is significantly lower, at 5% or 6%, meaning with a 10% profit target the challenges have a 1 to 1.67 or 1 to 2 drawdown to profit target ratios. When combining both profit targets and two-step challenges, the drawdown to profit target ratios are typically 1 to 1.63 all the way down to just 1 to 1.08.
One-step challenges usually have significantly lower leverage too. What all this means is that if you can pass a one-step challenge you could have passed a two-step challenge faster with trade risk adjusted proportionally.
Then once funded higher maximum drawdown means two-steppers have up to double the true backing. Finally, on the funded account with two-step static maximum drawdown, you can withdraw all profits with no problem, whereas with one-step, withdrawing all your profits can breach the account.
So essentially with one-step challenges, you're paying way more for a harder challenge with lower leverage that has significantly smaller true backing and doesn't allow you to freely withdraw on the funded account.
Choosing the Best No Time Limits Prop Firm: Factors to Consider
So that leaves the question, what is the best no time limits Prop Firm? The answer is it all depends on what you value. Each firm has advantages and disadvantages, so there is no one-size-fits-all challenge.
If you're happy with 8% maximum drawdown, like the sound of an 85% profit split and maximum drawdown scaling, "Smart Prop Trader" is a great choice.
And if you're confident in making 10% every 3 months, "Funded Engineer" offers an even better scaling plan that also increases daily drawdown with other bonuses for traders. "MyFundedFx" offers the highest possible profit split with its VIP program.
If you want a challenge from one of the largest firms with a great price, the "The Funded Trader" Royal Challenge is good for you. If you like the sound of a 15% profit share from the challenge, Funded Next is a good pick.
If you want a huge maximum allocation, Bespoke's Funding $2 million max will go far.
That being said, all the two-step challenges I've discussed in this article are great choices, so make sure you do your research on them before buying a challenge. And when you do start your challenge, good luck.
You have as much time as you need. This is the new stage of prop firm challenges.