A refundable fee works like a deposit: the price of the challenge comes back once you reach a funded account and request your first payout, so a successful run costs nothing beyond the time invested. Almost every firm attaches conditions — a minimum profit, a specific payout cycle, or a refund issued as internal credit rather than cash — and resets and paid add-ons are usually excluded.
The model favours traders confident of passing on the first attempt and works against those expecting several runs, since refundable challenges carry a higher entry price. This ranking covers firms that document a refund in their terms, sorted on the form the refund takes, the conditions attached, time to first payout, profit split and overall cost to funding.
Coming in at number 1, FTMO has been operating since 2015 and scores 88/100 on our scale. Entry starts at €79 for a 1-phase evaluation. The risk envelope is a static drawdown capped at 10 %, with 3 % allowed per day. Funded traders keep 90 % of profits, with a first withdrawal available after 14 days. Notable freedoms: no time limit, expert advisors allowed, news trading allowed. Available on mt4, mt5, ctrader, dxtrade, tradingview.
Founded in Prague in 2015, FTMO reports more than $450 million paid to traders and closed its acquisition of broker OANDA in December 2025. The 2-Step challenge, static drawdown and no deadline, remains its core product, with fees fully refunded on the first payout. Price is the weak spot, and it rose again in 2026.
Ranked 2 on this list, The5ers has been operating since 2016 and scores 86/100 on our scale. Entry starts at $39 for a 2-phase evaluation. The risk envelope is a static drawdown capped at 10 %, with 5 % allowed per day. Funded traders keep 100 % of profits, with a first withdrawal available after 14 days. Notable freedoms: no time limit, no consistency rule. Available on mt5, ctrader, tradingview.
Founded in Israel in 2016, The5ers is one of the oldest forex prop firms still operating. Its strongest asset is the rulebook: static drawdown across every program, no time limit and no consistency rule. The tradable universe stays narrow, though — forex, indices, metals and futures, with no crypto and no equities.
In third place, FundedNext has been operating since 2022 and scores 85/100 on our scale. Entry starts at $59.99 for a 2-phase evaluation. The risk envelope is a static drawdown capped at 10 %, with 5 % allowed per day. Funded traders keep 95 % of profits, with a first withdrawal available after 5 days. Notable freedoms: no time limit, no consistency rule, expert advisors allowed. Available on mt4, mt5, ctrader, match-trader.
On the forex and CFD side, FundedNext runs just two routes: Stellar 1-Step (10% target, 6% max loss) and Stellar 2-Step (8% then 5%, 10% max loss). Both use static drawdown, carry no deadline and come with refundable fees. Pricing is on the high side, and the headline 95% split needs a paid option — the contractual base is 80%.
Ranked 4 on this list, FundingPips has been operating since 2022 and scores 83/100 on our scale. Entry starts at $29 for a 2-phase evaluation. The risk envelope is a static drawdown capped at 6 %, with 3 % allowed per day. Funded traders keep 100 % of profits, with a first withdrawal available after 7 days. Notable freedoms: no time limit. Available on mt5, ctrader, match-trader.
FundingPips lets you choose the withdrawal rhythm and prices the split accordingly: 60% weekly, 80% biweekly, 90% on demand, 100% on a monthly cycle. Its four evaluation models keep static drawdown, with only the instant-funding Zero account switching to trailing. Against that, a Striking System closes a funded account on the fourth warning.
Ranked 5 on this list, Funded Trading Plus has been operating since 2021 and scores 80/100 on our scale. Entry starts at $89 for a 1-phase evaluation. The risk envelope is a trailing intraday drawdown capped at 6 %, with 4 % allowed per day. Funded traders keep 100 % of profits. Notable freedoms: no time limit, expert advisors allowed. Available on mt5, ctrader, dxtrade, match-trader.
A London firm founded in late 2021 and bought by Instant Funding in May 2026, Funded Trading Plus pays every 7 days on its 1-Step Express and Instant programs, with the split rising from 80 to 100% and scaling up to $5 million. The catch: intraday trailing drawdown on both, and a Trustpilot score the platform has pulled.
Ranked 6 on this list, ThinkCapital has been operating since 2024 and scores 75/100 on our scale. Entry starts at $39 on an instantly funded account. Funded traders keep 90 % of profits, with a first withdrawal available after 14 days. Notable freedoms: no time limit, no consistency rule, expert advisors allowed. Available on tradingview, mt5.
Launched in 2024, ThinkCapital is the prop trading brand of broker ThinkMarkets, whose liquidity and technology it uses. That backing gives it five well-differentiated programs and a maximum allocation of one million dollars. Two reservations weigh on it: news trading is only available through a paid add-on, and Trustpilot removed its rating over fake reviews.
Refund, credit and bonus are three different products
The wording in the terms decides what you actually get back. A refund in the strict sense returns the amount paid to your original payment method or adds it to the payout, in cash. A credit tops up an internal balance you can only spend on another challenge at the same firm — a retention tool rather than a restitution. A bonus is added to the funded account’s equity and never becomes withdrawable. All three are marketed with the same language. The second thing to pin down is the trigger: first payout requested, first payout paid, or the second withdrawal cycle, which can push the money weeks further out.
The conditions that void it
Refunds almost always cover the initial purchase only. Resets, add-ons — reduced targets, wider drawdown, faster payouts — and funded account activation fees are excluded, even though they often account for a large share of what you actually spent. A rule breach on the funded account normally cancels the entitlement, even after a payout has cleared. Some firms attach a minimum profit on the funded stage, others a minimum holding period. Refunds also follow the original payment rail: a crypto purchase comes back in crypto, with the exchange-rate risk that implies. None of this is irregular, but each clause moves the real value of the offer.
Weighing a refundable fee against a lower price
A refundable challenge is priced above an equivalent non-refundable one; the firm funds the promise through the sticker price. So the decision reduces to a probability. Pass on the first attempt and the refund erases the cost, which is hard to beat. Plan on two or three attempts and a low entry price with cheap resets usually wins, because only the successful purchase gets refunded — if it does. Run that arithmetic against your own historical pass rate rather than the optimistic case implied by the sales page. The model fits experienced traders already familiar with the firm’s rulebook, and larger account sizes where the sum at stake justifies the higher upfront outlay.
Frequently asked questions
When do prop firms refund the challenge fee?
On the first payout in most cases, meaning after the funded account is live and a withdrawal has been requested. Some firms add a minimum profit condition or wait until the second withdrawal cycle. Until the money is actually in your account, the refund is a contractual promise rather than a settled sum.
Is the refund paid in cash or as account credit?
Both exist and the difference is significant. A cash refund is added to your payout or returned to your original payment method. Internal credit can only be spent on another challenge with the same firm. Some offers blend the two. The word used in the terms — refund, credit or bonus — settles the question.
Do I get a refund if I fail the challenge?
No. The refund is conditional on reaching a funded account and then taking a payout. Failing during evaluation ends the matter, including when you have paid for a reset. A few firms run temporary promotions or partial money-back guarantees, but those are marketing exceptions rather than the default behaviour of the model.
Refundable fee or cheaper challenge: which is better value?
Compare the expected cost weighted by your own pass rate. Refundable challenges carry a higher purchase price, so the benefit only materialises if you reach a payout. If you expect several attempts, a low entry price with inexpensive resets usually wins across the full journey, since only the successful purchase would ever be refunded.