Crypto prop trading: trade with someone else's money, not your own
A prop firm gives you $5,000 to $200,000 for a trading account. Up to 90% of the profit is yours, the firm covers the losses, and all you risk is the challenge fee. Only 5–10% of applicants pass the evaluation, so below we cover the prices and the rules, not just the upside.
Links to HashHedge are affiliate links: we earn a commission on challenge purchases. It doesn't affect the price you pay, and it doesn't affect our review either: the criteria below are the same for every firm.
Why prop trading
No capital needed
The firm allocates $5K to $200K for the account. Your own savings are never part of it.
The bigger the account, the higher the ceiling
The stage-one target on a $200K account is 8%, or $16,000. With a 90/10 profit split, the trader keeps $14,400. Not everyone reaches the target, but the ceiling is set by the account size, not by your savings.
You don't lose your own money
The market turns against you, the account closes on the drawdown limit. You never put your own money into it, so the loss is capped at the challenge fee, from $79.
Payout in 72 hours, or triple if it's late
The company pays an approved request in USDT within 72 hours and covers the network fee itself. If it's late, it promises to pay triple the amount. The condition is written into the rules.
How it works
Buy a challenge
Pick an account size from $5K to $200K and pay the fee, from $79 to $1,393. That's the only thing you risk. Prices for every account size are in the table below.
Pass the evaluation
Choose your format: one stage or two. In the two-stage format, the profit targets are lower, 8% and 6%. The daily loss limit is 5%, and the max drawdown is 10% on the first stage and 8% after. There's no deadline, trade at your own pace.
Trade and withdraw profits
You get a funded account with real capital. The trading terminal is built in, so you can start within a minute. 160+ crypto assets plus oil, metals, indices and stocks, with markets open around the clock and on weekends. Keep up to 90% of what you earn.
Our pick for crypto: HashHedge
HashHedge
Partner reviewA prop firm that started with crypto and now lets you trade oil, metals, indices and individual stocks from a single account. 160+ crypto assets, markets open around the clock and on weekends, payouts in USDT. Rated 4.5 on Trustpilot.
- The evaluation rules and prices on the company's site: profit targets, drawdown limits, payout timelines
- The Trustpilot rating and verified company status
- That the payout timeline is written into the rules, not just in the marketing blocks
We haven't taken the challenge ourselves or received a payout. Every figure on this page was taken from the company's site on September 10, 2026.
How HashHedge scores on our criteria
Six markers we use to tell a working prop firm from one that will vanish. What's behind each one is covered further down this page.
For forex props, FTMO meets these same markers. In crypto, as of September 10, 2026, we consider HashHedge the best option. This isn't a guarantee: prop firms aren't regulated by financial authorities, and if a company stops paying, there's no one to complain to.
How much a challenge costs
Six account sizes. Prices were taken from the “Crypto + TradFi” tab on September 10, 2026. Check the company's site before you pay: pricing changes.
| Account | Price | With discount | US stocks |
|---|---|---|---|
| $5 000 | $79 | – | Yes, separate challenge |
| $10 000 | $99 | $74.25 | Yes, separate challenge |
| $25 000 | $299 | $224.25 | Yes, separate challenge |
| $50 000 | $499 | $374.25 | Yes, separate challenge |
| $100 000 | $799 | – | Yes, separate challenge |
| $200 000 | $1 393 | – | No |
The discount isn't shown on every plan, but the company promises 10% cashback on every one of them. Accounts up to $100,000 are also sold on a separate US stocks tab, with 11,000+ tickers and a two-stage format. The $200,000 account is only available on the crypto tab. You can pay for the challenge in TRC20, ERC20, BEP20, Solana, Arbitrum or Optimism.
Evaluation and funded account rules
The numbers that get an account closed. Learn them before you pay, not after your first trade.
| Condition | Stage 1 | Stage 2 | Funded account |
|---|---|---|---|
| Profit target | 8% | 6% | none |
| Daily loss limit | 5% | 5% | 5% |
| Max drawdown | 10% | 8% | 8% |
| Minimum trading days | 5 | 5 | none |
| Trading period | unlimited | unlimited | unlimited |
| Max leverage | 1:5 | 1:5 | 1:5 |
This is the two-stage format. The one-stage format has just one step, but the profit target is higher: the company trades speed for a higher target. The rules are published before you pay and, according to the company, don't change afterward.
How prop trading works from the inside
A no-marketing breakdown: where prop firms came from, what actually happens during the evaluation phase, which rules to watch, and how to tell a serious firm from one that will vanish.
Where retail prop firms came from
Classic prop firms like Jane Street, SIG, or Citadel Securities existed long before the retail version. They hire traders as staff, give access to the firm's capital, and pay salaries. Getting in off the street is nearly impossible: math, Python, hedge-fund-level interviews.
The retail model was born in a different world. TopstepTrader launched in Chicago in 2012 with a paid evaluation for futures traders: pass the challenge, get a funded account. In 2015, FTMO opened in Prague with the same idea for forex. The5ers started in Israel in 2016.
The explosion happened in 2020–2022. The pandemic shut offices; millions sat at home with stimulus checks and smartphones. The GameStop story in January 2021 pulled tens of millions more into markets. The pitch, “trade our capital, keep 80% of profits,” worked: according to Finance Magnates, Google interest in the query “prop firm” grew 607% from 2020 to 2024.
The crypto version came later. HashHedge and CryptoFundTrader split off from forex props specifically for crypto market volatility. FundedNext and The Funded Trader added crypto to their markets. By industry estimates, the crypto prop sector grew 215% in 2024 alone.
What actually happens during the evaluation phase
The model is similar everywhere. Stage one, evaluation: show 8–10% profit without breaking the rules, usually on an account of $25–$200K. Stage two, verification: repeat about half that result under the same limits. Pass both and you get a funded account with 70–90% of future profits. The numbers vary from firm to firm: for HashHedge it's 8% and 6%.
The limits look simple until you start trading. Daily loss is usually 2–5% of capital per day. Max drawdown is 4–10% over the entire period. Some firms use trailing drawdown: as profit grows, the floor rises with it. A profitable trader can hit the drawdown limit without ever being in overall negative territory.
Marketing materials say nothing about the consistency rule. The point: a single day's profit cannot exceed 30% of total challenge profit. Catch a good move, make 4% in a day when the target is 8%, and that's it, consistency is broken, challenge failed. The rule exists to filter out one-time lucky trades and weed out traders who bet everything on a single signal.
The business model of prop firms: money is made selling challenge attempts, not from the success of funded traders. MyForexFunds collected $310M in fees in under two years before the CFTC shut it down. FTMO reported $213M in revenue in 2023 with EBITDA around $100M. Most props run B-book: client trades never reach the real market, the firm is the counterparty. If the trader loses, that is direct profit for the company. This is not fraud, it is the structure of the industry.
Pitfalls you won't find in the ads
The Funded Trader publicly disclosed in March 2025 that only 5–10% pass the challenge. Finance Magnates, analyzing 300,000 accounts at FPFX Tech, found that 7% reached their first payout. PipFarm reported 41%, but that is the exception, not the rule.
August 2023: the CFTC filed charges against MyForexFunds totaling $300M. According to the regulator, the firm ran simulated accounts for years while telling clients their trades went to the market. Artificial slippage and delays were used to reduce trader profits. Over 135,000 clients were affected. By 2025, some charges had been dropped, but the precedent stands: even the largest players can be something other than what they claim.
In 2024, 80–100 prop firms shut down after MetaQuotes revoked MT4/MT5 white-label licenses from companies without their own infrastructure. Traders lost access to funded accounts; some never received payouts they had already earned. As of March 2024, The Funded Trader had 1,272 clients with unpaid profits.
Hidden rules that trip traders up most often: news trading bans (no open positions 2–5 minutes before and after major news), position size limits, trailing drawdown (floor rises with profit), and min trading days, which means you cannot close the challenge in two days even if the target is hit.
How to tell a serious firm from one that will disappear
Most prop firms are not regulated by financial authorities. That is legal: a prop is not a broker and does not take client funds in the traditional sense. But it means that if the firm stops paying, there is no regulator to complain to.
What to look for:
- Jurisdiction and age. A registered legal entity, at least one year of operation with a proven payout history, a named director or founder.
- Trustpilot and independent reviews. Look at a sample of thousands of reviews, not a handful of fresh five-star ones. FTMO and The5ers hold high ratings on a large sample; HashHedge sits at 4.5 with verified company status.
- Payout methods. Focus less on the rails and more on the timeline and transparency. A USDT payout is normal for a crypto prop firm if the timeline is written into the rules and the company covers the network fee. Red flags: vague timelines, manual approval with no set process, and support going quiet after you file a request.
- Rule transparency. The consistency rule, drawdown limits, and news policy should all be in one PDF or on a FAQ page. If you have to piece together terms from three different blog posts, the firm is deliberately making it hard to understand.
- Payouts are verifiable. Screenshots without a TXID and no way to verify early traders are reasons to pause.
- Live support. Message support before you pay and see how fast they answer and in what language. Silence on a question before you buy is a good preview of what happens after you file a payout request.
HashHedge made it into our review on exactly these criteria. How the company scores on each one is shown in the table above.
FAQ
What is prop trading in simple terms?
A firm gives you money to trade. You trade, and you split the profits. Your own money is never at risk.
How much does it cost?
The challenge fee, from $79 for a $5K account to $1,393 for a $200K account. That's the only expense: the company pays the network fee on withdrawal.
What if I lose money?
You only lose the fee. After that, the drawdown limit kicks in: 10% on the first stage, 8% on the second stage and on the funded account. The account closes, and you never put your own money into it.
Do I need experience?
Yes. Prop trading is for people who already know how to trade. If you're a beginner, practice on a demo account first.
Can I trade on weekends?
Yes. Crypto markets run 24/7, and HashHedge gives you 24/7 market access, including weekends. The company's site doesn't say anything about restrictions around news releases, ask support before you pay.
How do I withdraw profits?
In USDT. The company pays approved requests within 72 hours and covers the network fee itself. Networks: TRC20, ERC20, BEP20, Solana, Arbitrum and Optimism. The company promises to pay triple if a payout is delayed beyond 72 hours.
Is there a time limit?
No. Take as long as you need to pass the evaluation. Just hit the profit targets and stay within the drawdown limit.
What can I trade?
160+ crypto assets, Brent and WTI oil, gold, silver, the S&P 500 index and stocks. By trading volume, Brent oil and SpaceX stock lead among traders. US stocks run as a separate challenge: 11,000+ tickers, accounts up to $100,000, a two-stage format.
How many people actually get paid?
The Funded Trader put the pass rate at 5–10% in March 2025. Finance Magnates, sampling 300,000 accounts at FPFX Tech, counted 7% reaching their first payout. This is a selection process, not easy income.
How do I know a firm will actually pay?
Look at the payout timeline in the rules, not in the ads, at the volume of reviews, at public proof of payouts, and at how long the company has been operating. Our six criteria, and how HashHedge scores on them, are in the table above.