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Two-Step Prop Firms: the model that tests repeatability

Phase one asks whether you can produce a return inside the risk limits. Phase two asks whether you can do it again from zero. This site covers what that second phase really measures, how time limits and minimum-day rules interact, how to size risk across both phases — and which firms genuinely offer the model.

Compare Two-Step Firms Read the two-step guide

Most-referenced plan on this site: FundingPips' published 2 Step Pro objectives (10% then 6%, 4% daily loss, 0 minimum trading days).

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Section 01 · Mechanics

The two-step model explained: challenge, then verification

A staged evaluation designed to separate a favourable run from a repeatable process before a trader touches firm capital.

Phase 1
01

The challenge

Reach the firm's phase-one profit target while respecting its daily loss limit and maximum loss limit. Targets, limits and any minimum-day requirement vary by firm and plan — see the comparison for published figures.

Phase 2
02

Verification

Reach a smaller target under the same loss limits, from a fresh account with no accumulated buffer. This is the repeatability test: the drawdown clock restarts, so phase-one sizing carried over is the most common way traders breach here.

Phase 3
03

Funded account

Trade the firm's simulated capital under its funded-account rules with a profit split. Split levels, payout frequency and scaling terms are set by each firm — check them on the firm's own page before buying.

The evaluation flow
Trader
Phase 1
Phase 2
Funded account
Payouts

Want the depth rather than the summary?

Our guide covers what phase two actually tests, why its target is lower, how time limits collide with minimum-day rules, why most failures happen in phase one, and a worked risk-sizing example across both phases.

Read the two-step guide

See the mechanics as a real plan table

FundingPips publishes the objectives for its 2 Step Pro plan — 10% then 6%, a 4% daily loss limit and a 12% maximum loss — so you can map the phases above onto actual numbers.

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Section 02 · Firms

Firms with a confirmed two-step programme

Listed only where the firm publishes a two-step evaluation on its own site. Figures come from the firm's own plan tables; anything not published reads “Not specified”.

Some links on this site are affiliate links. If you purchase through one of these links, we may earn a commission at no additional cost to you. Our recommendations are based on the factors explained on each page.

FundingPips

Two-step programme confirmed on the firm's own site

Traders who want a two-step route with no minimum trading days, alongside 1-Step and Zero alternatives from the same firm.

Phase 1 target8% (2-Step models)
Phase 2 target5% (2-Step models)
Daily loss limit3–5% by model (hard breach)
Max loss6–10%, static or trailing by model
Minimum trading days0
Time limitNot specified
Profit splitBi-weekly, up to 95%

FundingPips runs 2-Step Standard, Flex and Pro models; objectives differ by model, so the ranges above are model-dependent rather than a single fixed table. A consistency rule (biggest day capped at 15%) applies on some funded accounts.

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ThinkCapital

Two-step programme confirmed on the firm's own site

Traders comparing two-step against the same firm's one-step and three-step programmes under one rulebook.

Phase 1 targetNot specified
Phase 2 targetNot specified
Daily loss limitNot specified
Max lossNot specified
Minimum trading days3+ profitable days required for funded payouts
Time limitNot specified
Profit splitNot specified

ThinkCapital's two-step programme is confirmed, but its drawdown values and per-phase targets are not fully verified, so they are not asserted here. News trading is prohibited by default (a 2-minute window around high-impact releases) unless the add-on is purchased.

Continue to CheckoutSee Rules

BrightFunded

Two-step programme confirmed on the firm's own site

Traders who want a firm offering explicit 1-Step and 2-Step options, where the 2-Step route trades lower targets for larger loss buffers.

Phase 1 targetLower than the 1-Step route (5% example)
Phase 2 targetLower than the 1-Step route (5% example)
Daily loss limitNot specified
Max lossHigher buffer than 1-Step (10% example)
Minimum trading daysNot specified
Time limitNone — unlimited days on challenge and verification
Profit splitNot specified

BrightFunded publishes explicit 1-Step and 2-Step options; the 2-Step route carries lower targets with higher buffers (5%/10% examples rather than a fixed table). A 5-minute high-impact news restriction applies on funded accounts. Payout details are not fully verified.

Visit BrightFundedSee Rules
See all verified two-step firms
Section 03 · The case

Why two-step is still the default model

It tests repeatability, not luck

A second phase from a fresh equity curve removes the cushion a good first run creates. That is the whole point of the model.

Lower per-phase targets

Splitting the evaluation means each phase asks for less than a single-phase test with an equivalent overall bar — the firms here publish smaller phase-two targets than phase-one targets.

More time to show a process

Two phases give a settled strategy room to express its edge across more sessions rather than compressing it into one window.

Rules you can plan around

Because the model is the industry standard, objectives are usually published as fixed tables — easier to compare than bespoke or negotiated structures.

A classic 8% / 5% two-step structure

BrightFunded publishes an 8% phase-one target, a 5% phase-two target, a 4% daily loss limit and a 5-day minimum on its own 2-Step table — the textbook version of the model described above.

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And when it is the wrong choice

  • You need funding fast — two phases mean two full cycles before any payout is possible.
  • You trade infrequently — minimum-day rules apply in both phases and can become the binding constraint.
  • Your strategy is still changing — phase two is designed to expose exactly that.

Other evaluation models

Two-step sits between single-phase speed and three-phase gradualism. If the fit is wrong, start with the model, not the firm.

One Step Prop Firms

Single-phase evaluations — faster funding, usually stricter drawdown.

Three Step Prop Firms

Three-phase evaluations — lowest per-phase targets, longest runway.

If minimum trading days are your constraint

FundingPips lists 0 minimum trading days on its published 2 Step Pro plan, which removes the floor that infrequent traders usually run into across two phases.

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FAQ

Frequently asked questions

What is a two-step prop firm challenge?

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An evaluation split into two phases. Phase one asks you to reach a profit target inside the firm's loss limits. Phase two asks you to do it again from a fresh account with a lower target, which is how the firm checks the first result was repeatable rather than a favourable streak.

Why is the phase-two target lower than phase one?

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Phase two is a confirmation sample rather than a fresh test, so it does not need to be as large. Among firms listed here, FundingPips publishes 10% then 6%, ThinkCapital publishes 9% then 5%, and BrightFunded publishes 8% then 5% on their own pricing pages.

Do minimum trading days make two-step harder?

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They can. A minimum-days rule sets a floor on how long a phase takes, and it applies in both phases. Infrequent traders often find it the binding constraint. Some firms publish no minimum at all — FundingPips lists 0 minimum trading days on its 2 Step Pro plan.

How long does a two-step evaluation take?

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It depends on the firm's time limit, its minimum trading days and how often your strategy produces setups. We do not publish an average, because duration is a function of your own trade frequency — see the worked example in our guide for how to plan it.

When is two-step the wrong choice?

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If you need funding quickly, if you trade infrequently and will struggle with minimum-day rules, or if your strategy is still changing week to week. In those cases a one-step or three-step model may suit you better.

Still comparing on rules rather than marketing?

ThinkCapital publishes its Dual Step Intraday objectives — 9% then 5%, a 4% daily loss limit and a 3-day minimum — as a fixed table you can read before checkout.

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Choose the two-step evaluation that fits how you actually trade

Compare published phase targets, loss limits and minimum trading days side by side — with unverified figures left blank rather than guessed.

Compare verified firms Read the guide

Start with a firm that publishes its two-step objectives

These three publish per-phase targets, loss limits and minimum trading days as fixed tables on their own sites, so you can check the rules before you pay rather than after.

FundingPips

Traders who want a two-step route with no minimum trading days, alongside 1-Step and Zero alternatives from the same firm.

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ThinkCapital

Traders comparing two-step against the same firm's one-step and three-step programmes under one rulebook.

Continue to Checkout
BrightFunded

Traders who want a firm offering explicit 1-Step and 2-Step options, where the 2-Step route trades lower targets for larger loss buffers.

Visit BrightFunded

Some links on this site are affiliate links. If you purchase through one of these links, we may earn a commission at no additional cost to you. Our recommendations are based on the factors explained on each page.

FundingPips
Two-step programme confirmed on the firm's own site
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