Verified Firm
FTMO
The original prop firm challenge creator. 10+ years operational, 4.8 Trustpilot, bi-weekly payouts, $2M scaling plan, 80–90% split, no consistency rule.
Phase 1 proves you can profit. Phase 2 proves it wasn't luck. Two-step challenges remain the gold standard for prop firm evaluation — offering more validation, better risk management, and often superior trading conditions. Here's the complete comparison.
A staged evaluation that filters lucky runs from sustainable edges before a trader touches firm capital.
Hit a profit target (typically 8–10%) while respecting daily drawdown (~5%) and total drawdown (8–10%). Minimum trading days often 4–10. Time limit typically 30–60 days.
Prove consistency by hitting a smaller profit target (typically 5%) under identical drawdown rules. Demonstrates Phase 1 wasn't a fluke.
Trade the firm's capital with a profit split — typically starting at 80% and scaling to 90–100% with consistent performance.
| Firm | Phase 1 | Phase 2 | Daily DD | Total DD | Min Days | Time Limit | Split | Trustpilot |
|---|---|---|---|---|---|---|---|---|
| FTMO | 10% | 5% | 5% | 10% | 4 / phase | 30d / phase | 80–90% | 4.8 |
| FundedNext (Stellar 2-Step) | 10% | 5% | 5% | 10% | 5 / phase | Unlimited | 80–95% | 4.6 |
| The5ers Bootcamp | 6% × 3 | 6% each | 5% | 10% | 3 / phase | 60d total | 80–100% | 4.8 |
| FXIFY Two Phase | 10% | 5% | 5% | 10% | 5 / phase | Unlimited | 80–90% | 4.5 |
| E8 Funding | 8% | 5% | 5% | 8% | 3 / phase | 30d / phase | 80% | 4.3 |
| Alpha Capital Group | 10% | 5% | 5% | 10% | 3 / phase | Unlimited | 80% | 4.4 |
| Maven 2-Step | 10% | 5% | 5% | 10% | 3 / phase | 30d / phase | 80% | 4.5 |
| Funded Trading Plus 2-Step | 10% | 5% | 5% | 10% | 3 / phase | Unlimited | 80–90% | 4.7 |
Note: The5ers Bootcamp technically uses three 6% phases but operates as a gradual two-step-style evaluation. All data verified June 2026.
The original prop firm challenge creator. 10+ years operational, 4.8 Trustpilot, bi-weekly payouts, $2M scaling plan, 80–90% split, no consistency rule.
9+ years, $4M scaling ceiling, up to 100% split, no consistency rules on any program, 4.8 Trustpilot.
UAE-based, $4M scaling, 24-hour payout guarantee, $257M+ total payouts, 63K+ reviews, 4.6 Trustpilot.
From $39 entry, MT4/MT5/DXtrade, unlimited time on most programs, strong scaling.
UK-based (2021), 5 platform options, 4.7 Trustpilot, one of the most flexible firms.
Phase 2 filters traders who got lucky in Phase 1. Passing both phases demonstrates real consistency.
Firms lose less capital on traders who blow funded accounts. Two-step passers are statistically more profitable long-term.
Many two-step firms offer better spreads, lower commissions, and more platform options because they're more selective.
Established two-step firms (FTMO 10+ years, TopStep since 2012) have the longest payout track records in the industry.
Two-step firms can handle more traders because their funded population is pre-validated and predictable.
Firms using two-step evaluation have 40% lower funded account blow rates compared to instant funding models.
Compared to one-step: similar overall pass rates but two-step takes longer. Compared to three-step: two-step is faster but slightly less validated. Two-step remains the balance most established firms have settled on.
An evaluation with two phases — Phase 1 requires hitting a higher profit target (typically 10%), Phase 2 requires a smaller target (typically 5%) to prove consistency before funding.
They take longer but per-phase targets are lower. The overall pass rate is similar (~14%), but two-step traders who pass both phases tend to be more consistent on funded accounts.
FundedNext and FXIFY both offer unlimited time limits, removing the pressure of a deadline. The5ers Bootcamp has the lowest per-phase target at 6%.
Typically 2–4 months total — 4–8 weeks for Phase 1, 3–6 weeks for Phase 2. Unlimited-time firms remove deadline pressure.
Three-phase firms add an extra verification step for even more gradual validation. See our three-step firm guide for details.
Independently researched. Verified June 2026. No affiliate ranking — just the data you need to choose the right two-step evaluation.
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