Two-step challenges

Two-step challenges: prove it, then prove it again

The two-phase evaluation is the industry default. You reach a target in phase one, then reach a second target under the same or similar limits. The point of the second phase is not difficulty — it is repetition.

See how one provider structures this model

Phase counts and rule sets differ between firms even inside the same model. Read a current example while the explanation below is fresh.

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What the second phase is measuring

Phase two exists to distinguish a good run from a repeatable process. A trader can reach almost any single target with enough risk; doing it twice in sequence, without breaching a loss limit in between, is much harder to achieve by luck. If your edge is genuine, the second phase is the one that works in your favour.

Why it is the most widely available model

Because it is the default, the two-step format gives you the widest choice of provider, which in turn makes rule sets easier to compare like for like. That comparability is worth something: it is far easier to judge whether a drawdown model is reasonable when several firms offer the same structure around it.

The pacing mistake to avoid

Traders routinely arrive at phase two with the same aggression that got them through phase one, having treated the first target as the finish line. Plan both phases as one attempt with one risk budget. Whatever risk-per-trade figure your daily loss limit implies applies just as much on the second phase as the first.

Suits you if

• You want the largest selection of providers and comparable rule sets
• Your strategy produces steady results rather than occasional spikes
• You are willing to trade a longer path for a more forgiving structure

Probably not if

• You need funding as quickly as possible
• You lose discipline over a longer evaluation period
• You would rather pay more upfront to skip evaluation entirely

Does this model fit how you trade?

If the list above describes you, the next step is the firm's own terms — that is where the phase structure and limits for this model are actually stated.

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Before you buy any model, know the risk maths

The model determines the shape of the test. Your position sizing relative to the daily loss limit determines whether you survive it.

How to pass a challenge

Check whether this model is currently offered

Providers change which formats they sell. Confirm availability and terms on the firm's own funding options page.

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Firms to check

All six providers below publish their current phase structures and rule sets on their own sites. Read the terms there rather than relying on a summary.

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

Forex · Metals · Indices · Energies · Crypto

Evaluation-based funding across forex and CFD markets. Current phase structure, targets and drawdown terms are published on the firm's challenge page.

Challenge fee: Not specified
Profit target: Model and phase dependent — around 8%/5% on the two-step, 10% on the one-step.
Daily loss limit: Typically 3–5%, treated as a hard breach.
Max loss / drawdown: Typically 6–10%, static or trailing depending on the model.
Minimum days: Minimum profitable days apply on Zero.
Other rules: A consistency rule (biggest day around 15%) applies on some funded accounts.

Best for

Traders comparing multi-phase evaluation formats.

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The5ers

Forex

Long-running forex funding provider with more than one programme type. Compare the programmes on the firm's site before choosing.

Challenge fee: Not specified
Profit target: Commonly 6–10% per phase.
Daily loss limit: Around 3–5% — pauses or terminates depending on the programme.
Max loss / drawdown: Static 6–10% on many CFD programmes; trailing on futures.
Minimum days: Minimum profitable days on some programmes (3 days of at least 0.5%).
Other rules: 30 days of inactivity closes the account.

Best for

Lower-frequency and swing traders comparing programme types.

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Alpha Capital

Forex · Metals · Indices · Oil

Evaluation programmes for forex and CFD traders. Rule details are listed on the firm's own signup flow.

Challenge fee: Not specified
Profit target: Roughly 6–12% depending on the plan.
Daily loss limit: End-of-day based, around 3–5%.
Max loss / drawdown: Trailing on Alpha One, static on Pro — roughly 4–10%.
Minimum days: 0–1 on Alpha One; 3 per phase on Pro and Three.
Other rules: Not specified

Best for

Traders comparing evaluation rule sets rather than headline price.

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Goat Funded Trader

Forex · CFDs

Offers several challenge formats. Check the checkout page for the account sizes and rule sets currently on sale.

Challenge fee: Not specified
Profit target: Varies by model; some instant products have no target or a low one.
Daily loss limit: Model dependent — around 3% on some entry products.
Max loss / drawdown: Model dependent — around 6% on some entry products.
Minimum days: Not specified
Other rules: Consistency, news, overnight and EA rules are model-specific — confirm on help.goatfundedtrader.com.

Best for

Traders who want a choice of challenge models in one place.

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For Traders

Forex · CFDs

Challenge selection is configured directly in the firm's new-challenge screen, where the current terms are shown.

Challenge fee: Not specified
Profit target: Low on some newer models — 2% on Pay After Pass.
Daily loss limit: Around 3% on the models we have seen.
Max loss / drawdown: Around 6%, trailing on those examples.
Minimum days: Not specified
Other rules: A 20% consistency rule applies on funded accounts in some models; inactivity rules apply.

Best for

Traders who want to see the challenge builder before buying.

View Challenge Options See rules

Top One Futures

Futures

Futures-focused evaluation accounts. Contract limits and drawdown model are set out on the firm's site.

Challenge fee: Not specified
Profit target: Not fully verified — check the official help centre.
Daily loss limit: Not fully verified — check the official help centre.
Max loss / drawdown: Drawdown type not fully verified — check the official help centre.
Minimum days: Not specified
Other rules: News trading allowed per the firm's marketing; 90% profit split.

Best for

Traders whose strategy is futures-based rather than forex.

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Confirm the terms before you buy

Fee, target, drawdown model, time limits and reset terms are all published by the firm and change often. Read them at the source.

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Other challenge models

One-step challenges

A single evaluation phase before funding.

Instant funding

No evaluation phase — funded from purchase.

Or go straight to the side-by-side comparison.

Check current rules on

FundingPips

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