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Based in Exeter - working across prop trading firms worldwide

Glossary · Evaluations

Simulated funded account

  • Also called
  • funded account
  • funded trader account
  • live funded account
  • sim funded

What it means

In a prop firm, the funded stage is usually not a live brokerage account. The trader keeps trading in a simulated environment with the same or similar rules, and the firm pays a share of the simulated profit as a performance reward. The firm may mirror some traders' positions to live markets, but that is its own risk decision, not the trader's account.

A live funded account, where the trader's orders reach a real market with the firm's capital, exists at some firms and some futures programs, often after a period of consistent simulated results. Firms that offer it should describe exactly when it applies and on what terms.

The distinction matters legally and commercially. Describing a simulated account as real capital is one of the claims regulators and consumer bodies have scrutinized, and it is the claim most likely to come back in a dispute.

Related terms

Read these next.

Evaluations

Evaluation

An evaluation is the paid, rule-bound test a prop firm sells, in which a trader must hit a profit target in a simulated account without breaking any risk rule.
Payouts

Performance reward

A performance reward is the payment a prop firm makes to a trader based on results in a simulated funded account; it is the compliant name for a prop payout.
Risk and drawdown

A-book

A-book describes trades the firm passes to a real market or liquidity provider; in prop firms, it usually means mirroring selected traders' positions with live capital.
Risk and drawdown

B-book

B-book describes trades the firm does not pass to a market: in prop firms, simulated trades that stay internal, with payouts funded from the firm's own revenue.
Compliance

Marketing claims

Marketing claims are statements a prop firm makes to sell its programs, such as payout totals, pass rates, speed and income; each must be accurate, sourced and not misleading.
Compliance

Risk disclosure

A risk disclosure is the statement a prop firm publishes explaining that trading is risky, that accounts are simulated where they are, and that results are not typical or assured.

On your website

Where this shows up on a prop firm site.

Feature

Challenge pricing table

The table traders compare first: program, size, price, target, daily and maximum loss and split, readable in ten seconds on a phone.
Feature

Rules pages

Rules a trader can read one way: one page per rule, worked examples from your own numbers, and a table of which rules apply to which plan.
Guide

How Do Prop Firms Work? The Business Behind the Challenge

How prop firms work from the operator's side: the challenge, the simulated funded account, the payout and the cash cycle that pays for it all.

Looking for a prop firm to trade with, not a website? Compare firms on PropFirmPal, the comparison site our founder owns.Go to PropFirmPal →

All glossary termsGuides

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