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Prop Firm Refund Policies: When You Get Your Money Back
Written by Renan Filho, Technology & AI specialist. Expiry dates and activation fees are always visible.
Quick Answer: Prop firm refund policies vary widely, and knowing when you get your money back can save you from nasty surprises. Some firms refund your fee after your first payout, others only if you pass. We break down the real rules for US traders at FTMO, Apex, Topstep, and more, with clear opinions and hard numbers.
Key Facts for US Traders (2026)
| Market | Detail | Source |
|---|---|---|
| US indices | S&P 500, NASDAQ, Dow Jones | NYSE / NASDAQ |
| Regulator | CFTC (futures) / SEC (securities) | Official |
| Prop firm model | Funded evaluations with profit split 70-95% | Vendor terms |
| Verification | Updated regularly | PropFirmDiscountApp |
| Best deal today | Code DISCOUNTAPP — up to 90% off | Verified periodicamente |
FTMO: refund after first profit split, but only if you pass
FTMO refunds your evaluation fee after you pass the challenge and receive your first payout. For a $100K account, the fee is $540, and you get it back with your first profit split. If you fail, you lose the fee. That's a fair deal, but not automatic—you must request it. FTMO is a solid firm for US traders, but don't expect a refund if you quit early.
Apex Trader Funding: instant refunds on pass, but watch the fine print
Apex gives you a refund of your evaluation fee the moment you pass the challenge, even before your first payout. For a $50K account, the fee is $137, and you get it back via ACH or credit. But if you break their trailing drawdown rules, you lose it. Apex is aggressive and US-friendly, but their refund policy is only as good as your discipline. I'd say it's worth it for the low fees.
Topstep: no refund, but you get a payout instead
Topstep doesn't refund your fee—it's a flat $49 for the 50K combine. Instead, you earn a payout of up to $5,000 when you pass. That's a different model: you pay for the chance to trade, not for a refund. For US traders, Topstep is reliable and regulated by the CFTC, but don't expect your money back. If you're after a refund, skip Topstep.
FundedNext and True Forex Funds: refunds with strings attached
FundedNext refunds your fee after your first withdrawal, but only if you use their 15% profit split option. For a $100K account, the fee is $499. True Forex Funds refunds after two successful trades, but they've had payout delays recently—I wouldn't trust them fully. Both accept US traders, but read the terms. FundedNext is a good deal if you're patient; True Forex is risky right now.
The5ers and E8 Markets: refunds as a bonus, not a guarantee
The5ers refunds your fee after you hit a 10% profit target on their high-stakes account. For a $100K account, that's $750 back. E8 Markets refunds after your first payout, but they require a 10-day minimum trading period. Both are solid for US traders, but the refund is a bonus, not a right. I'd rather have a firm that pays out fast than one that promises refunds and delays.
Quick Comparison
| Prop Firm | Refund Trigger | Refund Amount (USD) | US Trader Access |
|---|---|---|---|
| FTMO | After first payout | $540 (100K) | Yes |
| Apex | Immediately on pass | $137 (50K) | Yes |
| Topstep | No refund | N/A | Yes |
| FundedNext | After first withdrawal | $499 (100K) | Yes |
| True Forex Funds | After 2 successful trades | $500 (100K) | Yes |
| The5ers | After 10% profit | $750 (100K) | Yes |
| E8 Markets | After first payout | $500 (100K) | Yes |
Frequently Asked Questions
Do prop firms refund your fee if you fail?
No, most don't. FTMO, Apex, and others only refund if you pass or meet specific conditions.
How long does it take to get a refund from Apex?
Apex processes refunds within 1-2 business days after you pass, usually via ACH.
Can I get a refund if I stop trading mid-challenge?
Rarely. Most firms, like FTMO and Topstep, have a no-refund policy once you start.
Is Topstep's no-refund policy a dealbreaker?
Not if you're after payouts, not refunds. But if you want your money back, pick Apex or FTMO.
Are refunds taxable in the US?
Yes, the IRS treats refunds as income, so report it on your taxes.
Conclusion
If you want your money back, Apex and FTMO are your best bets for US traders. Topstep and True Forex Funds? Not worth the risk. Read the fine print, pick a firm that pays out fast, and treat refunds as a bonus, not a guarantee. Start with a small account, test the process, and scale up only when you're confident.
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Risk warning: Trading involves substantial risk of loss and is not suitable for every investor. Past performance is not indicative of future results. Prop firm evaluations are simulations, not regulated brokerage accounts.