Futures firms comparator

450 Lexington Ave, New York, NY 10017

2026

2024

Steve A. Kubik

No Boxcar payout fee.

Evaluation and initial funding are simulated. Prime, Flex and Funded reach live review after 5 approved payouts. Payout triggers review at USD 6,000 / 8,000 / 10,000 / 12,000 daily profit for 25K / 50K / 100K / 150K; the risk team may also initiate review. Approval, KYC and a separate agreement are required. One live account per eligible funded account with at least one payout.
Live starts at USD 0 with size-based EOD drawdown of USD 1,000 / 2,000 / 3,000 / 4,500, no DLL and exchange-specific position scaling. The floor locks at USD 100 upon earning profit equal to the starting drawdown or requesting an earlier payout. Daily requests when eligible.
Moving live closes all household simulated accounts; accounts without payouts are refunded. Prime, Flex and Funded forfeit remaining simulated profit, apart from an eligible final payout. Payout may settle profit above the buffer, capped at USD 15,000 combined with the usual split, after broker verification; the prior close is used and the transition session is excluded. Standard cooldown after a live breach: 2 weeks.

• Halcyon may transition traders to a Live Brokerage account once consistency and risk management are demonstrated.
• Trader Live Training Program: intermediate stage in a simulated environment that rewards milestones before live transition.
• Live Brokerage: daily reward requests (Mon–Fri), 100% profit split, swing trading allowed, margin-based contract limits.
• Exclusive to the Ironbeam platform.
• Starting capital on live typically matches the qualifying Reward Account's drawdown amount.

Payout: daily requests when eligible. Prime: from 3 days; Flex and Funded: from 5 days per cycle. Plaid: instant delivery to US banks; WorkMarket by ADP: 2 days for international banks. Prior review and approval required.

• 6 qualifying trading days are required before each reward request
• All 6 days must meet the applicable Minimum Daily Profit Requirement
• Lite/Prime minimums: $100 for 25K, $200 for 50K and $350 for 150K
• Dynamic minimums: $200 for 50K, $275 for 75K, $325 for 100K and $400 for 150K
• After each approved reward, all qualifying trading days reset to zero
• No payout window: requests can be submitted whenever the dashboard shows an eligible reward amount
• Processed first-in, first-out, up to 3 business days

Gross amounts, in 25K / 50K / 100K / 150K order:

• Prime: first payout USD 1,000 / 2,000 / 2,500 / 3,000; later payouts USD 1,500 / 2,500 / 3,000 / 3,500.
• Flex: up to 50% of cycle profit, capped at USD 1,000 / 2,000 / 2,500 / 3,000.
• Payout: available profit above the buffer, with no additional per-request cap.
• Funded: payouts 1-3, USD 1,000 / 2,000 / 2,500 / 3,000; payouts 4-5, USD 1,000 / 2,500 / 3,000 / 3,500.

Lite and Prime

• 25K: 50% of profits, up to $1,000 per reward
• 50K: 50% of profits, up to $2,000 per reward
• 150K: 50% of profits, up to $3,000 per reward

Dynamic

• 50K: up to $1,250 per reward
• 75K: up to $1,550 per reward
• 100K: up to $2,000 per reward
• 150K: up to $3,000 per reward

Maximum 5 approved rewards per account. After the 5th reward, the account may be reviewed for transition to the TLT Program or a Live Brokerage account.

USD 500 gross per request, before the split.

Minimum reward request: $250. Lite, Prime and Dynamic Reward Accounts only need net profit above their starting balance; there is no buffer to clear.

Cycle profit goals, in 25K / 50K / 100K / 150K order:

• Prime: USD 250 / 500 / 750 / 1,000.
• Funded: first cycle USD 1,500 / 3,000 / 6,000 / 9,000; later cycles USD 1,250 / 2,500 / 3,500 / 4,500.
  Flex and Payout need a net-positive cycle. Each approval starts a new cycle. Minimum age: 18. Identity verification is required; businesses receive payment in their own name and provide formation, ownership and IDs for owners holding at least 25%. One permanent personal or business profile per trader, with no conversion or replacement. Requests are final and submitted through support.

USD per contract per side; round trip = twice the rate:

• ES, NQ, RTY, NKD, YM: 1.75.
• 6A, 6B, 6C, 6E, 6J, 6S, 6N: 2.40.
• CL, QM, NG: 2.00; QG: 1.30.
• PL, GC, SI, HG: 2.30.
• HE, LE, ZS, ZC, ZL, ZM, ZW: 2.80.
• MES, MNQ, M2K, MYM, MCL: 0.50; MGC: 0.80; SIL: 1.60.
  CME, CBOT, NYMEX and COMEX contracts. QM, QG and NKD count as minis. MNG and MHG are unavailable. Live costs follow onboarding terms.

• Based on the default (free) membership tier of platform partners.
• Fees include: exchange, NFA, clearing and platform commission.
• Calculated per contract, per round trip.
• Micro contracts generally have lower fees than mini contracts.

Active or failed evaluations and purchased direct-funded BoxcarFunded accounts can be reset. A reset replaces the account with the same plan and retains its history. Cost is the lower of the original amount paid for that account and its current reset price. Free accounts pay the current reset price. Funding earned by passing an evaluation needs a new evaluation after a breach; live accounts cannot be reset.

• Unlimited resets available for a fee (via the Trader Dashboard).
• Restores a fresh account balance with all risk parameters reset.

Level II: USD 13/month for CME only or USD 39/month for all four exchanges. Rithmic server-side copier: USD 15/month across all accounts on the login. An optional second login is also offered in the portal, with no confirmed public price.

• Halcyon Prime: 1-Day Pass add-on. Price by size: +$18 (25K), +$27 (50K), +$41 (150K).
• Bypasses the 40% consistency rule.
• Allows passing the evaluation in a single trading day.
• Halcyon Lite has no add-ons.

BoxcarFunded starts directly in simulated funding.

Prime, Flex and Payout have one evaluation.

EOD trailing on Prime, Flex and Funded. Payout offers EOD or intraday in evaluation; funded is always intraday, including open profit. The floor never falls and stops at starting balance + USD 100, reached at starting balance + MLL + USD 100. A Flex payout request also locks the floor. Touching the floor, including through open losses, breaches the account.

Halcyon Lite (Intraday Trailing)

• $25K: $1,000 | $50K: $2,000 | $150K: $4,000
• Tracks Total Liquidation Value including unrealized profits
• Locks permanently at starting balance + $100 after the first approved reward

Halcyon Prime (End-of-Day)

• $25K: $1,000 | $50K: $2,000 | $150K: $4,500
• Updates only at end of trading session based on closing balance
• Locks permanently at starting balance + $100 after the first approved reward

Halcyon Dynamic

• Evaluation: $2,000 on the 50K account; Intraday or End-of-Day selected at purchase
• Reward: $2,000 on 50K | $2,500 on 75K | $3,000 on 100K | $4,000 on 150K
• Reward drawdown can be Intraday or End-of-Day, independently of the evaluation choice
• Locks permanently at starting balance + $100 after the first approved reward

Prime, Flex and Payout offer a DLL at purchase; the choice carries to both stages and cannot change. Hitting it closes positions and locks trading until the next session, without itself breaching the MLL. On funded Prime and Funded, the DLL becomes 60% of peak EOD profit after closing above the initial trail balance, and can only grow. Flex and Payout keep a fixed DLL; Funded 25K never acquires one.

No daily loss limits on any plan.

Prime and Payout must retain starting balance + MLL + USD 100 after a payout. Flex has no additional buffer but must respect its loss floor. Funded applies cycle goals and caps as well as loss-floor protection.

• No buffer. Removed for accounts purchased from 8 Aug 2026.
• To request a reward it is enough to be above the account starting balance: there is no locked amount to build or maintain.
• Previously a buffer of drawdown + $100 was required, and withdrawing from within it was not allowed.
• After the first approved reward, the maximum loss limit moves permanently to starting balance + $100.

Unlimited evaluations and up to 5 active funded accounts across plans. Additional direct-funded purchases remain in reserve. No household simulated trading while a member trades live.

No fixed deadline to pass. Inactivity rules still apply.

• Evaluation accounts expire after 30 calendar days if not passed.
• Accounts inactive for more than 30 calendar days are disabled.

Prime evaluation: a 1-day pass is possible. Flex and Payout have no separate fixed minimum beyond consistency. Payouts: Prime from 3 days; Funded requires 5 trading days per cycle; Payout allows daily requests when other conditions are met.

• Halcyon Lite Evaluation: 1 trading day
• Halcyon Prime Evaluation: 3 trading days, or 1 day with the 1-Day Pass add-on
• Halcyon Dynamic Evaluation: 1 trading day
• All Reward Accounts: 6 qualifying trading days before each reward request; the counter resets to zero after each approved reward

No activation charge after passing and no account subscription.

Lite and Prime

• With activation-fee pricing, the activation fee is paid once after passing
• With no-activation-fee pricing, no payment is required after passing
• Both options lead to the same Reward Account rules

Dynamic

• After passing, the trader pays a one-time upgrade fee based on the selected Reward Account size, drawdown type and consistency option

Funded Flex: 5 separate days per cycle, each with at least USD 100 / 150 / 200 / 250 net profit for 25K / 50K / 100K / 150K. Day counts restart after payout approval.

• Halcyon Lite Evaluation: 1 trading day
• Halcyon Prime Evaluation: 3 trading days, or 1 day with the 1-Day Pass add-on
• Halcyon Dynamic Evaluation: 1 trading day
• All Reward Accounts: 6 qualifying trading days meeting the applicable Minimum Daily Profit Requirement before each reward request

Only Flex sim-funded scales contracts with accumulated closing profit; losses or payouts can lower its tier. Prime, Payout and Funded retain full limits. Live scaling is confirmed per exchange.

One-time purchase with no automatic renewal. Platform and Level I data included. Breaches, lack of use or a change of mind do not normally qualify for refunds; duplicate or incorrect charges, missing access and statutory rights are reviewed. An unused purchase may receive discretionary review before any order or trade.

Lite and Prime
Two one-time pricing options are available:

• With activation fee: lower evaluation fee, then a separate activation fee after passing
• No activation fee: higher all-in evaluation fee; upgrade to the Reward Account is free

Dynamic

• One-time 50K evaluation fee: $47 with Intraday Trailing drawdown or $49 with End-of-Day drawdown
• A separate Reward Account upgrade fee is paid after passing

No subscriptions or recurring billing.

90/10 profit split on all Lite, Prime and Dynamic Reward Accounts. Trader keeps 90%, firm keeps 10%.

Own automated strategies are allowed on evaluations and simulated-funded accounts, subject to all account rules. Software errors and HFT restrictions still apply.

• Bots, algos and semi-automated systems are allowed.
• You must be the sole owner of the system.
• The system cannot be used across multiple firms.
• HFT (high-frequency trading) bots are not allowed.
• Halcyon may request proof of usage.

Opposing different products or mini/micro pairs are allowed within one evaluation or sim-funded account. Long and short in the same exact contract, or opposing same/correlated products across accounts, including other traders or firms, are prohibited. Same-account exceptions do not carry over to live. A first violation may return balances to the prior close; repeated violations may breach accounts and end access.

Realistic scalping is allowed. More than 50% of profit from trades lasting 5 seconds or less may trigger review. A flag is not automatic failure; confirmed or repeated exploitation may lead to profit removal and loss of access.

DCA and scaling into positions within contract and loss limits.

Permitted within account limits, although Boxcar strongly discourages it.

Across your own Boxcar accounts, using built-in or third-party copiers. Each account keeps its own limits. Credential sharing and trading for others are prohibited.

Allowed on Prime, Flex, Funded and Payout evaluation. Funded Payout must be flat from 1 minute before through 1 minute after high-impact USD news on the Forex Factory calendar; violations breach the account. Cancel pending entries and pause automation. Live has separate terms.

At least one closed trade with USD 1 net profit or loss in every 30-calendar-day period. Otherwise the account may be permanently removed. Breached evaluations may be removed after 30 days without a reset.

Accounts must place at least one trade every 30 consecutive calendar days. Accounts inactive for more than 30 days will be considered inactive and may be disabled. Evaluation accounts also expire 30 calendar days after starting if not passed.

Prime: none in evaluation, 40% per funded cycle. Flex and Payout: nominal 50% in evaluation plus a 2-point cushion, an effective 52% ceiling; no funded consistency. Funded: 20% per cycle. Best net day divided by total net profit; fees and losing days count. Missing consistency delays passing or payouts without itself breaching drawdown.

Halcyon Lite

• No consistency rule on evaluation or reward accounts.

Halcyon Prime

• 40% consistency rule on BOTH evaluation and reward accounts.
• No single trading day's profit may exceed 40% of total profits during the qualifying period.
• 1-Day Pass Add-On allows bypassing the consistency requirement during evaluation only.

Halcyon Dynamic

• When upgrading after passing the evaluation, the trader chooses a Reward Account with 40% consistency or no consistency.

Evaluation and sim-funded positions must close before weekends and exchange early closes.

Day trading only. All positions must be closed and all orders canceled by 4:45 PM EST (New York Time). Positions are automatically liquidated outside trading hours. No overnight or weekend holding on any account type.

Exploitative HFT, latency or delayed prices, unrealistic simulated fills, technical defects, spoofing, layering, prohibited coordination or hedging, and trading for others. Brief flipping to count trading days is allowed but does not replace minimum-profit days or payout goals.

• Hedging on the same or related underlying assets (e.g. ES + MES, NQ + MNQ)
• Opposite Direction Trades within or across accounts (CME Rule 534 – Wash Trades, CME Rule 575 – Disruptive Practices)
• Mixing micro and mini contracts on the same asset
• Holding positions outside trading hours / overnight / weekend
• Account sharing or third-party trading

Trading during the overnight session is allowed, but positions cannot cross the daily close: flatten by 16:45 ET and re-enter from 18:00 ET in the next open session. Scheduled automatic flattening is not a breach. Live follows its own schedule.

• All positions must be closed and all orders canceled by 4:45 PM EST.
• Positions are automatically liquidated outside trading hours.
• Failing to close may trigger automatic liquidation and account failure.

• Contract limits are applied based on account size.
• Excessive daily contract usage is prohibited (over 250 contracts across micros or minis).