What you are signing up for
A prop firm evaluation is a test where you trade with virtual money to prove your skills. If you reach a specific "profit target"—the amount of money you are required to make—without breaking risk rules, the firm gives you access to a funded account where you keep a large portion of the gains.
- E8 Markets: You can start with a $5,000 account for as little as $38 in their "Pro" model.
- Goat Funded Trader: They offer a $5,000 "2 Step Goat" account for just $17, making it one of the cheapest entries in the market.
How hard each one is
The biggest obstacle is the "drawdown," which is the maximum amount you are allowed to lose before the firm closes your account.
- E8 Markets uses a "dynamic" or "trailing" drawdown in many plans. This means the loss limit follows your account balance as it grows, which can be tricky for beginners because the safety margin doesn't stay at the starting point. Their "One" plan has a 4% maximum loss limit and a 3% daily limit.
- Goat Funded Trader offers "static" drawdown in their standard evaluations. This is much easier for a first-timer because the loss limit is fixed at a specific number and never moves, regardless of your profits. Their "2 Step Goat" allows a 10% total loss and a 4% daily loss.
How long it takes
In the past, firms forced you to trade for months. Now, both firms are very flexible.
- Minimum Trading Days: E8 Markets has no minimum days for its One and Pro plans. Goat Funded Trader requires at least 3 days of trading where you make at least 0.5% profit to pass each phase.
- Maximum Trading Days: Both firms give you unlimited time. You can trade as slowly as you need as long as you place at least one trade every 30 to 60 days to keep the account active.
- Phases: E8 Markets focuses on 1-step evaluations (you pass once and get funded). Goat Funded Trader offers 1, 2, and 3-step evaluations. More steps usually mean lower prices but a longer path to funding.
Where beginners fail
Most beginners lose their accounts because of two specific rules: consistency and prohibited styles.
- Consistency Rule: This rule prevents you from passing the test with one lucky trade. E8 Markets requires that no single day represents more than 40% of your total profit in the "One" plan. Goat Funded Trader is much stricter, with a 15% to 20% limit on most plans.
- Scalping: This is a style where you open and close trades in seconds. E8 Markets allows it but warns that 50% of your trades must last longer than one minute. Goat Funded Trader will remove any profits from trades held for less than two minutes.
- Free Trial: E8 Markets offers a free trial account to practice before paying. Goat Funded Trader does not offer a free version.
What happens if you make it
Once you are "funded" (trading for real profit shares), you need to know how you get paid.
- Profit Split: You usually keep 80% of what you make, though both firms have "add-ons" to increase this to 90% or 100%.
- Payout Frequency: E8 Markets "Pro" is exceptional, offering daily payouts once you have at least 1% profit. Goat Funded Trader usually pays biweekly (every 14 days).
- Platforms: Both offer MatchTrader, cTrader, and MetaTrader 5, which are the software interfaces used to place your trades.
If it is your first time
If you have never done this before, E8 Markets is the better choice. Even though Goat Funded Trader is cheaper, the ability to use a Free Trial at E8 Markets is invaluable for a beginner. It allows you to understand the platform and the drawdown rules without risking a single dollar. Additionally, E8's 1-step process and more relaxed 40% consistency rule make it less likely that you will lose your account on a technicality during your first attempt.
Frequently asked questions
Which is cheaper to start, E8 Markets or Goat Funded Trader?
Goat Funded Trader is significantly cheaper for beginners. You can purchase a $5,000 "2 Step Goat" evaluation for $17. In comparison, the cheapest entry at E8 Markets is the $5,000 "Pro" evaluation, which costs $38.
Does E8 Markets or Goat Funded Trader offer a free trial?
E8 Markets offers a free trial that replicates their "One" plan on the MatchTrader platform, allowing you to practice for 30 days. Goat Funded Trader does not offer any form of free trial; you must pay for an evaluation to use their services.
Which firm has a more flexible consistency rule, E8 Markets or Goat Funded Trader?
E8 Markets is more flexible for beginners. Their "One" plan allows a single trading day to account for up to 40% of your total profit. Goat Funded Trader is much more restrictive, requiring that no single day exceeds 15% to 20% of your total earnings depending on the account type.
Who pays out profits faster, E8 Markets or Goat Funded Trader?
E8 Markets is faster with their "Pro" plan, which allows for daily payout requests once you reach a 1% profit threshold. Goat Funded Trader typically operates on a biweekly schedule, meaning you can only request your share of the profits every 14 days.
