What you are signing up for
A prop firm evaluation is a test where you pay a fee to use a simulated account; if you reach a specific profit target (the amount of money you are required to earn) without breaking any rules, the firm gives you access to a funded account where you keep a share of the profits.
Elite Trader Funding (ETF) offers a massive variety of plans. You can choose a "1 Step" evaluation, which requires passing only one phase. Their prices range from $57 for a small account to $347 for a large one. However, most ETF plans are monthly subscriptions, meaning you pay every 30 days until you pass.
TradeDay keeps things simpler with two main paths: Quick Pay and Fast Pass. Their evaluations are also monthly subscriptions. While their list prices look higher, they often offer discounts that bring a $50,000 account down to around $62 or $85 per month.
How hard each one is
The biggest hurdle for any beginner is the drawdown, which is the maximum amount you are allowed to lose before the account is closed.
- Elite Trader Funding uses different types of drawdown depending on the plan. In their "1 Step" accounts, they use "intraday trailing," meaning your loss limit moves up in real-time as your profit grows during the day. They also have "Static" plans where the loss limit never moves, which is much easier for beginners to understand.
- TradeDay uses a "Trailing Maximum Drawdown" (TMD). This also follows your account growth, but they offer an "End of Day" version in some plans. This means your loss limit only updates at the end of the trading session, which is more forgiving because it doesn't penalize you for profits that disappear before you close the trade.
How long it takes
Most beginners want to get paid fast, but firms require "minimum trading days," which are the specific number of days you must place at least one trade before being eligible to pass.
- In Elite Trader Funding, the standard is 5 days, though their "Fast Track" plan only requires 3 days.
- In TradeDay, the "Quick Pay" plans require 5 days, but the "Fast Pass" has no minimum trading days at all. If you hit your goal in one hour, you pass.
Neither firm has a "maximum trading day" limit on standard plans, so you can take as many months as you need, as long as you keep paying the subscription.
Where beginners fail
Beginners often fail due to the "consistency rule," which ensures you didn't just get lucky on one trade.
In TradeDay, your best day cannot account for more than 30% to 45% of your total profit, depending on the plan. If it does, you must keep trading until that percentage drops.
Elite Trader Funding has a unique obstacle called the "Safety Net" or "Buffer." Even after you pass and get funded, you cannot withdraw any money until you have earned a specific amount of profit that stays in the account to cover future losses. Additionally, they have a "10-second rule": any trade lasting less than 10 seconds does not count toward your goals, which prevents a style called "scalping" (making dozens of trades for tiny gains in seconds).
What happens if you make it
Once you pass, you move to a "funded" stage. This is where the costs change.
Elite Trader Funding requires an activation fee. You can choose to pay about $87 every month or a one-time fee that ranges from $147 to $307. You also have to pay for "market data," which are the live price feeds from the exchanges.
TradeDay 2.0 has removed activation fees entirely, which is a huge advantage for a first-timer. You keep 80% to 100% of your initial profits in the simulated funded stage, and if you move to a "Live" account with them, the split is 90% for you.
For platforms (the software you use to trade), both firms support NinjaTrader and Tradovate, which are the industry standards for futures trading.
If it is your first time
If you are just starting, TradeDay is the better choice. The lack of an activation fee means you won't have to pay a large sum of money immediately after the stress of passing your first evaluation. Their "End of Day" drawdown is also much friendlier for a novice than the real-time trailing drawdown found in most ETF plans.
Elite Trader Funding is better suited for traders who specifically want "Static" accounts where the loss limit stays fixed, but for a general first experience, TradeDay offers a smoother and more transparent path.
Frequently asked questions
Which is cheaper for a first evaluation, Elite Trader Funding or TradeDay?
TradeDay is generally cheaper for a beginner because it does not charge an activation fee once you pass the evaluation. While Elite Trader Funding has low entry prices (like $57 for Fast Track), you must pay between $147 and $307 as a one-time activation fee or $87 monthly to actually start the funded phase. At TradeDay, once you pass your $100 or $85 subscription evaluation, you move to the funded phase without that extra activation cost.
Which firm has easier drawdown rules for beginners, Elite Trader Funding or TradeDay?
TradeDay is easier for beginners because it offers "End of Day" drawdown on many plans, meaning your loss limit only moves at the end of the day based on realized profits. Elite Trader Funding uses "intraday trailing" on its popular 1-Step plans, which calculates your loss limit in real-time based on your highest profit point during the trade. This means in Elite Trader Funding, you can fail even if your trade is still open, whereas TradeDay is more forgiving.
Does Elite Trader Funding or TradeDay have a stricter consistency rule?
TradeDay has a more direct consistency rule where your best trading day cannot exceed 30% or 45% of your total profit. Elite Trader Funding uses a different approach: instead of a single percentage cap on the total, they require a minimum "daily profit" (like $250) for a day to count as a qualifying trading day, and they also enforce a "10-second rule" where short trades are disqualified. TradeDay's rule is easier to track, while Elite Trader Funding's rules require more daily discipline.
Which firm allows you to get paid faster, Elite Trader Funding or TradeDay?
TradeDay allows for faster payouts because their "Fast Pass" plan has no minimum trading days to pass the evaluation, and they offer "Quick Pay" which allows for withdrawals from day one with no buffer required. Elite Trader Funding requires a minimum of 3 to 5 trading days to pass and enforces a "Safety Net" or buffer, meaning you must earn a specific amount of profit that you are not allowed to withdraw before you can take your first payout.
