How you lose the account
At Iceberg, account loss is triggered by breaching the static maximum drawdown or the daily loss limit. Additionally, for the "Instant" product, the account expires 90 days after activation regardless of trading activity. Engaging in prohibited strategies such as latency arbitrage, tick-sniping, or cross-account hedging will also lead to immediate termination.
At forTraders Perps, there are more ways to lose the account beyond financial limits. A "hard breach" occurs if you fail to close at least one position every 7 days (inactivity rule). You also lose the account for using fully autonomous EAs, grid trading, martingale strategies, or holding a trade for less than 5 seconds (manual scalping is allowed, but tick scalping is not).
Maximum drawdown
Both firms utilize a static drawdown model, which is generally safer than trailing models because it doesn't move up as you profit. However, the calculation of the "floor" differs significantly:
- Iceberg: The floor is a static percentage of the initial capital. It does not decrease after payouts.
- Example: On a $100,000 Pro account (5% Max DD), your floor is $95,000. If you grow the account to $108,000, your floor remains $95,000.
- forTraders Perps: The floor is static based on the initial balance but has a "lock" mechanism. After your first reward (payout), the floor moves to the initial balance and stays there permanently.
- Example: On a $10,000 account (5% Max DD), your floor starts at $9,500. If you reach $11,000 and withdraw your profit, your new floor becomes $10,000. You can never let the account drop below your starting balance again.
Daily drawdown
This is the most sensitive rule because it is evaluated every 24 hours and can be breached even if the total account is in profit.
- Iceberg: Set at 3% of the opening balance at 00:00 UTC. It is checked against equity (including open trades and funding fees).
- Example: If you start the day with $100,000, your limit for that day is $97,000. If you make $2,000 profit and start the next day at $102,000, your new daily limit is $98,940 ($102,000 - 3%).
- forTraders Perps: Set at 3% of the initial balance, but the reset point is more aggressive. It is subtracted at 00:00 server time from the higher of balance or equity.
- Example: On a $10,000 account, the daily limit is $300. If at midnight your balance is $10,000 but your equity is $10,500 (due to an open trade), the 3% is calculated from the $10,500. Your limit for the next day becomes $10,200. This effectively "locks in" open profits into the risk calculation.
Rules beyond drawdown
- Iceberg:
- No Stop Loss required.
- No KYC required (Identity verification is not mandatory).
- Copy trading is allowed only between your own accounts.
- Instant accounts have a strict 5% payout cap per request.
- forTraders Perps:
- 7-day activity rule: You must close a trade at least once a week.
- 5-second minimum hold time: Trades closed faster are prohibited.
- News Trading: Prohibited on Master accounts 5 minutes before and after high-impact news (soft breach, profits removed).
- Martingale and Grid trading are strictly forbidden.
- The absence of clear Stop Loss requirements in the data suggests it is not mandatory, but the lack of a "Refund" field in the data is a financial risk to note.
Risk that comes from the setup
The "setup" refers to the platform and execution environment. Both firms use proprietary or specialized platforms for "Perps" (perpetual futures), which carries execution risk.
Iceberg uses simulated capital with prices and depth from Hyperliquid. Orders are not sent to a live venue. This means execution depends entirely on Iceberg's internal engine. The risk here is the "funding fee" which is charged hourly and can eat into your drawdown if you hold positions long-term.
forTraders Perps sources prices from Hyperliquid or Binance. They have a fixed daily fee (charged hourly) instead of a market-driven funding rate (e.g., 0.03% daily for crypto). This makes the cost of holding predictable but potentially higher than market rates. The restriction on news trading for Master accounts adds a layer of "soft breach" risk where you might lose profits even if you don't lose the account.
What is at stake and what you recover
- Initial Cost: For a $10,000 account, Iceberg (Pro) costs $69, while forTraders Perps costs $93. You lose this amount the moment you breach a rule.
- Refunds: Iceberg does not offer refunds (hasRefund: false). forTraders Perps does not have refund information available in the data, which should be treated as a risk.
- Payout Security: Iceberg payouts are subject to the liquidity of a public pool (Native USDC on Arbitrum). If the pool is empty, you must wait in a queue. forTraders Perps offers a 48-hour guarantee: if they don't pay within 48 hours, you get a 100% profit split.
- Withdrawal Limits: Iceberg Instant accounts are capped at 5% of initial capital per payout. forTraders Perps caps rewards at $10,000 per request.
Frequently asked questions
Which firm is cheaper to start a $10,000 evaluation, Iceberg or forTraders Perps?
Iceberg is significantly cheaper for a $10,000 1-step evaluation. Its "1-Step Pro" account costs $69, whereas the "Perps Fast" account from forTraders Perps costs $93. This means your initial risk (the money you lose if you fail) is lower at Iceberg.
How does the daily drawdown calculation differ between Iceberg and forTraders Perps?
At Iceberg, the 3% daily limit is calculated based on the opening balance at 00:00 UTC. At forTraders Perps, the 3% is also based on a fixed share of the initial balance, but it is reset at 00:00 server time using the higher of balance or equity. This makes forTraders Perps' daily limit more restrictive if you have large open profits at the time of the reset.
Can I trade news without restrictions on Iceberg and forTraders Perps?
Iceberg allows news trading without specific limitations. In contrast, forTraders Perps allows it during the challenge but imposes restrictions on the Master account: you cannot open new positions 5 minutes before or after high-impact news. Breaking this rule at forTraders Perps is a soft breach, meaning profits from those trades can be deducted.
Which firm has a more flexible payout frequency, Iceberg or forTraders Perps?
forTraders Perps is more flexible as it allows payouts on demand from the very first day on the Master account, provided you have at least 1% profit. Iceberg requires a 120-hour (5 days) waiting period after the first trade and between subsequent payouts for its Instant and standard accounts, though its Unlimited/Pro funded accounts also allow on-demand requests.
