What you are signing up for
An evaluation is a test performed on a demo account (simulated trading) where you must reach a specific profit target without losing too much money. If you pass, the firm gives you a "funded" account where you keep a portion of the profits.
- Goat Funded Trader offers three paths: 1-step (one test), 2-step (two tests), and 3-step (three tests). For a $100,000 account, the 3-step path is the most affordable at $365, while the 1-step costs $698.
- Wall Street Funded offers 1-step and 2-step paths. Their $100,000 1-step challenge (called "Rapid") costs $589, and their 2-step ("Ultra") costs $509.
Neither firm offers a free trial (a cost-free practice run), so your first purchase is a real commitment.
How hard each one is
The difficulty is defined by the "Profit Target" (the percentage of the account you must gain) and the "Drawdown" (the maximum loss allowed before you are disqualified).
- Goat Funded Trader: In their 2-step Standard model, you need a 10% gain in Phase 1 and 5% in Phase 2. The "Maximum Drawdown" is 10%, meaning if your $100,000 account drops to $90,000, you fail. This limit is "Static," which means it stays at $90,000 and does not move up as you make money.
- Wall Street Funded: Their 2-step model requires 10% in Phase 1 and 5% in Phase 2. However, they have a strict safety rule: you must use a "Stop Loss" (a preset instruction to close a trade at a specific price to prevent further loss) on every trade within two minutes of opening it. If you forget, you could lose the account.
How long it takes
In the past, firms forced you to finish in 30 days. Now, both firms allow "Unlimited Trading Days," meaning you can take as long as you need to reach your goal.
- Goat Funded Trader requires a minimum of 3 "Profitable Days" (days where you make at least 0.5% profit) to pass the evaluation.
- Wall Street Funded does not list a minimum number of trading days for their standard evaluations, allowing you to pass as soon as you hit the target.
Where beginners fail
Most beginners fail because of hidden rules they didn't explain clearly.
- Consistency Rule: This rule prevents you from getting lucky on one single trade. In GFT's "Instant" accounts, a single day cannot represent more than 15-20% of your total profit. WSF has a similar rule for its Instant models (15-30%).
- Scalping: This is opening and closing trades very quickly. GFT considers any trade closed in less than 2 minutes as invalid. WSF is more lenient, requiring trades to stay open for at least 60 seconds.
- News Trading: Trading during high-impact economic news is dangerous due to volatility. GFT caps your profit at 1% during these times. WSF prohibits opening or closing trades 4 minutes before and after red-folder news events on funded accounts.
What happens if you make it
If you pass, you receive a "Profit Split," which is your share of the earnings.
- Goat Funded Trader gives you 80% of the profits. They pay biweekly (every 14 days). They also offer a "Refund," where they give you back your initial testing fee with your 4th payout.
- Wall Street Funded also starts with an 80% split. Their payout schedule is slower at first: you wait 15 to 30 days for the first payment, then every 5 to 10 days after that. They refund your fee with your 2nd payout.
Both firms provide professional software like MetaTrader 5 and cTrader to execute your trades.
If it is your first time
For a complete beginner, Goat Funded Trader is the better choice.
The reason is simple: their 3-step evaluation is much cheaper ($365 for $100k), which lowers your financial risk while you are still learning. More importantly, they do not have the mandatory Stop Loss rule that Wall Street Funded enforces. While using a Stop Loss is a great habit, a beginner might lose their account at Wall Street Funded simply by forgetting to set it within 120 seconds, even if the trade was actually winning. GFT gives you more room to breathe while you master the mechanics of the platforms.
