News Trading
Both firms allow trading during high-impact economic news without restrictions on opening or closing positions.
- Iceberg: Uses Hyperliquid prices and depth for its simulated capital. This provides a realistic environment for news traders, although orders are not sent to the live venue. The risk is managed through a static drawdown floor, which is beneficial during the volatility of news events as the limit does not move upward with profits.
- Propr: Allows news trading but monitors for "repeated evaluation purchases as bets," which could affect traders who only target high-volatility events to pass challenges. Costs are based on maker/taker execution without additional markups, which is crucial for the fast execution required during news.
Swing Trading and Weekend Holding
Both Iceberg and Propr are flexible regarding long-term positions, allowing traders to hold trades overnight and through the weekend.
- Iceberg: Weekend holding is permitted for all assets. However, traders using "Instant" accounts must be aware of the 90-day expiration period; if a trade is held past this window, the account expires. The static drawdown floor is a significant advantage here, as it does not decrease after payouts or trail profits.
- Propr: No time limits apply to any of their phases (evaluation or funded). This makes Propr superior for long-term swing traders who do not want the pressure of an expiration date. Leverage for major cryptos (BTC, ETH, SOL) is 10:1, which is standard for both firms, while other cryptos are limited to 2:1.
Automated Trading (EAs and Bots)
There is a clear distinction between the two firms regarding the use of automated systems.
- Iceberg: The data does not explicitly state that EAs are allowed. However, it strictly prohibits latency arbitrage and tick-sniping. Since Iceberg uses a proprietary platform, the technical ability to connect external bots may be restricted or require specific integration not mentioned in the standard rules.
- Propr: Explicitly allows bots and agents. The rule is that they must not impair platform stability, and on funded accounts, they must not be identical to other users' bots to avoid "coordinated trading" flags. This makes Propr the only viable option of the two for traders with custom-coded strategies.
Copy Trading
Both firms have strict limitations to prevent users from exploiting the system through coordinated efforts.
- Iceberg: Only allows copy trading between your own accounts. Copying trades from or to different users is strictly prohibited and can lead to a permanent ban.
- Propr: Allows copying from an external account (like a personal CEX or DEX) into one Propr account. However, there is a contradiction in their documentation: while the website suggests copying between your own Propr accounts is okay, the evaluation terms prohibit it. To be safe, traders should only copy from external sources.
Hedging
Hedging is treated as a risk management tool but with boundaries to prevent "risk-free" profit exploitation.
- Iceberg: Prohibits cross-account hedging. This means you cannot open a long position on one account and a short on another to guarantee a payout on one of them.
- Propr: Allows hedging within a single account. However, like Iceberg, it prohibits hedging across different Propr accounts or using external accounts to eliminate risk.
Scalping
Both firms allow scalping, but the technical environment differs.
- Iceberg: Scalping is possible, but traders should note the commissions (up to 0.045% for crypto) and the hourly funding rates based on Hyperliquid. These costs can eat into the small margins of a scalper.
- Propr: Scalping is explicitly allowed. However, traders must respect "notional limits" per asset and order, which are visible in their "Asset Universe." If a scalper's position size exceeds these limits or affects open interest significantly, Propr may request a position reduction.
If you trade like this
- If you want the lowest entry cost and no time limits: Propr is the better choice, with accounts starting at $25 and no expiration dates.
- If you prefer a static drawdown and no KYC requirements: Iceberg is superior, as it does not require identity verification and the drawdown floor never moves.
- If you use automated bots: Propr is the only option that explicitly supports and allows the use of EAs.
- If you want the highest possible capital allocation: Propr allows up to $300,000, whereas Iceberg limits "Instant" accounts to $50,000 and "Unlimited" funded accounts to $200,000.
Frequently asked questions
Which firm is cheaper to start a $5,000 challenge, Iceberg or Propr?
Propr is significantly cheaper for a $5,000 account, offering the "Turbo 1-Step" challenge for only $25. In comparison, Iceberg's cheapest $5,000 option is the "1-Step Unlimited" challenge, which costs $47.
Does Iceberg or Propr have a better payout policy regarding maximum limits?
Propr has a more flexible payout policy with no maximum withdrawal limit and on-demand requests. Iceberg, conversely, imposes a 5% gross cap of initial capital per payout on its "Instant" accounts, although its "Unlimited" accounts do not have this specific cap.
Which firm offers more privacy regarding identity verification, Iceberg or Propr?
Iceberg offers more privacy as it explicitly states that KYC (identity verification) is not required. Propr requires a government ID and a live selfie for KYC before any funded account can be activated.
What are the drawdown differences between an Iceberg Unlimited and a Propr Classic 2-Step?
Iceberg Unlimited uses a static drawdown floor of 6%, meaning the limit never moves regardless of profits or payouts. Propr's Classic 2-Step uses a trailing drawdown of 8% that follows the highest equity reached (including floating profits) until it reaches the starting balance, at which point it becomes fixed.
