What you are signing up for
A "challenge" or evaluation is a test where you pay an entry fee to trade with a simulated account. Your goal is to reach a profit target—a specific amount of money you must earn—without breaking risk rules. If you pass, the firm gives you access to a funded account where you keep a share of the profits.
- Iceberg: Offers a very low entry barrier. Their smallest evaluation ($5,000) costs $47. They also offer "Instant Funding," where you skip the test and start earning immediately for a higher fee ($167 for a $5,000 account).
- Upcomers Perpetuals: Is more expensive for starters. Their smallest 1-step challenge ($5,000) costs $159. However, they offer a refund: if you reach your third payout, they give you back 200% of your entry fee.
How hard each one is
The difficulty is measured by the "drawdown," which is the maximum loss allowed before your account is closed.
- Iceberg uses a "Static" drawdown of 6%. This means your floor is fixed based on your starting capital and never moves up, even if you make profits. This is much easier for beginners because it gives you more "breathing room" as your account grows.
- Upcomers Perpetuals uses different rules depending on the plan. Their "Thunderbolt" plan has a 6% "Trailing" drawdown. A trailing drawdown follows your highest recorded balance; if you make $1,000 and then lose it, you might hit your limit even if you are still above your starting balance. This requires much tighter discipline.
How long it takes
In this industry, "steps" refer to the number of evaluation phases you must complete.
- Iceberg is designed for speed. Their "Unlimited" plan has only 1 step with a 10% profit target. There are no minimum trading days, meaning if you hit the target in one hour, you pass.
- Upcomers Perpetuals offers more variety. You can choose the "Phoenix" plan (2 steps, 5% target each), "Thunderbolt" (1 step, 6% target), or "Vanguard" (Instant). While they also have no minimum days for evaluations, their "Vanguard" (Instant) plan requires 6 "qualifying days" (days with at least 0.5% profit) before you can withdraw money.
Where beginners fail
Most beginners lose their accounts not because they can't trade, but because of specific "hidden" rules.
- Upcomers has a "20% Best Day Rule." This is a consistency rule which means no single trading day can account for more than 20% of your total profit. If you have one "lucky" trade that makes all your money, you won't be able to withdraw until you trade more and balance your results. They also limit your risk to 1.5% or 2% per trade.
- Iceberg has no consistency rules and no "Identity Verification" (KYC) required to start. However, their "Instant" accounts expire after 90 days, which creates time pressure that can lead to mistakes.
What happens if you make it
If you pass, you become a "funded trader" and receive a "profit split"—your percentage of the gains.
- Iceberg gives you 80% of the profits. Payouts are fast: you can request your first one 120 hours after your first trade. On "Instant" accounts, there is a withdrawal cap of 5% of the initial capital per payout.
- Upcomers Perpetuals starts at 80% but can go up to 100% depending on the options you buy. They have a progressive payout ladder, meaning the maximum amount you can take out increases with every successful withdrawal until the limit is removed entirely after the 8th payout.
If it is your first time
If you are a complete beginner, Iceberg is the safer recommendation for two reasons:
- Free Trial: They offer a $5,000 demo account for free so you can practice without spending a cent.
- Simplicity: Their static drawdown and lack of consistency rules mean you only have to worry about the market, not complex math or "Best Day" calculations.
Upcomers is better suited for your second or third attempt, once you have the discipline to manage trailing drawdowns and want to benefit from their 200% refund policy.
Frequently asked questions
Which firm is cheaper for a first $5,000 evaluation, Iceberg or Upcomers?
Iceberg is significantly cheaper for beginners. Their $5,000 "1-Step Unlimited" account costs $47, while the equivalent "Thunderbolt Classic" account at Upcomers Perpetuals costs $159. This makes Iceberg a much more accessible option for those who are just starting and want to minimize their initial risk.
Does Iceberg or Upcomers Perpetuals offer a free trial to practice?
Iceberg offers a free $5,000 demo account (one at a time) for users to test their proprietary platform and conditions. Upcomers Perpetuals does not offer a free trial; you must pay the entry fee for any of their evaluation or instant funding programs to start trading.
Which firm has easier loss limits for a beginner, Iceberg or Upcomers?
Iceberg is easier because it uses a static maximum drawdown of 6%, which stays fixed at a specific price floor and does not move up as you make profits. In contrast, Upcomers Perpetuals uses a trailing drawdown of 6% or 7% on several plans (Thunderbolt and Vanguard), which follows your account's peak value and is much easier to hit if you have a winning streak followed by a correction.
What are the consistency requirements for payouts in Iceberg vs Upcomers?
Iceberg has no consistency rules, allowing you to withdraw profits regardless of how they were distributed across your trading days. Upcomers Perpetuals enforces a "20% Best Day Rule," meaning that no single day's profit can represent more than 20% of the total profit at the time of the payout request. This forces the trader to maintain a more regular and balanced trading style.
