Entry price
The initial investment varies significantly depending on the chosen path. The5ers offers a wide range of programs (High Stakes, Bootcamp, Hyper-Growth), while Papaya Funding focuses on Instant, One-Step, and Two-Step models.
- $10,000 account: Papaya Funding Signature costs $51, while The5ers High Stakes New is $69.
- $50,000 account: Papaya Funding Papaya Two is $338, whereas The5ers High Stakes Classic is $279.
- $100,000 account: Papaya Funding Signature is highly competitive at $324. The5ers Summer 2-Step is currently $149 (limited time), though their standard High Stakes Classic is $455.
- Refunds: The5ers provides a full fee refund upon passing the High Stakes evaluation. Papaya Funding does not publish a fee refund policy for passing.
What you pay while trading
Operating costs are not just the entry fee; they are the "tax" on every trade you place.
- Commissions: The5ers charges a fixed rate of $4 per lot on Forex. Papaya Funding uses liquidity provider commissions that vary by instrument and platform, which can make cost prediction harder for high-frequency traders.
- Leverage: The5ers offers up to 100:1 on High Stakes. Papaya Funding limits Forex to 50:1. Higher leverage reduces the margin cost but increases the speed at which you hit drawdown limits.
- Swap-free: The5ers offers swap-free accounts upon request at the funded stage. Papaya Funding allows weekend holding but does not specify a free swap-free conversion.
What mistakes cost you
In prop trading, a mistake often leads to account termination, which is the ultimate cost.
- Drawdown types: Papaya Funding uses static drawdown for One, Two, and Signature plans, but their Instant plan uses a trailing drawdown on the highest end-of-day balance. This trailing drawdown is "expensive" because it locks in profits and makes the account harder to keep.
- Mandatory Stop Loss: The5ers Bootcamp requires a stop loss within 3 minutes and prohibits risking more than 2% per position. Violating this is a "costly" error that leads to termination. Papaya Funding does not mandate a universal stop loss but prohibits "all-in" gambling styles.
- Inactivity: Both firms close accounts after 30 days of inactivity, effectively costing you the entire entry fee if you stop trading.
What it costs to get paid
Getting your money out also has a price tag attached.
- Payout Fees: The5ers charges a 3.5% fee for withdrawals via Rise, Crypto, or Bank Transfer. Papaya Funding does not specify a withdrawal fee but uses Rise and Crypto.
- Withdrawal Caps: The5ers imposes strict caps on certain plans. For example, High Stakes $100K has a $4,000 payout cap per cycle. Papaya Funding Signature limits withdrawals to 3% of the balance per payout.
- Minimums: Papaya Funding requires a minimum of 1% of the balance. The5ers requires at least $150 to $500 depending on the High Stakes account size.
Where each one hides its cost
- Papaya Funding: Their "Payout Protector" and "Remove Lock on Payout" are optional add-ons that cost an extra 25% each. Without these, the trailing drawdown on Instant accounts stays at its pre-payout level, making it much harder to grow the account after a withdrawal.
- The5ers: The cost is hidden in the consistency rules and payout caps of the Summer Plan and High Stakes. You might be profitable, but the 50% consistency rule (where one day cannot exceed half your total profit) might force you to trade more days, increasing the risk of hitting a drawdown.
Cheapest for whom
- The5ers is the cheapest for disciplined traders who can take advantage of the $149 Summer Plan or those who want their entry fee back via the High Stakes refund.
- Papaya Funding is the cheapest for traders who want a $100,000 one-step evaluation (Signature) with a low upfront cost of $324 and no mandatory stop-loss restrictions.
Frequently asked questions
Which firm is cheaper for a $100,000 evaluation, Papaya Funding or The5ers?
Currently, The5ers is significantly cheaper with their Summer 2-Step plan at $149, compared to Papaya Funding's Signature plan at $324. However, Papaya Funding's Signature is a one-step process, whereas the The5ers Summer plan requires two steps to get funded.
Does Papaya Funding or The5ers offer a refund of the entry fee?
The5ers offers a full refund of the evaluation fee for their High Stakes program once the trader passes. In contrast, Papaya Funding does not publish a fee refund policy for passing their challenges, and they explicitly state no refunds are given once credentials are sent.
Which firm has more restrictive payout limits, Papaya Funding or The5ers?
Both have restrictions but of different types. The5ers uses fixed dollar caps, such as a $4,000 limit per cycle on a $100K High Stakes account. Papaya Funding uses a percentage cap for its Signature plan, limiting withdrawals to 3% of the account balance per payout.
Can I use Expert Advisors (EAs) on both Papaya Funding and The5ers?
The5ers generally allows the use of EAs across their programs. Papaya Funding has conflicting information: while their FAQ mentions automation is allowed with restrictions, their checkout catalog often flags EAs as disallowed, requiring traders to obtain written confirmation before using them.
