Glossary · Evaluation (challenge)
What is an evaluation?
The test you pass to get funded: hit a profit target without breaking the loss limits.
An evaluation, often called a challenge, is a trial account where you prove you can make money while respecting the firm's risk rules. It can have one, two or three phases.
Each phase has a profit target, a daily loss limit, a maximum loss and sometimes a minimum number of trading days. Pass every phase and you receive a funded account.
Example
A two-step $100K evaluation might ask for $8,000 profit in phase 1 and $5,000 in phase 2, never losing more than $10,000 overall.
Where evaluation (challenge) matters
47 firms we've checked match “two-step challenge”. The highest-scoring ones:
- FundingPips2 Step Standard, 2 Step Pro +1
- The5ersHigh Stakes (2-Step)
- City Traders Imperium2-Step Challenge
- Moneta Funded2-Step Challenge
- HyroTraderTwo-Step