Futures prop firms
Apex Trader Funding review
Apex is the firm everyone finds through a coupon, and that shapes how people judge it. The entry is genuinely cheap, because Apex moved to one-time pricing in March 2026 and runs a near-constant 80 to 90 percent off code, so a 50K eval lands around $30 to $40. The split is generous too, with 100 percent of the first $25K in profit. The part the discount hype skips is the drawdown.
I ran an Apex eval to see how the trailing drawdown and the payout rules behave once the cheap entry stops being the story. Checked 23 June 2026.
| 50K eval | ~$197 one-time |
|---|---|
| Model | 1-step, one-time |
| Drawdown | Trailing |
| 50K max loss | ~$2,500 |
| Profit split | 100% first $25K, then 90/10 |
| News | Allowed |
| Overnight | No |
Pricing checked 2026-06-23 from the official pricing page.
The pricing, and why nobody pays list
Apex prices the eval one-time rather than monthly, and there is almost always a sale code live for 80 to 90 percent off. That is why the sticker price near $200 is close to meaningless and the real entry is in the $30 to $40 range. The code rotates every few weeks, so the move is to pull the live one at checkout rather than trust an aggregator. The coupon page covers how the rotation works.
One-time pricing has a hidden cost: resets. If you blow the eval you re-buy, and most traders do not pass first try. Two or three cheap attempts can quietly cost more than a month of a subscription firm you pass quickly, so count the re-buys in the true cost.
The trailing drawdown is the real test
Apex uses a trailing drawdown, roughly $2,500 on a 50K, that follows your gains up. As your balance climbs, the stop climbs with it, so the room you think you have keeps tightening until you bank the first payout. This is stricter than Topstep's, which locks at the starting balance, and it is the rule that ends most Apex accounts, not the eval target.
The practical effect is that you cannot give back much once you are up. A trader used to a static or lock-at-start drawdown has to adjust, because on Apex a good morning followed by a sloppy afternoon can stop you out at a level that did not exist when you woke up.
Payout rules and the split
The headline number people quote is the split: Apex gives you 100 percent of the first $25K in profit, then moves to 90/10. That is one of the more generous structures around, and on a firm this cheap to enter it is a real draw. Payouts follow Apex's own schedule and minimum-day mechanics once funded.
Apex allows news trading, which several firms restrict, so an economic-calendar trader is not boxed out. As always, none of this is a path to guaranteed money. Trading futures carries a substantial risk of loss, the trailing drawdown is unforgiving, and the cheap eval is cheap because plenty of people fail it.
Where it fits
high-splitscaling
The verdict
Apex is a strong value pick for a disciplined day trader who can live under a trailing drawdown that ratchets up with gains. The one-time pricing with a live code makes entry about as cheap as it gets, and the 100 percent of the first $25K split is genuinely good.
It is the wrong firm if you tend to give profit back intraday, because the trailing drawdown will punish that harder than a lock-at-start firm would. Budget for resets, pull the live code, and treat the drawdown as the real exam.
Compare Apex Trader Funding
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See verified Apex Trader Funding coupon codes (checked 2026-06-23)
FAQ
How does Apex Trader Funding's payout work?
Once funded you keep 100 percent of the first $25K in profit, then move to a 90/10 split. Payouts follow Apex's own schedule and minimum-day mechanics. The firm also allows news trading, which several competitors restrict.
What is Apex's drawdown?
A trailing drawdown, roughly $2,500 on a 50K, that follows your gains up so the stop tightens as you climb until you bank the first payout. It is stricter than firms whose drawdown locks at the starting balance.
How much is an Apex eval?
Apex uses one-time pricing with a near-constant 80 to 90 percent off code, so a 50K eval that lists near $200 typically lands around $30 to $40. Budget for resets, since most traders do not pass first try.
Does Apex allow news trading?
Yes. Apex allows trading through news events, which several firms restrict, so an economic-calendar trader is not boxed out.