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Axi Select vs The Forex Funder vs Topstep: Lowest Fees

Ken Rolliger

April 20, 2026

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Navigating the proprietary trading firm landscape requires a keen eye on costs, as challenge fees directly impact a trader’s path to funding. Many traders require multiple attempts to pass evaluation programs, making the upfront and recurring fees a critical factor in their overall budget and potential profitability.

Lower fees allow for more attempts with the same capital, significantly increasing the odds of successfully securing a funded account. Beyond the advertised sticker price, traders must consider refundable versus non-refundable fees, reset costs, and potential hidden charges that can inflate the true cost of getting funded.

This comparison by JoinProp delves into the fee structures of Axi Select, The Forex Funder, and Topstep, analyzing their joining fees, account sizes, refund policies, and total cost scenarios. Our goal is to provide a data-driven framework for retail traders to identify the most cost-effective path to funding.

Proprietary trading firms offer traders the opportunity to manage capital without risking their own, typically through a challenge-based funding model. These firms assess trading skills and risk management through evaluation programs, charging fees for access to these challenges.

Axi Select: Fee Structure and Account Options

Axi Select stands out by offering a completely free funded trader program, eliminating challenge fees, registration fees, or monthly fees across all account sizes, according to 2026 data. Instead of upfront costs, traders use their own capital, starting with a minimum of $500, to demonstrate performance and build an “Edge Score” through six progressive stages.

This unique model means there are no traditional challenge fees to break down by account size.

• Seed Stage: Requires $500+ equity and an Edge Score of 50+.
• Incubation Stage: Requires $1,000+ equity and an Edge Score of 60+.
• Acceleration Stage: Requires $2,000+ equity and an Edge Score of 70+.
• Pro Stage: Requires $5,000+ equity and an Edge Score of 90+.

Axi Select allows traders to scale up to $1 million in funding with profit shares reaching up to 80-90% in advanced stages, as detailed by Axi. The revenue model for Axi Select is based on spreads and commissions from successful traders, rather than evaluation fees.

Refund Policy

Axi Select does not involve a traditional refund policy for challenge fees because no such fees are charged. Instead, the program operates on a profit-sharing model where performance fees are credited to a trader’s Axi Select account on the first day of each calendar month. Traders can withdraw these profits during a “safety window” at the start of the month without penalty, as outlined in their program rules.

The primary requirement is maintaining minimum equity for the current stage; withdrawing below this threshold will result in exiting the program. This lack of upfront fees makes the concept of reset or retry costs irrelevant for Axi Select.

Additional Costs and Total Cost Scenario

There are no additional costs like platform fees, data fees, or subscription charges associated with Axi Select, distinguishing it from many other prop firms. Basic withdrawals from Axi accounts are typically free, with international bank transfers processing within 1-3 days without fees, according to Axi’s deposit and withdrawal information.

For a total cost scenario, if a trader needs multiple attempts to pass the evaluation or reach higher stages, the cost remains $0 in direct fees. The only “cost” is the capital required to meet the minimum equity for each stage and the opportunity cost of potential profits.

The Forex Funder: Fee Structure and Account Options

The Forex Funder employs a one-time evaluation fee structure for its rapid one-step challenge, with fees starting at $169-$270 for smaller accounts. These fees can range up to $490 or more for larger accounts, with options scaling up to $330K+ and even $2.5M upon request, as detailed in a 2026 review.

For example, a $50K equivalent account typically falls within the $169-$490 range. The firm’s pricing is considered mid-range in the 2026 market, being more affordable than some competitors but higher than ultra-budget options.

Refund Policy Details and Payout Threshold Requirements

The evaluation fee for The Forex Funder is refundable upon successful completion of the challenge and receipt of the first payout. This refund policy is a significant advantage, as it effectively reduces the true cost of the challenge to zero for successful traders. However, there are no explicit refunds mentioned for failed challenges.

The firm offers attractive profit splits of up to 95%, with an initial 6% that scales, and funding options up to $1M-$2.5M. Profit targets are typically 8%, with daily drawdown limits of 4% and maximum drawdown limits of 5-8%, according to industry comparisons. Explore prop trading discounts.

Reset Costs and Multi-Attempt Pricing

Specific information on reset costs or multi-attempt pricing for The Forex Funder is not readily available in 2026 data. Industry trends suggest that some firms offer discounts on resets, such as FundedNext which charges 90% of the original price for a reset, as per an analysis of prop firm reset fees. Without explicit details, it is generally assumed that a failed challenge would require purchasing a new evaluation at the original fee.

The Forex Funder’s emphasis seems to be on the refundable nature of the initial fee upon passing, rather than discounted retries. Traders aiming for this firm should budget for the possibility of paying the full challenge fee for each attempt.

Promotional Pricing and Total Cost Scenario

While specific 2026 promotional codes for The Forex Funder are not detailed, many prop firms frequently offer discounts. Traders can often find these by checking prop firm discounts aggregators or specific firm websites.

For a total cost scenario:

• 1 Attempt (Pass): $169-$490 (refunded after first payout), true cost effectively $0.
• 3 Attempts (Pass on 3rd): $169-$490 (for each of the first two failed attempts) + $169-$490 (for the successful attempt, refunded after payout). Total direct cost: $338-$980 (two failed attempts).

This highlights the importance of the refund policy in mitigating costs for successful traders. However, the initial outlay for failed attempts can still be substantial.

Topstep: Fee Structure and Account Options

Topstep utilizes a subscription-based model for its Trading Combine evaluation, offering account sizes of $50K, $100K, and $150K. As of February 5, 2026, Topstep offers two main paths: the Standard Path and the No Activation Fee Path, according to Topstep’s pricing questions.

• Standard Path: Requires a monthly fee plus a $149 activation fee upon passing.
  • $50K Account: $49/month
  • $100K Account: $99/month
  • $150K Account: $149/month
• No Activation Fee Path: Features higher monthly fees but no activation fee.
  • $50K Account: $109/month
  • $100K Account: $159/month
  • $150K Account: $209/month

Reset fees match the monthly subscription cost, with one free reset allowed per rebill cycle. This structure differs significantly from one-time challenge fees, as the cost accumulates the longer a trader takes to pass.

Refund Policy and Differences from Competitors

Topstep does not offer a refund on its monthly subscription fees, which are non-refundable. This contrasts sharply with The Forex Funder’s policy of refunding the challenge fee upon passing. The subscription model means traders pay for access to the evaluation period, regardless of whether they pass or fail.

Upon passing, a $149 activation fee is applied for the Standard Path, or no activation fee for the alternative path. This distinct approach means traders must factor in the potential for ongoing monthly payments until they successfully complete the Trading Combine.

Total Cost Scenario: Monthly Subscription vs. Competitors’ Retry Models

The true cost of Topstep depends on how quickly a trader can pass the evaluation. Industry data suggests most traders take 1-3 months to pass, if they pass at all, with success rates around 5-10%.

• $100K Account (Standard Path):
  • 1 Month to Pass: $99 (monthly fee) + $149 (activation) = $248.
  • 3 Months to Pass: $99 3 (monthly fees) + $149 (activation) = $446.

• $100K Account (No Activation Fee Path):
• 1 Month to Pass: $159 (monthly fee).
• • 3 Months to Pass: $159 3 (monthly fees) = $477.

Additional costs for live funded accounts include data fees, which are free for one exchange but cost $133/month for each additional exchange since July 2025. This can add significantly to the ongoing cost for funded traders.

Axi Select vs The Forex Funder vs Topstep: Fee Comparison by Account Size

This table compares the upfront challenge fees, refund policies, and reset costs across three popular prop firms for equivalent account sizes. It helps traders quickly identify which firm offers the best value for their budget and risk tolerance.

Head-to-Head Comparison: Which Has the Lowest Joining Fees?

When comparing joining fees directly, Axi Select unequivocally offers the lowest upfront cost at $0, requiring only a minimum equity deposit. This model completely eliminates the traditional barrier to entry that prop firms typically impose.

The Forex Funder presents a mid-range upfront fee, but its refund policy upon successful challenge completion makes the true cost for funded traders effectively $0. Topstep, with its monthly subscription model, has a variable cost that accumulates over time, potentially becoming more expensive if a trader takes several months to pass.

Refundable vs Non-Refundable Fee Analysis: True Cost After First Payout

The distinction between refundable and non-refundable fees is crucial for understanding the true cost. Axi Select has no fees, so its true cost is always $0.

• The Forex Funder: The initial fee, while present, becomes $0 for successful traders after their first payout. This makes it highly competitive in terms of true long-term cost, provided the trader passes.
• Topstep: Monthly fees are non-refundable. Even after passing and receiving a payout, the monthly fees paid during the evaluation period (plus any activation fee) represent a permanent cost to the trader.

This means a trader who passes The Forex Funder’s challenge will eventually recoup their evaluation fee, while a Topstep trader will not recoup their subscription payments.

Cost Per Attempt: Which Firm is Cheapest If You Need 2-3 Tries?

The cost per attempt dramatically shifts the value proposition.

• Axi Select: Remains the cheapest at $0 per attempt, regardless of how many tries it takes. The only variable is the capital required to meet minimum equity.
• The Forex Funder: If a trader needs 2-3 attempts and passes on the third, they would have paid for the first two failed attempts (e.g., ~$338-$980 for two $100K attempts), plus the fee for the third which is refunded. This places it in the mid-high range for multiple attempts.
• Topstep: For a $100K account, three months of the Standard Path would cost $297 in monthly fees plus a $149 activation fee, totaling $446. The No Activation Fee Path would cost $477 over three months. This makes Topstep potentially more expensive than The Forex Funder for multiple failed attempts, especially if the trader takes longer than 3 months.

This analysis underscores that Axi Select offers unparalleled cost-effectiveness for traders needing multiple attempts.

Hidden Costs Breakdown: What Each Firm Charges Beyond the Advertised Fee

Beyond the primary challenge fees, prop firms can have additional charges.

• Axi Select: Has virtually no hidden costs. Withdrawals are free, and there are no platform or data fees.
• The Forex Funder: Charges spreads from 0.1 pips on majors and $3 per lot commissions. These are standard trading costs, not hidden fees, but they impact profitability.
• Topstep: Features Live Funded Data Fees of $133/month per additional exchange beyond the first free one, as noted in their 2026 updates. TopstepX commissions also apply, starting at $1.24 for micros. These post-evaluation costs can be significant.

Understanding these potential charges is crucial for a complete financial picture.

Best Value for Different Trader Profiles: Conservative vs Aggressive Account Size Strategies

The “best value” depends on a trader’s risk tolerance and expected path to funding.

• Conservative Traders (prioritizing lowest risk): Axi Select is ideal due to its $0 fee structure. The initial capital requirement is for trading, not a lost fee.
• Value-Oriented Traders (seeking refund potential): The Forex Funder offers excellent value if the trader is confident in passing, as the fee is refunded.
• Futures Traders (preferring subscription model): Topstep provides access to futures markets with a predictable monthly cost, which can be advantageous for those who value continuous access over one-time fees.

For traders with limited budgets, Axi Select remains the most accessible entry point. JoinProp recommends utilizing JoinProp’s comparison filters to find current promo codes and fee updates, which can further impact the best value proposition.

Beyond Fees: What Else Should Influence Your Decision?

While fees are a critical factor, they are not the sole determinant for choosing a prop firm. A holistic evaluation includes several other aspects that impact a trader’s success and profitability. Explore Prop Trading Discounts category.

Payout Speed and Consistency

A firm’s ability to process payouts quickly and consistently is paramount. A cheap challenge fee means little if profits cannot be withdrawn reliably. Topstep, for example, processes payouts weekly, hitting accounts in 7-10 business days, according to 2026 updates. Axi Select allows withdrawals of performance fees during a specific monthly window. Traders should research firm reputation for payout consistency from independent sources.

Trading Rules and Difficulty

Easier challenges may justify slightly higher fees. Prop firms vary widely in their rules regarding profit targets, maximum drawdown, daily drawdown limits, and time limits. Axi Select has no time limits, focusing on an “Edge Score” and consistency. The Forex Funder has a one-step evaluation with 8% profit targets and 4%/5-8% drawdown limits. Topstep requires 5 winning days of $150+ or 3 days at 40% consistency for payout eligibility, as per 2026 rule changes. Stricter rules can increase the number of attempts needed, indirectly raising the total cost.

Leverage, Instruments, and Platform Quality Differences

The available trading instruments (Forex, Futures, Crypto, CFDs), leverage options, and trading platforms (MT4, MT5, cTrader, TradingView, proprietary platforms) significantly influence a trader’s experience. Axi Select is primarily forex-focused, offering up to 100:1 leverage. Topstep specializes in futures trading. The Forex Funder focuses on forex with common platforms. Traders should choose a firm that aligns with their preferred instruments and platform. For example, Topstep is a leading choice for futures traders.

Firm Reputation and Trustworthiness Scores from JoinProp’s Database

Firm reputation and trustworthiness are invaluable. JoinProp aggregates and evaluates prop trading firms, acting as the “Trustpilot meets NerdWallet” for the industry. While Topstep has a long history, recent rule changes have led to a negative shift in Trustpilot sentiment, with scores dropping from 4.5 in February 2025 to 3.4 currently, as observed in market analysis. Traders should consult independent reviews and comparison platforms like JoinProp before committing funds.

When the Cheapest Option ISN’T the Best Choice for Your Trading Style

The cheapest option isn’t always the best. A firm with a slightly higher fee but more flexible trading rules, better support, or a faster payout process might offer better overall value and a higher chance of long-term success. For instance, a firm with a higher pass rate, like Apex Trader Funding’s 15-20% first-attempt pass rate, which is double the industry average, might be more cost-effective in the long run despite potentially higher initial fees.

Key Takeaways

• Axi Select offers a $0 challenge fee model, making it the most cost-effective upfront option, with the only “cost” being personal equity.
• The Forex Funder provides a refundable challenge fee, meaning the true cost for successful traders is effectively $0, making it a strong value proposition.
• Topstep uses a subscription-based model, with monthly fees and potential activation costs that accumulate, making its total cost variable and dependent on time to pass.
• Refundable fees significantly reduce the true cost of a challenge, as seen with The Forex Funder, compared to non-refundable subscription models.
• Hidden costs like data fees (Topstep) or commissions (The Forex Funder) can add to the total expense, requiring careful consideration beyond initial challenge fees.
• The “cheapest” firm depends on a trader’s ability to pass quickly and their tolerance for upfront versus recurring costs, as well as the specific instruments they wish to trade.

Conclusion: Which Firm Wins on Joining Fees?

Based on a direct comparison of joining fees, Axi Select emerges as the clear winner with a $0 challenge fee for all account sizes, requiring only a minimum equity deposit. This model completely redefines the entry barrier for prop trading, making it uniquely accessible.

However, when factoring in refunds and multiple attempts, The Forex Funder presents a compelling value proposition. Its refundable fee means that for a successful trader, the true cost ultimately becomes $0, making it incredibly competitive for those confident in their ability to pass.

Topstep, with its subscription-based model and non-refundable monthly fees, tends to be more expensive over time, especially if traders require multiple months to pass the evaluation. JoinProp’s recommendation leans towards Axi Select for the absolute lowest upfront cost and The Forex Funder for the best value when considering the refund policy for successful traders. We encourage traders to use JoinProp’s platform to compare current promo codes and fee updates, ensuring they find the optimal firm for their specific trading style and budget.

Frequently Asked Questions

Which prop firm has the lowest joining fee for a $100k account?

Axi Select has the lowest joining fee for a $100k account at $0, requiring only a minimum equity deposit. The Forex Funder’s $100k equivalent challenge costs between $270-$490, while Topstep’s $100k account costs $99/month (Standard Path) or $159/month (No Activation Fee Path).

Are prop firm challenge fees refundable?

Prop firm challenge fees can be refundable, but it varies by firm. The Forex Funder refunds its challenge fee upon successful completion and first payout, making its true cost effectively $0 for funded traders. Axi Select charges no fees, so there’s nothing to refund. Topstep’s monthly subscription fees are non-refundable, representing a permanent cost.

How much does it cost to retry a prop firm challenge if you fail?

Retry costs vary significantly: Axi Select charges $0 for retries as it has no challenge fees. The Forex Funder’s specific retry costs are not detailed, but it’s generally assumed a new full fee would apply for each attempt. Topstep allows one free reset per rebill cycle, but subsequent retries within the same month cost the equivalent monthly subscription fee.

Is Topstep more expensive than Axi Select and The Forex Funder?

Topstep is generally more expensive than Axi Select and potentially The Forex Funder, especially if a trader takes multiple months to pass. Topstep’s monthly subscription fees accumulate (e.g., $99-$159/month for $100k), whereas Axi Select has $0 fees, and The Forex Funder’s fee is refundable upon passing, making its true cost $0.

What hidden fees do prop firms charge beyond the challenge cost?

Beyond challenge costs, prop firms may charge hidden fees such as platform fees, data subscriptions (e.g., Topstep charges $133/month per additional exchange for live accounts), inactivity fees, or withdrawal fees for certain methods. Traders should always review the firm’s full fee structure before joining. Explore best prop trading firms.

Which prop firm offers the best value for traders on a tight budget?

Axi Select offers the best value for traders on a tight budget due to its $0 challenge fee, completely removing the upfront financial barrier. The Forex Funder also provides excellent value for those confident in passing, as its fee is refundable, effectively resulting in a $0 true cost.

Do prop firms offer discount codes or promotional pricing?

Yes, prop firms frequently offer discount codes and promotional pricing, which can range from 10% to 90% off challenge fees, as observed in April 2026 promotions. These offers change regularly and can be found on firm websites or prop firm discount aggregators like JoinProp’s platform.

How does account size affect prop firm challenge fees?

Account size typically affects prop firm challenge fees proportionally, with larger funded accounts incurring higher fees. For example, Topstep’s $50k account is $49/month, while its $150k account is $149/month (Standard Path). Axi Select is an exception, maintaining $0 fees across all its scaling stages.

What is the true cost of a prop firm challenge after getting funded?

The true cost of a prop firm challenge after getting funded is the initial fee minus any refund received after your first payout. For Axi Select and The Forex Funder (upon refund), the true cost is $0. For Topstep, the true cost includes all paid monthly subscription fees and any activation fee, as these are non-refundable.

Should I choose the cheapest prop firm challenge?

Choosing the cheapest prop firm challenge is not always the best strategy; traders should consider a holistic view. Factors like pass rates, payout consistency, trading rules difficulty, available instruments, and firm trustworthiness can significantly impact long-term success, potentially justifying a slightly higher fee for a better overall experience or higher probability of funding.

Key Terms Glossary

Challenge Fee: An upfront payment required by a proprietary trading firm to access its evaluation program or trading challenge.

Refundable Fee: A challenge fee that is returned to the trader, typically upon successful completion of the evaluation and receipt of their first payout.

Reset Cost: The fee charged by a prop firm to restart an evaluation challenge after a trader has failed previous attempts.

Edge Score: Axi Select’s proprietary performance metric that evaluates a trader’s consistency, risk management, and profitability across various trading stages.

Trading Combine: Topstep’s proprietary evaluation program designed to assess a trader’s skills before offering a funded account.

Proprietary Trading Firm: A company that hires traders to trade its capital, providing funding after a successful evaluation process.

Daily Drawdown: The maximum amount an account’s balance can decrease within a single trading day before violating firm rules.

Maximum Drawdown: The largest permissible loss from an account’s peak balance to its lowest point, usually calculated on a cumulative basis.