Frequently Asked Questions

A prop firm challenge is a trading evaluation. You trade a simulated account, stay inside a published set of risk rules, and show us you can trade on discipline, patience and skill rather than luck. Clear it and you are issued a funded trading account you can take payouts from.

Passing a prop challenge is not chance, it is proof of your craft. At PnL.com there are three routes to a funded account: the single phase Freedom Evaluation, where you reach a 12% profit target without breaching a static 6% max loss; the Legacy Evaluation, a lower 10% target against a 5% trailing max loss; or the Instant Program, which skips the evaluation and puts you on a funded account from day one. All three are set out step by step on our How It Works page. Every trading rule and every fee is published before you pay, and none of it changes afterwards.

What follows the challenge is the part that matters. Our funded trading environment is built for progression: you keep 100% of your simulated profits with no payout split, payouts come round every 2 weeks, and the PnL Pathway carries you from a funded account through to the live markets with our partner broker when you are ready.

To pass a prop firm challenge you have to survive it first. Respect risk, size your positions so no single trade can end the account, stay consistent, and keep your composure when the market tests you. That is what every trader who trades well over the long run already understands.

Most traders fail a funded trading challenge for the same handful of reasons: they chase a quick win, oversize after a loss, or trade straight through a rule they never read. The ones who pass treat the evaluation with the discipline they would bring to any account. They protect the balance, follow a structured approach, and execute the same way on every trade.

Knowing the numbers you are trading against helps. The Freedom Evaluation asks for a 12% profit target above your starting balance, measured on closed trades only, and you have to reach it without losing 3% in a single day or dropping 6% below where you started. That 6% is static, so it never trails your equity and moves the goalposts as you go. You also need three profitable trading days that each close at least 0.5% up. There is no consistency rule stacked on top of that: the target, the two drawdowns and those three days are the whole test. Read the trading rules and the forbidden practices before you start rather than after.

Passing is not about one big trade. It is about proving you can manage risk, stay consistent, and perform under pressure in conditions that mirror a live market. Get that right and the challenge takes care of itself.

The Freedom Evaluation is the one step funded trading challenge from PnL.com. Reach a 12% profit target on a simulated account without losing 3% in a single day or dropping 6% below your starting balance, and the funded account is yours. One phase, no second stage to clear, and a rule set built to mirror live market conditions rather than stack artificial hurdles in front of you.

The rules are deliberately short: the profit target, the daily drawdown, the static overall drawdown, three qualifying trading days, and a news rule. News trading is not allowed, so you cannot open a trade from 15 minutes before a red-folder news release, or close one until 5 minutes after it. You also need three profitable trading days that each close at least 0.5% up, to pass and again before each reward. What you will not find are consistency rules, lot-size caps, or hidden conditions. The drawdowns are there to manage risk, not to trap you. Inside those guardrails you trade your strategy, your way.

That 6% max loss is static, so it sits at a fixed level below your starting balance and never trails your equity as you go. Leverage is modest at 1:30 on FX majors, which lets you trade with control instead of being pushed into oversized positions to reach the target. Every objective and every fee is published on the Freedom Evaluation page and in our trading rules before you pay, and none of it changes afterwards.

Keeping the trading environment fair and orderly matters just as much. Breaches of our terms and conditions are not allowed, including copy trading, hedging, cross hedging and latency arbitrage. The full list is on our Forbidden Trading Practices page.

Legacy is a single phase evaluation with a lower bar to clear and a tighter floor beneath it. The target is 10% rather than 12%, and the max loss is 5% that trails your highest balance rather than 6% fixed below where you started.

A 3% daily drawdown applies, news trading is not allowed, and you need three profitable trading days that each close at least 1% up, to pass and again before each reward. Pass it and you are issued a funded account carrying the same 5% trailing max loss, with 100% of your simulated profits and no payout split.

There are no consistency rules and no lot-size caps, and leverage is the same 1:30 on FX majors as everywhere else. Legacy accounts start at $10,000 and run to $100,000.

One difference is worth knowing before you choose it: a Legacy account does not carry the PnL Pathway. If the route through to trading with our partner broker matters to you, take the Freedom Evaluation or the Instant Program instead.

The Instant Program is instant funding at PnL.com: a funded simulated account issued the moment you join, with no evaluation, no profit target and no phase to pass. You skip the challenge entirely and start trading straight away.

What you trade under is a short rule set. A 5% trailing max loss applies, following your highest balance upward and locking at your starting balance once you are far enough ahead. That is the trade-off for skipping the evaluation. A 3% daily drawdown applies as well, news trading is not allowed, so you cannot open a trade from 15 minutes before a red-folder news release or close one until 5 minutes after it, and you keep 100% of your simulated profits with no payout split.

Before a reward is released you need three profitable trading days, each closing at least 1% up. Payouts then come round every 2 weeks, up to a monthly maximum set by your account size.

It is built for traders who already know how they trade and want to skip straight to a funded environment. There are no consistency rules and no lot-size caps, and every rule and price is published on the Instant Program page and in our trading rules before you pay. That account is not a finish line either: it is the first step on the PnL Pathway, which runs from your first funded account through assessment and on toward investor capital.

As with all our programs you still need to respect our terms and conditions and stay clear of the forbidden trading practices.

Yes, bring your tools. EAs, algorithmic strategies and custom indicators are all welcome on the supported platforms. What matters is what the tool does, not that it is automated.

An EA is forbidden if it does something we forbid by hand: running a grid trading strategy, scaling into a losing position martingale-style, high frequency trading, mirroring positions across your accounts, or trading inside the news window. The full list is on our Forbidden Trading Practices page. If you are not sure whether your setup crosses a line, ask support before you run it.

Yes. You are welcome to use third-party copy trading tools with your PnL account. Please note, however, that you cannot copy trade across more than one PnL account; copying the same trades between your own accounts is against our copy trading policy.

In other words, use the tools you like to manage a single account, but do not mirror positions from one PnL account to another. Full details are set out in our forbidden practices and terms and conditions.

No. You pay once for the program and size you choose, and that is it. No monthly subscriptions, no recurring charges, no hidden fees. Resets and additional accounts are optional and clearly priced at checkout. Nothing lands on your bill that you did not choose.

Daily rollover is a standard part of trading, and it is not something PnL.com is liable for or will credit accounts against. It happens at 23:59 server time (20:59 UTC, 16:59 Eastern Time) and can last up to around an hour while the market rolls into the next trading day, during which spreads may widen. Server time is the reference. The UTC and Eastern Time equivalents move by an hour when daylight saving changes in either region, so work from server time rather than the conversions if you are timing anything around the window.

Alongside the wider spreads, liquidity can thin out and other market variables come into play as pricing resets for the new session. This is not specific to PnL.com; similar behaviour is common at other brokers and prop firms, and it is worth accounting for if you tend to hold positions through the rollover period.

Because rollover conditions are driven by the wider market and not by us, any spread widening, gaps, or execution differences that occur during this window fall outside what we credit or adjust.

Slippage is a normal factor of trading. PnL.com operates a simulated market model, emulating live market conditions, which means your fills are never guaranteed at your exact requested price, exactly as you would expect at a broker. When you cross-reference how slippage is handled elsewhere in the industry, you will find the same principle applies.

Standard, regular slippage under normal market conditions is part of that emulation and is expected on any account.

In abnormal conditions (such as the daily rollover window, major news events, or periods of thin liquidity), widened spreads and larger price movements reflect the conditions being emulated rather than a fault on our side. Where a case falls outside normal variance, we can review it independently on a case-by-case basis.

You are never required to trade a set number of calendar days. What we do require is a minimum of three qualifying trading days.

A qualifying day is any single trading day on which you close at least 0.5% profit on a Freedom account, or 1% on a Legacy or Instant account. To complete an evaluation, or to reach the payout requirement on a funded or Instant account, you need three separate days that each reach that mark.

These three days do not need to be consecutive and there is no deadline for reaching them, though an account that goes 30 days without a trade is disabled for inactivity. The requirement applies to Freedom, Legacy and Instant alike, and it simply ensures that payouts reflect genuine, repeatable trading performance rather than a single outsized session.

Through the PnL Pathway. A funded account is a stage rather than a finish line, and the Pathway is how we assess whether a trader is ready for the next one.

The Pathway is open to Freedom and Instant accounts. A Legacy account does not carry it, so if the route through to trading with our partner broker is what you are here for, take one of the other two.

There are three marks. Once your total withdrawals reach 20% of your account size, your account becomes eligible for review. Six months of consistent trading inside the rules earns an invitation to a performance review. At twelve months we can produce a formal track record of your trading.

That track record is what can open the door to an interview to trade with a fund. What we look at is not the headline number: it is your return against the market over the period, whether the results repeat or came from one outlier, and how you handled risk and drawdown along the way.

To be clear about what this is: reaching a milestone starts an assessment, it does not mean the assessment is passed, and an interview is an introduction rather than an offer. Eligibility is subject to verification and to the rules of your jurisdiction.

The trading ecosystem is what sets PnL.com apart. We are transparent about how our model works, and we give traders a real pathway beyond funded accounts.

Through our partnership with CXM, a brokerage and crypto exchange, you are able to access more than just prop firm accounts. You are operating within a complete trading ecosystem designed for real progression.

As a funded trader, you have the option to transition from simulated trading into live markets by depositing part, or even your full payout, with our partner broker CXM or its crypto exchange. This is a genuine step forward, not a marketing claim. We actively support that transition, because the goal is to move you closer to trading your own capital full time.

This is what we think the prop industry is meant to be. Not just passing an evaluation, but having a clear path from evaluation to funded trader, to real markets, all within one connected system.

A 30-day inactivity rule applies. If no trade is placed within 30 days, your account is disabled as part of the routine housekeeping that keeps our servers current with active traders. It may be re-activated on request; reach out to support.

No, even if you eventually move into live trading you are not liable for losses. Breaching the loss rules closes the account.

Payouts are bi-weekly, so a payout day comes round every 2 weeks. How much you can take out of those profits each month is capped by your account size; payouts stay fast and reliable for traders who meet our trading guidelines.

We offer both crypto and fiat payments. You choose your preferred method for your payout.

Because the days are fixed rather than counted from the day you joined, your first payout day is simply the next one on the calendar once your account is live and the three profitable days are behind you.

In a funded trading environment, consistency and disciplined risk management are what unlock regular payouts. Traders who follow a structured approach and respect our guidelines are the ones who tend to reach a payout, though results vary and no outcome is guaranteed. Withdrawals run on fixed days rather than on request, so the date is known in advance.

Of course. In a funded trading model, you are trading in a simulated environment, not deploying real capital into live markets. That means there is no actual profit split taking place.

An 80/20 split creates the impression that real profits are being shared, when in a simulated model there are no real profits to share. The split does not reflect how trading performance is generated; it only sets how much of it is paid out.

At PnL.com, we take a transparent approach. You keep 100% of your simulated profits, on a fixed bi-weekly payout schedule: a payout day every 2 weeks. No artificial splits, no hidden reductions, and no misalignment between your performance and what you earn.

That is how a trader focused prop firm should operate.

Yes. Payouts run through Rise, which handles both fiat and crypto, and we also support direct crypto transfers in USDT and USDC on multiple networks. You select your preferred method when you request a withdrawal. Rise deducts its payout fee from the amount you withdraw, so what reaches you is a little less than the figure you requested. Check the fee for your chosen method before you confirm.

The performance reward is what you can withdraw each cycle out of the simulated profits you generated, and it is what lets us give traders maximum freedom everywhere else. By setting a clear reward per cycle, we are able to strip out consistency rules, lot-size caps and hidden conditions, while keeping drawdowns at sensible levels. It protects PnL’s risk position, which in turn keeps the rest of the rule set genuinely trader-first.

Within that reward, the terms remain extremely generous. You keep 100% of your simulated profits; there is no 80/20 split or hidden reduction. Payouts run on a fixed bi-weekly schedule, every 2 weeks, so you always know when the next one lands. Every payout resets your balance to the original account size, and any profit above your percentage limit is forfeited rather than carried into the next cycle.

What that reward is worth is down to your trading; it is a ceiling on what you can withdraw, not a figure we promise. The percentage is set per account size and works the other way round to what people expect: it is highest on the smallest accounts, at 50% a month, and eases to 10% on a $100,000 account, where that 10% is $10,000. Either way it is a ceiling per cycle, so the structure favours traders who perform repeatedly over those chasing one oversized payday. Trading involves risk, most participants do not pass an evaluation or earn a reward, and nothing here is a forecast or guarantee of results.

Once 5% profit is achieved, your drawdown becomes static at the original account size balance, meaning your drawdown stops trailing and you can build a buffer towards your max performance reward.

Your drawdown should always be monitored via your dashboard which has the correct figures.

In the event of a payout that is under 5% on your Legacy or Instant account (before your drawdown becomes static), you can withdraw any profit you have available. However, your drawdown will NOT be reset and your current max drawdown will remain the same.

In the event of a payout that is over 5% on your Legacy or Instant account (after your drawdown becomes static), this makes you eligible to take your full withdrawal and also have the trailing drawdown fully reset to the original level of 5% below your starting account balance.

Please note, on Legacy and Instant accounts, if you are above 5% profit, you must always withdraw the full amount of simulated profit available to be eligible for the drawdown reset.

PnL.com accounts currently run on MetaTrader5, available at every challenge size. TradingView and MetaTrader4 are coming soon. Additional platforms are on our roadmap as we expand the trading ecosystem.

Your MetaTrader credentials arrive by email once your account is issued: a login number, a password, and the name of the server to connect to. Keep that email; you need all three, and the server name is the part people most often miss.

On desktop, open the platform and choose File → Login to Trade Account. On mobile, open the app and choose Settings → New Account → Login to an existing account. Start typing the server name from your email, select it from the list, then enter your login number and password.

If the server does not appear, type the name exactly as written; the platform only lists servers matching what you have typed so far. A failed login is almost always a mistyped password or the wrong server, so check those two before contacting support.

TradingView works differently: there is no server name and no separate platform login. Select TradingView as your platform at checkout, open the Trading Panel on TradingView, find CXM in the broker list, and enter the account details from your dashboard. Your PnL account is then connected and you trade it straight from the chart. The full walkthrough is on our TradingView page.

Futures are not part of the current PnL.com product. We focus on Forex, Indices, Metals, Energy and Cryptocurrencies.

We use institutional-grade pricing with tight, market-aligned spreads and have no commission currently on our accounts. Spreads move with market conditions rather than sitting at a fixed number, and the full live spread sheet is available inside your dashboard.

High leverage in trading is often misunderstood. It increases risk, accelerates losses, and encourages poor trading behaviour.

It also lets an account be lost quickly, and firms that offer it tend to pair it with tighter rules on how it can be used.

We take a different approach. Our funded trading environment uses more modest leverage to promote disciplined risk management, consistency, and long term profitability. It removes the need for aggressive restrictions because traders are not forced into high risk behaviour just to hit targets.

More importantly, our model is designed to prepare you for real markets. Keeping leverage and trading conditions close to what you would meet at a live broker means the way you trade on a funded account is close to the way you would trade with your own capital. This gives you a realistic pathway to transition from a funded trader into live trading without needing to completely change your strategy or risk approach.

Lower leverage is not a limitation. It is what allows traders to survive, scale, and operate consistently in both funded environments and real market conditions.

PnL.com gives you access to 47 instruments across five asset classes (Forex, Indices, Metals, Energy and Cryptocurrencies), all tradable from your funded account. The full breakdown by asset class is below.

7 major FX pairs, all tradable from 0.01 lots.

AUDUSD Australian Dollar - US DollarEURUSD Euro - US DollarGBPUSD Great Britain Pound - US DollarNZDUSD New Zealand Dollar - US DollarUSDCAD US Dollar - Canadian DollarUSDCHF US Dollar - Swiss FrancUSDJPY US Dollar - Japanese Yen

21 FX cross pairs, all tradable from 0.01 lots.

AUDCAD Australian Dollar - Canadian DollarAUDCHF Australian Dollar - Swiss FrancAUDJPY Australian Dollar - Japanese YenAUDNZD Australian Dollar - New Zealand DollarCADCHF Canadian Dollar - Swiss FrancCADJPY Canadian Dollar - Japanese YenCHFJPY Swiss Franc - Japanese YenEURAUD Euro - Australian DollarEURCAD Euro - Canadian DollarEURCHF Euro - Swiss FrancEURGBP Euro - Great Britain PoundEURJPY Euro - Japanese YenEURNZD Euro - New Zealand DollarGBPAUD Great Britain Pound - Australian DollarGBPCAD Great Britain Pound - Canadian DollarGBPCHF Great Britain Pound - Swiss FrancGBPJPY Great Britain Pound - Japanese YenGBPNZD Great Britain Pound - New Zealand DollarNZDCAD New Zealand Dollar - Canadian DollarNZDCHF New Zealand Dollar - Swiss FrancNZDJPY New Zealand Dollar - Japanese Yen

9 major global stock indices, plus the VIX volatility index.

EUSTX50 Euro Stoxx 50 IndexFRA40 CAC 40 Index - FranceGER30 DAX - GermanyHKG50 Hang Seng Index - Hong KongJPN225 Nikkei 225 Index - JapanNAS100 Nasdaq 100SPX500 S&P 500 IndexUK100 UK top 100US30 US top 30VIX Volatility Index

3 energy markets: Brent Crude, WTI Crude and Natural Gas.

NGAS Natural gas spotUKOil BrentUSOil WTI

Gold and silver, both quoted against the US dollar.

XAUUSD GoldXAGUSD Silver

Bitcoin, Ethereum and Solana against the US dollar, plus a gold market priced in Tether (USDT) that trades 24/7.

BTCUSD BitcoinETHUSD EthereumSOLUSD SolanaXAUUSD247 XAU / GOLD, to TETHER / USDT, 24/7

Yes, at purchase. The KYC request arrives as soon as you buy and has to clear before you can trade the funded account, and that is the same on every program. Verifying up front is what gets your funded account issued faster, and it means there is nothing outstanding when your first payout comes round.

You will typically be asked for a government-issued photo ID and, in some cases, proof of address, submitted from your dashboard. It is a one-time check that confirms your identity and protects both you and the platform against fraud. Later payouts are not delayed by it.

Complete it as soon as the request arrives and there is nothing left to hold up your first payout.

Yes. You can hold multiple PnL accounts in parallel across our programs but trading using the same strategy across multiple accounts at the same time is prohibited. Combined simulated exposure on the funded side is capped to keep risk balanced, and copy trading between your own accounts is not permitted. Full details are in our terms and conditions.

You have 14 days from purchase to cancel an evaluation (Freedom) or Instant account for a full refund, provided no trade has been placed on it.

At checkout you ask us to open the account straight away, and you confirm that placing your first trade ends that 14-day right. That is what lets us hand you a simulated account immediately rather than holding it back until the cancellation period runs out. Until you place a trade, the right stands in full.

Once a trade has been placed, or once the 14 days have passed, the purchase is no longer refundable. To request a refund that meets these conditions, contact our support team from your dashboard or on live chat.

No. Once you have passed your evaluation, the evaluation fee is non-refundable.

Yes. We allow the use of VPNs, and many traders use one for everyday privacy and security.

However, a VPN must never be used to bypass our country restrictions. If you use a VPN to access our services from, or on behalf of, any of our banned or restricted jurisdictions, your account will be banned and you will no longer be able to trade with us. See our restricted jurisdictions entry for the full list.

Yes. You must be at least 18 years old to open an account and trade with us.

If we find that an account holder is under the age of 18, the account will be closed. Age is confirmed as part of our KYC verification, so please make sure the details you provide are accurate.

Please note that if you are travelling to any of our banned or restricted jurisdictions, you will not be able to place trades for the duration of your time there.

This applies even if your account is based in an eligible country: access is determined by where you are located at the time of trading. Normal access resumes once you return to an eligible jurisdiction. See our restricted jurisdictions entry for the full list.

We do not offer our services to anyone residing in, or trading from, the following jurisdictions: Cuba, North Korea (Democratic People’s Republic of), Syria, Islamic Republic of Iran, Iraq, Yemen, Lebanon, Libya, Myanmar, Vietnam, Laos (Lao People’s Democratic Republic), Ukraine (only the regions of Crimea, Donetsk, Luhansk, Kherson & Zaporizhzhya), Pakistan, Belarus, Argentina, Algeria, Costa Rica, Democratic Republic of the Congo, Côte d’Ivoire, Eritrea, Somalia, South Sudan, Australia, United States, United Kingdom.

This list is not exhaustive and may change. The latest version is always on our Restricted Jurisdictions page. Any attempt to get around these restrictions by using a VPN will result in an immediate ban.

Register and complete the affiliate questionnaire on our affiliates page. Every application is reviewed by hand and we tell you either way. Accepted affiliates receive referral links, coupon codes and creative sets, and agree to the Affiliate Program Terms & Conditions during onboarding.

Commission on evaluations is tiered on your lifetime referred sales: 10% up to $20,000, 15% from $20,000 to $50,000, and 20% once you pass $50,000. Once you reach a tier you keep it.

Instant Program purchases pay a flat 10% whatever your tier, and every reset a referred client buys pays 5% for as long as you keep referring new clients. Every rate is published in the affiliate terms.

Yes. Resets pay 5% for as long as you keep referring new clients. Reset commission is tied to activity, as defined in the affiliate terms: stay active and there is no end date on the relationship.

Attribution holds for 90 days from the first click, and PnL clients, commission and sub-affiliate performance is reported in Track360. If attribution fails on our side, you can claim the client within 30 days of their registration.

Sub-affiliate networks are supported and tracked, and sub-affiliates keep their own attribution if you leave the program.

Once a month, to your chosen method, after the refund window on those purchases has closed.

Commission can be recalculated at any time, before or after it is paid, where the purchase behind it turns out to be refunded, charged back or otherwise invalid, and the difference comes off your next payout.

KYC, or KYB for companies, is completed before your first payment, and available commission must be withdrawn within 12 months of clearing.

Commission arises on a completed, retained purchase, not on clicks or sign-ups. Self-referral is not permitted, referrals sharing a device or IP with you are disqualified, and referrals from jurisdictions on our restricted list are not eligible for commission.

Commission churning and traffic fraud mean suspension and loss of commission. That covers bot traffic, click injection, fabricated purchases, coupon abuse, stolen cards, fake identities and VPN or device farms.

Yes, with approval. Paid advertising needs our sign-off at least 14 days before it runs, with the placement, duration and keywords you intend to use. Bidding on our brand terms, including PnL, PnL.com and CXM and any variation or misspelling of them, is not approved on any paid-search or paid-social platform.

Your creatives must make clear that PnL accounts are simulated and must not promise trading results, payouts or a level of commission. Passing yourself off as us is not allowed in any form, including fake review or Trustpilot pages, cloned landing pages, and Telegram or community channels made to look like ours.

On request, tell us where your links and banners are running, along with the ad accounts, campaigns, traffic sources and creatives behind them. Further compliance rules are available in your affiliate dashboard.

Yes. A trader you refer who goes on to trade a CXM brokerage account or crypto on CXM.io can earn you rewards on that activity too, under CXM’s own terms. To send referrals to CXM you must clear CXM’s checks and choose to join CXM as either an Affiliate or an Introducing Broker.

With CXM, rewards are calculated on a client’s own deposited funds. A deposit that came from a PnL.com payout does not count toward them.

Affiliates with a track record can discuss private terms straight away, with no tier climbing first. Under private terms the activity bar is fixed up front: agree a monthly volume of new clients and your reset commission is locked in while you meet it. Private terms are negotiated individually and sit outside the published structure.

A-Booking is one of the most misunderstood and overused terms in the prop firm industry. The A-Book vs B-Book entry below sets out what it actually means.

A-booking is hard to reconcile with a simulated funded model, because there is no client order to pass to a liquidity provider in the first place.

We do not pretend to A-Book traders. Instead of leaning on the term, we focus on something more concrete.

What we offer is a clear pathway from funded trading into live markets. Through our partnership with CXM, a brokerage and crypto exchange, we give traders a direct route to transition from a funded account into trading their own capital, with support and progression opportunities to help you take that step.

Rather than claiming to place you into live market conditions behind the scenes, we put you in control of that transition. From funded trader to live trader, within a connected ecosystem designed for long term growth.

In trading, terms like A-Book and B-Book are used to describe how trades are handled behind the scenes by brokers and firms. They sound complex, but the idea is actually simple.

A-Book means your trades are passed directly to the real market. When you place a trade, the broker sends that order to liquidity providers such as banks or other institutions. The broker is not taking the opposite side of your trade. They make money through spreads or commissions, and your profit or loss does not directly impact them. This is often presented as the “ideal” model because it suggests alignment between trader and broker.

B-Book is the opposite. Your trades are not sent to the real market. Instead, the broker or firm takes the other side of your trade internally. If you lose, they win. If you win, they pay you out of their own pocket. This model is extremely common, especially in retail trading and funded trading environments, because most traders lose over time.

There is also what’s often called a hybrid model. This is where firms switch between A-Book and B-Book depending on the trader. For example, consistently profitable traders may be moved closer to real market execution, while losing traders remain internalised. This is sometimes referred to as risk management or trade routing.

Another term you will hear is internalisation. This is simply the process of keeping trades in-house rather than sending them to external liquidity providers. It is a core part of how B-Book models operate.

Hedging is also part of this conversation. Even in a B-Book model, a firm might hedge its risk externally if too many traders are positioned in one direction. This protects the firm from large payouts while still controlling most of the flow internally.

The key thing to understand is that in most funded trading models, including prop firms, you are trading in a simulated environment. There is no direct market exposure tied to your individual trades. This means discussions around A-Book and B-Book are often used more as marketing language than as a reflection of what is actually happening.

That is why the real distinction is not whether a firm claims to A-Book or B-Book. It is whether they are transparent about their model and whether they provide a genuine path for you to move from simulated trading into real market conditions when you are ready.

Our full terms and conditions cover account use, the trading challenge, payouts, forbidden trading practices, and the trader-firm relationship. You can read the latest version in our terms and conditions.

Forbidden trading practices are strategies that profit by exploiting our simulated environment rather than the market itself: things like group hedging, latency arbitrage, tick scalping, copy trading across accounts, and trading on pricing errors. As long as your trading is legitimate, based on real market conditions, and follows sensible risk management, you have nothing to worry about.

You can read the complete policy, with a plain-English explanation of every prohibited practice and how violations are handled, on our Forbidden Trading Practices page.

Yes, High Frequency Trading is banned. We carry out a discretionary review of the trading activity on your account if we deem it may be a breach of our terms and conditions.

No. Knowingly or unknowingly using simulated trading strategies that exploit errors in our Services, such as errors in the display of prices or delays in their updates, or an external or slow data feed, is a forbidden practice.

No. Performing, alone or in collaboration with other persons (including between our accounts, accounts held with other various prop firms and brokers), simulated trades or combinations of trades for manipulative purposes, for example by simultaneously entering into opposite positions (with the exception of entering into such positions on a single simulated account), is forbidden.

We use sophisticated tools to detect fraud patterns and toxic trading behaviour, including the practices above. Anything they flag is investigated, and an account the review confirms to be in breach of the above terms & conditions is closed.

Performing simulated trades in conflict with the PnL.com General Terms and Conditions or the PnL.com Account Terms and Conditions (PnL.com Account Agreement) (as applicable) or the terms and conditions of the trading platform you use is a forbidden practice.

Using any software, artificial intelligence, ultra-high-speed tools, or mass data entry that might manipulate, abuse, or give you an unfair advantage is forbidden.

Otherwise performing simulated trades in a way that we reasonably consider might cause us financial, reputational, or other harm as a result of your activities is forbidden.