Which firm costs least once refunds are counted?

Assuming you pass, FTMO and FundedNext land near zero because they refund the fee in full. The5%ers leaves you paying 30%, and Fintokei credits the fee back on top of your reward. For the sticker-price ranking itself, see our comparison of the cheapest prop firms.

How do fee refunds work?

When you pass and receive a payout from the funded account, the fee comes back. FTMO refunds 100% with the first payout, The5%ers refunds 70% on meeting conditions, and Fintokei credits the fee back on top of your reward.

Do I get my money back if I fail?

Generally no. Every refund scheme assumes you pass and get paid. Budget for two or three attempts rather than counting on the refund.

How should I compare fees across account sizes?

Divide the fee by the account size for a cost per funded dollar. FTMO's $10,000 account at $89 is 0.89%. Most reputable firms cluster at 0.8-1.3%; be suspicious of dramatic outliers.

Prop Firm Evaluation Costs After Refunds (2026) — What You Actually End Up Paying

Net cost = fee paid minus what is refunded or credited back after you pass
On passing: FTMO and FundedNext refund 100%, The5%ers 70%, Fintokei credits the fee back
Cost per funded dollar clusters at 0.8-1.3% across reputable firms
On failing: nothing comes back — budget 2-3 attempts

Net cost: what you pay minus what comes back

This article deals with one number only — the fee you pay minus whatever is refunded or credited back after you pass. A $100 fee that returns when you pass is not the same $100 as one that never does.

Which firm is cheapest to buy in the first place is a different question, answered in the cheapest prop firms. This is the sequel to that page: net cost after refunds.

Disclosure: this site partners with FTMO, The5%ers and Fintokei. Non-partners appear under the same criteria.

Fees by account size

Representative pricing as of July 2026 (USD; Fintokei in JPY):

Account size	FTMO	The5%ers High Stakes	Fintokei	FundedNext Stellar
Small ($2.5K-$10K / 1M JPY)	$89 ($10K)	$19 ($2.5K)	from 10,000 JPY (1M JPY)	from ~$45
Mid (~$50K)	$289	by account size	by plan and size	by size
Large (~$100K)	$539	by account size	by plan and size	by size

Sales and revisions are frequent; confirm the exact figure at checkout.

Refund policies decide the true cost

FTMO — 100% back with the first payout

FTMO refunds the full fee together with your first profit payout. Pass and get paid once, and the evaluation effectively cost nothing. The split starts at 80% rising to 90%. The sticker price (from $89) is above average, but for traders who pass, FTMO lands among the cheapest.

→ FTMO official

The5%ers — 70% refund

The5%ers High Stakes refunds 70% of the fee on meeting its conditions. Stacked on a $19 entry, the realistic net cost of a small-account attempt drops to a few dollars. Coupon code HZZS4 also applies.

→ The5%ers official

Fintokei — fee credited back on top of rewards

Fintokei credits the participation fee back on top of your reward after passing. Coupon code FINTO5KEI cuts 5% off the entry price as well.

→ Fintokei official

Non-partners: FundedNext and FundingPips

FundedNext (founded 2022) also refunds the fee with the first payout (except Stellar Instant) and offers a 15% share of challenge-phase profits, though eligibility tightened for accounts bought on or after January 12, 2026.

FundingPips (founded 2022) competes on sticker price (tiers from around $29) and — per its published terms as of April 2026 — refunds the evaluation fee with the first payout on eligible challenges. Its payout and split structures were reworked in 2026 and keep moving; verify current terms on the official site.

Cost per funded dollar

Dividing the fee by the account size makes comparisons fair:

Plan	Fee	Account	Cost per funded dollar
The5%ers High Stakes smallest	$19	$2,500	0.76%
FTMO $10K	$89	$10,000	0.89%
Fintokei StartTrader smallest	10,000 JPY	1,000,000 JPY	1.00%
Fintokei ProTrader smallest	12,500 JPY	1,000,000 JPY	1.25%

Reputable firms cluster around 0.8-1.3%. A firm far below that band is usually recovering the cost somewhere else — splits, payout friction, or resets. See prop firm hidden costs.

Scenario math

Pass on attempt one — FTMO and FundedNext: near zero net cost; The5%ers: 30% of fee; Fintokei: difference after the credit
Pass on attempt two — only the passing attempt’s fee is refunded; the first is gone
Never pass — every dollar is an expense, everywhere

Refunds are a discount for winners, not a safety net. Budget two or three fees up front, and see account resets and refunds for reset mechanics.

FAQ

Q. Lowest net cost?

A. If you pass: FTMO and FundedNext, both near zero thanks to full refunds. For sticker prices, see the cheapest prop firms.

Q. How do refunds work?

A. Paid out with (or on top of) your first funded payout: FTMO 100%, The5%ers 70%, Fintokei credited back.

Q. Refund if I fail?

A. No. Budget accordingly.

Q. Benchmark cost per funded dollar?

A. 0.8-1.3% at reputable firms.

Bottom line

Read an evaluation fee as three numbers, not one: what you pay, what comes back if you pass, and what you lose if you fail. Prop firms do not guarantee profits; the final decision is yours.

Recommended prop firms

The5%ers — low sticker plus 70% refund

From $19 with a 70% refund scheme — the cheapest way to test a strategy at a long-established firm.

→ The5%ers official (coupon code HZZS4)

FTMO — effectively free if you pass

Eleven years of operation. Full fee refund with the first payout.