No Challenge, No Fee: RaiseMyFunds Bets Its Whole Business on Trader Performance

RaiseMyFunds will drop the challenge-based evaluation model that has long defined prop trading and move to instant funding only from September 2026. The firm said it will provide trading capital of up to $400,000 with no evaluation phase, and offer selected traders profit splits of up to 90%.

Under the new setup, applicants submit a form and the firm reviews each submission individually. Only candidates who are selected are contacted by a member of the team. There is no fee to enter, no profit target tied to a deadline and no sequence of testing phases — access to capital begins on day one.

Risk terms are also being simplified. Instead of stacked daily limits, trailing thresholds and profit targets, accounts carry a single fixed maximum loss calculated once on the starting balance. That floor does not move higher as the account grows.

Why the model is changing

RaiseMyFunds acknowledged that challenge fees are the sector's core revenue source and that it is deliberately giving that income up. The company said the drag on the industry's credibility outweighed the revenue, and that the problem is structural rather than a matter of how individual firms design their evaluations.

The firm pointed to commonly cited industry pass rates in the single digits, arguing that under a challenge model most paying participants end up financing the company without ever managing its capital, and that revenue effectively arrives on failure rather than success. It also said time limits and mandatory targets push traders into risks they would not otherwise take, while the upfront cost falls entirely on the trader — often hundreds or thousands of dollars across repeated attempts.

RaiseMyFunds ran challenges itself before making the change, and said the decision shifts filtering from the trader's wallet to the application file. Selection replaces the paywall, and the resulting programme is smaller by design.

The firm frames the move as tying its own results to trader performance rather than trader attrition, and as a test of whether a regulated prop firm can operate with no challenge revenue at all. It also argues that clearer disclosure of costs, limits and expectations is becoming a competitive factor in a market where most offers look alike.