Prop Challenge Terms
These terms apply when you buy and take part in the MiroNext Prop Challenge: a paid two-phase evaluation on demo accounts that can lead to a funded trading account on MiroNext capital. Please read them together with the Terms of Use, the Trading Terms, the Execution Policy and the Risk Warning.
1. What the Prop Challenge is
The Prop Challenge is an evaluation of your trading and risk management. It has two phases on demo (virtual) accounts. If you pass both phases and the MiroNext team approves them, you receive a funded account: a real B-Book trading account on MiroNext capital. These terms add to the Terms of Use, the Trading Terms and the Execution Policy; for prop accounts, these terms apply where they differ. On the funded account MiroNext is the counterparty to your trades (house book, B-Book): your orders are not sent to an external market, your profit is paid from MiroNext's own funds and your loss is MiroNext's gain. The rules that manage this conflict of interest apply the same way to winning and losing trades and are described in the Execution Policy.
2. Plans and fees
Each plan sets its own account size, fee, profit targets, loss limits, minimum trading days, profit split, payout interval, leverage group and allowed symbols, and the panel shows them before you pay. The fee is paid once from your MiroNext wallet when you buy. The rules of your plan are fixed at the moment of purchase; later changes to a plan apply only to new purchases.
3. Number of active challenges
You may hold at most 3 active prop challenges or funded accounts at the same time. While you are at this limit a new purchase is refused; an ended challenge or a closed funded account no longer counts.
4. Two phases and profit targets
Each phase runs on a new demo account with no real money; its balance and results are virtual and cannot be withdrawn. Under the standard plans the target is 8% profit in phase 1 and 5% profit in phase 2, measured on the initial balance; your plan shows the exact values. There is no time limit. A phase is passed only when the target is reached, the minimum trading days are met and no position is open.
5. Daily loss limit
The daily loss limit is 5% of the initial balance, a fixed amount. Each trading day starts at broker midnight (shown in the panel); at that moment the reference of the day is set to the higher of your balance and equity. The daily floor is that reference minus the daily limit. If your equity, including open (floating) losses, touches or falls below the daily floor at any moment, it is a breach.
6. Maximum loss limit
The maximum loss limit is 10% of the initial balance and it is static: the floor is the initial balance minus 10% and it does not move up with profits. If your equity, including open losses, touches or falls below this floor at any moment, it is a breach.
7. Breach and closing of positions
A breach is immediate and final. All open positions are closed at the next available price, the account is locked and the phase, or the funded account, ends. There is no warning before the floor is touched. The breach details (equity, floor, balance and the open positions at that moment) are shown in your panel.
8. Gap risk
A loss floor is a trigger, not a guaranteed exit price. In fast markets, when a market opens, after a weekend or around news, prices can jump past the floor; positions are then closed at the next available price, which can be beyond the floor, so the final result can be worse than the floor. On a funded account the loss beyond the floor is borne by MiroNext capital and is never charged to your wallet, but the account is still closed.
9. Trading days and qualifying trades
You need at least 5 trading days in each phase, unless your plan sets another number. A trading day is a broker day on which you open at least one qualifying trade: a new position whose value in US dollars (notional) is at least 25% of the account size under the standard plans; for example 2,500 USD on a 10,000 USD account. Smaller trades are allowed but do not count. Keeping a position open is not activity: a position opened on one day and still open on the next counts as one trading day only.
10. Inactivity
If 30 days pass without a qualifying trade, the challenge expires: open positions are closed, the account is locked and the fee is not refunded. Only qualifying trades restart this 30-day period.
11. Review after each phase
When a phase is passed, positions are closed and the account is locked for review. The MiroNext team reviews the full trade history before the next account is issued, after phase 1 and after phase 2. The team may approve or reject a passed phase. If it is rejected, whether the fee is refunded to your wallet is at the discretion of the team; the decision is shown in your panel.
12. Trading behaviour flags
Some trading patterns are flagged automatically for the review team: very short trades (closed within about 60 seconds, or within 120 seconds with a profit), sudden increases in lot size, profit concentrated in one day, and trading around major news. A flag alone does not end a phase, but every open flag must be reviewed by the team before a phase can be approved or a payout can be paid.
13. Held profit
Profit from very fast trades can be placed on hold by the platform's fast-profit rule. During the two phases, held profit is shown for information only and does not affect passing. On the funded account, held profit is not included in a payout until it is released.
14. The funded account
After the final approval of phase 2 you receive a real B-Book trading account funded with MiroNext capital at the initial balance of your plan. The capital belongs to MiroNext: it cannot be withdrawn or transferred, and deposits, withdrawals, demo resets, leverage changes and bonuses are not available on prop accounts. The same daily and maximum loss limits apply. Funded capacity is limited: the total MiroNext capital in all live funded accounts together is capped at 20,000 USD. If your approval would exceed this capacity, your passed phase 2 stays in review, nothing is lost, and it is approved when capacity becomes available again.
15. Profit split and payouts
You may request a payout when your profit (balance minus held profit minus the initial balance) is above zero, all positions are closed, no review flag is open and at least 14 days have passed since your previous payout (your plan may set another interval). Under the standard plans your share is 80% of the profit and MiroNext keeps 20%; your plan shows the exact split. After the team approves, the account is briefly locked, your share is credited to your MiroNext wallet and the account balance resets to the initial balance.
16. Breach of the funded account
A breach on the funded account closes it permanently and it cannot be reopened. Profit that has not been paid out yet is forfeited. Payouts already credited to your wallet are not affected.
17. No copy trading
Prop accounts, in both phases and when funded, cannot be connected to copy trading on MiroNext, neither as a follower nor as a master trader.
18. Verified Trader badge
With the final approval of phase 2 you also receive the Verified Trader badge and the simulator qualification challenge is waived. Once you have a trader profile, you can appear on the verified traders list; that listing concerns your trader profile, never the prop account. The badge stays even if the funded account is later closed by a breach, but MiroNext may revoke it, for example in case of abuse or a violation of the rules.
19. Prices, execution and time
Prices, order execution, swaps and the closing of positions follow the MiroNext Execution Policy and Trading Terms. Days and limits are counted in broker time, which the panel shows. In case of abuse, fraud or a violation of these terms, MiroNext may reject a phase, refuse a payout or close a prop account.
20. Changes and contact
MiroNext may update these terms; the published version applies from its effective date, while the rules of a challenge stay as they were at its purchase. Questions about these terms or about a decision on your challenge can be sent to MiroNext support.
