Five prop-firm refund pages read on 11 Sept 2026: FTMO and FundedNext refund with the first withdrawal, The5ers at the third payout, Topstep not at all.
The category's CFD leader has opened a simulated futures product on a monthly subscription. Its rulebook publishes a 90/10 ratio six times, one launch-post sentence fuses that split with the 100% Pro withdrawable amount, and the headline $450,000 is three accounts, not one.
The category leader's two-step evaluation is the industry's reference model: published targets, a refundable fee, an 80% split. The fine print is where the examiner earns his keep.