A funded account is what most traders call the account you trade after you pass a prop firm evaluation. At Alpha Capital, that stage is our Qualified Analyst Account: you trade on simulated funds, follow published drawdown and daily loss rules, and may request performance fees calculated from a performance split of eligible simulated profits. You pay an assessment fee upfront, not a deposit of live capital.
Part of our guide series: What is a prop firm? · Trader funding UK 2026
Last updated: 20 October 2026
General information only, not financial advice. Simulated trading. Performance fees are performance-based; outcomes not guaranteed. Confirm live rules on help.alphacapitalgroup.uk before you buy.
What are funded accounts?
A funded account is stage two of the retail prop firm model:
- Evaluation - You trade a simulated balance to a profit target inside drawdown limits.
- Funded / qualified stage - You receive an account at the same simulated size with no profit target.
- Performance fees - You request a performance fee calculated from your eligible simulated profits when rules are met.
At Alpha Capital we call the funded stage a Qualified Analyst Account. Searchers still say funded account, funded trader, or get funded, same idea. The balance is simulated, not live money in your bank. We are not a broker and we do not accept deposits for you to trade your own capital.
UK traders: read our UK guide to funded (qualified) trading accounts.
How funded accounts work at Alpha Capital (step by step)
Step 1: Choose a programme and pay the assessment fee
We run three evaluation paths, plus Alpha Direct (Instant Funding), on alphacapitalgroup.uk/product:
Programme | Steps | Best if you want… |
|---|---|---|
Alpha One | 1 | A single-phase path |
Alpha Pro (6%, 8%, 10%) | 2 | Higher FX leverage (up to 1:100) |
Alpha Swing | 2 | Weekend holds at every stage |
Alpha Direct | 0 (no evaluation) | A Qualified Account from purchase, under its own stricter rules |
Confirm live pricing on our product page the day you buy. Plan rules: Alpha One · Alpha Pro 6% · Alpha Pro 8%/10% · Alpha Swing.
Full comparison: Alpha One vs Pro vs Swing vs Three.
Step 2: Pass the Trading Assessment
Trade to your phase profit target without breaching maximum drawdown or daily loss. There is no fixed time limit to finish (assessment duration). Accounts deactivate after 30 days of inactivity at any stage.
Rule overview: Our rules explained.
Step 3: Receive your funded (qualified) account
We issue a Qualified Analyst Account at the same simulated size. On the qualified stage there is no profit target (help centre). Drawdown, daily loss, and programme rules still apply.
Account sizes (help centre):
- $5K through $200K on our product page.
- Maximum allocation: $400,000 shared across all your Alpha Capital accounts (allocation FAQ).
Step 4: Request performance fees
Qualified Analysts can earn a performance fee calculated from a performance split of eligible simulated profits when they follow our rules (qualified earnings).
Programme | Bi-weekly | On-demand |
|---|---|---|
Alpha One | No | Yes only |
Alpha Pro | Yes, if chosen at signup | Yes, if chosen at signup |
Alpha Swing | No | Yes only |
You choose bi-weekly or on-demand at signup — you cannot switch later. Details: Bi-weekly vs on-demand guide · Bi-weekly rules · On-demand rules.
What you trade on a funded account
Our assessments cover FX, metals (including gold), indices, and oil on MetaTrader 5, cTrader, DX Trade, and TradeLocker (platforms).
Futures traders (ES, NQ, CL): see our sister brand Alpha Futures.
Funded accounts vs what people expect
Common assumption | What actually happens |
|---|---|
The firm wires you live trading capital | You trade simulated funds in a simulated environment |
Passing guarantees income | Performance fees are performance-based, nothing guaranteed |
It works like a normal brokerage account | We are a proprietary trading company, not a deposit-taking broker |
Simulated results do not forecast live market outcomes. Our site footer states accounts are demo accounts with simulated funds.
Funded accounts vs instant funding
Some firms sell instant funding (skip the evaluation). At Alpha Capital that option is Alpha Direct (Instant Funding): a Qualified Account from purchase, with no evaluation, under its own stricter rules. Our other paths start with a Trading Assessment on Alpha One, Alpha Pro or Alpha Swing, which shows you can respect drawdown and daily loss before the qualified stage.
Compare models: Trader funding UK 2026.
Who funded accounts suit
Often a fit:
- Traders with a tested edge who want more simulated size than a personal account
- Disciplined risk managers who respect daily loss and drawdown caps
- Traders who read plan rules before checkout
Often a poor fit:
- Anyone expecting live capital or guaranteed monthly pay
- Futures-only traders (use Alpha Futures)
U.S. residents: Available with platform limits, no MT5; see platforms article and country guide.
Frequently asked questions
What are funded accounts in simple terms?
A funded account is the account you trade after you pass a prop firm evaluation, at Alpha Capital, our Qualified Analyst Account on simulated funds.
How much does a funded account cost?
You pay a one-time assessment fee for your programme and size on our product page. Simulated losses do not create repayable debt. If you breach rules, the account closes; your main cost is the fee (plus any repurchase if you try again).
Is a funded account real money?
The trading balance is simulated. If our rules are met, we pay a performance fee calculated from eligible simulated profits.
What is the difference between a funded account and an evaluation?
The evaluation is the test. The funded account is what we issue after you pass.
Can you lose money on a funded account?
You do not repay simulated trading losses. Breach drawdown or other rules and the account closes. Your financial risk is mainly the assessment fee.
Are funded accounts guaranteed income?
No. Performance fees depend on simulated results and rule compliance.
How long does it take to get a funded account?
As long as you need, we do not cap assessment duration. Most traders take weeks to months depending on strategy and discipline.
Are prop firm funded accounts legit?
Legitimacy depends on the operator. We publish rules and simulated-funds disclosures on help.alphacapitalgroup.uk.
Read Are prop firms legit? before you pay any firm.
Related reading
- Qualified trading account UK guide
- How do prop firms work?
- How to become a qualified trader
- Realistic performance fees: what's normal
Compare our programmes · Help centre
We are Alpha Capital Group, a proprietary trading firm based in the United Kingdom. All our accounts operate in a simulated trading environment with simulated funds. Performance fees are based on eligible simulated trading results and outcomes are not guaranteed. Always confirm live rules, pricing, and eligibility on alphacapitalgroup.uk and help.alphacapitalgroup.uk before purchasing an assessment.
