Identify what you are buying
Find the legal entity named in the agreement and establish whether the product is a simulated evaluation, a brokerage service or another arrangement. These products do not necessarily have the same protections.
Record the full cost: the entry fee, subscription renewals, resets, activation, platform or data charges and any applicable taxes. Compare the same account size and program type; a discounted headline price is not the whole contract.
Read refund and payout terms first
Check whether the entry fee is refundable, what triggers a refund and what would disqualify you. For payouts, check eligibility, timing, caps, split and the firm’s right to review trades.
Keep a copy of the terms and offer you accepted. A payout screenshot from another trader is not a guarantee that you will be paid, or that the same rules apply to your program.
Use regulatory checks in the right context
The CFTC recommends researching OTC forex dealers and checking relevant registration and disciplinary history. FINRA’s day-trading risk disclosure warns of substantial losses and cautions against large-profit claims.
These sources address particular products and regulatory contexts. They do not establish that every prop evaluation is regulated in the same way, or that any specific firm has been approved. Check the entity, service and jurisdiction rather than applying a badge to the brand as a whole.
Watch for pressure and guarantees
Be cautious about guaranteed returns, guaranteed passes, urgency that prevents reading the contract, or requests to send funds through unfamiliar channels. Independently verify contact details instead of relying on a social-media message.
Only pay a fee you can afford to lose. Day trading is risky, and even a genuine provider cannot remove market risk or guarantee that an evaluation will suit your strategy.