Upcomers Prop Firm Review (2026): A Reddit Veteran's Unfiltered Take

First thing to get straight: Upcomers is not your broker. You won't be sending your life savings to an Upcomers account. They're a proprietary trading firm, which means they run an evaluation service. You pay a fee to take a challenge on a simulated account. If you pass their rules, they grant you access to a larger pool of their capital to trade with, and you split the profits.

They're registered as Royal Flow - FZCO in Dubai and Upcomers Ltd. in Saint Lucia. This is a common setup for these firms. For you in the US, the critical point is they structure this as a simulated environment to navigate regulations. They don't hold client funds for trading, which keeps them outside the direct grip of the SEC or CFTC as a traditional broker. But that landscape is shifting, and we'll get to that.

Their model is straightforward: you buy a challenge, you trade a demo account under specific rules, you pass, you get a funded account. The allure is the capital size. Starting with a few hundred bucks, you can aim for a $50k, $100k, or even a $1.5 million account. It's use of a different kind.

This is the meat of it. The rules aren't just guidelines; they're the gatekeepers. Upcomers, like its competitors, uses these to manage their risk. You need to understand them like the back of your hand.

The Profit Targets

These vary by challenge. For their popular 1-step challenge on a $5k account, the profit target is 6%. That means you need to grow that $5,000 demo account to $5,300. Sounds simple on a good day, right? But it's not just about hitting a number.

Other challenges, like their multi-phase ones, have staged targets. An "Eon – 5 Step" challenge requires a 2% profit target per phase. An "Astral – 3 Step" requires 3%, 3%, and then 4%. The multi-phase ones often feel like a marathon with sprints in the middle.

The Drawdown Limits (The Silent Account Killer)

This is where I've seen countless traders, including a younger version of myself, get wrecked. There are two key limits:

• Maximum Daily Loss: For that same $5k 1-step challenge, it's 6% ($300). Hit that, and your challenge is over immediately. No warning, just a closed account.
• Maximum Total Drawdown: This is often a trailing limit from your starting balance or your highest equity. For the $5k challenge, it's also 6%. This one is sneaky. Let's say you start, make $200 (4% profit), and then have a bad trade that loses $250. Even though you're still above your starting balance, your drawdown from your peak equity of $5,200 might violate the rule if it's calculated a certain way. You must read their specific definition.

Time Limits and use

Most challenges have a time limit (30, 60, 90 days). Upcomers offers use up to 1:100. That's a double-edged sword. It can help you hit targets faster, but it absolutely magnifies your risk against those drawdown limits. Using high use without a precise position size calculator is a guaranteed way to fail.

The rules aren't necessarily unfair; they're just a different game. Your usual swing trading approach might not work here because of the daily loss limits. You need a strategy adapted to the prop firm model.

Let's talk money, because the fees and splits are where you separate the good deals from the questionable ones.

Challenge Fees: Upcomers frequently runs discounts. A $5,000 1-step challenge might be listed at $39.75 (down from $159). A $5,000 2-step is around $42. These are relatively low entry points, which is attractive. The Thunderbolt and Phoenix challenges start at $39 and $52 respectively. Remember, this fee is usually non-refundable if you fail. It's their primary revenue stream.

The Famous Profit Split: They advertise up to 99%. That's top-tier on paper. But you only get that after passing the challenge and starting to earn on the funded account. Your first payout might be at 80% or 90%, scaling up with performance. Always read the fine print on how you climb to that 99%.

The Payout Catch (This is Critical): Here’s a real-world example from my research. Upcomers charges processing fees on withdrawals.

• Bank Transfer (IBAN): $19.9 + 2.49% of the withdrawal amount.
• Crypto Payout: $19.9 + a whopping 30% processing fee.

Let's do the math. If you earn a $1,000 payout and want it via crypto: $1,000 - $19.9 - ($1,000 * 0.30) = $1,000 - $19.9 - $300 = $680.10 in your pocket.

That 30% fee is a massive haircut. It makes crypto payouts almost nonsensical unless it's a tiny amount. The bank transfer fee is more industry-standard, but you still need to factor it in. This is why reading the payout terms is as important as reading the trading rules.

Payouts are "on-demand," which is good. But always calculate your net profit after all fees. A firm with an 80% split and low fees can sometimes net you more than a 90% split with high fees.

Scouring Reddit for an "upcomers prop firm review reddit" thread reveals the usual pattern for a newer firm. There's not a massive volume of threads, which tells you it's not yet a giant like FTMO was. The sentiment is mixed, which is actually normal.

The Positive Notes: Users sometimes mention the low entry cost for challenges as a plus. The 99% split is always a headline grabber in posts. Some commenters who claim to have passed say the verification and payout process was straightforward (using the bank transfer method, not crypto).

The Complaints and Warnings: This is where you need to pay attention. Common themes include:

• Confusion over Drawdown Rules: The number one complaint across all prop firm subreddits. Traders believe they were within limits but got failed. With Upcomers, specifically, ensure you know if their drawdown is static (from starting balance) or trailing (from peak equity). Don't assume.
• The Crypto Payout Fee: This gets flagged repeatedly. Many Redditors view the 30% fee as excessive and a red flag.
• Slippage & Spreads During News: Some unverified reports mention challenging conditions during high volatility. Since they use platforms like TradeLocker and Bybit, your experience may vary. It's less about "widened spreads" and more about whether their simulated environment accurately reflects liquidity.

My take? Reddit is a useful thermometer, not a definitive answer. Look for consistent patterns in complaints. A few isolated bad reviews are normal; a flood of people saying the same thing about payouts being denied is a major warning. For Upcomers, the fee structure seems to be the biggest recurring discussion point.

This is the boring but vital section. The regulatory environment for prop firms in the US is in flux, and it directly impacts your security.

As of early 2026, the situation is clarifying but not settled. Here’s the layman's breakdown:

• The Good News for Firms (and Maybe You): In late 2024, a court pushed back against an SEC rule that would have forced many prop firms to register as strict broker-dealers. The SEC dropped its appeal in early 2025. This means the extreme regulatory crackdown some feared has been delayed, likely allowing the current model (simulated challenges) to continue for the near future.
• The Persistent Uncertainty: The CFTC (which oversees futures and commodities) is still eyeing this space. They might still decide that firms offering futures trading evaluations should be classified as Commodity Trading Advisors (CTAs), which comes with licensing and disclosure rules. The SEC hasn't fully gone away either.

What does this mean for you, the trader?

1. Your Funds Are Not FDIC Insured: The challenge fee you pay is for a service, not an investment. If Upcomers shuts down, you have no recourse for that fee or any unpaid profits.
2. Payouts Are a Business Agreement, Not a Regulatory Right: If they delay or deny a payout, your option is to argue based on their Terms of Service, not complain to a regulator like FINRA. This is why a firm's reputation for paying is everything.
3. The Model Could Change: Stricter rules could come eventually. This might mean higher challenge fees (to cover compliance costs) or even firms pulling out of the US market.

The bottom line: trading with a globally registered prop firm carries an inherent risk that's different from trading with a regulated US broker. You're betting on the firm's solvency and integrity. This isn't to scare you off, but to make you trade with your eyes wide open. Never "invest" money into challenge fees that you can't afford to lose completely.

Is Upcomers the best choice? It depends on what you value. Let's stack it up loosely against some well-known names.

Who might Upcomers be for?

• A trader on a very tight budget who wants a low-cost trial run of the prop firm model.
• Someone specifically interested in the platforms they offer (TradeLocker).
• A trader who is confident in passing quickly and doesn't mind the bank transfer payout fees.

Who should look elsewhere?

• Traders who prioritize low payout fees above all else.
• Those who want the perceived stability of a firm with a longer, more documented history.
• Anyone planning to withdraw profits via cryptocurrency regularly.

Remember, the best firm is the one whose rules best fit your trading style. A firm with a 5% daily loss limit might be better for a scalping strategy than one with a 3% limit.

Alright, here's my straight take after living in this world for over a decade.

Upcomers is a legitimate player in the sense that they operate a common prop firm model. They're not a scam. But "legitimate" doesn't mean "the best choice for you."

The potential upside is real: low entry cost, high profit split on paper, and access to decent capital sizes. If you have a disciplined, rule-adapted strategy and treat the challenge fee as a cost of education, it could be a worthwhile gamble.

The downsides are significant: The crypto payout fee is borderline predatory. The relatively shorter track record compared to industry giants means they have more to prove regarding long-term payer reliability. And like all prop firms, the rules are designed for you to fail.

My personal approach now is different. After blowing a few hundred dollars on various challenges early on, I focused on building my own capital slowly. But I get the appeal. If you're going to try Upcomers, here's my battle plan:

1. Treat the $40 fee as lost money the second you pay it. This removes emotional attachment.
2. Choose the BANK TRANSFER payout method only. Forget crypto exists on their platform.
3. Paper trade their rules first. Take your strategy and simulate it against their exact daily loss and max drawdown limits for a month. Use a position size calculator religiously.
4. Start with the smallest, cheapest challenge. It's not about the capital size; it's about proving you can navigate their system.
5. Document everything. Screenshot your trades, your balance, everything. If there's ever a dispute, you have evidence.

The prop firm path is a tough one. Upcomers offers a cheaper ticket to the game, but the house still has a massive edge. Your skill, discipline, and ability to manage risk under their constraints are the only things that can tilt the odds slightly back in your favor. Don't chase the 99% split dream. Chase a rule-set you can consistently beat. Everything else is just marketing.