Which Prop Firms Include Free Market Data? (The Real Cost, 2026)

Let's get this straight upfront: nothing is free. When a prop firm says they include free market data, they mean the cost is bundled into your evaluation fee, your profit split, or your monthly account fee. They're not eating a $140/month per exchange cost out of the goodness of their hearts. They're running a business.

The key is understanding the two tiers of data: Professional and Non-Professional. Exchanges like the CME Group charge wildly different rates. Non-pro data might be $5 a month. Professional data, which is what you need if you're trading for a living (and yes, that includes funded prop traders), can run up to $140 per month, per exchange. That's $560 a month just for CME, CBOT, NYMEX, and COMEX feeds.

So when a firm says 'free,' ask: Is it the professional feed? Is it all exchanges I need? Is it only during the evaluation, then they charge me later? I made the mistake of not asking these questions, and it cost me. Most firms use this as a selling point to distract you from their higher evaluation fees or stricter rules.

Based on their current terms and my own testing, here are the US-focused firms that are transparent about covering data costs. Remember, 'covering' means you're still paying for it, just not as a separate line item.

Phidias PropFirm

This is the gold standard for transparency on this issue. They state clearly that they provide professional-grade Rithmic Level 1 data for all four CME Group exchanges for free on all account types, including live funded accounts. They say they absorb the cost. Level 2 depth is an optional add-on (about €11/month/exchange). Their evaluation fees are on the higher end, which is how they 'absorb' it. You're prepaying.

Apex Trader Funding

Apex is a giant in the US futures prop space. Their wording is: "All platform and data fees are included in the evaluation cost." This is true for their evaluations on platforms like Tradovate. Once funded, you typically keep the same data package. Their model is volume-based; they make money from the exchange rebates on your trading, so covering your data to keep you active makes business sense.

OneUp Trader

They advertise "no data fees" and throw in a free NinjaTrader license. Again, the cost is baked into the challenge price. I traded a OneUp evaluation last year. The Rithmic feed was solid, no complaints. But their $295 evaluation for a $150k account is where that 'free' data is funded from.

MyFundedFutures

They promise no monthly fees during the evaluation and provide low-latency data on NinjaTrader 8. Their structure is similar.

Here’s a quick comparison of how they stack up on key points:

The common thread? You pay upfront. There's no free lunch. For forex-focused firms, the data question is different. Raw spreads from a broker like IC Markets include the data cost in the commission, but you need to understand the spread definition fully.

This is where they get you. A firm might give you 'free' data during the 30-day evaluation, then hit you with a $100 monthly fee once you're funded. Or, they'll give you data for the E-mini S&P 500 but charge extra for the Nasdaq, bonds, and oil. You have to read the FAQ and the terms of service for the funded account, not just the evaluation.

Another sneaky tactic: giving you a data feed, but from a slow, third-party aggregator instead of a direct exchange feed (like Rithmic, CQG, or Denali). The latency can be a killer for scalping strategies. My $1,200 loss was on one of these slow feeds.

Also, consider the platform. 'Free NinjaTrader' is great, but if you're a TradingView devotee, you might need to pay for your own data subscription there anyway. Some firms offer Match Trader or cTrader connections, which have their own data structures. The point is, 'free data' is never universal. It's always tied to a specific platform and asset list within that firm's environment.

Your profit split is the biggest cost offset. A firm offering 50/50 can 'afford' to give you more perks than a firm offering 90/10. That 40% difference is where your 'free' data, platform, and coaching come from. Always look at the total package.

February 2024 was a earthquake. MetaQuotes (the company behind MT4 and MT5) pulled licenses from prop firms serving US clients without a formal broker partnership. Overnight, MT4 became "effectively dead" for US prop traders.

Why does this matter for data? Because your data feed is tied to your platform. If you were using an MT4 prop firm, you were getting their MT4 data feed. Now, the industry has fragmented into other platforms: Rithmic, NinjaTrader, Tradovate, TradingView, Match Trader, and yes, MT5 where possible.

This forced migration actually made the data cost question more transparent. Platforms like Rithmic and NinjaTrader have clear, separate data subscription models. When a prop firm says they cover your "Rithmic data fees," you can now go to Rithmic's website and see exactly what that's worth ($140/month or whatever). Before, with MT4, it was all a mysterious bundle from the broker.

The bottom line: The crackdown killed off a lot of shady, low-cost prop shops that were built on the old MT4 model. The survivors are more legitimate, but also more expensive. Their data offerings are now a clear competitive battleground, which is good for you as a trader. You can compare apples to apples.

Don't pick a firm solely because they have free data. It's one piece of the puzzle, and a piece that's worth maybe $200/month at most. Here’s what matters more, in order:

1. Profit Split & Payout Reliability: An 80% split with slow, difficult payouts is worse than a 70% split that hits your account every Friday. Research payout reviews religiously.
2. Drawdown Rules: This is your risk cage. A 5% daily loss limit is standard, but is it based on your starting balance or your trailing equity? A trailing margin call rule is much tougher. This will blow you up long before a bad data feed will.
3. Platform & Assets: You must trade on a platform you're proficient with. If you hate NinjaTrader, don't join a NinjaTrader-only firm for the free data. Also, ensure they offer the assets you trade. A great futures data feed is useless if you're a forex trader.
4. Evaluation Rules: One-step or two-step challenge? What's the profit target? Can you use swing trading strategies, or is it day-trade only? These rules dictate your strategy.
5. Then, Data & Fees: Now compare the total cost of entry (evaluation fee + any monthly data/platform fees) against the profit split and rules. Use a position size calculator to model your expected returns under their specific drawdown limits.

I learned this the hard way. I chased a firm with a 90% split and 'free everything,' but their max drawdown was 6% trailing from the peak. I was stopped out on a single XAU/USD reversal before my week even started. The $50 I saved on data cost me a $500 evaluation fee.

The party's over. The SEC and CFTC are now fully awake to the prop firm space. The 2024 rule change that broadened the 'dealer' definition means more prop firms will have to register, bringing more compliance, reporting, and scrutiny.

What does this mean for data? Regulation increases costs. Compliance isn't free. These rising operational costs will be passed on to you, either through higher evaluation fees, lower profit splits, or - you guessed it - the introduction of data fees that were once 'free.'

The MyForexFunds case was the warning shot. As of late 2025, over 80% of prop firms are operating under stricter internal frameworks. This is actually a good thing for trader security, but a bad thing for ultra-cheap, anything-goes offerings.

When you see a firm advertising 'free professional data,' it's a sign they are likely a larger, more established operation that can absorb the compliance overhead and use the data perk as a legitimate competitive advantage. The fly-by-night shops can't afford it anymore. In this new era, transparency about costs (like data) is a marker of a firm's legitimacy.

So, which prop firms include free market data? In 2026, the clear leaders for US futures traders are Phidias PropFirm, Apex Trader Funding, OneUp Trader, and MyFundedFutures. They explicitly state it and bake the cost into their upfront pricing.

For forex and other assets, the question is murkier because data is part of the spread/commission structure from their liquidity providers. Focus on the raw spread + commission model from firms partnered with major brokers like Pepperstone.

Here’s your action plan before you pay a single evaluation fee:

1. Identify Your Edge: What do you trade? (EUR/USD scalps? ES futures swings?) This dictates the needed platform and data.
2. Shortlist Firms: Find 3-4 firms that support your asset and platform. Ignore the profit split for a second.
3. Read the Funded Account Terms: Go deep into their FAQ. Search for "data fees," "monthly fees," "platform fees." Email their support with a specific question: "Is professional CME data included for the lifetime of the funded account at no extra charge?"
4. Run the Numbers: Take their worst rule (e.g., max drawdown) and your typical trade size. Use a calculator to see if your strategy can even survive. A free data feed is worthless if the rules strangle your method.
5. Start Small: Buy the smallest evaluation they offer. Test the data speed yourself. Test the platform. Test the payout process on a small profit. Then scale up.

The goal isn't to find a freebie. The goal is to find a legitimate capital partner where the total cost of doing business (fees, data, split) aligns with your trading style and profit potential. The firms that are clear about covering data are often the ones more serious about building long-term relationships with profitable traders. Now go find one.