A study of nearly 10,000 traders conducted by Swiset and FXStreet, a technology provider for retail trading companies including brokers and prop firms, highlights the steep odds faced by individuals seeking prop trading funding, with just 20% completing the popular one-phase challenges, and even fewer succeeding in two-phase formats.

South America leads the latest statistics, both in terms of the number of active traders and the share of those proving that success in prop trading isn't limited to a small minority.

Colombia, U.S. And Brazil Lead in Volume

Colombia leads all countries in participation, with almost 15% of prop firms’ clients, followed by the United States and Brazil. The study reviewed activity from August 2024 to April 2025, covering 11 regions including Europe, Asia, Africa, and North America. Challenge sizes ranged from $3,000 up to $200,000 in simulated account value.

Traders flocked to the $10,000 challenge, with nearly 30% of users choosing this category, making it the most popular option among traders. The $100,000 and $25,000 challenges followed. Preferences varied by region: South Americans favored the $10,000 and $25,000 levels, while North Americans leaned toward larger $100,000 and $200,000 accounts.

80% Fail in One-Phase, Almost 90% in Two-Phase

The data paints a sobering picture for aspiring funded traders. In one-phase tests, 79.7% of users failed, while only 20.3% reached funded status. The odds were even slimmer for two-phase challenges, with 88.2% failing and just 11.8% obtaining funding.

On average, it takes about six days for a successful trader to become funded, though timelines varied widely. Caribbean participants averaged nearly fourteen days, while those in Africa and Central America moved through the process in under three days. Direct phase challenges, which enable immediate access without multiple evaluation stages, accounted for the bulk of activity.

How do these figures compare to the data previously presented by Finance Magnates? According to data provided last year by FPFX Tech, a technology vendor for the prop trading sector. Out of 300,000 evaluated accounts, just 7% secured a payout, with average returns amounting to roughly 4% of the allocated funding. For example, a trader given access to a $10,000 account typically earned $400, despite paying around $100 to participate in the challenge.

In contrast, a separate internal survey conducted by PipFarm, another proprietary trading firm, indicated significantly higher success rates. The company reported that 41% of its clients achieved payout status.

1.6 Challenges Per User on Average

Despite high rates of failure, participation remains robust, with the average user purchasing 1.6 challenges. Some reportedly attempted as many as 18. Only a small percentage of users (less than 1%) made withdrawals from accounts greater than $300,000, compared to roughly 24% for $100,000 accounts.

Losses tended to be smaller relative to account size in larger challenges. For example, users on $100,000 accounts had relative losses of just 0.3%, while smaller accounts like $15,000 saw losses above 6%.

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Most Fail Within a Week, but Persistence Pays for Some

Notably, users who failed often did so quickly, typically within a week, while those who achieved funding, especially in larger challenges, sometimes spent over a month in pursuit of success.

The findings underscore the competitive nature of prop trading funding challenges. Despite low overall success rates, the continual influx of new participants and frequent repeat purchases suggest an ongoing appetite for remote trading opportunities, especially as prop firms attract a global user base with varying preferences by region and challenge size.

Swiset recently partnered with AFTX, which implemented the company's Trading Tournament Tech to boost user activity and retention.