Simulated Account

A simulated account uses real-time market data and realistic fill modeling but does not route orders to live markets. Across the evaluation prop-firm industry, both the evaluation phase and the subsequent "funded" account are almost always simulated.

The economics: the firm collects fees from a large population of evaluation traders, pays out the small fraction who succeed, and books the difference. There is no need to route orders to live markets because the firm is not directly hedging trader positions — it is running a fee-driven business that pays winners from the fee pool.

Simulated accounts behave like live ones from the trader's seat — same chart, same execution, same balance — but several subtleties differ. Fills may be modeled rather than guaranteed (price improvement and slippage models vary by firm). Some firms cap fill sizes at conservative levels to prevent traders from claiming unrealistically large fills on thin liquidity. Order routing latency is platform-dependent.

The simulated structure is legally and operationally simpler than running live capital, which is part of why the model has scaled. It also means the "capital at risk" the firm advertises is notional — the actual firm exposure is limited to potential payouts, not the headline account size.