The bottom line first — the three main firms with no daily loss limit
For swing traders and part-timers who want to carry unrealized losses without being tied to a daily loss cap, we compare firms that offer programs with no daily loss limit. From the firms we cover, here are the three whose official rules confirm “no daily loss.”
| The5%ers | Lux Trading Firm | Instant Funding | |
|---|---|---|---|
| Founded | 2016 | 2021 | 2021 (sources vary) |
| Base | Israel | UK (London) | Saint Lucia (operated from London, UK) |
| Daily loss limit | None (High-Stakes etc.) | None (not stated in the rules) | None (Instant type) |
| Maximum drawdown | 4% on High-Stakes | 6% (based on highest-ever balance = trailing) | 10% (static) *Instant type |
| Profit split | 50–100% (by program) | 75% (some pages state 80%) | 80% (90% with add-ons etc.) |
| Evaluation fee | From $95 | From £199 ($100K 1-Step) | From $44 ($5,000 One-Phase) |
| Trust rating | high (10 years in operation) | medium (about 5 years in operation) | medium (a few years since public launch) |
If you are unsure, the reference point is The5%ers, with 10 years in operation and a clearly defined no-daily-loss plan. If you want to run on a single trailing-style maximum drawdown, Lux Trading Firm is a candidate; if you prefer a static drawdown based on the initial balance, consider Instant Funding.
The difference between a daily loss limit and a maximum drawdown
As a foundation for this article, let us draw a precise line between two rules. Confusing them leads to misreading what “no limit” actually means.
What a daily loss limit (daily loss) is
This is the maximum loss permitted within a single trading day. For example, with a “maximum daily loss of 5%,” you are disqualified the moment your account falls 5% during that day. The defining trait is that the baseline resets when the date changes.
FTMO sets a 5% maximum daily loss on its Challenge, and FundingPips likewise sets a 5% maximum daily loss — this is the majority approach in the industry. Futures-focused firms such as Topstep and Apex Trader Funding also impose a maximum daily loss in dollar terms.
What a maximum drawdown (overall drawdown) is
This is the total decline permitted across the whole account. It does not reset across days and is judged cumulatively. It further splits into two methods.
- Static: fixed against the initial balance. Instant Funding’s One-Phase is 8% (static) and Two-Phase is 10% (static).
- Trailing: follows your highest-ever balance upward. The more profit you make, the higher the line you must protect rises. Lux Trading Firm uses “6% from the highest-ever realized balance,” and futures-focused firms such as Topstep and Apex also use a trailing method.
Important: even with “no daily loss,” there is always an overall drawdown
Even firms with no daily loss limit have a maximum drawdown without exception. In other words, it does not mean you can lose an unlimited amount. In exchange for not having to worry about a single day’s moves, you must strictly observe the account’s overall decline line. When carrying unrealized losses on a swing position, always be conscious of whether you might hit the maximum drawdown overnight or over the weekend.
Firm-by-firm breakdown
The5%ers — a veteran with a clearly defined no-daily-loss plan
The5%ers is an Israel-based proprietary trading firm founded in 2016. As one of the oldest names in the industry at 10 years in operation, its strength is the transparency of continuously publishing cumulative payout records.
Here is why it fits.
- The High-Stakes Challenge is one stage, with a +8% profit target and a 4% maximum loss, and has no maximum daily loss rule (based on official rules)
- You can trade without worrying about a single day’s price moves — a design suited to swing trading and weekend holds
- The profit split on High-Stakes starts at 80% and rises in stages to a maximum of 100% on a long-term track record
- Evaluation fees start at $95, with a 3-day minimum trading requirement. Supports MT4 / MT5 / Match-Trader
A note of caution: the 4% maximum loss is stricter than FTMO’s (10%). Because the absence of a daily loss is offset by a tight overall decline line, it is considered safe to run with about 0.5–1% of permitted risk per trade. Instant Funding requires no evaluation, but its profit split starts low at 50% and its evaluation fee is on the higher side at from $475. For rule details, see The5%ers rules explained. Note that you can enter referral code “HZZS4” at checkout. We have summarized how to use it in How to use The5%ers coupon code.
Lux Trading Firm — a single bet on a 6% trailing drawdown
Lux Trading Firm is operated by the UK entity Lux Trading Firm Ltd, and the Companies House registration confirms it was founded in January 2021 and is still active. With about 5 years in operation, its accumulation of a track record is still in early days compared with veterans on a 10-year scale.
Here is why it fits.
- There is no stated daily loss limit in the rules; the design is that your account is stopped the moment you hit the 6% maximum drawdown (based on highest-ever balance = trailing)
- No need for day-by-day loss management — you can focus on a single trailing drawdown
- All account sizes can scale up to a maximum of $10,000,000
- Weekend holds and the use of your own EAs are permitted (third-party EAs are prohibited). Pass the Evaluation (demo) and your evaluation fee is refunded 100%
A note of caution: the profit split is 75% based on the official rules page (some pages state 80%; confirm the applicable rate before signing up), which is below the industry standard. Its proprietary rules are strict — for example, setting a stop-loss before entry is mandatory on every trade — and the Evaluation requires a minimum of 29 trading days (15 for swing), so a quick pass is not possible. Withdrawals are only once a month from the Professional stage onward, and there are also complaint reports regarding fund holds and spreads. The firm explicitly states that it does not conduct regulated activities, and we rate its trust as medium.
Instant Funding — the static-drawdown “Instant” type with no daily loss
Instant Funding is a UK-origin prop firm (the operating entity is registered in Saint Lucia, with a UK entity as payment agent). While the firm states “Established 2021,” this is inconsistent with reporting from industry media, and its operating track record since public launch is still only a few years.
Here is why it fits.
- The Instant type has “no” daily loss cap, so you can run on the 10% maximum drawdown alone (static; fixed at 5% once you reach 5% profit)
- The drawdown is a “static” method based on the initial balance, making the profit-and-loss line easier to read than trailing
- The challenge types (One-Phase / Two-Phase) also have no time limit, and you can start small from $625
- Challenge accounts support on-demand withdrawals (minimum $25). The firm officially discloses cumulative payouts of $18,741,928 or more since 2023
A note of caution: the challenge-type One-Phase sets a 3% daily loss and Two-Phase sets 5%, so no daily loss is limited to the Instant type. The base profit split is 80%, and reaching 90% requires a paid add-on or meeting conditions. News trading and weekend holds may also require paid add-ons. There are multiple reports of being cited for rule violations at the withdrawal-review stage, and Trustpilot displays a warning flag on its review-collection methods. We rate its trust as medium.
How to choose a firm with no daily loss limit
1. Choose by drawdown method (static or trailing)
In exchange for having no daily loss, the maximum drawdown method drives how it feels to run the account. If you want a fixed, easy-to-read profit-and-loss line, go with a static type (such as Instant Funding’s One/Two-Phase); if you can accept the protected line rising along with profits, go with a trailing type (such as Lux Trading Firm). The5%ers High-Stakes has a tight number in itself at a 4% maximum loss, so it presupposes a style that slices each trade’s risk small.
2. Confirm “no daily loss” at the program level
Even within the same firm, the presence of a daily loss varies by program and plan. With The5%ers, none of High-Stakes, Bootcamp, or Instant Funding has a daily loss, but while Instant Funding has no daily loss, some firms have a daily loss on a different plan. Always confirm the relevant plan on the official rules page before signing up.
3. Make trust rating and years in operation your top priority
No daily loss is attractive, but it is meaningless if you cannot withdraw. Among the three firms in this article, only The5%ers has 10 years in operation and a high trust rating, while Lux Trading Firm and Instant Funding are young in operation and rated medium. If you prioritize a long-term track record, choose The5%ers; if you are choosing newcomers on their terms, the realistic approach is to try the other two with small amounts. If you want to keep costs down, also check our coupons and perks roundup.
Make your final investment decision yourself. This site does not provide investment advice and does not guarantee profits.
Recommended firms
If your top priority is whether a daily loss limit exists, the safe approach is to start with a firm that has a clearly defined no-daily-loss plan and a long operating track record. The two firms below also earn a high trust rating on this site.
The5%ers — the front-runner for the no-daily-loss camp
A veteran with 10 years in operation (since 2016). The High-Stakes Challenge has no daily loss rule — a design suited to swing trading and weekend holds. The profit split rises in stages up to a maximum of 100%.
→ Visit The5%ers official site (discount applied with referral code “HZZS4”)
FTMO — has a daily loss, but the reassurance of the industry’s largest
The industry standard with 11 years in operation (since 2015). The Challenge uses the majority-type rules of a 5% maximum daily loss and a 10% maximum loss. In exchange for having a daily loss limit, the reassurance from one of the industry’s longest operating and payout track records is second to none.