Bulenox vs Apex Trader Funding: Which Futures Prop Firm Wins in 2026?

While many traders are praising Apex' newly updated account set ups and rules, they seem to forget about Bulenox prop firm being there first. From what I recall, Bulenox was offering Intraday and EOD drawdown options for traders since 2022. So while Apex Trader Funding took a step in the right direction, they are very late to the game. It took years of traders complaining about the accounts set ups for them to realize that EOD drawdown is actually what most of the traders want.

So when traders ask us "Bulenox or Apex?" our honest answer is: it depends on what you need from a futures prop firm. These two firms overlap in a lot of ways, both futures-only, both offer trailing and EOD drawdown, both let you trade ES, NQ, CL, and the usual CME lineup. The actual differences are in the account pricing structure, payout rules, flexibility, and account sizes.

In this guide we will break both programs down for you so that you can clearly see which one is the right fit for you.

Spoiler alert: We found Bulenox to be a better bang for your buck when it comes down to which prop firm is better, especially if you are just starting out. They have higher account sizes to pick from ($250K vs $150K of Apex), their rules are more on the trader's side (way more lenient daily drawdown), especially on EOD accounts ($150K EOD Bulenox account allows $3300 max daily loss, vs Apex's $2k max daily loss). To make matters worse for Apex, Bulenox always matches Apex' discount sizes. This means that if Apex deal is 90%, Bulenox will have a deal of 90% as well, or sometimes they have 89% to differentiate themselves from Apex.

Bulenox vs Apex Trader Funding: Quick Comparison

Before we get into the details, here is how these two stack up at a glance.

Feature	Apex Trader Funding	Bulenox
Founded	2021 (Austin, TX)	2022 (Delaware, USA)
Evaluation Type	One-step, then PA, then live funded	One-step (Qualification)
Fee Structure	One-time fee (since March 2026)	Monthly subscription
Account Sizes	$25K, $50K, $100K, $150K	$25K, $50K, $100K, $150K, $250K
Max Funded Capital	$300K (legacy only)	$250,000
Drawdown Types	EOD trailing or Intraday trailing	Trailing (Option 1) or EOD (Option 2)
Profit Split	100% first $25K, then 90%	100% first $10K, then 90%
Consistency Rule	50% (PA only)	40% (payouts only)
Max Accounts	Up to 20 funded	Up to 11 (3 active simultaneously)
Payout Frequency	Every 5 trading days	Weekly (Wednesdays)
Platforms	Rithmic, Tradovate, WealthCharts	Rithmic (NinjaTrader, Sierra Chart, Bookmap, etc.)
Current Promo	Up to 90% off (code SAVENOW)	Up to 75% off various codes

Pricing: How Much Does Each Firm Cost?

In March of 2026, Apex overhauled their entire pricing model with their Apex 4.0 update.The only thing that stayed pretty much the same is their non-stop discount of 80% - 90%.

Apex Trader Funding Pricing

Apex moved from monthly subscriptions to one-time evaluation fees. You pay once, get 30 calendar days to pass, and there are no recurring charges during the evaluation phase. This can play in your favor if you are no a procrastinator type and are purchasing evaluation accounts to actually trade. Below is the breakdown of Apex's pricing for both Intraday and EOD accounts. Keep in mind that VERY RARELY does Apex sell accounts without at least 80% discount. So if you don't know a discount code that will give you a huge amount off, just wait a day or a week max, and it will pop up:

Account	EOD Trail (Retail)	Intraday Trail (Retail)	With 90% Off
$25K	$178	$118	~$12-$18
$50K	$228	$148	~$15-$23
$100K	$298	$198	~$20-$30
$150K	$358	$238	~$24-$36

To stay up to date on what type of deals Apex runs, check our prop firm deals page on a daily basis since we keep it up-to-date every day.

If you pass the evaluation account you will need to pay a one-time activation fee to start your Performance Account (PA). That fee is between $79 and $99 depending on account type and platform. On top of that, there is an $85/month PA maintenance fee on Rithmic. These post-eval costs are the same for everyone and are not discountable. So please be aware of that before signing up for what looks like too good of a deal to pass. To compare all of the Apex Trader Funding challenges, you can visit our dedicated page.

Bulenox Pricing

Bulenox is sticking to the basics and still uses monthly subscriptions. You pay every 30 days until you either pass or cancel. For traders that are serious about trading, this shouldn't be too worrisome, but for those who buy accounts and forget about them, this type of set up will make the costs add up quickly.

Account	Monthly Fee	Profit Target	Drawdown
$25K	$145/mo	$1,500	$1,500
$50K	$175/mo ($125 w/ coupon)	$3,000	$2,500
$100K	$215/mo ($155 w/ coupon)	$6,000	$3,000
$150K	$325/mo	$9,000	$4,500
$250K	$535/mo	$15,000	$5,500

Keep in mind that Bulenox matches Apex' discount amounts, therefore if these full prices scare you, check out our Deals page to get yourself the highest discount code for Bulenox. Currently they are running a 89% off code "PFF" which you can use to discount the costs significantly. If you compare Apex and Bulenox, it is easy to tell that Apex is the more expensive one out of the two.

Just like Apex, there are also one-time activation fees after passing. For Bulenox, activation fees range from roughly $130 to $360+ depending on the account size, which is significantly more than Apex for larger accounts. Several traders have called out this cost as a surprise, since the low monthly evaluation price gets all the marketing attention. On another hand, the subscription for Qualification Account ends and is canceled by the Administrator upon passing the eval.

If you have reached a maximum drawdown, you will need to pay a reset fee of $78 UNLESS you want the reset to happen on the specific billing date. You can compare the specific account sizes, pricing, drawdown limits and profit targets for each account option on our Bulenox Challenges page.

Pricing Verdict

The only thing that Apex is better at here is the PA (Master Account on Bulenox) pricing. Otherwise it is priced higher than Bulenox, but runs constant 80% or 90% discount codes, which Bulenox matches. If you fail with Apex, you need to buy another account. If you fail with Bulenox, you can wait for another billing cycle to come around, and the reset becomes "free." For more on prop firm pricing strategies, check our guide on how to pass a prop firm evaluation.

Pricing Winners in the Bulenox vs Apex Battle:

• Pre-discount pricing: Bulenox is cheaper
• Post-discount pricing: Bulenox is cheaper since it is known to match Apex discounts
• Reset fees: It's a tie, Apex has no resets and you need to buy a new account, and Bulenox can reset for free, but only at the billing cycle.
• PA / Master Account: Apex wins this one with much cheaper pricing

Drawdown Rules: The Make-or-Break Difference

Drawdown is the single biggest reason traders blow prop firm accounts. Both Apex and Bulenox offer two drawdown types: intraday trailing drawdown and EOD drawdown. Understanding the difference between them is very important. If you are new to drawdown mechanics, read our complete drawdown guide first.

Apex Drawdown (Post-March 2026)

EOD Trailing Drawdown: Your trailing threshold recalculates once per day at market close. During the trading day, your open profits do not move the drawdown floor. This is a huge deal for traders who need room to let trades breathe. EOD accounts also have a Daily Loss Limit (e.g., $1,500 on the $100K). Hit it, and trading pauses for the day, but your account survives.

Intraday Trailing Drawdown: The threshold follows your peak equity tick by tick, including unrealized gains. If your account peaks at +$2,000 in open profit and you close at +$800, the drawdown floor moved up by $2,000 and is not coming back. No daily loss limit on these accounts.

On the PA (funded account), the trailing drawdown locks once it reaches the starting balance + $100. After that, the floor stops moving entirely.

Bulenox Drawdown

Option 1 (Trailing): Same concept as Apex's Intraday. The drawdown follows your highest balance in real time, including unrealized P&L and commissions. No scaling. You get full contract access from day one. No daily loss limit.

Option 2 (EOD + Scaling): Drawdown only updates at end of day. You also get a daily loss limit and a scaling plan that increases your contract limit as profits grow. The EOD drawdown on the Master Account stops trailing once it reaches the starting balance + $100, same as Apex.

For a deeper look at these drawdown types, our trailing vs EOD drawdown comparison breaks everything down with examples.

Drawdown Winner: Bulenox

To give you a better understanding on how these two firms compare. Let's quickly go over the side-by-side comparison tables that we put together for you. As you will see, Bulenox dominates this match-up with much better rules for traders. Let's first compare Intraday Drawdowns between the two (green means better, red means worse):

Account Size	Bulenox (Max DD)	Apex (Max DD)
$25K	$1500	$1000
$50K	$2500	$2000
$100K	$3000	$3000
$150K	$4500	$4000
$250K	$5500	-

The only intraday account of Apex that compares to Bulenox is their $100K intraday. Now let's see how the EOD accounts compare (spoiler alert, it gets worse for Apex).

Account Size	Bulenox (Max DD)	Apex (Max DD)	Bulenox (Daily Loss)	Apex (Daily Loss)
$25K	$1500	$1000	$500	$500
$50K	$2500	$2000	$1100	$1000
$100K	$3000	$3000	$2200	$1500
$150K	$4500	$4000	$3300	$2000
$250K	$5500	-	$4500	-

The winner of the drawdown rules that favor traders is clear, Bulenox. The daily loss limit is what really gets Apex to lose this one. Starting at $100K accounts and going up, the difference between the two prop firms is staggering. At $150K, Bulenox gives traders almost 2X the room to breathe with their daily loss limit. Apex comes in at only 1.33% daily loss limit, and Bulenox at 2.2%.

Evaluation Process: Getting Funded

Apex Evaluation

One step evaluation, and then qualified PA account. Hit the profit target without breaching the trailing drawdown. No minimum trading days required (this changed in March 2026, the old 7-day minimum is gone). You have 30 calendar days to pass. If you fail, you buy a new evaluation as you cannot reset Apex accounts anymore in Apex 4.0.

During the eval, you only have two or three rules (depending if you have Intraday or EOD account): profit target and drawdown (if you have EOD account, then Daily Loss Limit too). No consistency rule, no negative P&L rule, no contract restrictions beyond the stated max for your account size.

Bulenox Evaluation (Qualification Account)

Also one step which leads to Master account. Hit the profit target, stay within the drawdown (and also within daily loss limit if on EOD account). No minimum trading days to pass the Qualification either. You pay monthly until you pass.

After passing, Bulenox puts you on a Master Account (simulated, but you can request payouts). After three successful payouts on the Master, you get upgraded to a Funded Account with real capital. This three-stage progression is more structured than Apex's direct eval-to-PA path.

One advantage: Bulenox has no fixed time limit. You pay monthly, but you trade as long as you need. Apex gives you 30 days, after which you need to buy a new account and any progress done on the old one is gone.

Profit Split and Payouts

Apex Payouts

100% of the first $25,000 in profits. After that, 90% goes to you. That $25K threshold is the best in the futures prop firm space. No other firm I know of gives you a full $25K commission-free.

Payout requirements on the PA: 5 trading days minimum between withdrawals. 50% consistency rule (no single day's profit can be more than 50% of your total). $500 minimum withdrawal. The first 6 payouts are capped based on account balance, but after the sixth payout your account is closed and you need to start over again. That is IF you do not move into the live funded account. Based on the feedback we collected from traders, not getting moved to a live account and getting 6 payouts doesn't sound too bad. Apex processes payouts through Deel.

Apex allows up to 20 funded accounts running simultaneously. If you are scaling across multiple accounts, that ceiling is hard to beat. However, as you saw in the drawdown section, their rules are more strict than a few others, including Bulenox.

Bulenox Payouts

100% of the first $10,000. After that, 90/10 split. The $10K threshold is decent but $15K less than Apex's.

Payout requirements on the Master Account: 10 trading days before the first withdrawal. 40% consistency rule (stricter than Apex's 50%). First three payouts are capped based on account size (example: $1,000 cap on the $25K, up to $2,500 on the $250K). Minimum withdrawal is $1,000. Payouts are processed weekly on Wednesdays via ACH, PayPal, or Wise.

Bulenox allows up to 11 accounts total, but only 3 active Master Accounts simultaneously under one Rithmic ID, which some traders find quite limiting.

Payout Verdict

Apex wins on profit split and scale. The $25K vs $10K commission-free threshold is a $15,000 difference that directly hits your earnings. The 50% consistency rule vs Bulenox's 40% gives you more breathing room on big trading days. And 20 accounts vs 3 active accounts is not close if you are looking to scale your prop trading income.

Bulenox's edge: weekly payouts on Wednesdays. If cash flow timing matters to you and you want to stagger payout days across multiple firms, Bulenox fills that niche well.

Trading Platforms

Apex: Rithmic, Tradovate, or WealthCharts. You pick your platform when you purchase the evaluation. NinjaTrader license and real-time data are included free. Tradovate is cleaner for web/mobile. Rithmic is the standard for depth-of-book and order flow.

Bulenox: Rithmic only. But because Bulenox connects through Rithmic, you get compatibility with 20+ platforms: NinjaTrader, Sierra Chart, Bookmap, Jigsaw, ATAS, Quantower, VolFix, and more. If you trade on specialized order flow tools, Bulenox's Rithmic-only approach actually gives you more platform options than Apex.

Free NinjaTrader license is included with Bulenox during evaluation and funded stages, same as Apex.

Platform Verdict

If you want Tradovate (web/mobile), go with Apex. If you want maximum Rithmic platform compatibility (Bookmap, ATAS, Sierra Chart), Bulenox is the better choice. Both give you NinjaTrader for free.

Tradeable Instruments

Both firms cover the full CME Group lineup: equity indices (ES, NQ, YM, RTY and micros), energy (CL, NG), agriculture (ZC, ZS, ZW), currencies (6E, 6B, 6J), and crypto micros (MBT, MET).

Key differences: Bulenox supports Micro Bitcoin (MBT) across all account sizes and allows metals futures (GC, SI, etc.). As of March 2026, Apex has suspended all metals futures contracts with no announced return date. If you trade gold or silver, that is a significant restriction on the Apex side.

Bulenox's $10K account is limited to micro contracts only. All other sizes at both firms allow full and micro contracts.

Which Firm Fits Your Trading Style?

Choose Apex Trader Funding If:

You are more seasoned trader that wants to scale up to 20 funded accounts, which is the biggest ceiling in futures prop trading. Also, if you want a larger commission-free threshold ($25K vs $10K). You prefer Tradovate for mobile or web-based trading. You like the security of a one-time fee model with no recurring charges during evaluation.

Read our full Apex Trader Funding review for a deeper breakdown.

Choose Bulenox If:

You like slightly cheaper entry point for evaluations and trade with specialized Rithmic platforms like Bookmap, ATAS, or Sierra Chart. You want weekly payouts (Wednesdays) instead of the 5-day cycle. You need metals futures (gold, silver) that Apex currently doesn't offer. You prefer no fixed time limit on the evaluation. Pay monthly, take your time. You want a $250K account size (not available under Apex 4.0).

Read our full Bulenox review for all the details.

What to Watch Out For at Each Firm

Apex Concerns

Contract limits drop from evaluation to PA. On the $100K, you go from 8 contracts during eval to 6 on the funded account. Plan your position sizing around the PA limits, not the eval limits.

The 6-payout cap per PA means your account closes after six withdrawals, and you start over. This is designed to keep traders cycling through new evaluations.

Metals suspension (gold, silver) is still active with no return date announced.

Bulenox Concerns

The 40% consistency rule is stricter than Apex's 50%. One explosive day of profits and your payout request could get denied until you dilute that percentage with more trading days.

"Flipping" violations are subjective. If Bulenox decides your profits came from too few trades, they can flag the withdrawal. There is no published statistical threshold for this, which creates uncertainty.

First three payouts are capped. On a $50K account, initial payout caps are low ($1,500). You need patience to build toward uncapped withdrawals.

The activation fee after passing can surprise traders. Bulenox markets the low monthly subscription price, but the activation fee for a $100K account runs roughly $248+ on top of whatever you paid for the evaluation months.

The Bottom Line

Both Bulenox and Apex Trader Funding are legitimate futures prop firms with documented payout histories. They are not scams. But they serve slightly different traders.

Bulenox is the better choice for most traders that are just starting out with their EOD (Option 2) accounts. The pricing is lower (they tend to match Apex' discount rates), account sizes go up to $250K, vs Apex 4.0's $150K, weekly payouts scheduling, no-time-limit evaluuations, metals futures, etc. 

Apex is the better for more experienced traders that are focused on scaling and want to run 20 accounts at once. Once you pass the eval phase, Apex' PA account fees are lower than Bulenox' Master Account. Since the rollout of Apex 4.0, the prop firm really stepped up their game and improved the platform to please most of the traders in the industry.

Looking for more futures prop firm options? Check out our futures prop firm rankings or browse futures prop firm challenges to compare evaluation structures. And if you are exploring forex as well, see our best forex prop firms and forex prop firm challenges.

You can also compare all firms side by side on our best prop firms homepage ranking table.

FAQ: Bulenox vs Apex Trader Funding

Is Bulenox cheaper than Apex Trader Funding?

Not anymore. Since Apex moved to one-time fees in March 2026 and regularly runs 90% off promos, Apex evaluations are among the cheapest in the industry. A $100K Apex eval on promo costs around $30. Bulenox's $100K runs $155/month with the best available coupon.

Which firm has better drawdown rules?

Bulenox has better drawdown rules, especially Daily Loss Limit rules on EOD accounts (Option 2).

Can I trade gold futures at Apex or Bulenox?

Bulenox allows metals futures including gold (GC) and silver (SI). Apex has suspended all metals contracts as of March 2026 with no announced return date.

Which firm pays out faster?

Bulenox processes payouts weekly on Wednesdays. Apex requires 5 trading days between payouts and processes through Deel, which typically takes 5-11 business days total.

Can I run multiple accounts at both firms?

Apex allows up to 20 funded accounts simultaneously. Bulenox allows up to 11 total, with 3 active Master Accounts at a time.