Prop Rules Check / independent guide
Simulated trading vs brokerage accounts
How to distinguish a simulated evaluation from a brokerage relationship, and which documents to read before treating an offer as a trading account.
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01 / analysis
Read the legal relationship first
Read the legal relationship first A branded trading interface does not by itself tell you whether orders reach a live market. Start with the terms of service, risk disclosure, privacy notice and any client agreement. Look for the legal entity, the service being sold, the governing law, dispute process and the definitions of simulated trading, evaluation, reward or payout. If the public marketing language is broad but the agreement is specific, the agreement and regulator-facing documents deserve priority. When the relationship is unclear, pause before paying or sharing sensitive information.
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Understand what the service actually provides
Understand what the service actually provides A simulated program may provide software access, educational material, a rules-based evaluation and a contractual reward structure. A brokerage account generally involves a different set of disclosures about execution, custody, margin, client assets and applicable oversight. These are not interchangeable just because both show prices and charts. Compare the practical details: who provides the platform, what happens to personal data, whether market data is delayed, how orders are described, and whether the user is exposed to losses beyond the published fee or deposit.
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Compare protections and risk documents
Compare protections and risk documents Do not infer protection from a logo, a payment badge or a claim that a company is “trusted.” Check the named entity, contact address, complaint route, refund terms, jurisdiction and any relevant regulator register yourself. A company can change its entity, policy or product, so use current primary documents. This guide is an information framework, not legal, tax or investment advice. The right conclusion depends on your country, the contract and the product you are considering.
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Questions to resolve before paying
Questions to resolve before paying Ask whether the fee is for an evaluation, platform access, education or another service; whether recurring charges apply; what circumstances can void a reward; and how complaints or refunds are handled. Keep the answer with the version of the terms you reviewed. That record is more useful than a screenshot of a promotional headline.