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drawdown — The most the account can fall before you fail the challenge. Some firms also set a separate daily loss limit.
daily loss — The most you can lose in one day before you fail the challenge.
profit target — How much simulated profit you need to make to pass a step.
profit split — The share of a Reward (a payout) you would receive, if the firm pays one. The rest stays with the firm.
reward — A contractual payment a firm may pay if you meet its rules. It is not automatically the same as a return on a regulated investment, and not live brokerage money unless the firm’s reviewed terms clearly say so.
kyc — Know Your Customer — identity checks on you as a person.
kyb — Know Your Business — checks on a company that wants to hold the account.
2-step — A challenge with two stages. You usually need to hit a profit target in each stage, often with a smaller target the second time.
1-step — A challenge with only one stage, rather than two.
swing — A type of account that may let you hold trades over the weekend or around news. Leverage and other rules can differ. Always check the firm’s live terms.
simulated account — A practice-style account that uses fake money. Passing a challenge does not, by itself, mean you have been given live brokerage money.
consistency rule — A rule that can limit how much of your result may come from one day or one trade. Details differ by firm, and some products do not use one.