Alpha Futures vs Bulenox: Which Futures Prop Firm Is Right for You?

Two futures prop firms that keep coming up in trader conversations: Alpha Futures and Bulenox. Both offer funded accounts, both have solid reputations, and both will take your money if you don't understand the rules before signing up.

I've traded with both. Here's the honest breakdown of how they compare—not the marketing fluff, but the stuff that actually matters when you're trying to get funded and stay funded.

How I compare firms: This comparison is built from actual accounts I've run with each firm—not from reading marketing pages or aggregating reviews. I've passed evals, traded funded, requested withdrawals, and dealt with support at both firms.

Alpha Futures has been one of my go-to futures prop firms for its subscription-based model and EOD trailing drawdown. For the full breakdown of their account structure, pricing, rules, and what makes them different from other futures firms, check out my complete Alpha Futures review. It's based on multiple funded accounts and real withdrawals—including what works, what doesn't, and where they fall short. For the absolute latest, check Alpha Futures' website.

The Quick Version

If you're short on time, here's the summary:

Alpha Futures works better for traders who want simpler rules, EOD drawdown exclusively, and don't mind subscription-based pricing. The consistency rule applies during evaluation, which means you can't just hit one massive trade and pass.

Bulenox works better for traders who want more account size options, choose-your-own-drawdown-adventure (trailing or EOD), and potentially faster payouts with weekly processing. The 40% consistency rule only applies at payout time, not during qualification.

Now let's dig into the details.

Company Background

Alpha Futures launched in July 2024—one of the newer firms in the space. UK-based with a 4.9 Trustpilot rating from a smaller review pool. The CEO (Ben Chaffee) is notably active in their Discord community, which creates a different vibe than most corporate prop operations.

Bulenox has been around since 2022, making it more established by prop firm standards. Delaware-registered with a 4.7 Trustpilot rating from over 1,300 reviews. They've processed enough payouts at this point that the "is it legit?" question has a clear answer: yes, they pay.

Both firms have proven they're not fly-by-night operations. The bigger question is which one fits your trading style.

Pricing Structure

This is where the two firms diverge significantly.

Alpha Futures: Subscription Model

Alpha Futures uses monthly subscriptions. You pay until you pass, then a one-time activation fee to go live.

The subscription model rewards fast passers. If you can hit targets in a week, you're only out one month's fee plus activation. But if you're someone who typically needs 6-8 weeks to pass an evaluation, those monthly charges add up quickly.

Bulenox: More Size Options, Hidden Complexity

Bulenox offers account sizes from $10K up to $250K, giving you more granular choices. Their pricing looks cheaper at first glance, but the activation fees tell a different story.

The "$96 evaluation" marketing you'll see advertised? That's usually a heavily discounted trailing drawdown account—the hardest version to pass. The EOD accounts that most traders actually want run significantly higher.

Cost Comparison: 100K Accounts

Let's compare apples to apples on the most popular size:

• Alpha Futures 100K Standard: $159 + $149 activation = $308 total (if you pass in month one)
• Alpha Futures 100K Advanced: $279 + $149 activation = $428 total
• Bulenox 100K (EOD): $215 + $248 activation = $463 total

Alpha Futures comes in cheaper on 100K accounts—unless you take multiple months to pass, at which point the subscription model starts working against you.

Drawdown Rules: The Make-or-Break Difference

This is where you really need to pay attention.

Alpha Futures: EOD Only, Balance-Based

Alpha Futures exclusively uses end-of-day (EOD) drawdown calculated on your closing balance. Your intraday swings don't matter as long as you close above the drawdown threshold.

The drawdown is also balance-based, not equity-based—meaning unrealized P&L during the session doesn't count against you. This is genuinely forgiving compared to most prop firms.

For a 100K Standard account:

• Starting drawdown: $4,000 below starting balance ($96,000 threshold)
• Drawdown trails up with profits and eventually locks at your starting balance + $100

Bulenox: Pick Your Poison

Bulenox lets you choose between two drawdown styles:

Option 1 (Trailing): Real-time trailing drawdown that follows your highest equity, including unrealized P&L. If your account peaks at $103,000 and the drawdown is $3,000, you breach at $100,000—even mid-trade. This is brutal for most trading styles. Full contract access immediately, but one bad intraday swing can end you.

Option 2 (EOD + Scaling): End-of-day drawdown that only updates at market close. More forgiving, but comes with a daily loss limit and a scaling plan that restricts your contracts until you've built profit. You start with fewer contracts and unlock more as you grow the account.

Most experienced traders go with Option 2. The trailing drawdown sounds good on paper ("no daily loss limit! full contracts!") but the real-time tracking kills accounts during normal market volatility.

Profit Targets and Evaluation Rules

A few things stand out here.

Alpha Futures has a larger drawdown buffer ($4,000 vs $3,000) but applies a consistency rule during evaluation. You can't just nail one $6,000 day and pass—your best day can't exceed 50% of total profits. This forces you to spread performance across at least two sessions.

Bulenox has no consistency rule during qualification, so technically you could pass in one massive day. But the tighter drawdown and daily loss limit make that riskier in practice. Plus, the scaling plan means you're starting with only 3 contracts on a 100K account—you'd need to build profit before you can really size up.

Neither approach is objectively better. It depends on whether you're a "one big day" trader or someone who grinds consistent smaller wins.

Payout Structure: Where the Real Money Matters

Alpha Futures Payouts

Alpha Futures uses a tiered profit split that increases over time:

• Standard Account: 70% on first two payouts → 80% on payouts 3-4 → 90% from payout 5+
• Advanced Account: 90% flat from the start
• Zero Account: 90% flat from the start

Payout frequency depends on account type:

• Standard: Every 14 calendar days from your first qualified trade
• Advanced: After 5 winning trading days (each with $200+ profit)

Minimum withdrawal is $200, maximum is $15,000 per request. A 40% consistency rule applies to qualified accounts—no single day can exceed 40% of total profit at withdrawal time.

Bulenox Payouts

Bulenox has one of the more aggressive payout structures in the industry:

• First $10,000 in profits: 100% to you (no commission)
• After $10,000: 90% profit split

Payouts process weekly on Wednesdays, which is faster than most firms. But there are catches:

The first three payouts have caps based on account size ($1,000-$2,500 per withdrawal depending on tier). After payout three, no caps apply.

You need 10 trading days minimum before your first payout—compared to Alpha's 14 calendar days, this could be faster or slower depending on how often you trade.

The 40% consistency rule applies at payout time. If your biggest day is more than 40% of total profit, the withdrawal gets declined (account stays active, you just can't withdraw until you've spread performance more evenly).

There's also a "withdrawal safety threshold"—a reserve amount that must stay in your account. For a 100K account, you need to keep roughly $3,100 in reserve. You can only withdraw profits above this buffer.

Which Payout Structure Wins?

For early-stage profits, Bulenox's 100% split on the first $10K is hard to beat. If you make $8,000 profit on a Bulenox account, you keep all $8,000. On Alpha Futures Standard, you'd keep $5,600 (70% split).

But Alpha Futures doesn't have the reserve buffer requirement, so you can theoretically withdraw closer to your actual profit (minus the split).

Long-term, both firms land at 90% splits. The question is how quickly you get there and how much friction exists in each withdrawal.

Trading Rules Comparison

What's Allowed at Both

Both firms let you trade the full CME product suite—equity indices, metals, energy, currencies. News trading is permitted (with some timing restrictions). Both close positions before market close daily.

Key Differences

Overnight and Weekend Holding:

• Alpha Futures: Not permitted. All positions close by 4:59 PM ET daily.
• Bulenox: Not permitted on most accounts. Positions must close by 3:59 PM CT.

Automated Trading:

• Alpha Futures: Largely restricted. HFT and EAs are explicitly banned. Some trade copiers may work, but automated strategies are discouraged.
• Bulenox: Permitted. They allow algorithms, bots, and trade copiers—though they don't provide support for third-party software issues.

Hedging:

• Alpha Futures: Prohibited across accounts and within accounts (no long NQ / short MNQ).
• Bulenox: Not explicitly addressed, but cross-account strategies could trigger their "flipping" policy review.

If you're an algo trader, Bulenox is the better choice. If you're purely discretionary, Alpha Futures' restrictions won't affect you.

Platform Support

Alpha Futures: NinjaTrader, Tradovate, TradingView. Note that ProjectX is being phased out in early 2026 due to exclusivity changes.

Bulenox: 18+ platforms including NinjaTrader, R|Trader Pro, Sierra Chart, Bookmap, Quantower, and more. One of the widest platform selections in the industry.

Bulenox wins on platform flexibility. If you have a specific charting or execution preference, they're more likely to support it.

Who Should Choose Which?

Choose Alpha Futures If:

You pass evaluations quickly (subscription model rewards speed). Your trading style works with EOD drawdown and you don't need the trailing option. You prefer simpler rules with fewer moving parts. You're uncomfortable with Bulenox's reserve buffer requirement. You want the CEO actively visible in the community (some traders value this transparency).

Choose Bulenox If:

You want more account size options (especially the 25K or 250K tiers Alpha doesn't offer). You use automated trading strategies. Weekly payouts matter more to you than bi-weekly. You want to keep 100% of your first $10K in profits. You prefer choosing between trailing and EOD drawdown based on your style.

Either Firm Works If:

You trade discretionary futures strategies on standard instruments. You can pass evaluations within a reasonable timeframe. You're comfortable with 40% consistency requirements. You close positions daily and don't need overnight holds.

The Bottom Line

Both Alpha Futures and Bulenox are legitimate prop firms that pay traders. I've withdrawn from both without issues.

Alpha Futures feels more streamlined—fewer account options, simpler rules, younger company trying to build reputation through transparency. The subscription model works in your favor if you're a fast passer, against you if evaluations typically take you 2+ months.

Bulenox feels more established with more flexibility—choose your drawdown type, choose from 18+ platforms, choose from six account sizes. But that flexibility comes with more complexity: reserve buffers, scaling plans, activation fees that add up quickly on larger accounts.

For most traders deciding between these two, it comes down to:

1. How fast do you pass evaluations? Fast passers favor Alpha's subscription model.
2. Do you need trailing drawdown? Only Bulenox offers it.
3. Do you use automated strategies? Only Bulenox permits them.
4. Do you want weekly payouts? Bulenox processes every Wednesday.
5. Do you want the simplest possible rules? Alpha Futures has fewer catches.

Neither firm is perfect. Both will fund you if you can trade. Pick the one whose rule structure matches how you actually trade—not how you wish you traded.

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