Verdict: Legends Trading is one of the few futures prop firms with a genuine regulated brokerage behind it — founder Greg Khojikian also runs GFF Brokers, an NFA-registered introducing broker in the same California town. That matters. What does not follow is transparency: the firm’s help centre is empty, its Terms of Service never once mentions a challenge, a drawdown or a payout, and its own advertised discount does not match its own prices. Suited to futures traders who value broker infrastructure. Not suited to anyone who wants the rules in writing before paying.

Key terms, as published

Every figure below was read from the firm’s published plans page on 18 August 2026. Prices show list price, then the price after the site-wide promotion displayed to every visitor.

• Account sizes: $25,000, $50,000, $100,000 and $150,000 across all three programmes.
• Challenge fee: Apprentice $165–$320 per month (advertised at $33–$64); Elite $99–$230 one-time (advertised at $64.35–$149.50); Straight to Master $399–$699 one-time (advertised at $239.40–$419.40).
• Profit target: $1,500 on the $25,000 Apprentice, rising to $9,000 on the $150,000 Apprentice.
• Max drawdown type: end-of-day trailing, $1,500 to $4,500 depending on plan and size — recalculated once daily, not intraday.
• Daily loss limit: none, on every plan.
• Consistency rule: 30% on Apprentice and Straight to Master, 40% on Elite.
• Minimum trading days: four on Apprentice, ten on Straight to Master.
• Profit split and payout frequency: 90/10 in the trader’s favour, withdrawals up to twice per month.
• Activation fee: $99–$199 on Apprentice when an account is funded; none on Elite or Straight to Master.

The rulebook you cannot read before you pay

The most important finding in this review is not a bad rule. It is a missing document.

Legends Trading’s knowledge centre lists seven categories a trader would want before buying: FAQ, Transfers & Payouts, Trading Platforms, Master Account, Apprenticeship Evaluation, Account & Settings and Getting Started. Every one is there. None contains anything. The page renders “Oops! no items found.” The dedicated help subdomain it links to returns HTTP 403 to every client we tested, from two separate tools.

So we went to the contract. The firm’s Terms & Conditions is the only binding document on the site. We counted its trading vocabulary: “challenge”, “drawdown”, “consistency”, “withdraw”, “evaluation”, “profit split” and “trader” each appear exactly zero times. It is a generic website user agreement — acceptable use, content posting, indemnity — governing a website, not a funded-account programme. It has been in effect, by its own statement, since 20 February 2023, beneath a 2026 copyright.

That is the gap. A trader can pay $699 for a Straight to Master account while the rules deciding whether they keep their money exist only as marketing bullet points. Nothing enforceable describes the trailing drawdown, the consistency rule, or when a payout is approved or refused. The sector has form here — OFP Funding gates payouts behind a score it does not define, and FundingRock’s first payout can itself breach the account — but Legends is an unusually clean case, because there is no document to argue with.

What the payout evidence actually shows

Legends Trading advertises a 90/10 split, withdrawals twice monthly, and a route to “live funded” status after a second payout. It publishes no pass rate, no payout totals, no median payout and no independent audit.

What it does publish is four payout tiles, repeated on the home, about and terms pages. Three do not survive arithmetic. “Linda K.” shows 35% equity growth on a $100,000 account and a $31,507.05 payout — 90.0% of $35,000, exactly the advertised split. But “Raj P.” shows 28% growth on $25,000 paying $7,102, which is 101.5% of the $7,000 gross profit: more than the account earned. “Mateo V.” appears twice, on two different accounts. The first shows 25% growth on a $15,000 account paying $22,588.98 — six times the $3,750 such a gain produces. Legends Trading does not offer a $15,000 account.

These are the firm’s own promotional figures, and they do not reconcile with its own profit split. None carries a surname, date, platform or link, so none can be verified.

Nor could we find a single verifiable first-hand payout report, paid or denied, from a named Legends trader in the forums where futures traders post proof. That absence is itself a finding: this is a firm asking for money without a public payout record.

Compare a firm that does publish. Topstep’s 2025 Trader Performance Statistics state, verbatim: “From January through December 2025, (a) 16.8% of all Trading Combines initiated were successfully completed and afforded the opportunity to advance to the Funded Level … (c) 33.3% of all individual participants at the Funded Level received a payout, and (d) 0.71% of individual participants trading in an Express Funded Account were called up to a Live Funded Account.”

That last figure deserves weight. At the one large futures firm disclosing it, fewer than one funded trader in 140 reached live capital. Legends markets exactly that transition as a headline benefit and publishes no equivalent number.

The rules that actually fail traders

Three mechanics decide outcomes here, and two are better than the industry norm.

The end-of-day trailing drawdown is genuinely trader-friendly. The maximum loss level is recalculated once after the close rather than tracking the intraday high tick by tick, so a trader up $2,000 at midday who gives it back does not have the limit ratchet up behind them in real time. This is materially fairer than the intraday version, and the intraday version is what quietly ends most funded accounts elsewhere — as our review of Leeloo Trading’s unrealised-equity drawdown set out. Legends deserves credit for it.

The absence of a daily loss limit is likewise real, unusual, and stated plainly on every plan.

The consistency rule is where marketing and mechanic part company. The home page calls it a “Fair Consistency Rule”, adding: “Our 30% consistency rule allows flexibility. If you exceed it, we adjust the extra—no account deactivation, no penalties.” Two problems. “We adjust the extra” means profit above the threshold is withheld from the payout, and withholding profit is a penalty. And the blanket “our 30% consistency rule” is contradicted by the firm’s own pricing page, where Elite carries a 40% rule. A trader who reads the home page and buys Elite has been given the wrong number.

One more mechanic matters: the firm’s own process description says that after passing, a trader will “enter the Master Simulation stage”. The funded account is simulated. That is standard for the sector and not a criticism — but it sits against the about page’s promise of “real capital” and “real prop firm funding”, and against a risk disclosure stating the firm’s “course(s), products and services should be used as learning aids only and should not be used to invest real money.”

How the disclosure compares

	Legends Trading	Topstep	Leeloo Trading
Account sizes	$25k–$150k	$50k–$150k	$25k–$150k
Profit split	90/10	Up to 90%	Up to 90%
Drawdown type	End-of-day trailing	End-of-day trailing	Intraday trailing on unrealised equity
Daily loss limit	None	Yes, per plan	None
Funded-account rules published publicly	No — help centre empty	Yes — two dedicated public rule pages	Yes
Participation or payout statistics published	None	Four figures for calendar 2025	None
Affiliated NFA-registered broker	GFF Brokers, NFA ID 0500084	Topstep Brokerage LLC, NFA ID 0567079	None disclosed

Regulatory posture

The site is operated by The Legends Trading Group, Inc., at 5755 Las Virgenes Rd., Suite D, Calabasas, California. The firm itself is not regulated, and selling simulated evaluations does not require it to be. That is the sector norm and should be said plainly rather than implied away.

The brokerage connection is real and checks out. Founder Greg Khojikian is also chief executive of GFF Brokers, the trading name of Global Futures & Forex, Inc., a registered introducing broker and NFA member under NFA ID 0500084, in the same town. Traders can confirm this on NFA BASIC. Platforms are Tradovate, NinjaTrader and Rithmic, per the firm and an independent February 2026 write-up.

Two cautions. The registration belongs to GFF, not to Legends Trading Group, Inc., and an affiliated broker does not extend regulatory protection to an evaluation product. And the claim to be “the first in the industry with a solid foundation in futures brokerage” is not accurate: Topstep has long run its own NFA-registered introducing broker, Topstep Brokerage LLC, NFA ID 0567079.

One inconsistency belongs on the record. The terms name The Legends Trading Group, Inc. as operator, but the liability, intellectual-property and governing-law clauses run to “Legends Trading LLC” — a different legal form. That clause states the site is controlled from “the state of CA, California”, that the laws of “PR” apply, and that actions must be brought in California courts. A trader cannot tell which entity they contracted with, or whose law governs.

Marketing accuracy

Two checks cost nothing and reveal the standard of care.

The site-wide banner reads “80% off Apprentice & 45% OFF ELITE”. The Apprentice claim is exact: $165 becomes $33, and 80% holds across all four sizes. The Elite claim does not. Elite list prices of $99, $149, $180 and $230 become $64.35, $96.85, $117 and $149.50 — 35% off in every case, not 45%. Straight to Master, absent from the banner, is discounted 40%.

The same banner carries a countdown reading “Offer ends in: 00 Days 00 Hours 00 Minutes”. Those zeros are hard-coded into the served HTML with empty data attributes: the timer never counts and the offer never expires. It is a permanent sale wearing the costume of a deadline. The blog, meanwhile, last published on 14 July 2025, and one of its three entries is titled with a raw URL slug.

FAQ

Is Legends Trading a scam? Nothing we found supports that claim. The firm is live, selling, contactable, and connected to a genuinely NFA-registered introducing broker — which puts it ahead of most of the sector on substance. The problem is disclosure, not existence: the rules are not published in any binding or even readable form, and the promotional payout figures do not reconcile.

Is the funded account real money? No. The firm’s own process description calls the funded stage the “Master Simulation stage”. Payouts are real; the trading environment is simulated. This is standard across futures prop firms, but it contradicts the site’s “real capital” language.

What is the consistency rule? 30% on Apprentice and Straight to Master, 40% on Elite. If a single day’s profit exceeds that share of total profit, the firm says it “adjusts the extra” rather than failing the account — meaning the excess is withheld from the payout rather than the account being closed.

Can I get a refund? No. The terms state a “strict no refund policy”, attributed to intellectual property rights, with no stated exception for a failed evaluation or a technical fault. Apprentice buyers should also note the separate $99–$199 activation fee charged when an account is funded. Treat every fee as spent at the moment of purchase.

How do payouts work? Up to twice per month at a 90/10 split once the consistency requirement is met, with a stated transition to a live funded account after a second payout. The firm publishes no processing-time guarantee, no payout statistics and no denial criteria. Third-party sites claiming a “$1,000 payout guarantee” within 24 hours are repeating a promise that appears nowhere on the firm’s own site.

Which platforms does it support? Tradovate, NinjaTrader and Rithmic, which together cover most futures workflows, including automated execution through Tradovate. Contract limits scale with account size, from two minis or 20 micros on the smallest Elite account to 17 contracts or 85 micros on the largest Apprentice account.

Who this suits

The end-of-day trailing drawdown, the absent daily loss limit and a founder who runs a registered futures brokerage are real advantages, uncommon in combination. A trader who already understands the futures prop model, cares more about drawdown mechanics than paperwork, and treats the fee as spent, has a defensible reason to look here.

Anyone else should wait. Publishing a funded-account rulebook is not expensive, and the firms that have done it have shown it is compatible with a profitable business. Until Legends fills in the help centre it has already built, corrects a discount overstated by ten percentage points, and either substantiates or removes payout figures exceeding the profits they claim to come from, the honest summary is that the good mechanics are unverifiable and the marketing is not careful. Firms that let their payout terms be checked earn the benefit of the doubt. This one has not asked to be.

This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm’s capital, not the trader’s. Terms change frequently — always verify current rules directly with the firm before paying any fee.