Simulated vs. live trading accounts
What funded can mean in a prop program, and why receiving a payout does not tell you where a trade was executed.
In brief: A simulated account models trades. A live account can execute orders in the market. A cash payout can be based on simulated results, so the existence of a payout does not establish that the underlying trades were live.
Separate execution from payouts
QATS Prop describes its initial Funded account as simulated and allows payout requests subject to eligibility. To find out whether orders are sent to a live market, check the account type and the program stage.
Ask how orders are filled
A simulator can display live market prices while applying its own fill assumptions. In the live market, fills depend on liquidity and the order queue. The quantity and price you receive can differ from what you expect, especially when markets move quickly.
Read the rules for your current stage
Identify who carries the account, where orders are routed, who bears trading losses and which terms govern payouts. If the program offers a move to live trading, check who makes that decision and what changes once you move.
Compare three numbers separately
Advertised account size, room before the loss limit and the amount eligible for payout describe different things. Write each down separately and check what makes it change.