NYS Markets is a forex prop firm operated by NYS Markets Ltd, a company registered in St. Lucia. It sells several programs, including a 2-Step Evaluation in six account sizes from $5K to $100K traded on MetaTrader 5, plus one-step, instant, futures and crypto options. Its terms are loose in some places and tight in others. There is no time limit, no minimum trading days and no consistency rule, but the maximum loss is a 4% trailing drawdown. That 4% is the figure that most shapes how you would trade one of these accounts.
Who operates NYS Markets
The legal entity behind the firm is NYS Markets Ltd, based in St. Lucia, and the official website is nysmarkets.com. St. Lucia is an offshore incorporation jurisdiction. The firm names no financial regulator, though its footer cites License No. 79368293 for NYS Corp Limited in Hong Kong, alongside a statement that it is not a regulated financial entity. That is common for evaluation-model prop firms, which sell access to a trading program rather than taking client deposits the way a broker does. The practical consequence is that your relationship with the firm is governed mainly by its own terms of service, including its rules on payouts and account termination.
The 2-Step Evaluation and what it costs
Every NYS Markets challenge follows the same structure: two evaluation phases with the same rules at every account size. The fee is a one-time payment, not a monthly subscription.
Each size has a list price and a discounted price. The discounted price reflects a 70% offer with the code BLACK that was shown on November 13, 2026. For the $100K account, that works out to $1,956 at list and $586 with the discount. The discounted price is 40% of list at every size, so the ratio holds across the range.
Cost per $10,000 of account size falls as the account gets larger. At list price:
- $5K account: about $352 per $10K
- $25K account: about $262 per $10K
- $100K account: about $196 per $10K
The discount shrinks every one of those numbers by the same proportion, so the largest account stays the cheapest per dollar of buying power. Larger accounts cost more in absolute terms, though, and the drawdown is the same percentage at every size. A failed $100K attempt therefore loses more money than a failed $5K attempt, even if the per-$10K rate looks better.
Profit targets and the 4% trailing drawdown
The profit target is 6% in Phase 1 and 4% in Phase 2. The maximum loss is 4%, trailing. No daily loss limit is specified.
In Phase 1 the target-to-drawdown ratio is 1:0.67: a 6% target against a 4% maximum loss. In Phase 2 the ratio is 1:1, because the target and the drawdown are both 4%.
Hypothetical example, $100K account. Assume the targets and drawdown are measured from the $100,000 starting balance:
- Phase 1 target: $6,000 profit, reaching $106,000
- Phase 2 target: $4,000 profit, reaching $104,000
- Maximum loss: $4,000 below the reference point the trailing rule tracks
A static drawdown stays fixed at the starting balance minus the limit. A trailing drawdown moves up as the account makes new highs. In a typical trailing setup, if the account climbs from $100,000 to $103,000, the loss limit moves from $96,000 up to $99,000. A pullback from $103,000 to $99,000 would then breach the account, even though it would still be only $1,000 below where it started and $4,000 below its peak.
Firms define trailing drawdowns in different ways, and two details matter:
- Balance or equity. A balance-based trail moves only when trades close. An equity-based trail can also move on open, unrealized profit. That means a winning trade that reverses before you close it can still raise your floor.
- Whether the trail stops. Some firms lock the trailing limit once it reaches the starting balance or another level. Others keep it trailing for the life of the account.
NYS Markets describes its drawdown only as “trailing”, without specifying either detail. Those two points decide how much room you really have after a good run.
The 4% figure is tight compared with the wider limits many evaluations advertise. In Phase 1 you must make 6% while never giving back more than 4% from your high point. That favors traders with controlled position sizing and short, shallow drawdowns over those who scale in or hold through large swings.
What the rules do not restrict
Much of the NYS Markets rulebook is defined by what it leaves out. The following rules do not apply:
- No time limit. You can take as long as you need to reach each phase target.
- No minimum trading days. No set number of active days is required before a phase is complete.
- No consistency rule. No single day’s profit is capped as a share of total profit, so one large winning day can count fully toward the target.
- No maximum risk per trade. No single position is capped at a share of the account.
- No 1% loss rule. Some firms close or flag a trade once its floating loss passes 1%. NYS Markets has no such rule.
- No 2-minute rule. Some firms ban or discount trades held for under two minutes. NYS Markets sets no minimum holding time.
Taken together, these mean the 4% trailing maximum loss is the main hard limit. Fewer rules give you more freedom in how you reach the target. They also put the whole burden of risk control on you. With no per-trade cap, nothing stops a single oversized position from using up the entire 4% at once.
The lack of a time limit pairs well with the tight drawdown. You can wait for setups and size small without a deadline pushing you toward larger risk late in a phase.
Platform, instruments and leverage
NYS Markets runs on MetaTrader 5. MT5 supports expert advisors, custom indicators and multiple order types. Traders already using MT5 elsewhere can carry their workspace and tools over with little adjustment.
The firm offers forex, futures and crypto as instrument types, and its asset range covers futures, stocks, CFDs and crypto. Leverage is 1:50.
Hypothetical margin example. At 1:50, a position needs margin of 2% of its notional value. Suppose EUR/USD were trading at 1.1000. One standard lot (100,000 euros) would have a notional value of $110,000 and need about $2,200 in margin. On a $100K account, margin would rarely be the binding limit.
The drawdown is the real constraint. One standard lot on EUR/USD moves about $10 per pip, so a 4% ($4,000) maximum loss equals roughly 400 pips at one lot, or 40 pips at ten lots. Leverage sets how large a position you can open. The trailing drawdown sets how large a position you can afford to be wrong on.
Payouts
NYS Markets offers daily payouts, in both payout frequency and processing time. Funded traders can therefore request withdrawals far more often than at firms on weekly, bi-weekly or 14-day cycles.
The firm does not publish a total amount paid to traders. Some competitors do publish such totals, and those figures are self-reported too.
Several terms are not published. Confirm them on nysmarkets.com before paying for a challenge, since each one affects what an account is worth to you:
- whether the trailing drawdown follows balance or equity, and whether it stops trailing at the starting balance or another level
- the split between you and the firm on funded profits
- the payout methods available
- any minimum withdrawal amount or first-payout waiting period
- whether a payout request resets or affects the trailing drawdown level
- the KYC documents required before the first withdrawal
- the conditions for account termination
Restricted countries
NYS Markets does not accept traders from:
- the United States
- Russia
- the United Arab Emirates
- any jurisdiction on the Financial Action Task Force (FATF) list
- any jurisdiction subject to international sanctions
The FATF and sanctions categories are not fixed lists of countries. They change as the FATF updates its lists and as sanctions regimes change. If you live anywhere near one of these categories, check your country’s status at the time you sign up, and again before you request a payout, since eligibility is usually checked during identity verification. US residents are excluded outright and will need a firm that accepts them.
Trustpilot reviews
NYS Markets has a 3.5 rating on Trustpilot from 2,566 reviews. The split between ratings is the more telling part:
- 5 stars: 1,252 reviews, about 51%
- 4 stars: 215 reviews
- 3 stars: 164 reviews
- 2 stars: 94 reviews
- 1 star: 728 reviews, about 30%
Roughly eight in ten reviews sit at one of the two extremes, with comparatively few in the middle, so the 3.5 average reflects a split reception. To understand the negative experiences, read the one-star reviews directly and check whether they concern payouts, account breaches, support or something else. Compare their dates with any changes in the firm’s terms.
Strengths and trade-offs
Where NYS Markets stands out
- A short rulebook: no time limit, no minimum days, no consistency rule, no per-trade risk cap, no holding-time rule
- Daily payouts
- Low per-$10K cost on larger accounts, especially while the 60% discount applies
- MetaTrader 5 with access to several asset classes at 1:50 leverage
- One program across all sizes, so moving up or down in account size does not change the rules
Where it asks more of you
- A 4% trailing maximum loss, tight in absolute terms and tighter still once it trails profits
- Phase 1 requires 6% against that 4% drawdown
- Offshore entity with no named regulator
- No published total of payouts
- A polarized review base, with about 30% one-star ratings
- Excludes US, Russian and UAE residents, plus FATF-listed and sanctioned jurisdictions
How we checked NYS Markets
We visited nysmarkets.com on 13 November 2026, connecting from Estonia. Our first stop was the homepage, then the footer. Under “Important Information & Disclaimer” the site names two companies. NYS Markets Ltd is described as incorporated in Saint Lucia with registration number 2025-00862. A second company, NYS Corp Limited, is given a Hong Kong address and is said to operate under License No. 79368293. The same text states that it is not a broker and does not act as a regulated financial entity under the SEC, the CFTC or EU rules. From the menu we clicked through to the Company page, the Terms of Use and Pricing. The terms sit on a separate help center written largely in Spanish.
The pricing page shows more than one program. Alongside the 2 Step Evaluation we found One Rule One Step, NYS Flex for futures, a Turbo crypto plan and an instant futures account. For the 100K 2 Step, the page listed $1,956 next to $586, with a line reading 70% off with code BLACK at checkout. Targets were PHASE 1 6% and PHASE 2 4%, against a 4% max trailing loss. Payouts are described as daily, and KYC is required before the first one. The “Start New Challenge” button led to a sign-in page. Buying needs an account first. We did not create one.
We ran no register search for this firm, because neither number on the site pointed to a register we were able to query. That leaves the Saint Lucia registration and the Hong Kong license unconfirmed by us.
When we read Trustpilot on 13 November 2026, NYS Markets scored 3.5/5 from 2,566 reviews. About 51% were five-star and 30% one-star. The company had replied to none of the eight newest. Records show the domain was registered on 2025-11-21, and the Wayback Machine’s first capture of the homepage is dated 2026-02-07, so this is a young site. We cannot say whether payouts arrive as described, since we did not buy a challenge or request a withdrawal.
Who NYS Markets may suit
The terms fit a trader who already uses MT5, sizes positions conservatively, and can reach a target without deep drawdowns along the way. For that trader, the absence of time limits and consistency rules removes pressures that cause many failed evaluations elsewhere. Daily payouts add appeal for anyone who wants frequent access to profits.
The firm is a weaker fit for traders who need room to absorb a losing streak, because 4% trailing leaves little margin for error. It is also a weaker fit if you want a long public payout history before trusting a firm with your fee, or if you live in a restricted country.
Alternatives
| Provider | Score | Fee | Split | Payouts | |
|---|---|---|---|---|---|
| 6.3/10 | $627 | Up to 100% | Bi-Weekly | Review | |
| 6.6/10 | $239 | 90%, up to 100% | Every 14 days | Review | |
| 7.1/10 | $228 | 80–95% | 24 Hours | Review |