Prop firm basics
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How to Convert a The5ers Payout to Yen: Rise → USDC → DAI → bitbank Fees and Tax Math (September 2026)
The actual steps I used to convert a The5ers payout to yen: receive USDC via Rise, send it to Trust Wallet on Arbitrum, swap for DAI, then cash out on bitbank. bitbank doesn't handle USDC, but DAI deposits on Arbitrum are free. Fees: 1 USDC from Rise to wallet, 0.2% for the swap, 0.12% to sell on bitbank. Tax treatment splits into three parts because USDC is an 'electronic payment instrument' and DAI is a 'crypto asset': the payout itself, USDC's FX gain/loss, and DAI's trading gain/loss. Includes a worked example for a $3,545.67 payout.
![The5ers Payout Report: $1,230.86 the Day After Requesting (1st), $3,545.67 (2nd) — Yellow Card Lifted, No Interview Either Time [September 2026]](/og/en/the5ers-first-payout-report-2026-09.png)
The5ers Payout Report: $1,230.86 the Day After Requesting (1st), $3,545.67 (2nd) — Yellow Card Lifted, No Interview Either Time [September 2026]
A record of two payouts the site owner received from The5ers on a $100K High Stakes funded account. The 1st was requested September 8, 2026, completed September 9, requesting $1,499 and receiving $1,230.86 via USDT; the 2nd payment of $3,545.67 completed on September 24, received in full via Rise. Neither required an interview or extra documents. Based on this, we lifted The5ers's yellow card. Covers fees by withdrawal method (Rise 3.5%, crypto 3.5% capped at $1,500/request, Hub credit 0%), the 14-day cycle, how to prepare for the interview clause, and the bulk-trading and copy-trading pitfalls most likely to get you banned.
![The5ers Japan-Only "Short-Term Trading Contest" Starts Sept. 14, 22:00, Runs 1 Hour | Free to Enter, Prizes Are New High Stakes $25K/$10K/$5K Accounts [September 2026]](/og/en/the5ers-japan-only-trading-contest-2026-09.png)
The5ers Japan-Only "Short-Term Trading Contest" Starts Sept. 14, 22:00, Runs 1 Hour | Free to Enter, Prizes Are New High Stakes $25K/$10K/$5K Accounts [September 2026]
Key points of the Japan-only contest announced by The5ers' Japan team in an email on September 9, 2026. Held September 14 (Monday) 22:00–22:58 JST, a 58-minute window, free to enter, limited to users registered with a Japanese address. 1st place $25K, 2nd $10K, 3rd $5K in new High Stakes accounts (10%→5% profit target), 4th–10th get a $20 hub credit (usable only toward a challenge purchase, through 10/14). The contest account is $10K, 1:30 leverage, 3% max DD, no EAs, no trading within 2 minutes of an economic indicator. The same week, Moneta Funded is also running a Japan-only contest — the fight for the Japanese market among overseas prop firms has begun.
I Got a 'One-Sided Bets' Warning From The5ers: The Rules Say Permanent Ban, What Actually Happened Was 'Activated After Acknowledgment'
The full text of the risk-management warning email that arrived right before my The5ers funded account was due to activate. The original list of all 22 prohibited practices, how one-sided bets is judged, the exact reply I sent, and what EA traders should do to avoid a repeat.
![We've Lifted The5ers' Yellow Card: Two Successful Payouts, But the Interview Clause and Bulk-Trading Ban Still Stand [Updated September 2026]](/og/en/the5ers-yellow-card-2026-07.png)
We've Lifted The5ers' Yellow Card: Two Successful Payouts, But the Interview Clause and Bulk-Trading Ban Still Stand [Updated September 2026]
This site issued The5ers a yellow card in July 2026, and lifted it on September 25, 2026. Both payouts from the owner's $100K High Stakes funded account went through with no interview required, and none of the conditions for a red-card downgrade have occurred. That said, the clause requiring an interview to be scheduled and completed within 5 business days — or pending payouts get denied — is still in the September 23, 2026 version of the terms. The single biggest cause of bans is bulk trading (opening multiple positions at once) and copy trading, so don't use copy tools. The six warning signs from July are kept below as background.
![[Beginner's Guide] Futures Prop Rules Explained From Scratch: Contracts, Trailing DD, Consistency, Activation Fees, and Trading Hours](/og/en/futures-prop-firm-rules-beginners-guide-2026-09.png)
[Beginner's Guide] Futures Prop Rules Explained From Scratch: Contracts, Trailing DD, Consistency, Activation Fees, and Trading Hours
A table-based breakdown of US futures prop rules (Topstep, FTMO Futures, The5ers Futures, and others), aimed at FX traders. Covers how contracts map to lots, the difference between EOD trailing and intraday trailing, consistency rules, monthly fees and activation fees, all forced-close times in JST, and contract counts for gold futures (GC/MGC).
![My E8 Markets KYC Got Rejected Twice With No Reason Given — The Full Process to Get Verified as a Japanese Trader Without a Passport [September 2026]](/og/en/e8-markets-kyc-rejected-japan-no-passport-2026-09.png)
My E8 Markets KYC Got Rejected Twice With No Reason Given — The Full Process to Get Verified as a Japanese Trader Without a Passport [September 2026]
At E8 Markets, the trading account password isn't shown until KYC passes, so you can't even log in to MT5 — meaning you can't place a single trade even after buying the account. I submitted my driver's license and My Number card, but all I got back were four "Verification wasn't successful" emails with no reason given anywhere. This is a record of how I, the site owner, got stuck, contacted support in English to get switched to manual review, sent a selfie holding my ID, and got verified in 3 hours 55 minutes. Includes why a Japanese driver's license fails automated KYC and a template for what to send.
Prop Firm Strategy Guide: The Complete Roadmap From Choosing a Firm to Passing, Payouts, and Multiple Accounts (With Full Article Index)
Every step of cracking a prop firm challenge, on one page. From choosing a firm → understanding the rules → passing the challenge → protecting your funded account → maximizing payouts → scaling to multiple accounts — a hub linking the key points of each step to 44 detailed articles. A realistic roadmap grounded in real EA backtests and primary overseas data (5-14% pass rates, ~7% reach payout).
The Complete Guide to Drawdown Types: Static DD, Trailing DD, and Daily DD Explained, With Which Firms Use Which
A breakdown of prop firm DD rules by formula. Explains the differences between static, trailing, EOD, and daily (Balance/Equity-based) drawdown, with a table showing which of 18 firms use which type.
![[2026 Edition] Prop Firm Taxes and Filing Guide for Japan: Covering the ¥1.04M Basic Deduction](/og/en/prop-firm-tax-guide-2026.png)
[2026 Edition] Prop Firm Taxes and Filing Guide for Japan: Covering the ¥1.04M Basic Deduction
Is prop firm payout income classified as miscellaneous income or business income under Japanese tax law? Covers the ¥200,000 side-income filing threshold, the basic deduction for full-time traders (up to ¥1.04M confirmed for 2026), and expense claims, fully updated. Also covers automating your records.
![[Warning] Prop Firm Scams: How They Work and How to Spot Them | 5 Checks Learned from the MyForexFunds Case](/og/en/prop-firm-scam-checklist.png)
[Warning] Prop Firm Scams: How They Work and How to Spot Them | 5 Checks Learned from the MyForexFunds Case
The MyForexFunds/MyFundedFX case wiped out over ¥800M. We break down the typical prop firm scam patterns and a 5-point checklist using Trustpilot, X, Reddit, and real payout data to spot them.
What Is a Prop Firm? A Complete Beginner's Guide
A beginner's guide to how prop firms (proprietary trading firms) work, their pros and cons, and how to choose one.