Evaluation vs funded account
The evaluation (challenge) is the paid test with a profit target; the funded account is what you trade after passing, where profits can be paid out.
An evaluation can have one, two or more phases, each with its own target and rules. After passing, you receive a funded (or "live", "master") account. Funded accounts usually have no profit target but keep the drawdown, daily limit and other rules, and add payout conditions.
Many firms run funded accounts in a simulated environment and pay a share of the simulated profits. Read how your firm describes it, and what rules change between the stages.
Related
General definition. Rules differ between firms and change over time; your firm’s current terms always take precedence.