Definition
Refundable fee
An evaluation fee returned (usually with the first payout) once you're funded and paid.
Many firms refund the challenge fee at or after the first payout — effectively making the evaluation free for successful traders. Terms vary: full vs partial refunds, and which program tiers qualify.
A refund policy changes the real cost comparison between firms far more than a small headline-fee difference.
Related terms
General industry definitions — individual firms define terms differently in their own ToS; the decoded rulebook for each firm is the source of truth. Educational, not financial advice.