What's the catch?
There isn't one, and it is a fair thing to ask.
You pay $4 to start. If the challenge does not go your way, that $4 is the entire cost and nothing further comes out of your account. If it does go your way, you pay the activation fee and your simulated funded account is issued.
Every rule is published in The Challenge, The Funded Account and Rules And Restrictions, so you can check the whole thing before you spend anything.
Why can I pay after I pass?
Because for a lot of traders the up front cost is what decides whether they start at all, rather than the challenge itself being too hard. Moving the larger payment past the pass means you can find out whether the account suits you before committing to it.
Are the rules harder because it is only $4 to start?
No. One phase, 2% target, 4% daily loss, 6% static drawdown, no time limit, no minimum trading days, no consistency rule on the challenge. Nothing has been tightened. The full rules are in The Challenge and The Funded Account, and it is worth checking them yourself rather than taking our word for it.
Is the profit target higher than your other programs?
No. 2% is one of the lower targets in our range and it is the same on every account size.
If the challenge goes badly, is $4 really all I lose?
Yes. If it does not go your way, the $4 challenge fee is the entire cost. Nothing further is taken from you.