The Funded Trader

The Funded Trader (TFT) is a forex/CFD-style proprietary trading firm operating fully in a simulated environment. Launched in 2021 and organized under Texas law, TFT evaluates traders through 1‑Step (Knight, Knight Pro, Classic 1‑Step), 2‑Step (Royal, Royal Pro, Classic 2‑Step), and 3‑Step (Dragon) challenges before issuing a simulated funded account and sharing a tiered portion of the net realized profits measured from that account.

TFT emphasizes no time limits across evaluations, balance- or equity-based drawdown rules, and broad platform access via cTrader and Match‑Trader globally, plus Platform 5 via Thaurus for non‑US traders. The program is explicit that all stages, including funded accounts, are demo-based with real‑market quotes and KYC/AML required before any payout processing.

Payout operations run through Rise (Riseworks), crypto (USDC, ETH, BTC), and Plane in supported regions, with a published tiered split and request caps. Commission schedules and news‑trading permissions vary by model, while prohibited‑strategy policies (e.g., Rapid Fire Trading, Order Layering) aim to keep trading behavior consistent with real‑market conditions.

Who is it for? TFT tends to suit evaluation-focused forex and indices traders who prefer flexible time limits, are comfortable with model-specific rules, and can operate within a tiered payout system that rewards ongoing consistency rather than one‑off wins.

Reputation and Transparency

TFT publishes detailed program rules, pricing, payout timing, and a disclosure that all stages—including funded accounts—are simulated with real‑market quotes. The firm states it has operated since 2021 as The Funded Trader LLC and outlines KYC/AML verification prior to enabling funded trading and payouts.

Broker and Market Access

Trading connectivity is provided via platform partners (e.g., Voyage Markets for cTrader and Match‑Trader, and Thaurus LTD for Platform 5 outside the US). Instruments typically include forex, commodities, indices, and a curated crypto list; the exact symbols and trading hours are published per platform, with news‑event restrictions varying by model.

Trustworthiness

TFT documents prohibited behaviors (e.g., latency arbitrage, grid trading, copy‑trade misuse) and enforces strike-based systems. Data security and vulnerability disclosures are covered on a public security page. Payout rails include Plane, Rise, and crypto, with processing times and holiday schedules documented. As a prop evaluation firm, TFT is not a broker and does not claim financial regulation of its prop activities.

TFT runs several evaluation models. All phases and funded accounts are simulated, with no time limits to complete evaluations and model‑specific rules for drawdown, minimum trading days, and news trading.

• Knight (1‑Step): Target 10%; 3% daily loss (soft), 8% max loss (static); 5 minimum days with 1% profit each; news allowed.
• Knight Pro (1‑Step): Target 10%; 3% daily loss (soft), 8% max loss (relative, locks at start after HWM); no minimum days but “Daily March” requires 3 days with 1% profit; news allowed; up to 3 soft‑breach warnings per phase.
• Royal (2‑Step): Targets 8% (Phase 1) and 5% (Phase 2); 5% daily loss, 10% max loss; 5 minimum days per phase; news prohibited; “14‑day withdrawal add‑on” available.
• Royal Pro (2‑Step): Similar targets (8%/5%); 5% daily loss (soft), 10% max loss; faster payouts (as early as 2 days); news allowed.
• Dragon (3‑Step): Targets 8%, 5%, 5%; 5% daily loss, 10% max loss; 0 minimum days; first payout 7 days after first trade on funded; news prohibited; weekend positions generally closed at cutoff.

Pricing snapshots (base): Knight $42–$549; Knight Pro $42–$649; Royal $79–$1,100 (14‑day add‑on extra); Royal Pro $55–$579; Dragon $49–$299; Classic 1‑Step $139–$989; Classic 2‑Step $129–$949. Fees are paid once per challenge size.

Trading Rules (Funded Stage)

Funded accounts have no profit targets. Daily loss and max loss remain in force (e.g., 3%/8% or 5%/10% depending on model). The daily loss limit resets around 4:57–5:03 pm EST and includes open and closed PnL plus simulated commissions and swaps. KYC approval and a signed agreement are required before the account is enabled (typically within 24–48 hours after paperwork).

Inactivity: at least one trade (≥0.01 lot) every 30 consecutive days is required; otherwise the account is considered breached and fees/pending payouts forfeited. Lot size limits are generally not imposed by TFT beyond platform constraints. Some models allow holding over weekends; others enforce automatic closure before the weekend with crypto trading re‑enablement after the cutoff.

Trading Restrictions

• News trading: permitted on Knight, Knight Pro, and Royal Pro; prohibited on Royal, Rapid/Standard (legacy), and Dragon. Where prohibited, a 4‑minute window (±2 minutes around red‑folder events) blocks opening/closing/pending order triggers on affected symbols; violations reduce profits or can breach the account at the 3rd strike within a phase.
• Prohibited strategies: latency arbitrage, order layering, grid trading, copy‑trading misuse, Rapid Fire Trading (HFT‑like burst activity), and Streak Risk Escalation (sudden VAR spikes after a losing streak). TFT applies a strike system with profit deductions for the first two violations; a third strike for the same behavior breaches the account.
• Trade copying/EAs: allowed on most models when the TFT account is the master source; specific rules govern which account types can be mirrored. Rapid accounts historically restrict automation.
• VPN/VPS: discouraged. Use during KYC is prohibited and may prevent funding; suspicious activity observed via VPN/VPS can weigh against the account in compliance reviews.

Leverage Structure

Leverage is model‑ and asset‑specific and published in the Help Center. As a reference, Knight Pro lists up to 1:30 for forex, 1:10 for gold/commodities, 1:5 for indices, and 1:1 for crypto. Margin call/stop‑out mechanics are documented and apply across challenges. Traders should confirm exact values per account and platform before trading.

TFT supports multi‑asset CFD trading via its partner platforms. The exact symbol list and trading hours are platform‑dependent and published in the Help Center.

Asset Classes

• Forex: Majors, minors, and selected exotics.
• Metals and Commodities: Gold, silver, and energy products such as US Oil (instrument codes vary by platform).
• Equity Indices: US500, US30, NASDAQ, plus major European and Asian indices where available.
• Crypto: A curated list, typically including BTC, BCH, ETH, LTC, and SOL.

Leverage, contract sizing, trading hours, and swap policies are listed per platform (e.g., instrument info windows in cTrader/Match‑Trader). News‑event restrictions may temporarily govern execution on certain models.

TFT offers cTrader and Match‑Trader globally via Voyage Markets and Platform 5 via Thaurus LTD for traders outside the United States. Platform access, mobile app availability, and feature sets vary by region—most notably, the cTrader mobile app may be unavailable to some US users, and Platform 5 is non‑US only. Traders may use EAs/cBots and trade copiers on most models under TFT’s master‑account rules. VPN/VPS use is discouraged, and KYC must be completed without a VPN.

cTrader (Voyage Markets)A multi‑device platform with advanced charting, detachable workspaces, multiple order types, and cAlgo for algorithmic trading. Instrument data (trading hours, swaps, min/max volumes) is accessible from the symbol window. Desktop, web, and mobile versions are supported, though mobile availability can be limited for some US users.

• Advantages: robust charting, one‑click execution, Level II depth, and algorithmic support.
• Key features: multi‑timeframe analysis, extensive indicator set, detachable charts, configurable hotkeys, and integrated symbol info.

Match‑Trader (Voyage Markets)A browser‑first platform with TradingView‑style charting and mobile apps. Designed for straightforward execution with customizable layouts and symbol information panels.

• Advantages: web-native access with mobile apps; familiar charting workflow; integrated instrument info.
• Key features: configurable charts, order tickets, watchlists, and direct login through TFT’s dashboard credentials.

Platform 5 (Thaurus) – non‑US onlyAvailable to international traders; integrates with TFT’s evaluation stack. Traders should confirm app availability and instrument lists per account.

Mobile TradingBoth cTrader and Match‑Trader offer mobile apps (availability varies by country). Where unavailable, traders can use web access. Always verify login credentials and server endpoints in TFT’s Trade Hub before first use.

TFT’s ecosystem centers on flexible evaluations, published rules, and operational tooling designed to reward ongoing, rule‑compliant trading.

• Scaling plans: Most models outline 25% balance increases per scaling event when a trader achieves at least 6% profit across a 3‑month period. Allocation caps are also documented (e.g., up to $600k active funded and up to $2.5m total across accounts, subject to model caps).
• Tiered payout structure: A published tier system governs both the payout split and request caps, encouraging consistent profitability and longer trading horizons.
• Bonus Pool (Tier 5): A monthly program that distributes a portion of the firm’s net profits to top Tier‑5 (99% split) traders, with community voting on distribution options.
• Risk policies and analytics: TFT enforces Rapid Fire Trading and Streak Risk Escalation rules. A public VAR calculator is referenced to help traders understand position risk in the latter rule.
• Master‑account automation policy: On most models, traders can use EAs/cBots and trade copiers when the TFT account is the origin; policy pages map which account types can be mirrored.
• Competitions and community updates: Regular free competitions and monthly update webinars communicate product and policy changes.
• Help Center in three languages: Central documentation in English, French, and Spanish covers rules, instruments, platforms, payouts, and holiday calendars.

Evaluation Fees

Base pricing (account size dependent) is published per model. Typical ranges at the time of writing: Knight $42–$549; Knight Pro $42–$649; Royal $79–$1,100 (optional 14‑day withdrawal add‑on priced separately); Royal Pro $55–$579; Dragon $49–$299; Classic 1‑Step $139–$989; Classic 2‑Step $129–$949. Account sizes commonly span $5k, $10k, $25k, $50k, $100k, and $200k.

Trading Commissions

For funded accounts, published simulated commissions are: $4 per lot on FX, $1 per lot on metals, and $0 on indices/crypto/oil. These costs are included when calculating drawdown breaches and net PnL for payout purposes.

Swap/Holding Costs

Standard swap/rollover mechanics apply at 5 pm New York time. Swaps vary by symbol and are visible in each platform’s instrument info panel; Wednesday typically incurs triple swap. TFT’s rollover documentation highlights liquidity and gap risks around market closes/opens.

Refund Policy

Once platform credentials have been sent after purchase, fees are non‑refundable. TFT also advertises a “bonus after successful completion” whereby the initial sign‑up fee value is paid with the third withdrawal, subject to sufficient net profits and eligibility rules.

Profit Split

TFT uses a tiered system. For Royal/Royal Pro/Knight/Knight Pro (and related legacy models), Tier 0 (before any approved payout) applies a 90% split but caps the first payout to 0.50% of the initial balance. After the first approved payout, the split steps down to 30% (Tier 1) with capped requests (5% on the second, then 10% on subsequent). With continued approved payouts and accumulated post‑split profits, the split increases to 70% (Tier 2) and can reach 99% at Tier 3 (after six approved payouts), with 10% request caps thereafter. TFT shows the current tier and eligibility in the dashboard.

Payout Eligibility

• Knight/Knight Pro: request anytime once the account is in net profit and other conditions are met.
• Royal: first request ~30 days after first funded trade (or ~14 days with add‑on); subsequent ~14 days.
• Royal Pro: as early as ~2 days; subsequent ~2 days.
• Dragon: first ~7 days; subsequent ~7 days.

Additional conditions include the account being above the starting balance and, on certain models, a minimum end‑of‑day equity increase on specified days (Daily March) before the funded stage.

Payout Schedule and Methods

Processing times are generally 3–5 business days after request approval. Methods include Rise (Riseworks), crypto (USDC via ERC‑20/Polygon, ETH via ERC‑20, BTC), and Plane (bank cards/accounts) in supported regions. Minimum payout request is documented at $25. Compliance reviews and bank holidays can extend timing.

Other Notes

Profit deductions can occur if prohibited strategies or news‑window violations are detected, and deductions that push the account below the loss limits still count as breaches. KYC/AML approval is mandatory prior to any disbursement, and TFT publishes a holiday payout calendar and support routes for method‑specific issues (e.g., Plane support).