CMC Funded review 2026

• Daily loss limit (both routes). The most the account may fall in a single trading day: 5% of each day's starting equity on Classic and 4% on Direct. It is measured on equity, so open positions count, not only closed ones. Reaching it fails the challenge. It takes effect at once: no grace period and no partial reset. An allowance you do not use is not carried over to the next day.
• Maximum loss (both routes). 10% on Classic and 6% on Direct, also measured on equity. The rules page says it is "set once from your starting balance and never moves". Gains do not raise it.
• Profit target. Measured from the starting balance of each phase. There is no profit target once you reach the reward stage.
• Minimum trading days. 3 per phase on both routes, or none with the No Minimum Trading Days add-on. A trading day is a calendar day on which you place at least one trade; the days do not have to be consecutive.
• Time limit. None on either route. The rules page says add-ons do not change this.
• Reward stage. After you pass, the reward-stage account opens on the same simulated platform. You keep trading within the same risk limits.
• Trading costs. Simulated trades carry a commission when a trade opens and when it closes, a price markup on some symbols, and holding costs on positions kept overnight. Each symbol's costs are shown on the platform.

What is allowed

• News trading. Allowed on both routes; the rules page lists "No restricted windows around economic releases." The Payout Policy says news trading is permitted unless the Program Rules supplied with your Order state an exact restricted window. The Terms list trading primarily to exploit news spikes "in a manner inconsistent with genuine skill assessment" among examples of conduct the firm may treat as prohibited.
• Overnight and weekend holding. Allowed; holding costs apply.
• EAs and bots. The Payout Policy says: "Where your purchased product supports them, expert advisers (EAs), bots, APIs and other automated trading or trade-management tools are allowed". A tool must not bypass loss controls, exploit pricing errors or deliberately disrupt the platform.
• Copying your own trades. Copying your own decisions between your own permitted accounts is allowed where the purchased product supports it and allocation limits are met.
• Hedging in one account. The Payout Policy says ordinary same-account hedging within the gross capacity limits is not banned.
• Short holding times. The Payout Policy says a short holding time, a news trade or a permitted trading bot is not automatically prohibited.

Capacity limits (70% / 50%)

The Payout Policy sets two limits that apply at the same time: you must not open or increase positions using more than 70% of the account's total trading capacity, or more than 50% in any one market group. Capacity is current simulated equity multiplied by leverage, and the full position value counts, not just the margin. The policy calls these "ceilings, not recommended trade sizes". All gold contracts are one group, US equity indices are one group, and WTI and Brent crude oil are one group. It aims to warn at 60% total or 40% in one group. An excess caused only by market movement is treated differently from adding risk, but you must not add risk while over a ceiling.

Martingale, grids and recovery trading

The Payout Policy says martingale, bounded loss recovery, grids, averaging and pyramiding "are not banned simply by their names". A strategy that increases exposure to recover a loss must have a finite maximum size or number of increases and a pre-set money limit for the combined sequence loss, set before the first increase. Increasing exposure without those controls, removing them, or adding a step that breaches a capacity or loss rule is prohibited. The Terms list "repeated martingale or grid escalation" among examples of conduct the firm may treat as prohibited; the Payout Policy says that, for orders that include it, it takes priority on trading-rule decisions affecting payment, while the Terms place themselves above the other policies.

What is prohibited

• Knowingly using stale or frozen quotes, feed delays, clearly wrong prices or execution defects.
• Coordinating opposite positions across your accounts, other participants or an external account to manufacture a pass or reward.
• Buying or selling a passed account, letting someone else trade for you, paid challenge-passing services, and coordinated copying of another trader's live instructions. The Terms also list external copy trading.
• Using false identities, nominee accounts or split orders to get round allocation limits; falsifying results; and disrupting or bypassing the platform.
• Identity, location and payment fraud; spoofing, layering and other deceptive market conduct.

Reward split. A reward is based on 80% of eligible simulated performance, or 90% with the Reward Split Boost add-on. It is paid under the programme terms after identity and fraud review. The Payout Policy says a reward is calculated from net profit on closed simulated trades, after trading costs.

When you can request. The Payout Policy (version 4.0) sets these terms:

• The normal minimum is $50 of your share. At an 80% share, $62.50 of eligible net simulated profit produces a $50 reward.
• One combined reward request per verified customer in each rolling 24-hour period.
• "There is no initial seven-, fourteen- or twenty-one-day wait."
• No payout-only profit target, consistency percentage, minimum number of profitable days or win rate.
• "We do not apply a separate monetary cap to a valid Reward under this Policy." Published account-allocation limits still apply.
• You close all positions and cancel pending orders on each account included in a request.

Verification. Before your first reward, you complete identity, address, sanctions, tax and destination checks. The Client Area shows the payout methods available for your verified country and account; we did not see a list of reward payout methods on the site.

Payment timing. The Payout Policy says: "We aim to approve and send routine Complete Requests within 24 elapsed hours." Its routine service standard is dispatch by the end of the second Business Day after the day it receives a Complete Request. Business Days are Monday to Friday, excluding UAE public holidays observed by its payment operations, using UAE time (UTC+4). Dispatch means the payment provider has accepted the instruction; your bank or provider may take longer to credit it. The 24 hours is an aim; the two-Business-Day dispatch is the standard the policy sets.

Pass refund: the policies disagree

The Payout Policy (version 4.0, 2 October 2026) says: "When you validly complete the final phase of a paid Evaluation Program leading to the Reward Stage, we automatically initiate a refund of 100% of your Eligible Challenge Fee." It says you do not need to request it, trade in the reward stage or receive a first payout, that the refund includes add-ons bought with that order, and that the reward-stage account stays open. Earlier orders and failed attempts are not included. It applies when the version is provided before purchase and identified in your order, or when the firm expressly extends it to an existing account.

The Refund Policy (version 2.1, 1 October 2026) says: "A Reward is not a refund of the fee you paid for a Challenge. Passing an evaluation, reaching the Reward Stage or receiving a Reward does not entitle you to a refund of that fee."

The Payout Policy says that, for an agreement that includes it, it "takes priority on pass refunds". The General Terms (version 2.1, 1 October 2026) say activated evaluations are non-refundable except for rights required by law or granted by the Refund Policy, and set their own order of precedence: your Order, then the Terms, then the other policies. Because the documents conflict, check which policy version your order names before you rely on a pass refund.

Other refunds. The Refund Policy allows a discretionary courtesy refund for an unused challenge if you ask within 7 calendar days of purchase and have not opened a simulated trade. Refunds are generally not available once you have opened your first simulated trade or failed a challenge.

Payout record. We found no payout statistics on its pages.

Platform. Match-Trader, in the browser and on desktop and mobile. The account is provisioned automatically once checkout completes. The account currency is USD.

Markets. The instruments page lists 284 instruments: 44 forex pairs, 16 indices, 16 commodities, 162 shares and 46 cryptocurrencies, plus prediction events. Prediction events trade as YES and NO contracts priced between $0.00 and $1.00, each with its own expiry. Contract size, trading hours, leverage and trading costs for each instrument are in the platform, under Symbol Info.

Leverage. 1:10, 1:25, 1:50, 1:100, 1:200 or 1:500, chosen at purchase, at the same price. The pages warn that higher leverage magnifies both gains and losses.

Paying for a challenge. The trust page lists Visa, Mastercard, Apple Pay, Google Pay, Binance Pay and Cryptopay.

Operator. The site's footer and Terms name the operator as True North Tech L.L.C-FZ, registration no. 2646504, Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E. The Terms say it was formed in the Meydan Free Zone, Dubai, with Business Licence Number 2646504.01, and trades as CMC Markets Funded. Your contract is with True North Tech L.L.C-FZ.

Relationship with CMC Markets. The trust page says the programme is operated by True North Tech L.L.C-FZ "in conjunction with CMC Markets". The legal page adds that it does so "under a written commercial agreement" and that "No CMC Markets company operates, sells or guarantees the Services." The about page says: "CMC Funded is a separate company. It is not owned by CMC Markets, and CMC Markets does not regulate this programme, hold trader funds or guarantee rewards." It also says CMC Funded is not "a regulated product or service of CMC Markets". The Terms say CMC Markets provides agreed marketing and brand support under that agreement.

Homepage figures refer to CMC Markets. The homepage shows a Trustpilot rating of 4.3 out of 5 from 3,489 reviews, and the line "FCA regulated" with "Relevant CMC Markets UK entities". The page labels both as relating to CMC Markets, not CMC Funded: the Trustpilot panel is headed "CMC Markets TrustScore" and says "Reviews shown are of CMC Markets, not CMC Funded.", and the FCA line is captioned "Relevant CMC Markets UK entities". The about page attributes the founding year (1989, London) and the FTSE 250 listing to CMC Markets plc.

Simulated accounts. The Terms say the Reward Stage remains simulated only and the firm does not provide live funded customer accounts. The about page says it does not hold client money, execute customer trades or arrange investments. Rewards are paid by True North Tech L.L.C-FZ as a contractual payment based on simulated performance.

Other terms. You must be at least 18. The Terms exclude customers in a "Restricted Jurisdiction", which they define as countries the firm restricts "as determined by us and published or communicated from time to time"; we did not find a list on the site. The Terms are governed by the laws of the Emirate of Dubai and the applicable federal laws of the UAE. The Terms also say the firm may offer an optional referral to a live account with a CMC Markets entity and may be paid for referrals.

We did not find a launch date for CMC Funded on its pages.