MasterFunders sells simulated trading programmes in two paths. The Evaluation Path covers three challenges: Core, Lite and Speed. The Direct Access Path offers Direct Access Pro, a programme that starts traders in what the firm calls the MasterTrader phase without an evaluation.
The firm says it "operates exclusively simulated trading environments for educational and evaluation purposes" and that no real trades are executed on live markets. Its pages name MasterFunders Ltd, a company registered in Cyprus (HE 459575), at Anexartisias 187, 3040 Limassol. Trading takes place on the Match-Trader platform. The evaluation programmes show an 80/20 split, and the firm says all its accounts use a static maximum drawdown.
Everything in this review comes from MasterFunders' own web pages, saved on 10 October 2026. Rules and prices change, so check the firm's site before you buy.
| Highest profit split | Up to 80% source Firm's wording: “On-Demand (80/20 split)” |
|---|---|
| Cheapest account | $5 (list price) source |
| Account types | 2-Step evaluation, Instant funding (no evaluation) source |
| Markets | Forex, Commodities, Indices, Crypto source |
| Platforms | Match-Trader source |
| Allowed / offered on at least one account type |
Rules can differ between account types — check the linked page for the account you want. |
| Not allowed, or rules that apply (firm says so) | |
| US traders | Not accepted source |
| Restricted countries named | Belarus, Cuba, Iran, North Korea, Russia, Syria, United States source Countries the firm names. Its list may also refer to sanctions lists or other countries — check the linked page. |
The site lists four programmes. Core is described as "our standard evaluation with balanced profit targets and drawdown rules". Lite "offers the lowest profit targets and a reduced overall loss limit". Speed is "a single-phase, 24-hour simulated evaluation". Direct Access Pro is "a zero-step entry program" for traders who want to skip the evaluation.
| Programme | Structure | Fees shown (account size: fee) |
|---|---|---|
| Core Challenge | Two phases | $2,500: $25 … $100,000: $549 |
| Lite Challenge | Two phases | $2,500: $29 … $100,000: $615 |
| Speed Challenge | One phase, 24 hours | $5,000: $5; $10,000: $10 |
| Direct Access Pro | No evaluation (zero-step entry) | $10,000: $478 … $100,000: $4,780 (one-time fee) |
The table shows the smallest and largest account sizes we saw for each programme. For Direct Access Pro, the page says traders "Select a simulated allocation between $10K and $100K with a one-time program fee." The pages we saved do not say whether the Core, Lite and Speed fees are one-time or recurring, and we did not see any price marked as a discount.
Speed works as a route into Core. The Speed page says: "Pass the Speed Challenge and receive free entry into a Core Evaluation of the same size." Completing that Core Evaluation then moves the trader into the MasterTrader phase. The FAQ, however, lists Speed among the programmes that lead to the MasterTrader phase; we follow the more specific Speed page.
The terms set an overall limit: simulated balances "should never exceed USD 100,000 for all active evaluation products operated by MasterFunders." They also say the number of challenges per user account "may be limited".
The firm also offers a free practice demo. Its demo page describes a "Practice-Only $10,000 Demo Account" and says: "This demo is NOT an evaluation challenge." Completing it does not lead to the MasterTrader phase or to compensation.
| Programme | Profit target | Daily loss | Maximum loss | Time limit | Leverage |
|---|---|---|---|---|---|
| Core | 8% (Phase 1), 5% (Phase 2) | 5% | 10% | None | Up to 1:100 |
| Lite | 5% (Phase 1), 5% (Phase 2) | 5% | 5% | None | Up to 1:100 |
| Speed | 10% within 24 hours, plus 5 unique profitable trades of +2% each | 10% | 10% | 24 hours | Up to 1:500 |
| Direct Access Pro | None (zero-step entry) | 3% | 6% | No evaluation period | Up to 1:30 |
The product pages say: "All MasterFunders accounts use a static, balance-based max drawdown system." They explain that the maximum loss level "doesn’t trail behind your highest balance/equity; it’s fixed based on your initial account balance." The daily limit is "calculated from previous day’s end balance or equity (whichever is higher)". The FAQ says the trading day "resets at 22:00 GMT."
The pages state "No Consistency, Minimum Trading Days or any other Hidden Rules" for Core, Lite and Speed. The evaluation overview adds that "you can pass one step of a challenge even in one day." The Direct Access Pro rules also show no minimum trading days, and its page says there are no consistency rules.
On what counts as a unique trade, the Speed page gives an example: "EURUSD and USDJPY are not considered as different assets since both involve USD." If a trader does not meet the requirements, "the evaluation ends and you may choose to start a new Speed Challenge at any time."
Direct Access Pro has a 2% maximum risk per trade. Its page also mentions "Optional add-ons to extend risk limits or benefits"; we did not see their details.
The FAQ says: "Yes, there is a 30 day maximum inactivity rule." The terms say that if 30 calendar days pass since the last closed trade or since the purchase, the firm reserves "the right but not the obligation to terminate and/or suspend". The Direct Access Pro Agreement lists "Inactivity exceeding 30 consecutive days" as a reason for termination.
News trading is allowed on every programme. The evaluation overview says: "All evaluations allow full trading freedom, including overnight, weekend, and news trading." The Direct Access Pro page says news trading is allowed but "Weekend holding is not permitted in this program".
The FAQ's answer on overnight and weekend holding says that "for Direct Access Path programs this option is not allowed". The Direct Access Pro page itself mentions only the weekend restriction, so the FAQ wording may also cover overnight holding. We could not settle this from the saved pages.
The terms say: "It is prohibited to perform any sort of Gap Trading, Server Spamming, Front Running, High-Frequency Trading,". The same list goes on to include "scalping, latency arbitrage, revenge trading, over-leveraging, over-exposure, one-sided bets, account rolling, etc." Our saved copy does not show the words immediately before "scalping", so we cannot say whether all scalping or only a form of it is banned.
The terms also prohibit:
The Direct Access Pro Agreement lists further prohibited conduct, including "latency exploitation, server manipulation, reverse arbitrage, unauthorized automation, hedging across accounts,". The terms add that the services are for the user's personal use only.
For the evaluation programmes the site shows "Payout Terms First after 72 Hours ThenOn-Demand (80/20 split)". The evaluation overview says eligible traders may request compensation "beginning 72 hours after entering the MasterTrader phase". The Direct Access Pro programme page does not state a split; the 80/20 split shown on the site appears with the evaluation payout terms.
On Direct Access Pro, compensation is "Eligible from Day One (On Demand)", and traders may request it "starting from a 1% simulated gain." On all programmes the minimum request is 1% of account size.
The pages differ on processing time. The evaluation overview and the Core and Lite pages say the minimum request "is processed within 24 hours" or that "processing time is within 24 hours". The FAQ says compensation is processed "usually 1–2 business days". The firm also says compensation "is not guaranteed". The Direct Access Pro Agreement says compensation may be processed through affiliated entities, "such as PrimeHedge Strategies Ltd or MasterFunders Ltd".
The product pages say: "With consistent results, your funded account can grow by 25% every three months, up to a maximum balance of $400,000." The FAQ describes the same 25% growth as "every quarter". The Direct Access Pro page says eligible traders can expand their allocation "through our progression framework".
For Core and Lite, the fee is refunded after the trader passes: "your challenge fee is refunded in full with the first compensation." Speed is different: "Speed Challenge fees are not refundable but award a Core Challenge if passed." The Lite page adds that if you fail Phase 2, "once per month you can restart Phase 2 by purchasing a new challenge of equal or smaller size."
The Refund & Cancellation Policy says challenge purchases may be cancelled and refunded if conditions are met, including a cancellation request email received within 14 days. Agreed refunds are actioned within 7 business days, to the original payment method. The terms say a failed account is cancelled "without refund of fees already paid", and describe a right to withdraw from a contract "without giving a reason within 14 days". Our saved copy does not show all the conditions attached to these rules.
The firm says: "MasterFunders uses the Match-Trader platform, enhanced with TradingView charting,". The FAQ says the platform is "embedded in our App". The product pages add that "advanced users can build automated systems with Level2’s visual strategy builder", and that traders can "mirror or test strategies between external accounts using the Match-Trade Trade Copier." Note that the Direct Access Pro Agreement prohibits "unauthorized automation".
The FAQ says: "You can trade in Forex, Commodities, Indices and Cryptos." It lists a commission of $4 per $100,000 of volume on forex, commodities and indices, and 0.08% of volume on crypto.
The site footer says: "MasterFunders Ltd is a limited company registered in Cyprus (HE 459575), located at Anexartisias 187, 3040 Limassol, Cyprus." The terms name "MASTERFUNDERS LTD, a limited liability company incorporated and registered in the Republic of Cyprus". The Direct Access Pro Agreement is governed by the laws of the Republic of Cyprus.
The firm states that "MasterFunders is not a broker, does not accept deposits, does not manage client funds," and that "All accounts provided by MasterFunders use simulated balances, simulated order execution, and simulated market data." It describes its fees as "service fees only" and "not deposits or investments". Direct Access Pro access becomes fully active only after conditions that include identity verification (KYC).
The FAQ says the firm does not offer its services to citizens of the following countries: "United States of America, Russia, North Korea, Cuba, Iran, The Republic of Belarus, Syria." The terms also require users not to reside anywhere the services would be contrary to local law.
On the firm's own terms, Core and Lite suit traders who want a two-phase evaluation with no time limit, no minimum trading days and a fee refunded with the first compensation. Speed is for traders who accept a 24-hour test for a low fee, with a free Core entry if they pass. Direct Access Pro skips the evaluation for a larger one-time fee, with a 3% daily loss limit, a 6% maximum loss, a 2% maximum risk per trade and no weekend holding. Traders who rely on high-frequency trading or hedging across accounts should note that the terms prohibit these.
MyPropGenius Rating:
The rating measures how openly MasterFunders discloses its rules, pricing, payouts and ownership (our Transparency Index methodology). It does not measure how likely you are to pass or be paid.
Check the current rules and prices on the firm's own website before you buy.
MyPropGenius may receive compensation if you sign up through our links. This does not affect our ratings or review integrity.
MasterFunders offers two-phase Core and Lite challenges with no time limit, a 24-hour Speed Challenge and a zero-step Direct Access Pro programme, all on Match-Trader with static drawdowns. Evaluation programmes show an 80/20 split with payouts on demand after the first 72 hours, and Core and Lite fees are refunded with the first compensation. Its pages differ on payout processing time, and the terms list many prohibited practices.
Tell our finder how you trade and it will check every firm we track against your requirements.
Find My MatchCore and Lite have no time limit and no minimum trading days. The Speed Challenge must be completed within 24 hours. The FAQ also mentions a 30-day maximum inactivity rule.
The evaluation programmes show an 80/20 split. The first payout can be requested 72 hours after entering the MasterTrader phase, then on demand. The minimum request is 1% of account size.
No. The firm says all its accounts use a static, balance-based maximum drawdown fixed on the initial balance. The daily limit is based on the previous day's end balance or equity, whichever is higher.
Yes on Core, Lite and Speed, which also allow overnight holding and news trading. Direct Access Pro allows news trading but not weekend holding.
For Core and Lite, the fee is refunded in full with the first compensation after passing. Speed fees are not refunded, but passing a Speed Challenge gives free entry into a Core Evaluation of the same size.
The FAQ says the firm does not offer its services to citizens of the United States, Russia, North Korea, Cuba, Iran, Belarus and Syria.