Phoenix Trader Funding is a futures prop firm. Its Terms of Use name the operator as Phoenix Trader Funding SAS, registered in Paris. It sells four account lines: Classic, Daily, Spark and Merit. Classic, Daily and Spark are evaluations with a profit target. Merit is a 30-day evaluation with no profit target, after which the firm decides whether to fund you.
The firm says its challenge and funded accounts are simulated. Passing a Classic, Daily or Spark challenge leads to a Pre-Funded account, where you can withdraw under your line's profit split. After a set number of payouts, or a set amount paid, and a risk review, you may be moved to a live account with the broker EdgeClear. Merit skips the Pre-Funded stage and goes straight to a live account if approved.
The help centre says news trading and scalping are allowed on every account, while overnight and over-week positions, hedging between accounts and EA or HFT bots are prohibited.
Everything in this review comes from Phoenix Trader Funding's 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 90% source Firm's wording: “Profit Split 90% 90% 90%” |
|---|---|
| Cheapest account | $69 (list price) source |
| Account types | 1-Step evaluation source |
| Markets | Futures only (contracts on forex, crypto, indices, commodities, metals) source |
| Platforms | Odin, Quantower, NinjaTrader, Tradovate, TradingView, Rithmic, ATAS, DeepChart, DeepDom, Sierra Chart, Multicharts, Jigsaw, Bookmap, MotiveWave, Investor/RT, Tiger.Trade, Overcharts, VolFix, Optimus Flow, Photon Trader, Inside Edge, QScalp, Agena 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) | |
| Restricted countries named | Afghanistan, Armenia, Belarus, Bosnia and Herzegovina, Burundi, Central African Republic, Cuba, Côte d'Ivoire, Egypt, Eritrea, Guinea, Haiti, Iran, Iraq, Kosovo, Lebanon, Libya, Mali, Myanmar, Nicaragua, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Tunisia, Türkiye, Venezuela, Yemen, Zimbabwe source Countries the firm names. Its list may also refer to sanctions lists or other countries — check the linked page. |
The pricing cards on the evaluations page show these full prices. For Classic and Daily, the cards also show a lower promotional price beside the full price.
| Line | Size (starting balance) | Full price shown | How it is billed | Activation fee |
|---|---|---|---|---|
| Classic | Starter $25,000 / Growth $50,000 / Scale $100,000 | $89 / $128 / $269 | Per month | $0 |
| Daily | Seed $10,000 / Starter $25,000 / Growth $50,000 | $99 / $199 / $329 | Card says "one-time"; help centre says it renews every 30 days | $0 |
| Spark | Seed $10,000 / Starter $25,000 | $44 / $74 | One-time | $29, one-time, charged only after you pass |
| Merit | $2,000 | $69 | One-time | $0 |
Classic is a monthly subscription that you can cancel at any time. Once you pass, any challenge subscription is cancelled automatically, and funded accounts carry no monthly fee on any line. Spark and Merit are paid once.
The pages disagree on two pricing points. The Daily cards label the price "one-time", but the help centre says Classic and Daily renew automatically every 30 days; check the checkout page for which applies. The homepage also says "Start with a Spark account from $39 a month", which does not match the $44 one-time Spark price on the pricing cards or the help centre's statement that Spark is paid once. We used the pricing cards and the help centre.
Spark Growth ($50K) is closed to new purchases. Merit is a single attempt: the help centre says it cannot be reset, and that to open the option again you must first buy a Classic or Daily account. The Merit page's FAQ lists Merit $10K, $50K and $100K tiers, but the pricing card and the help centre describe one $2,000 size; we used the help centre.
Classic, Daily and Spark are passed by reaching the profit target without touching the maximum drawdown, and by meeting the line's other rules.
| Line and size | Profit target | Maximum drawdown | Drawdown type (challenge) | Consistency rule (challenge) | Minimum trading days |
|---|---|---|---|---|---|
| Classic Starter / Growth / Scale | $1,500 / $3,000 / $6,000 | $1,500 / $2,000 / $3,000 | End-of-day trailing | 50% | 2 |
| Daily Seed / Starter / Growth | $600 / $1,500 / $3,000 | $600 / $1,500 / $2,000 | End-of-day trailing | 50% | 2 |
| Spark Seed / Starter | $600 / $1,500 | $400 / $1,000 | End-of-day trailing | None | 1 |
| Merit | None | The full account balance | — | None | None (30 calendar days) |
There is no daily drawdown on Classic, Daily or Spark. Merit has a 25% dynamic daily drawdown, which the help centre labels "Soft". The end-of-day drawdown is recalculated once a day, after the close, and stops trailing once it reaches the starting balance.
The consistency rule on Classic and Daily challenges means your best day must not be more than 50% of your total profit when you reach the target. The help centre says going over it never fails the account; it only delays validation until profits even out.
Classic has a scaling plan that raises your contract limit as profit grows; it also moves back down if profit falls. Daily and Spark have no scaling plan and give full position size from day one.
The help centre says there is no deadline to complete a Classic, Daily or Spark evaluation, but a Spark challenge is closed after 90 days without a trade. Merit lasts 30 calendar days.
Payout rules are set per line. Merit figures apply to its live account.
| Line | Profit split | Payout timing | Minimum payout | Maximum per payout | Consistency rule once funded |
|---|---|---|---|---|---|
| Classic (Starter / Growth / Scale) | 90% | Weekly, every 5 trading days | $75 | $600 / $1,000 / $2,000 | None |
| Daily (Seed / Starter / Growth) | 80% | Any trading day, once profit has matured | $75 | $200 / $500 / $1,000 per trading day | None |
| Spark (Seed / Starter) | 90% | Bi-weekly | $30 / $75 | $300 / $400 | 30% |
| Merit (live) | 50/50, then 80% | Whenever you want, up to 10 per day | $1 | None | None |
Classic: you need 5 winning days between payouts, where a winning day is $100, $200 or $300 for Starter, Growth and Scale. A locked buffer of $1,500, $2,000 or $3,000 stays in the account.
Daily: each green day must mature for 3 trading days before it can be withdrawn. A "windfall" day, worth more than 30% of your profit and above the daily cap for your size, matures in 5 trading days. There is no minimum profit per day and no waiting period between payouts. Daily payouts are capped at $1,000 per day per trader across all Daily accounts you hold.
Spark: the payout stage opens five trading days after you start. The funded account has a 30% consistency rule and a drawdown that trails in real time rather than at the end of the day.
On Classic and Spark, the maximum drawdown is set to the starting balance at the first withdrawal and stays static after that. On Daily, the drawdown stays end-of-day trailing once funded.
Merit: the split starts at 50/50 until the account's starting balance has been repaid, then rises to 80% permanently. The firm covers withdrawal fees above $500.
Payouts are paid through Payoneer, Wise or PayPal; PayPal is limited to $2,000 per month. The firm does not pay out in cryptocurrency. The help centre says to allow up to 2 to 3 business days for a withdrawal to be processed, and the Terms of Use say approved payouts are normally sent within 3 business days. The homepage says payouts usually arrive in under 48 hours.
| Line | Moves to a live account | Live account size |
|---|---|---|
| Classic Starter / Growth / Scale | After 4 payouts | $1,250 / $2,000 / $3,500 |
| Spark Seed / Starter | After 4 payouts | $400 / $1,000 |
| Daily Seed / Starter / Growth | Once $1,200 / $3,000 / $6,000 has been paid in total | $500 / $1,250 / $2,000 |
| Merit | On approval after the 30 days | $2,000 |
Live accounts are hosted by EdgeClear on a Rithmic connection. On Classic, Daily and Spark the live drawdown is static; the Merit pages describe its drawdown differently (static on the Merit page, end-of-day until the initial balance in the help centre). The firm explains that it deposits the margin your maximum position size requires, not the headline account size. Reaching the threshold is not automatic: every trade is reviewed first, and the firm may keep you on the Pre-Funded account for longer. On a live account every rule except the ban on overnight and over-week positions is waived, and your other funded accounts go dormant when you transfer.
For Merit, the firm says profit is not the deciding factor. Traders who are not funded receive a Performance Review report of 20 to 30 pages; the firm says most Merit traders are not selected.
The help centre lists these as prohibited during challenges and on funded accounts:
On funded accounts, flipping (token trades to validate a day) and one-tick trading on bonds such as ZB, ZN or ZS are also prohibited. The Classic, Daily and Spark rules articles say the account rolling and cross-account martingale rules apply to all trading from 15 September 2026.
The help centre says news trading is allowed on every account and every stage, Tier 1 events included, with no window during which trading is blocked. Scalping is allowed with no minimum trade duration, and copy trading in the same direction across your own accounts is allowed.
Inactivity rules: a Pre-Funded account must place at least one trade every 7 calendar days, and an account closed for inactivity does not pay out its remaining profit. On a live account the rule is 30 calendar days and is not applied mechanically.
Accounts run on one of two data feeds, TFeed (the firm's own execution feed) or dxFeed. Daily, Spark and Merit accounts are TFeed only. TFeed carries no market data, so you need your own "leader" account with data; the Thor trade copier, included with every TFeed purchase, copies your trades from it into the Phoenix account. On dxFeed, Level 1 data is included.
Platforms named in the help centre:
Markets are futures only. The help centre lists equity index (ES, NQ, RTY, YM, NKD and micros), FX (6A, 6B, 6C, 6E, M6E, 6J, 6S, 6N), metals (GC, MGC, SI, HG, PL, PA), agricultural, bond, energy (CL, MCL, NG and others) and crypto futures (BTC, MBT, ETH, MET). The homepage lists "CME, CBOT, COMEX, NYMEX and EUREX futures" and shows Eurex symbols such as FDAX and FGBL, but the help centre's product list says CME, CBOT, COMEX and NYMEX and includes no Eurex contracts. We used the help centre list.
Classic, Daily and Spark can be reset without limit; Merit cannot be reset. The help centre says you earn one free reset coupon for every month your challenge stays alive, and coupons stack and never expire. On Classic and Daily, which bill monthly, a failed account that reaches its renewal date is reset at renewal at no extra charge. Without a coupon there is a reset fee. The Classic cards show a reset fee equal to the full monthly price ($89, $128, $269). For Daily, the cards show $59, $114 and $189, while the Daily rules article says $39, $69 and $99; check the dashboard, which the firm says shows the current figure.
Every Classic, Daily and Spark challenge comes with unlimited practice accounts using the same parameters, which reset free. A practice account can never be funded.
The help centre says every purchase is final and non-refundable, with no exceptions. The Billing Terms are more specific: fees for evaluations, resets, activations and data are non-refundable once delivered, but the firm refunds duplicate charges, billing errors, services not delivered, unauthorised payments and refunds required by law. Residents of restricted countries who buy anyway will not be funded or refunded.
The Terms of Use name the operator as Phoenix Trader Funding SAS, registered with the Paris Trade and Companies Register (RCS Paris 978 715 332), at 60 rue François 1er, 75008 Paris, France. The agreement is governed by French law. The Terms say tools such as Odin, Thor, Saga and TFeed are provided by Phoenix Technologies, a separate company.
The Terms say evaluations and funded accounts are simulated, that the firm is not a broker, and that profit shares are paid from the firm's own resources, "which mainly consist of program fees". They also say the most you can lose is the fees you paid. Identity verification (KYC) is required before a funded account is activated and before any profit share is paid. You must be at least 18, or the age of majority where you live if that is higher.
The firm publishes a list of 34 country entries it cannot accept, which it says follows the US Treasury's OFAC sanctions programmes. It includes Russia, Belarus, Iran, Iraq, North Korea, Cuba, Syria, Turkey, Egypt, Tunisia, Lebanon, Venezuela, Armenia and Afghanistan, among others, plus parts of Ukraine, Georgia and Ethiopia.
MyPropGenius Rating:
The rating measures how openly Phoenix Trader Funding 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.
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Phoenix Trader Funding sells four futures account lines with different payout schedules: weekly on Classic, on any trading day on Daily, bi-weekly on Spark, and unrestricted withdrawals on a live Merit account. Its help centre allows news trading and scalping on every account but bans overnight positions, cross-account hedging and bots. Some of its pages disagree on prices and fees, so confirm the figures at checkout before you buy.
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Find My MatchYes. The help centre says news trading is allowed on every account and at every stage, Tier 1 events such as FOMC, CPI and Non-Farm Payrolls included, with no window during which trading is blocked.
No. Every position must be closed before the session ends, on every account and at every stage, including live accounts.
Classic and Spark pay 90%, and Daily pays 80%. Merit starts at 50/50 until the account's starting balance has been repaid, then rises to 80%.
Through Payoneer, Wise or PayPal, with PayPal limited to $2,000 per month. The help centre says to allow up to 2 to 3 business days for processing. Payouts are not made in cryptocurrency.
The help centre says there is no deadline to complete an evaluation. A Spark challenge is closed after 90 days without a trade, and Merit lasts 30 calendar days.
No. HFT systems and EA bots that place trades without you are prohibited. Tools that assist your own decisions, such as hotkeys or a DOM, are allowed.