Firm Overview
Trading infrastructure and payment options
Broker
EdgeClear
Trading Platforms
3 platforms available
Payment Methods
Deposit options
Payout Methods
Withdrawal options
Challenges & Journey
Challenges & Journey
Choose your path to funded trading
| 25K Classic Starter V3 | 50K Classic Growth V3 | 100K Classic Scale V3 | 10K Daily Seed | 25K Daily Starter | 50K Daily Growth | 10K Spark Seed | 25K Spark Starter | 2K Merit | |
|---|---|---|---|---|---|---|---|---|---|
| Profit Split | 90.000% | 90.000% | 90.000% | 80.000% | 80.000% | 80.000% | 90.000% | 90.000% | 50.000% |
| Max Drawdown | 6.000% | 4.000% | 3.000% | 6.000% | 6.000% | 4.000% | 4.000% | 4.000% | 100.000% |
| Daily Loss Limit | — | — | — | — | — | — | — | — | 25.000% |
| Phase 1 Target | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% | — |
| Min Trading Days | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 0 |
| Time Limit | — | — | — | — | — | — | — | — | 30 calendar days, after which the attempt is reviewed and either approved for live funding or closed. No profit target is published for this plan. |
| Drawdown Type | EOD Trailing | EOD Trailing | EOD Trailing | EOD Trailing | EOD Trailing | EOD Trailing | EOD Trailing | EOD Trailing | Static |
| Payout Frequency | Weekly, from five trading days in, then five trading days apart | Weekly, from five trading days in, then five trading days apart | Weekly, from five trading days in, then five trading days apart | Every trading day, no waiting period between requests; each green day matures in 3 trading days before it can be withdrawn | Every trading day, no waiting period between requests; each green day matures in 3 trading days before it can be withdrawn | Every trading day, no waiting period between requests; each green day matures in 3 trading days before it can be withdrawn | Bi-weekly, first request five trading days after starting | Bi-weekly, first request five trading days after starting | On request once live funded, up to 10 per day, no minimum and no waiting period |
| Trading Rules | |||||||||
| News Trading | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| Copy Trading | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| EAs Allowed | No | No | No | No | No | No | No | No | No |
| Weekend Holding | No | No | No | No | No | No | No | No | No |
| Overnight Holding | No | No | No | No | No | No | No | No | No |
| Stop Loss Required | No | No | No | No | No | No | No | No | No |
| Refundable Fee | No | No | No | No | No | No | No | No | No |
Leverage Ratios
Maximum leverage by asset class and challenge type
| Asset Class | InstantNo evaluation | 1-StepSingle phase | 2-StepsTwo phases | 3-StepsThree phases |
|---|
Higher leverage increases both potential profits and risks. The 2-Step challenge offers the highest leverage ratios.
Payout Policy
Profit withdrawal rules and schedules
Payout cadence is set by the account line, and each line has its own request window and caps.
- Classic pays weekly. The first request opens five trading days in and each one after that is five trading days apart. A request must be worth at least $75, a locked buffer stays in the account, and a single payout is capped at $600 on Starter, $1,000 on Growth and $2,000 on Scale. A qualifying day must clear a minimum profit of $100, $200 or $300 by tier.
- Spark pays bi-weekly, with the payout stage reached five trading days after you start. The minimum request is $30 on Seed and $75 on Starter, capped at $300 and $400 respectively. There is no buffer.
- Daily pays on every trading day with no waiting period between requests and no minimum profit for a day to count. Each green day has to mature for three trading days before it can be withdrawn. Requests must be worth at least $75 and a single day is capped at $200, $500 or $1,000 by tier, with an aggregate ceiling of $1,000 per day per trader across every Daily account held. Matured profit above the cap stays in the account for a later day.
- Merit has no buffer, no window, no cap, no minimum and no waiting period, with up to ten requests a day.
Profits are split 90% to the trader on Classic and Spark and 80% on Daily. Merit uses an adaptive split that begins at 50/50 while the capital behind the account is repaid, then rises permanently to 80% once the account's starting balance has been returned.
Payouts are requested through the withdrawal centre and paid by PayPal, Payoneer or Wise, chosen at the time of the request. Processing takes up to two to three business days. Payouts are never made in cryptocurrency on any line. A breach of the overnight and over-week rule, or of the hedging rule, voids the payout and closes the account.
After four payouts a Classic or Spark account moves to a live funded account with the firm's execution partner, where the drawdown becomes static. Merit skips that stage and goes straight to a live account on approval.
Instruments & Assets
Available trading instruments and asset classes
Instrument Type
Contract for Difference
Trade price movements without owning the underlying asset
Indices
Available
FX
Available
Metals
Available
Energy
Available
Other Commodities
Available
Crypto
Available
Commission Structure
Trading fees by asset class
Commission depends on which data feed the account runs. TFeed is charged at half the dxFeed rate on every contract, and the same rates apply to challenges and funded accounts alike.
Rates are charged per contract per side, so a round turn is twice the single side figure and a three lot round turn is three times the round turn figure. Commission comes off the account balance as you trade, which means it counts against the drawdown exactly as a loss does.
Round turn rates by market, dxFeed first and TFeed second:
- Equity index: ES, NQ, RTY and YM at $4.36 and $2.18; micros MES, MNQ, M2K and MYM at $1.42 and $0.71; NKD at $5.90 and $2.95.
- FX futures: 6A, 6B, 6C, 6E, 6J, 6S and 6N at $4.80 and $2.40; M6E at $1.20 and $0.60.
- Metals: GC, SI, HG, PL and PA at $4.80 and $2.40; QO and QI at $2.00 and $1.00; MGC at $1.72 and $0.86.
- Energy: CL, HO and RB at $4.60 and $2.30; NG at $4.80 and $2.40; QM at $4.00 and $2.00; QG at $2.60 and $1.30; MCL at $1.72 and $0.86.
- Bonds: ZT and ZF at $2.90 and $1.45; ZN at $3.20 and $1.60; ZB at $3.34 and $1.67; UB at $3.50 and $1.75.
- Agricultural: HE, LE, GF, ZC, ZW, ZS, ZM and ZL at $6.24 and $3.12.
- Crypto futures: BTC at $13.52 and $6.76; MBT at $5.52 and $2.76; ETH at $11.52 and $5.76; MET at $0.80 and $0.40.
Market data is billed separately from commission. A dxFeed account includes Level 1 at no extra cost, with optional Level 2 depth at $15 per month for a single exchange or $40 per month for a four exchange bundle, renewed on the first of each month under the exchange's own calendar. TFeed carries no market data of its own, which is why its commissions are lower; the trader supplies a leader account that already has data. Once an account reaches the live funded tier, the broker's own rate applies.
Indices
Round turn per contract, quoted on the dxFeed rate and the TFeed rate. E-mini S&P 500 (ES), E-mini NASDAQ-100 (NQ), E-mini Russell 2000 (RTY) and E-mini Dow (YM): $4.36 on dxFeed, $2.18 on TFeed. Micro contracts (MES, MNQ, M2K, MYM): $1.42 on dxFeed, $0.71 on TFeed. Nikkei/USD (NKD): $5.90 on dxFeed, $2.95 on TFeed. Commission is charged per contract per side and comes off the account balance as you trade, so it counts against the drawdown.
FX
Round turn per contract on CME FX futures, quoted on the dxFeed rate and the TFeed rate. Australian Dollar (6A), British Pound (6B), Canadian Dollar (6C), Euro FX (6E), Japanese Yen (6J), Swiss Franc (6S) and New Zealand Dollar (6N): $4.80 on dxFeed, $2.40 on TFeed. Micro Euro FX (M6E): $1.20 on dxFeed, $0.60 on TFeed.
Metals
Round turn per contract, quoted on the dxFeed rate and the TFeed rate. Gold (GC), Silver (SI), Copper (HG), Platinum (PL) and Palladium (PA): $4.80 on dxFeed, $2.40 on TFeed. E-mini Gold (QO) and E-mini Silver (QI): $2.00 on dxFeed, $1.00 on TFeed. Micro Gold (MGC): $1.72 on dxFeed, $0.86 on TFeed.
Energy
Round turn per contract, quoted on the dxFeed rate and the TFeed rate. Crude Oil (CL), Heating Oil (HO) and RBOB Gasoline (RB): $4.60 on dxFeed, $2.30 on TFeed. Henry Hub Natural Gas (NG): $4.80 on dxFeed, $2.40 on TFeed. E-mini Crude Oil (QM): $4.00 on dxFeed, $2.00 on TFeed. E-mini Natural Gas (QG): $2.60 on dxFeed, $1.30 on TFeed. Micro Crude Oil (MCL): $1.72 on dxFeed, $0.86 on TFeed.
Other Commodities
Round turn per contract on grain, soft and livestock futures, quoted on the dxFeed rate and the TFeed rate. Lean Hog (HE), Live Cattle (LE), Feeder Cattle (GF), Corn (ZC), Chicago SRW Wheat (ZW), Soybean (ZS), Soybean Meal (ZM) and Soybean Oil (ZL): $6.24 on dxFeed, $3.12 on TFeed.
Crypto
Round turn per contract on CME crypto futures, quoted on the dxFeed rate and the TFeed rate. Bitcoin (BTC): $13.52 on dxFeed, $6.76 on TFeed. Micro Bitcoin (MBT): $5.52 on dxFeed, $2.76 on TFeed. Ethereum (ETH): $11.52 on dxFeed, $5.76 on TFeed. Micro Ethereum (MET): $0.80 on dxFeed, $0.40 on TFeed. These are exchange-listed futures contracts, not spot cryptocurrency.
Consistency Rules
Performance requirements to maintain your account
The consistency rule caps how much of your total profit may come from a single trading day. Phoenix applies it differently by account line, and where it applies differs between the challenge and the funded account.
- Classic: 50% during the challenge, none once funded.
- Daily: 50% during the challenge, none once funded.
- Spark: none during the challenge, 30% once funded.
- Merit: none at any stage.
The threshold is measured by taking your single best trading day and dividing it by your total profit. On a Classic or Daily challenge that figure must be 50% or less at the moment you reach the profit target. It is measured on closed daily results rather than on running profit during a session.
Spark is the inverse of the other lines: your best day can represent any share of your profits during the challenge, and the 30% cap applies only after the account is funded.
Prop Trading Rules
Trading conditions and rules for prop accounts
Phoenix applies the same trading rules across Classic, Daily, Spark and Merit, and at every stage of an account: challenge, pre-funded and live funded.
News trading is allowed on every account and every tier, Tier 1 events included. There is no window during which trading is blocked and no requirement to be flat before a release. The firm classifies FOMC minutes and rate decisions, US CPI, the US employment report, EIA crude oil and natural gas inventories and crop production reports as Tier 1.
Copy trading is allowed across your own accounts at every stage, and the firm ships its own copier for it. Running the same direction across several of your accounts is permitted.
Hedging between accounts is prohibited. Opposing positions on the same asset across two accounts, so that the pair is flat whichever way price moves, is treated as hedging whether the second account belongs to you or to someone else. Detection is automated and continuous.
Overnight and over-week positions are prohibited on every account at every stage. Every position must be closed before the session ends, and nothing may be carried across a weekend. Product closing times differ, so the earliest one you hold governs your session. This is the only rule that still applies once an account reaches the live funded tier. A breach during a challenge means the funded account is denied; on a funded account the payout is denied and the account is closed.
Automated systems are prohibited. High frequency trading and expert advisor bots that trade without you are not permitted on any account.
Otherwise the strategy restrictions are light. Scalping is allowed with no minimum trade duration, and martingale and dollar cost averaging carry no restriction.
Firm Rules
Guidelines and restrictions for funded accounts
Each account line sets its own validation requirements for the evaluation.
- Classic: reach the profit target, do not touch the maximum drawdown, keep the best day within 50% of total profits, and trade at least 2 days.
- Daily: the same four requirements, with a minimum of 2 trading days.
- Spark: reach the profit target, do not touch the maximum drawdown, and trade at least 1 day. There is no consistency requirement during the challenge.
- Merit: no profit target and no minimum trading days. The account runs for 30 calendar days, after which the trading is reviewed and a funding decision is made on how the account was traded rather than how much it made. Most attempts are not selected for live funding, and one attempt is allowed.
There is no deadline to finish a Classic, Daily or Spark evaluation. Classic and Daily bill every 30 days while the challenge runs and can be cancelled from the dashboard at any time; Spark and Merit are paid once with nothing further to pay however long the evaluation takes. A Spark challenge is disabled after 90 calendar days with no trade placed, and a pre-funded account is expected to trade at least once every seven calendar days.
On funded accounts, three further rules apply alongside the firm-wide ones. Taking a single tick on bonds such as ZB, ZN or ZS is not permitted. Flipping, meaning a token trade placed only to validate a trading day, means the day is not counted. Opposing positions across accounts are treated as hedging.
Challenges may be run without limit and in parallel across lines and sizes. Pre-funded accounts are capped by data feed at 3 per trader on dxFeed and 5 on TFeed, with per line sub-limits inside the TFeed allowance.
An activation fee is charged once when a funded account is created, and only on Spark, at $29. Classic, Daily and Merit funded accounts are activated free of charge. Every purchase is final: evaluations, resets and activation fees are all non-refundable.
Restricted Countries
Geographic limitations for account registration
Service Unavailable
Trading services are not available for residents of the following countries due to regulatory restrictions:
If your country is listed above, you will not be able to create an account or access trading services with this firm.
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