Status note: The Funded Trader (TFT) has had a turbulent operational history, including a full pause of operations in March 2024 and a subsequent relaunch. As of the time of writing, the website remains live and challenges are listed as available. A second wave of platform disruptions occurred in late 2025 following a migration away from cTrader and MT5, and trader reports of unresolved payouts and inaccessible accounts continue into 2026. Readers should treat this review as a factual record of TFT’s history and its stated product offering, not as confirmation that normal operations are currently ongoing. Verify operational status directly before purchasing any challenge.
About The Funded Trader
Origins and Early Growth
The Funded Trader was founded on May 21, 2021, by Angelo Ciaramello, Blake Olson, and Carlos Rico Jr., the people behind two existing trading education communities, VVS Academy and the Forex League. The idea, as Ciaramello described it publicly, came from watching talented traders fail not because they lacked skill, but because they lacked capital. The aim was to build a prop evaluation firm that put community first: leaderboards, free competitions, educational content on YouTube and Instagram, and an active Discord server that at its peak numbered tens of thousands of traders.
It grew fast. As a forex prop firm, TFT surpassed $1 million in cumulative trader payouts in its early months, then processed its first six-figure payout to a single trader. It launched the Rapid Challenge, a product that let traders reach a funded account in as few as 3 days, and claimed to be one of the largest forex/CFD prop firms by raw account count. By late 2023, CEO Angelo Ciaramello publicly stated that TFT held over $700 million in simulated funding accounts across its trader base. The firm’s primary broker relationship at this stage was with Eightcap, which provided the MT4 and MT5 infrastructure that most traders used.
For most of 2021 and 2022, TFT’s reputation was broadly positive. Payouts were being processed, new programs were being launched, and the community angle differentiated it from more anonymous competitors.
The Collapse of March 2024
The first signs of serious strain emerged in late 2023. TFT began experiencing payment processing difficulties, and complaints about denied or delayed payouts started appearing on social media and review platforms in growing volume. By January and February 2024, the situation had escalated: a Ciaramello livestream intended to reassure traders reportedly showed that over $2 million in payouts for those two months alone were marked as denied, roughly 10% of the total payout volume.
In early 2024, the firm also lost its MT5 access. Eightcap, which had been TFT’s primary broker, discontinued services to prop firm clients at the end of February 2024, reportedly under pressure related to MetaQuotes’ push to restrict MT4 and MT5 usage by firms serving US clients without appropriate licensing. TFT was given approximately 3 days’ notice to migrate tens of thousands of accounts to DXTrade. Ciaramello later acknowledged publicly that DXTrade wasn’t ready for the volume, and that the platform suffered significant instability during the New York market open. With MT5 gone (its highest-selling platform), revenue dropped by roughly 90% in the space of weeks, according to Ciaramello’s own account.
On March 28, 2024, TFT announced a temporary pause of all operations. Active challenge and funded accounts were suspended. Traders with pending payouts were told they would be paid on a defined schedule. Traders without pending payouts were offered 100% off coupons for new Phase 1 accounts upon relaunch. All existing accounts, both challenge and funded, were to be restarted from scratch, with no migrations of old account states offered.
The announcement was met with widespread anger. Over 80,000 accounts were affected. The firm simultaneously announced it was restructuring its business and relocating from the United States to the Cayman Islands. Ciaramello, who had been highly public as the face of the company, went quiet on social media for several months.
The Relaunch and Its Aftermath
TFT relaunched on April 18, 2024, sending out approximately 40,000 100%-off coupons to traders to restart their journeys on the new platform. By August 2024, five months after the pause, TFT issued a public update stating it had processed 30% of outstanding trader payouts, 55% of affiliate payouts, and had issued 70% of the replacement accounts owed to traders. The firm also disclosed it was reviewing 2023 trading activity to identify traders eligible for account restoration and was reassessing accounts that had been breached or banned during the crisis period.
Ciaramello publicly disclosed a financial breakdown of what each partner had extracted from the business over its lifetime and what each had reinvested since the relaunch. His own contributions back into the business since April 2024, he stated, totaled over $1.1 million. He also stated that approximately $4 million generated from post-relaunch revenue had been directed toward clearing the backlog of outstanding debt created in March 2024.
By early 2025, Ciaramello returned to active public engagement, conducting bi-weekly press conferences and AMAs on Discord and YouTube. Weekly payout highlights were being published showing individual traders receiving four- and five-figure payouts from Royal Pro and Knight Pro challenge accounts. In May 2025, TFT announced it had received approval to offer cTrader to US clients, framing it as a milestone in its compliance-driven rebuilding effort.
A second significant disruption followed in August 2025. TFT migrated traders away from cTrader and MT5 to Match-Trader, under a new broker relationship with Voyage Markets. The migration was delayed, left many traders without platform access for extended periods, and support channels including the ticketing system and live chat were subsequently taken offline. Trustpilot reviews from September and October 2025 describe accounts with inaccessible dashboards, unresolved Phase 2 completions, outstanding payouts not being actioned, and no meaningful response from the support team. Some traders reported that the Voyage Markets infrastructure showed 404 errors within weeks of the migration.
The Owner’s Stated Direction
Ciaramello’s public statements through 2025 consistently emphasized rebuilding trust, clearing the payout backlog, and expanding TFT’s product range. Announced plans included the development of proprietary in-house dashboard technology, the launch of a futures trading arm (announced as “The Futures Traders”), AI-based trader analysis tools, and additional challenge types including Dragon Pro and Rapid Pro variants. Separately, Ciaramello’s LinkedIn showed him representing ThinkCapital, a different prop firm, at the Forex Expo Dubai in October 2025, indicating involvement in at least one other business alongside TFT during this period.
Account Types & Pricing
TFT offered five named challenge types spanning 1-step, 2-step, and 3-step structures. Account sizes available across the range were $5,000, $10,000, $25,000, $50,000, $100,000, and $200,000, with some sizes unavailable for certain programs. The website’s pricing configurator is dynamically rendered. Two prices are available from the site: $549.00 for the Knight challenge at $200,000 on Match-Trader, and $489 for TFT’s 1-step $100,000 challenge, as shown in a homepage comparison table. Full pricing across all programs and account sizes should be verified directly on TFT’s website.
Knight (1-Step)
A single-phase evaluation leading directly to a funded account. The Knight at $200,000 costs $549.00. It carries a 10% profit target, a 3% maximum daily loss, and an 8% maximum overall loss. Eligible traders can receive their first payout in as few as 7 days after acquiring the funded account.
Knight Pro (1-Step)
A single-phase evaluation with the same structural approach as the Knight but with additional features, including anytime payouts, up to $2,500,000 in funded allocation, and a VIP program offering up to 95% profit split. It also features balance-based daily drawdown and news trading enabled across both the challenge and funded stages.
Classic (1-Step)
Listed as a selectable option alongside Knight and Knight Pro in the 1-step configurator. Further rule details and pricing are not publicly documented on the homepage.
Royal (2-Step)
A 2-step evaluation described as the only challenge that permits EAs and weekend holding, with no lot size limitations and a minimum of just 5 trading days required across both phases. Its structure is similar to the firm’s earlier Standard and Rapid challenges.
Royal Pro (1-Step Variant)
Offers news trading, crypto trading support, scaling up to $1.2M in challenge funds and $600,000 in funded accounts, a VIP program with 95% reward split, and 3-day payouts. It also features a static maximum drawdown, a soft breach on daily drawdown, trade copying, EAs, cBots, weekend holding, and an 85% base reward split.
Dragon (3-Step)
A 3-phase evaluation designed to offer a more affordable entry fee by spreading the evaluation across an additional phase. Further rule details and per-size pricing are not publicly documented on the homepage.
Challenge Structure
Phase Overview
TFT uses an evaluation-based model with simulated capital throughout. Traders are never trading with real money at any stage: the funded account is a fully simulated account using real market quotes from liquidity providers. The business model involves monetizing the trading data, with traders remunerated based on virtual profits generated.
The 1-step challenges (Knight, Knight Pro, Classic) consist of a single Phase 1 followed immediately by the funded stage on passing. The 2-step Royal consists of Phase 1 (The Challenge) and Phase 2 (The Verification) before reaching the funded stage. The Dragon uses a 3-phase structure.
Profit Target
The Knight carries a 10% profit target in Phase 1. The funded stage has no profit target. Profit targets for the Royal and Dragon are not published on the homepage.
Phase 1 Rules (Knight)
| Rule | Value |
|---|---|
| Profit target | 10% |
| Maximum daily loss | 3% |
| Maximum overall loss | 8% |
| Minimum trading days | 5 |
| Maximum trading days | Unlimited |
| Time limit | None |
| Consistency rule (The Daily March) | 5 days with at least 1.00% profit per day |
Phase 2 Rules
Phase 2 applies to the Royal and Dragon challenges. The Royal requires a minimum of 5 trading days across both phases combined. Specific per-phase rule details for these programs are not published on the homepage.
Drawdown Rules (Challenge)
Drawdown Values
For the Knight, the maximum overall loss is 8% of the initial account balance.
Daily Loss Limit
The maximum daily loss for the Knight is 3%. It’s calculated based on the account balance at the end of the previous trading day at 5:00 PM EST, meaning the daily loss ceiling resets each morning based on the prior day’s closing balance rather than intraday equity movements.
Drawdown Calculation Method
Two separate methods apply to the Knight challenge:
- Maximum overall loss: static. The drawdown level is fixed from the initial account balance and does not change regardless of profits made or equity movements.
- Maximum daily loss: EOD balance-based. The daily limit is recalculated each day from the prior day’s closing balance. Intraday highs and lows do not move it.
One important detail specific to the Knight: exceeding the daily loss limit results in a soft breach only. Open positions are closed and the account is disabled until the next trading day at 5:00 PM EST, rather than a permanent account failure.
Drawdown Lock
The maximum overall loss is static and does not trail, so there is no lock mechanism to describe. The daily loss limit simply resets each trading day at 5:00 PM EST.
Funded Account Rules
Drawdown Rules (Funded)
The drawdown rules at the funded stage match those of the challenge stage for the Knight:
- Maximum daily loss: 3% (EOD balance-based)
- Maximum overall loss: 8% (static, fixed from initial balance)
The soft breach behavior on the daily loss limit carries through to the funded stage.
Consistency Rule (Funded)
A consistency requirement called The Daily March applies at the funded stage. The requirement is 2 days with at least 1.00% profit per day, measured from starting to ending day equity. This is less demanding than the Phase 1 requirement of 5 days. Failing to meet The Daily March doesn’t result in account failure; trading simply needs to continue until the condition is satisfied before a reward can be requested.
Lot Size Limits (Funded)
The Royal challenge has no lot size limitations. Lot size limits for the Knight and other programs are not published on the homepage.
Leverage
| Asset Class | Leverage |
|---|---|
| Forex | 1:30 |
| Metals & Commodities | 1:10 |
| Indices | 1:5 |
| Crypto | 1:1 |
Profit Split
Knight Pro and Royal Pro accounts offer up to 95% profit split via the VIP program. The Royal Pro carries an 85% base reward split. The base profit split for the Knight and Classic programs is not published on the homepage.
Payout Rules
First Payout Requirements
For the Knight, the first reward can be requested anytime after receiving the funded account, with eligibility possible in as little as 7 days. The Daily March consistency rule (2 days at 1.00% profit per day) must be satisfied before requesting.
Subsequent Payout Requirements
Subsequent rewards are also available anytime. The Daily March requirement resets for each new payout period (2 days at 1.00% per day).
Payout Frequency
Anytime, for Knight and Knight Pro accounts. Royal Pro offers 3-day payouts.
Payout Caps & Limits
TFT uses a tiered cap structure on payout requests:
- First payout: 0.50% of account balance
- Second payout: 5% of account balance
- Third payout onwards: 10% of account balance
Payout Buffer
Not published on the homepage.
Daily Progression Rule
Not published on the homepage.
Scaling Plan
For Knight and Knight Pro accounts, traders can hold up to $2.5 million in total virtual balance across a maximum of 20 active accounts. This limit applies separately to challenge and funded accounts: a trader can hold up to $2.5M in challenge accounts and up to $600,000 in active funded accounts at the same time. The overall cap on active funded accounts at any given time is $600,000.
For Royal Pro, the maximum allocation is up to $1.2M in challenge funds and $600,000 in funded accounts.
Structured scaling tiers tied to specific performance milestones are not published on the homepage.
Live Account Pathway
TFT’s funded accounts are fully simulated at all times. There is no live funded account pathway.
Trading Rules & Restrictions
Permitted Instruments
Trading is available across forex, commodities, indices, and crypto, with the exact instruments depending on the selected trading platform. The Royal challenge has no lot size limitations across any instruments.
Trading Hours & Overnight Policy
Weekend holding is permitted for the Knight across both Phase 1 and the funded stage. Specific intraday cut-off times are not published on the homepage.
News Trading Policy
News trading is permitted during both the challenge and funded stages for the Knight. Knight Pro and Royal Pro also explicitly permit news trading.
Expert Advisors & Copy Trading
EAs and a trade copier are permitted for the Knight in both Phase 1 and the funded stage. The Royal explicitly permits EAs. The Royal Pro permits EAs, cBots, and trade copying.
Prohibited Practices
Specific prohibited practices are not listed on the homepage. The firm’s Terms of Use and Customer Agreement govern trading conduct and should be reviewed directly before starting a challenge.
Additional Rules
Maximum account allocation: Members can hold a maximum of $1.2M in active challenge account virtual starting balance (across Phase 1, Phase 2, and Phase 3 accounts) and a maximum of $600,000 in active funded account virtual balance simultaneously. For Knight and Knight Pro, a cap of 20 active accounts also applies, with whichever limit is reached first taking effect.
Minimum age: 18 years.
KYC/AML: Required before any funded account or payout is issued. The process takes approximately 5 minutes for most traders.
Account credentials: Delivered within 5 minutes of payment confirmation. Crypto payments require blockchain confirmation first, which may take longer depending on network congestion.
Trading Platforms
Available Platforms
| Platform | Level |
|---|---|
| Match-Trader | Beginners |
| DXTrade | Beginners |
| cTrader | Advanced |
| Platform 5 (MetaTrader 5) | Advanced |
Platform availability may vary by challenge type. The firm has migrated its platform infrastructure multiple times: from MT5 to DXTrade in February 2024, to cTrader for some accounts in March 2024, and subsequently to Match-Trader via Voyage Markets in August 2025. Current platform availability should be verified directly before purchasing.
Billing & Account Management
Fee Structure
Challenge fees are one-time payments. The Knight 1-step at $200,000 is priced at $549.00. TFT’s 1-step $100,000 challenge is referenced at $489 in a homepage comparison table. Whether any portion of the fee is refundable on passing is not stated on the homepage. Full pricing across all programs and account sizes should be verified directly on TFT’s website.
Resets
Reset fee amounts are not published on the homepage.
Payouts & Withdrawals
Payment Methods
TFT has used Rise Pay and Plane Payouts as payout processors at various points in its history. Current payment method availability should be verified directly, as the firm’s payout infrastructure has changed multiple times.
Processing Times
Royal Pro offers 3-day payouts. Processing times for other programs are not published on the homepage.
Tax & Eligibility Requirements
KYC and AML screening is required before any funded account or payout is issued. The minimum age to participate is 18 years. The following countries are ineligible: Cuba, Iran, North Korea, Syria, Russia, and Ukraine (specifically the Crimea, Donetsk, and Luhansk regions).