IC Funded vs CMC Funded: Two Big Broker Names Go Head to Head
Research date: 6 October 2026 · All fees shown in US dollars · Standard programmes unless stated otherwise
IC Markets and CMC Markets are two big names in CFD trading. With decades of combined experience and established international businesses, they bring familiar names to a prop trading industry where new brands appear all the time.
That made us want to take a closer look. How do the prop firm programmes associated with these brokers actually compare when you put them head to head?
In this IC Funded vs CMC Funded comparison, we look at what you get for your challenge fee: the targets, drawdown limits, platforms, trading flexibility and payout terms. We’ll start with a quick look at the brokers and their connections to each programme, then get into the details that could make one a better fit for your trading.
There’s plenty to compare. CMC starts with a lower two-step profit target and more freedom to hold trades over the weekend. IC Funded gives you MT5 and cTrader, plus a published payout timetable. The differences become more interesting once you look beyond the names.
What is IC Funded, and how is it connected to IC Markets?
IC Markets was established in Sydney in 2007. Its Australian brokerage entity, International Capital Markets Pty Limited, holds Australian Financial Services Licence 335692. IC Markets Global is the trading name of Raw Trading Ltd, regulated by the Seychelles Financial Services Authority under licence SD018. These are distinct brokerage entities serving different markets.
IC Funded describes a partnership with IC Markets. Its website identifies the programme operator as IC Funded Evaluations Ltd in Saint Lucia, with a separate Cyprus company acting as distributor. The connection is worth knowing about, but your funded account still sits with a separate business. The broker’s regulatory protections do not automatically carry across.
Read our ICFunded review for more background.
Sources: IC Markets history; Australian financial services guide; global brokerage terms; IC Funded’s partnership statement.
What is CMC Funded, and how is it connected to CMC Markets?
CMC Markets was founded in 1989 and is a London Stock Exchange-listed financial services group. Its UK brokerage entity, CMC Markets UK plc, is authorised and regulated by the Financial Conduct Authority under reference 173730.
CMC Markets announced CMC Funded on 28 September 2026 as a simulated evaluation programme developed through a strategic partnership. The announcement explicitly separates it from CMC Markets’ regulated brokerage services. The live terms identify the operator as True North Tech L.L.C-FZ in Dubai.
The terms further state that True North Tech is not owned or controlled by CMC Markets, and no CMC Markets company guarantees rewards or refunds. The brokerage’s history does not establish a payout history for this programme.
Sources: operator and ownership terms; CMC Markets’ UK regulatory disclosure; official CMC Funded announcement.
IC Funded vs CMC Funded: two-step challenge comparison
| Feature | IC Funded Professional | CMC Funded Classic |
|---|---|---|
| Evaluation stages | Two | Two |
| Profit targets | 10%, then 5% | 8%, then 5% |
| Daily loss limit | 5% | 5% |
| Maximum loss | 10%, fixed against initial balance | 10%, fixed against initial balance |
| Minimum evaluation days | Three active days per phase | Three per phase; removable with add-on |
| Standard trader share | 80%; up to 90% with eligible add-on | 80%; 90% with add-on |
| Weekend holding | Not permitted | Permitted, with holding costs |
| Payout timetable | Published 14-day eligibility cycles, with early profitable-day requirements | Payout policy not yet available on the website |
What does the target difference mean on a $100,000 account?
A 10% target requires $10,000 of simulated profit; an 8% target requires $8,000. CMC’s first-stage objective is therefore $2,000 lower, or 20% less profit to achieve in that phase. Both second-stage targets translate to $5,000.
That gives CMC a lower first hurdle. Your chances of passing still depend on the full rulebook, including trading costs, loss calculations and which strategies are allowed.
Sources: IC Funded rules; IC Funded pricing; CMC Funded’s live rules.
One-step and instant funding: what are your options?
| Programme | Target | Daily loss | Maximum loss |
|---|---|---|---|
| IC Funded Accelerated | 10% | 3% | 6% |
| CMC Funded Direct | 10% | 4% | 6% |
| IC Funded Instant | No evaluation target | 3%, previous end-of-day reference | 5%, highest end-of-day reference |
IC Funded currently advertises all three routes on its programme overview. Its Instant option skips evaluation but uses a highest-end-of-day reference for maximum drawdown. Do not assume it has the same fixed loss floor as the two-step programme.
CMC Direct gives one percentage point more daily loss allowance than IC Accelerated, with the same target and overall percentage limit. CMC calculates daily loss from each day’s starting equity, including open-position results. Its overall loss floor is fixed from the initial balance: $94,000 on a $100,000 Direct account, or $90,000 on Classic. Reaching either the daily or overall limit fails the challenge.
Sources: programme overview; CMC loss-limit calculations.
Challenge fees: which offers better value?
IC Funded’s official pricing page confirms a $74 entry fee for its $5,000 two-step account. For a like-sized $100,000 comparison, Propify lists IC Funded at $689, while CMC’s live website confirms Classic at $499. The IC figure still needs checkout confirmation: the retrieved official pricing page displayed only its default $5,000 selection. CMC Classic’s live fees are $99 for $10,000, $199 for $25,000, $299 for $50,000 and $499 for $100,000.
Using that provisional IC price and CMC’s verified $100,000 price, CMC is $190 cheaper upfront, approximately 27.6% below IC Funded. That is an entry-price comparison, not a claim that either programme delivers better expected returns.
IC Funded’s current official overview says the latest one-step or two-step challenge fee is refunded with the third payout. CMC’s refund policy explicitly says passing or receiving a reward does not entitle you to a fee refund. A discretionary courtesy refund may be considered within seven days for an unused challenge, subject to its conditions. That is separate from a success-based refund.
Compare the price of the account you would actually buy, including any profit-split or payout upgrades. And be realistic about refunds: IC’s fee only comes back if you reach that third payout.
Sources: CMC challenge pricing; refund policy.
Payouts: when can you actually get paid?
Here’s how IC Funded’s standard payout schedule works:
- First payout: at least 14 calendar days and five qualifying profitable days.
- Second payout: at least 14 calendar days and three qualifying profitable days.
- Third payout onwards: at least 14 calendar days, without a profitable-day minimum.
The detail to watch is what counts as a profitable day. IC requires at least 0.5% of the initial balance: $500 on a $100,000 account. Finishing $100 up is a green day, but it won’t count towards that requirement. The 14-day schedule tells you when you can qualify to request a payout; processing comes afterwards.
CMC Funded’s live legal page, checked on 6 October, states that its payout policy is not yet available. Its general terms say the policy will be published before any reward can be requested. The terms allow schedules, minimums and review periods to be specified in programme rules or the client area, but the public pages checked do not establish a first-withdrawal timetable. Ask for the applicable payout conditions before paying.
IC Funded has the edge on payout clarity. You can see what you need to achieve before requesting a withdrawal. With CMC, we’d want the missing payout details before committing to a challenge.
Sources: published payout requirements; live legal page.
Trading platforms, news rules and weekend positions
IC Funded’s official FAQ confirms MetaTrader 5 and cTrader. Its two-step pricing table allows news trading during evaluation but shows a three-minute restriction on either side of relevant news in the funded stage. Weekend holding is prohibited across the displayed stages.
If your strategy relies on news moves or keeping trades open from Friday to Monday, these rules could decide the comparison for you. Make sure the way you trade during evaluation will still work once you reach the funded stage.
CMC’s live rules confirm Match-Trader, leverage choices from 1:10 to 1:500, and permission to hold overnight and over weekends. News trading has no restricted release window. Its listed markets cover forex, indices, commodities, shares, cryptocurrencies and prediction markets. The challenge selector states that leverage choice does not change the base fee.
Permission to trade news does not remove the conduct rules. CMC’s terms prohibit abusive exploitation of news spikes, delayed pricing and platform weaknesses, as well as gambling-style risk patterns. Clause 8.4 expressly makes news trading subject to those restrictions. This is relevant to event-driven traders even without a timed blackout window.
CMC’s official announcement also highlights prediction-market events and a separate Verichain-linked evaluation pathway offering interview opportunities. A recruitment opportunity should be assessed separately from the terms of a payout-focused challenge.
Sources: official FAQ; live rules.
Do IC Funded and CMC Funded use real money?
Both use simulated accounts, including after you pass. IC Funded explicitly says evaluation and funded-stage trading use demo accounts. CMC Markets says CMC Funded does not open live brokerage accounts or execute customer trades, and that participant accounts remain simulated.
A displayed $100,000 balance is therefore not $100,000 deposited in your name or available to withdraw. Any cash reward depends on the programme contract and eligibility rules.
Sources: IC Funded FAQ; CMC Markets announcement.
IC Funded or CMC Funded: which should you choose?
IC Funded looks the better fit if you want MT5 or cTrader and a clear set of payout requirements. Just check that its profitable-day rules suit you. If most of your returns come from one or two big days, those early withdrawals could take longer than you expect.
CMC Funded stands out for its lower first-stage target, weekend holding and wider leverage choice. Those are useful differences, especially if you hold trades for several days. The missing public payout policy is the main unanswered question, and we’d want that settled before paying.
Put your recent trades through both rulebooks before choosing. Would you have breached a loss limit? Would your winning days qualify for a payout? Could you keep your usual positions open? Those answers will tell you far more about the right fit than the broker name alone.
Frequently asked questions
Is IC Funded the same company as IC Markets?
No. IC Funded describes a partnership with IC Markets, but its website names a separate programme operator. Assess the funded contract independently of the brokerage relationship.
Is CMC Funded an FCA-regulated trading account?
CMC Markets’ own announcement says CMC Funded operates separately and is not a regulated product or service provided by CMC Markets. The broker’s FCA status should not be presented as protection for the funded programme.
Which has the lower two-step profit target?
CMC’s published Classic target is 8% in the first phase, compared with IC Funded’s published 10%. Both list 5% for the second phase.
Does a 90% profit split come as standard?
No. The compared standard splits are 80%, with higher shares available through eligible paid upgrades. Check the final order rather than relying on “up to” advertising.
Which firm has clearer payout requirements?
IC Funded publishes timing and profitable-day requirements. CMC’s live legal page says its payout policy is not yet available, so its detailed withdrawal conditions still need confirmation.
Method: IC Funded’s official pages and CMC Markets’ announcement were checked, followed by direct browser inspection of CMC Funded’s live website on 6 October 2026. CMC details now cite first-party pages. The IC $100,000 fee remains labelled as provisional. No challenge was purchased and no payout was tested. Rules and fees can change.
Sources: rules; challenge selector; terms; refund policy; legal page.
