CMC Funded has landed! Get our initial reaction
CMC Markets is one of the best-known names in UK trading. CMC Funded borrows that name, but not the regulated company behind it. Here’s what you actually get, what’s missing at launch, and how it stacks up against the firms we rate.
CMC Funded at a glance (as at 4 October 2026)
- Launched: 1 October 2026
- Operator: True North Tech L.L.C-FZ (Dubai), not CMC Markets
- Price: $499 for a $100K two-step ($4.99 per $1,000)
- Rules: 8% then 5% target, 5% daily loss, 10% static max loss, no time limit
- Split: 80%, or 90% as a paid add-on
- Stand-out: prediction markets, leverage up to 1:500, a recruitment route via Verichain
- Missing: a published payout policy and a fee refund
What is CMC Funded?
CMC Funded is a simulated prop trading challenge launched under the CMC Markets brand on 1 October 2026. You pay a one-off fee, trade a simulated account under set rules, and if you pass you move to a “reward stage”, where you earn a share of your simulated profits. As with most prop firms, no real capital is traded on your behalf. Our guide Do Prop Firms Use Real Money? explains why that matters.
Two routes are on offer: the Classic 2-Step and the Direct 1-Step, each in $10K, $25K, $50K and $100K sizes.
Is CMC Funded run by CMC Markets?
No, and this is the most important thing to understand. Your contract is with True North Tech L.L.C-FZ, a company in Dubai’s Meydan Free Zone. CMC Markets Singapore supplies branding, marketing and data under a commercial agreement. The terms say plainly that no CMC Markets company operates, sells or guarantees the programme, its rewards or its refunds. Disputes go to the Dubai courts.
CMC Markets itself is a heavyweight: founded in London in 1989, FTSE 250-listed, regulated by the FCA, ASIC and MAS, with £392.6m of net operating income in FY2026. None of that regulatory protection carries over to CMC Funded. Judge it as a new firm with a famous name, not as CMC Markets.
CMC Funded rules and pricing
| Classic 2-Step | Direct 1-Step | |
|---|---|---|
| Price ($10K / $25K / $50K / $100K) | $99 / $199 / $299 / $499 | $149 / $249 / $349 / $549 |
| Profit target | 8%, then 5% | 10% |
| Daily loss limit | 5% of start-of-day equity | 4% of start-of-day equity |
| Maximum loss | 10% static | 6% static |
| Minimum trading days | 3 per phase | 3 |
| Time limit | None | None |
| Reward split | 80% (90% add-on) | 80% (90% add-on) |
| Leverage | Your choice, 1:10 to 1:500 | Your choice, 1:10 to 1:500 |
| News and weekends | Allowed | Allowed |
| Platform | Match-Trader (web, mobile) | Match-Trader (web, mobile) |
Two details catch traders out. The daily loss limit is measured on equity, so an open losing trade counts before you close it, and there is no warning stage: hit it and the account ends immediately. The upside is that the maximum loss is static. It never trails your profits.
What makes CMC Funded different?
Prediction markets. Event contracts sit alongside forex, indices, commodities, shares and crypto in one workspace. None of the leading prop firms we track offer this.
Price. At $4.99 per $1,000, the $100K Classic undercuts FTMO and FundedNext. FundingPips is still cheaper.
Leverage choice. Pick anything from 1:10 to 1:500 at checkout, at the same price. That is generous, and well beyond the 1:30 cap CMC’s own UK entity must apply to retail CFD clients.
A recruitment route. A separate free $100K evaluation with Verichain, a finance recruitment platform, awards a “Verified Trader” badge and a route to interviews with hiring firms. It has its own rules: 8% target, 4% daily loss, 8% maximum loss, 5 minimum days and a 30-day window.
How does CMC Funded compare with FTMO, FundedNext and FundingPips?
| $100K two-step | Fee | Per $1k | Targets | Daily / max loss | Split | Fee refund |
|---|---|---|---|---|---|---|
| CMC Funded (Classic) | $499 | $4.99 | 8% / 5% | 5% / 10% | 80% (90% add-on) | No |
| FTMO | €540 (≈$613) | ≈$6.13 | 10% / 5% | 5% / 10% | 80%, to 90% via scaling | Yes, first reward |
| FundedNext (Stellar) | $549.99 | $5.50 | 8% / 5% | 5% / 10% | 80% (95% add-on) | Yes, first reward |
| FundingPips (Standard) | $399 | $3.99 | 8% / 5% | 5% or 3% / 10% | 60–100% by payout cycle | Yes, first payout |
On rules, CMC Funded’s Classic is a near-copy of the FundedNext and FundingPips template and easier than FTMO’s 10% first phase. The gap opens after you pass. Every rival refunds the fee with your first payout and publishes a payout schedule: FTMO pays 14 days after your first funded trade, FundedNext after 21, and FundingPips offers weekly to monthly cycles. CMC Funded offers neither. Once you count the refund, a trader who reaches a payout pays less at FundedNext.
What to check before you buy
- No payout policy yet. The firm’s own legal page says it is “not yet available”. Payout timing, minimums and methods are unknown.
- No fee refund. Refunds are limited to cooling-off rights and goodwill refunds on unused challenges.
- Wide discretion. The terms let the operator cap payout frequency, payout amounts and total allocation, and treat “gambling-style” trading, heavy one-way exposure or trading news spikes as prohibited. That last point sits awkwardly next to the “news trading allowed” headline. See our news trading rules guide.
- Mixed messages on Verichain. CMC’s press statements call the interview “an opportunity rather than a guaranteed job”. Verichain’s page promises a “guaranteed first-round interview”.
- No track record. The firm is days old and has no verified payouts. Read why prop firms deny payouts before you commit.
Who is CMC Funded for?
Consider it if you want to trade prediction markets inside a prop challenge, want high leverage, trade news, or are drawn to the recruitment route and can use the free Verichain attempt first.
Wait if you want a fee refund, a published payout schedule or a firm with a payout record. Established firms offer all three at similar prices.
Propify verdict
CMC Funded gets the headline rules and price right and brings one genuinely new idea. But the CMC name is a brand licence, not a guarantee, and the payout policy, which is the part that matters most once you pass, hasn’t been published yet. We’re listing it as provisional and will score it once payouts are documented. Until then, the free Verichain attempt is the low-risk way to try it.
CMC Funded FAQs
Is CMC Funded run by CMC Markets?
No. CMC Funded is operated by True North Tech L.L.C-FZ, a Dubai free-zone company, under a commercial agreement with CMC Markets. CMC Markets Singapore provides branding, marketing and data support. The terms state that no CMC Markets company operates, sells or guarantees the programme, its rewards or its refunds.
How much does CMC Funded cost?
The Classic 2-Step costs $99, $199, $299 or $499 for $10K, $25K, $50K or $100K accounts. The Direct 1-Step costs $149, $249, $349 or $549. Prices are list prices as at 4 October 2026.
What are the CMC Funded rules?
Classic 2-Step: 8% then 5% profit target, 5% daily loss, 10% static maximum loss, 3 minimum trading days per phase. Direct 1-Step: 10% target, 4% daily loss, 6% static maximum loss, 3 minimum days. There is no time limit, and news trading and weekend holding are allowed.
What is the CMC Funded profit split?
The reward split is 80%, or 90% with a paid add-on at checkout. The add-on price is not published on the rules page.
Does CMC Funded refund the challenge fee?
Not on passing or with the first reward. The refund policy covers only statutory cooling-off rights and discretionary refunds for unused challenges. FTMO, FundedNext and FundingPips all refund the fee with the first payout.
When does CMC Funded pay out?
Unknown at launch. The firm’s legal page says its Payout Policy is not yet available. The terms say it will be published before any reward can be requested.
Which platform does CMC Funded use?
Match-Trader, on web and mobile. It does not use MT4, MT5 or CMC Markets’ own Next Generation platform.
Can you trade prediction markets with CMC Funded?
Yes. Prediction-market event contracts are available in the same Match-Trader workspace as forex, indices, commodities, shares and crypto.
Is CMC Funded regulated?
No. It is a simulated evaluation programme, not a regulated financial service, and CMC Markets’ regulatory status does not extend to it. All accounts, including at the reward stage, are simulated.
Sources: cmcmarketsfunded.com rules, challenges, support and legal pages, General Terms and Conditions v2.1, Refund Policy v2.1 and the Verichain programme page; launch coverage by Finance Magnates, FinanceFeeds and LeapRate; CMC Markets FY2026 results; FTMO, FundedNext and FundingPips websites; and Propify Compare firm profiles. All accessed 4 October 2026. Prices are list prices excluding promotions. Terms change frequently; verify before acting. This article is for information only and is not financial advice.
