Phoenix Trader Funding Review

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Futures prop firm

Phoenix Trader Funding rules, prices and payouts, checked on September 14, 2026 against phoenixtraderfunding.com.

Market

Futures

Programs

Classic, Daily, Spark, Merit

Accounts up to

$100K

Platforms

Odin (Phoenix's own platform), Quantower, Thor trade copier (included with TFeed) +21

Discount codePFK

Visit Phoenix Trader FundingRead the verdict

Phoenix Trader Funding is a futures prop firm run by a French company. Its legal notices name Phoenix Trading Funding, a French SAS registered in Paris (SIRET 97871533200018), and its About page gives Paris as headquarters, with a team in France, Germany and Pakistan. It sells four programs: Classic, Daily, Spark and Merit.

Two things set it apart. Its cheaper TFeed accounts carry no market data, so you trade from your own data account and copy trades through its Thor copier, while dxFeed, offered on Classic, includes Level 1 data. And live funding is much smaller than the account you trade in the challenge: a $50K Classic account moves, after 4 payouts and a risk-team review, to a live account funded with $2,000.

Pros and cons

Pros

• No daily loss limit on Classic, Daily or Spark accounts.
• Classic's end-of-day trailing drawdown stops at the starting balance and turns static after the first withdrawal.
• No activation fee on Classic, Daily or Merit, and Spark's $29 fee is charged only once you pass.
• News trading is allowed on every account, FOMC, CPI and Non-Farm Payrolls included, with no blocked news window.
• Classic pays 90% weekly after 5 trading days, and Daily pays every trading day once profit matures.
• Futures on CME, CBOT, COMEX and NYMEX, from equity index and FX futures to metals, energy and crypto.

Cons

• The Terms of Use say payouts 'will be derived from the available resources of Phoenix, including but not limited to membership fees, revenues, and proceeds from both simulated and live trading activities.'
• Overnight and over-week positions are prohibited on every account: in a challenge the funded account is denied 'whatever the result on paper', and on a funded account the payout is denied and the account closed.
• Pre-funded accounts must trade at least once every 7 calendar days, and an account closed for inactivity 'does not convert its remaining profits into a payout.'
• The Billing Terms make all fees non-refundable 'under any circumstances', and residents of the 34 restricted countries who buy anyway can be neither funded nor refunded.
• Live funding is far below the account size, requires a risk-team review, and Live Funded accounts pay a CME Professional fee of $135 a month per exchange.

Phoenix Trader Funding programs and prices

Program	Accounts and prices	Profit target	Daily loss limit	Max drawdown
Classic (TFeed)	$25K: $89 / month · $50K: $128 / month · $100K: $269 / month	$1,500 / $3,000 / $6,000 (Starter $25K / Growth $50K / Scale $100K)	None	$1,500 / $2,000 / $3,000
Classic (dxFeed)	$25K: $109 / month · $50K: $148 / month · $100K: $289 / month	$1,500 / $3,000 / $6,000 (Starter $25K / Growth $50K / Scale $100K)	None	$1,500 / $2,000 / $3,000
Daily (TFeed only)	$10K: $99 / month · $25K: $199 / month · $50K: $329 / month	$600 / $1,500 / $3,000 (Seed $10K / Starter $25K / Growth $50K)	None	$600 / $1,500 / $2,000
Spark (TFeed only)	$10K: $44 · $25K: $74	$600 / $1,500 (Seed $10K / Starter $25K)	None	$400 / $1,000
Merit	$2K: $69	None (one rule: 30 calendar days; funding decided by the risk team after review)	25% Dynamic (Soft)	The full account balance

Classic (TFeed) rules

Rule	Classic (TFeed)
Drawdown type	End-of-day trailing (challenge and pre-funded); stops trailing at the starting balance; set to the starting balance at the first withdrawal and static thereafter; static on Live Funded
Minimum trading days	2
Consistency rule	50% (challenge); none on the funded account
Contracts / leverage	Scaling plan (challenge and funded): Starter 1 mini (10 micros) below $1,000 profit, 1 mini (15 micros) at $1,000-$2,000; Growth 1 / 2 / 3 minis (10 / 20 / 30 micros) at <$1,000 / $1,000-$2,000 / $2,000-$4,000; Scale 2 / 3 / 4 / 6 minis (20 / 30 / 40 / 60 micros) at <$1,000 / $1,000-$2,000 / $2,000-$4,000 / $4,000-$6,000
Activation fee	$0 ('No Classic account has any activation fees.')
Profit split	90%
Payout frequency	Weekly: first payout after 5 trading days, then every 5 trading days; minimum profit per day $100 / $200 / $300; minimum payout $75; maximum per payout $600 / $1,000 / $2,000; locked buffer $1,500 / $2,000 / $3,000; moved to Live Funded (EdgeClear) after 4 payouts with $1,250 / $2,000 / $3,500

Classic (dxFeed) rules

Rule	Classic (dxFeed)
Drawdown type	End-of-day trailing (challenge and pre-funded); stops trailing at the starting balance; set to the starting balance at the first withdrawal and static thereafter; static on Live Funded
Minimum trading days	2
Consistency rule	50% (challenge); none on the funded account
Contracts / leverage	Scaling plan (challenge and funded): Starter 1 mini (10 micros) below $1,000 profit, 1 mini (15 micros) at $1,000-$2,000; Growth 1 / 2 / 3 minis (10 / 20 / 30 micros) at <$1,000 / $1,000-$2,000 / $2,000-$4,000; Scale 2 / 3 / 4 / 6 minis (20 / 30 / 40 / 60 micros) at <$1,000 / $1,000-$2,000 / $2,000-$4,000 / $4,000-$6,000
Activation fee	$0 ('No Classic account has any activation fees.')
Profit split	90%
Payout frequency	Weekly: first payout after 5 trading days, then every 5 trading days; minimum profit per day $100 / $200 / $300; minimum payout $75; maximum per payout $600 / $1,000 / $2,000; locked buffer $1,500 / $2,000 / $3,000; moved to Live Funded (EdgeClear) after 4 payouts with $1,250 / $2,000 / $3,500

Daily (TFeed only) rules

Rule	Daily (TFeed only)
Drawdown type	End-of-day trailing (challenge and funded); stops trailing once the account has cleared its locked buffer
Minimum trading days	2
Consistency rule	50% (challenge); none on the funded account
Contracts / leverage	6 micros / 1 mini (15 micros) / 3 minis (30 micros); no scaling plan (official pages conflict on a half-size phase, see notes)
Activation fee	$0
Profit split	80%
Payout frequency	Every trading day once profit matures (green day: 3 trading days; windfall day over 30% of profit: 5 trading days); minimum payout $75; daily payout cap $200 / $500 / $1,000, and $1,000 per day per trader across all Daily accounts; locked buffer $600 / $1,500 / $2,000; Live Funded once $1,200 / $3,000 / $6,000 has been paid

Spark (TFeed only) rules

Rule	Spark (TFeed only)
Drawdown type	End-of-day trailing during the challenge; real-time trailing on the funded account; stops trailing at the starting balance; static after the first withdrawal
Minimum trading days	1
Consistency rule	None (challenge); 30% (funded)
Contracts / leverage	1 mini (10 micros) / 2 minis (20 micros); no scaling plan
Activation fee	$29 one time, charged only once you pass, when the funded account is created
Profit split	90%
Payout frequency	Bi-Weekly; minimum 5 days to payout; minimum profit per day $40 / $100; minimum payout $30 / $75; maximum per payout $300 / $400; Live Funded after 4 payouts with $400 / $1,000

Merit rules

Rule	Merit
Minimum trading days	None
Consistency rule	None
Contracts / leverage	'Set by the account size' (exact limit not published in the help center)
Activation fee	None
Profit split	Adaptive: 50/50 until the account's starting balance is repaid, then 80% for the life of the account
Payout frequency	On the live account only: no minimum, no maximum, no buffer, no waiting period (up to 10 per day); 2 to 3 business day processing; approved accounts are live funded with $2,000

Not clearly published by the firm: drawdown type.

Trading restrictions and platforms

• News trading: Allowed on every account and tier, Tier 1 events included (FOMC, CPI, Non-Farm Payrolls); 'no news window during which trading is blocked'
• Weekend holding: Prohibited: overnight and over-week positions are not allowed on any account (Classic, Daily, Spark, Merit) at any stage, including Live Funded
• EAs and bots: Prohibited: 'HFT and EA bots. Automated systems that trade without you.' Copy trading in the same direction across your own accounts is allowed; hedging between accounts is prohibited
• Platforms: Odin (Phoenix's own platform), Quantower, Thor trade copier (included with TFeed), NinjaTrader (via Thor), Tradovate (via Thor), TradingView (via Tradovate or Thor webhooks), Sierra Chart (Rithmic leader account), MultiCharts (Rithmic leader account), Jigsaw (Rithmic leader account), Bookmap (Rithmic leader account), MotiveWave (Rithmic leader account), Investor/RT (Rithmic leader account), Tiger.Trade (Rithmic leader account), Overcharts (Rithmic leader account), VolFix.Net (Rithmic leader account), Optimus Flow (Rithmic leader account), Photon Trader (Rithmic leader account), Inside Edge (Rithmic leader account), QScalp (Rithmic leader account), Agena Trader (Rithmic leader account), ATAS (dxFeed), DeepChart (dxFeed), DeepDom (dxFeed), Rithmic (Live Funded accounts at EdgeClear)
• Instruments: Futures only, on CME, CBOT, COMEX and NYMEX, Equity futures (ES, MES, NQ, MNQ, RTY, M2K, NKD, YM, MYM), FX futures (6A, 6B, 6C, 6E, M6E, 6J, 6S, 6N), Metals futures (GC, MGC, SI, HG, PL, PA and more), Agricultural futures, Bond futures, Energy futures, Crypto futures (BTC, MBT and more)

Who Phoenix Trader Funding suits

Phoenix suits intraday futures traders who trade the news and are flat every night. News trading is allowed on every account and tier, with 'no news window during which trading is blocked'. Overnight and over-week positions, on the other hand, are prohibited everywhere, Live Funded accounts included.

It also suits traders on a small budget. Spark is a one-time purchase, and Classic starts at $89 a month for the $25K TFeed version. The catch is that TFeed carries no market data: you need your own leader account with data, copied through the Thor copier included with TFeed.

It isn't for automated traders. The rules prohibit 'HFT and EA bots. Automated systems that trade without you.' Copying trades in the same direction across your own accounts is allowed, but hedging between accounts is not. Phoenix restricts 34 countries following OFAC, including Russia, Turkey, Egypt and Tunisia.

How the drawdown works, with Phoenix's own numbers

Classic and Daily use an end-of-day trailing drawdown: the limit moves on your closing balance, not on open profit during the session. Classic, Daily and Spark have no daily loss limit, so the drawdown is the one loss rule.

Take a $50K Classic (Growth) account with its $2,000 drawdown. Your floor starts at $48,000. If a trade runs to $1,500 in open profit and you close flat, the floor stays at $48,000. Close the day at $51,000 and it rises to $49,000; close at $52,000 and it reaches $50,000, the starting balance, where it stops trailing. After your first withdrawal it's set at the starting balance and stays static.

Spark shows the difference with an intraday model. The drawdown trails end-of-day during the challenge, but in real time on the funded account. On a funded $25K Spark with a $1,000 drawdown, a trade that reaches $600 in open profit lifts the floor from $24,000 to $24,600, even if you then close flat.

Contract size grows with profit on Classic. A $50K account starts at 1 mini (10 micros) below $1,000 in profit, moves to 2 minis from $1,000 to $2,000 and 3 minis from $2,000 to $4,000. Daily's limits are unclear: the Daily accounts page says you 'trade half size and nothing is withdrawable' until the Security Threshold is built, while the Daily rules and scaling help articles say there's 'no half size phase'.

What Phoenix really costs

Classic on TFeed costs $89, $128 or $269 a month for $25K, $50K or $100K, with no activation fee. dxFeed Classic prices ($109, $148 and $289) appear only in the site's package data, not on the page itself, so check them at checkout. Daily runs $99, $199 or $329 a month for $10K, $25K or $50K, also with no activation fee. Use the code shown above when you buy.

Spark is a one-time $44 for $10K or $74 for $25K, plus a $29 activation fee charged only when you pass, so a passed $25K Spark costs $103 before resets. Resets are unlimited on Classic, Daily and Spark, but Daily reset prices conflict: $39, $69 and $99 in the help center against $59, $114 and $189 in the site's package data. Merit can't be reset.

Data and trading costs come on top. On TFeed you supply your own data through a leader account. dxFeed includes Level 1, with Level 2 at $15 a month for one exchange or $40 for a four-exchange bundle. ES commissions are $1.09 per side on TFeed and $2.18 on dxFeed, and Live Funded accounts at EdgeClear pay a CME Professional fee of $135 per month per exchange, deducted from the live account.

Payouts and profit split

Classic pays 90% weekly: the first payout after 5 trading days, then every 5 trading days. On a $50K account the minimum profit per day is $200, the minimum payout $75 and the maximum $1,000, with a $2,000 locked buffer. After 4 payouts, and subject to a risk-team review, you move to a Live Funded account at EdgeClear funded with $2,000.

Daily pays 80%, but every trading day once profit matures: 3 trading days for a green day, 5 for a windfall day over 30% of profit. The cap is $1,000 a day on a $50K account, and $1,000 a day per trader across all Daily accounts. Live Funded follows once $6,000 has been paid on a $50K account.

Spark pays 90% bi-weekly, with at least 5 days to payout and a $400 maximum per payout at $25K; funded Spark accounts add a 30% consistency rule. Merit has no profit target: you trade for 30 calendar days and the risk team decides on funding. Approved accounts are live funded with $2,000 and split 50/50 until the starting balance is repaid, then 80%, with no minimum, maximum or waiting period on payouts.

Payouts go out by Payoneer, Wise or PayPal, which is capped at $2,000 a month, and take 2 to 3 business days. There are no crypto payouts.

Rules and terms that catch traders out

The overnight rule carries the harshest penalty. The help center says overnight and over-week positions are prohibited on every account and spells out the result: 'During a challenge: the funded account is denied, whatever the result on paper. On a funded account: the payout is denied and the account is closed.'

Inactivity is the second trap. Pre-funded accounts must place at least one trade every 7 calendar days, and 'An account closed for inactivity does not convert its remaining profits into a payout.'

Fees are final. The Billing Terms say evaluation, data, reset and other fees are 'NON-REFUNDABLE. The company shall not entertain requests for refunds under any circumstances.' The help center adds that residents of the 34 restricted countries who buy anyway 'will not be able to fund you, and we will not be able to refund you.'

Read how payouts are funded. The Terms of Use say any compensation 'is contingent upon the Client's performance within the simulated trading account' and that payouts 'will be derived from the available resources of Phoenix, including but not limited to membership fees, revenues, and proceeds from both simulated and live trading activities.' Live funding also requires a risk-team review, and on Classic it's $1,250, $2,000 or $3,500, far below the account sizes.

Classic, Daily, Spark or Merit: which fits

Classic is the most balanced program: a 90% split, weekly payouts, an end-of-day drawdown that stops at the starting balance and no activation fee. It suits steady traders who accept starting at 1 or 2 minis. Minimum days aren't consistent: the help center says 2 trading days, while the site's package data lists 2, 3 and 3 calendar days by size.

Daily suits traders who want cash flow more than size. You're paid every trading day once profit matures, but at 80% and with daily caps. Settle the half-size question with support before you buy.

Spark is the cheapest way in, with 1 minimum trading day and no consistency rule in the challenge, but small payout caps and a real-time trailing drawdown once funded. Merit suits traders who want no profit target and accept a risk-team decision. Its size is unclear, though: the help center shows one $2,000 account, while the Merit page FAQ still lists $10K, $50K and $100K tiers.

Verdict

Phoenix Trader Funding suits budget-conscious intraday futures traders who close every position before the session ends, trade the news and don't mind supplying their own data on TFeed. Classic is the best-rounded program, Daily fits traders who want daily payouts at 80%, and Spark is a low-cost way to try the firm. Pick another firm if you hold positions overnight, use bots or might go a week without trading. Before paying, accept that fees are non-refundable under any circumstances, that the terms say payouts come from the firm's resources, including membership fees, and that live funding is a fraction of the account size.

Frequently asked questions

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