TL;DR: Phoenix Trader Funding is a futures-only prop firm run by Phoenix Trader Funding SAS, a company registered in Paris in August 2023. On October 11, 2026 it sold four account lines: Classic (monthly, $25K to $100K, from $89 a month), Daily (paid out every trading day, $10K to $50K, from $99), Spark (one-time, $10K or $25K, from $44 plus a $29 activation fee when you pass) and Merit (a $69 one-shot, 30-day review for a $2,000 live account). Classic, Daily and Spark have no daily loss limit and no evaluation deadline, and news trading is allowed on every account. Holding positions overnight or over a weekend is banned on every account, including live ones, and breaking that rule closes a funded account. Splits are 90% on Classic and Spark, 80% on Daily, and 50/50 then 80% on Merit. Payouts go out through Payoneer, Wise or PayPal, never in crypto. Traders move to a live EdgeClear account after four payouts (Classic, Spark) or a lifetime paid total (Daily). Trustpilot shows 4.5 from 256 reviews. The firm lists 34 restricted countries. Two firm codes were live: FALL30 (30% off Classic) and DAILY40 (40% off Daily), both ending October 14.
Research status: Checked October 11, 2026 against the Phoenix Trader Funding home page, evaluations page, the Classic, Daily, Spark and Merit pages, all 89 articles in the firm’s help centre, the Terms of Use and Billing Terms (both dated October 2026), the About, Contact, connection guide and CFD-to-futures pages, the Phoenix Labs site and the Odin platform site. Company details were checked in the French public business register. Reviews were read on Trustpilot, PropFirmMatch and Reddit the same day. Prices were read from the firm’s public pages on that date and were not verified by purchase. BestProps did not open an account or request a payout.
Phoenix Trader Funding review verdict
Phoenix Trader Funding is a small Paris firm with an unusual amount of public detail. Its help centre has 89 articles, and most of them give exact numbers, worked examples and the consequences of breaking each rule. It builds its own software: the Odin trading platform, the TFeed execution feed, the Thor trade copier and the Saga journal. And it sells four lines with genuinely different rules, not one evaluation in four sizes.
The rules are relaxed in some places and strict in others. Classic, Daily and Spark have no daily loss limit, their drawdowns trail at the end of the day during the evaluation, there is no time limit on finishing, and news trading, including CPI, FOMC and Non-Farm Payrolls, is allowed at every stage. The strict part is the overnight ban. Every position must be flat before the session ends, every day, on every account. A funded trader who holds through the close loses the payout and the account. The firm calls this its heaviest penalty.
Three more things count against it. First, payouts per request are small: $600 on a $25K Classic, $300 on a $10K Spark, $200 a day on a $10K Daily. Second, “live funding” means a much smaller live account, from $400 to $3,500 depending on the line and size. Third, the firm’s own pages disagree with each other on several points, including the Daily billing type, Daily reset fees and payout speed. These are listed under source conflicts below.
BestProps does not give Phoenix Trader Funding a numeric score. If you buy, pick the line by how you want to be paid and whether you can trade flat every night. Price comes second.
Is Phoenix Trader Funding legit? Company and track record
Phoenix Trader Funding is a registered French company with a working checkout, published rules and public trader reviews going back to 2024. In this review, “legit” means the firm sells what it describes and the company behind it can be identified. It does not mean the firm is regulated as a broker, or that every payout request will be approved. Those depend on the terms below.
| Fact | What is published | Where it is stated |
|---|---|---|
| Legal entity | Phoenix Trader Funding SAS, a single-shareholder company with EUR 1,000 share capital, RCS Paris 978 715 332, 60 rue Francois 1er, 75008 Paris. President: Leon Grimm, also named as founder and CEO | Terms of Use, section 1, About |
| Registration date | Registered with Insee on August 9, 2023 and in the national business register on August 24, 2023. The registered activity code is computer programming (62.01Z) | French public business register |
| Staff | The About page says the team is based in France, Germany and Pakistan. The public register lists the company as having no salaried employees in its reference year | About page, business register |
| What you buy | “Our Services are not an investment.” You trade a simulated account and receive a profit share. “We are not a broker” | Terms of Use, sections 3 and 4 |
| Where payouts come from | “Profit Shares are paid by Phoenix from its own resources, which mainly consist of program fees” | Terms of Use, section 8 |
| Software | Odin, Thor, Saga and TFeed come from Phoenix Technologies, which the terms describe as a separate company with its own terms | Terms of Use, section 3 |
| Regulator claim | A help article says the firm needs accreditation from the French markets regulator (AMF) and “we have obtained it”. No authorisation number is published, and BestProps could not confirm it from the firm’s public pages | Help: transition to live funding |
| Live accounts | Live Funded accounts are held at the futures broker EdgeClear on a Rithmic connection. The firm opens the account; you do not pay EdgeClear | Help: which broker hosts the live account |
| Payout proof | Traders post their own proofs in a Discord channel, and every pass or payout certificate carries a QR code that opens a verification page on the firm’s site | Help: where are the payout proofs |
The firm is open about the model. Its help centre says most of its revenue is evaluation fees, that “not everyone passes, and those attempts are what fund the accounts of the traders who do”, and that funded accounts are simulated. It also says it will never ask you to deposit capital, pay to release a payout, or pay a “verification” or tax fee. Its own article on impersonators warns that anyone asking for those is a scammer, not Phoenix staff.
The weak points are size and age. This is a young company with a small public review record, and its payout record cannot be audited from outside, beyond the certificates it lets anyone scan. Read the reviews section below for the complaints on record.
The four account lines compared
Each line has its own rule set. The help centre describes them as four ways in: Classic for most traders, Daily for being paid every trading day, Spark for the lowest one-time price, and Merit for a single 30-day review with no profit target.
| Line | Sizes | How you pay | Profit target | Consistency rule | Split | Payout rhythm | Data feed |
|---|---|---|---|---|---|---|---|
| Classic | $25K, $50K, $100K | Monthly subscription, no activation fee | $1,500 / $3,000 / $6,000 | 50% in the evaluation, none once funded | 90% | Weekly | TFeed or dxFeed |
| Daily | $10K, $25K, $50K | Help centre: monthly; product cards: one-time (see conflicts). No activation fee | $600 / $1,500 / $3,000 | 50% in the evaluation, none once funded | 80% | Every trading day, after a 3-day maturation | TFeed only |
| Spark | $10K, $25K | One-time, plus $29 activation when you pass | $600 / $1,500 | None in the evaluation, 30% once funded | 90% | Bi-weekly | TFeed only |
| Merit | $2K | One-time, no activation fee | None, 30 calendar days | None | 50/50, then 80% | Any time once live | TFeed only |
The firm says Spark, Daily and Merit run only on TFeed. TFeed is Phoenix’s own execution feed. It carries no market data, so you need your own “leader” account with data, and Thor copies your trades into the Phoenix account. That leaves Classic as the line where the dxFeed option applies. dxFeed includes Level 1 data, but its commissions are twice TFeed’s. The platforms section explains this choice, and you should settle it before you buy because purchases are not refundable.
The lines share a few things. Classic, Daily and Spark have no daily drawdown and no time limit on finishing, and news trading is allowed on all four. Classic, Daily and Spark come with unlimited free practice accounts on the same rules. Merit has no practice account.
Phoenix Trader Funding pricing by account size
These are the list prices on the evaluations page on October 11, 2026, with the price after the firm’s current codes where one applied. Prices were read from the firm’s public pages and were not verified by purchase. The checkout shows the purchase type and any renewal amount before you pay.
| Account | Starting balance | List price | With the October code | Reset fee (product card) | Activation fee | Max position |
|---|---|---|---|---|---|---|
| Classic Starter | $25,000 | $89 a month | $62.30 (FALL30) | $89 | $0 | 1 mini (15 micros) |
| Classic Growth | $50,000 | $128 a month | $89.60 (FALL30) | $128 | $0 | 3 minis (30 micros) |
| Classic Scale | $100,000 | $269 a month | $188.30 (FALL30) | $269 | $0 | 6 minis (60 micros) |
| Daily Seed | $10,000 | $99 | $59.40 (DAILY40) | $59 (help centre: $39) | $0 | 6 micros |
| Daily Starter | $25,000 | $199 | $119.40 (DAILY40) | $114 (help centre: $69) | $0 | 1 mini (15 micros) |
| Daily Growth | $50,000 | $329 | $197.40 (DAILY40) | $189 (help centre: $99) | $0 | 3 minis (30 micros) |
| Spark Seed | $10,000 | $44 one-time | No code shown | $29 | $29 when you pass | 1 mini (10 micros) |
| Spark Starter | $25,000 | $74 one-time | No code shown | $59 | $29 when you pass | 2 minis (20 micros) |
| Merit | $2,000 | $69 one-time | No code shown | No resets | $0 | 2 minis (20 micros) |
The Classic maximums are the top of a scaling plan. You start smaller and earn the full size with profit, as shown in the rules section. Spark and Daily give you the full size from the first day.
Before the code, price per $1,000 of starting balance works out like this. Classic costs $3.56 (Starter), $2.56 (Growth) or $2.69 (Scale) per $1,000 for each month you are in the evaluation. Spark costs $4.40 (Seed) or $2.96 (Starter) once, before the $29 activation fee. Daily costs $9.90, $7.96 or $6.58. The higher Daily price buys the payout rhythm, not more room. Merit is $69 for a $2,000 account, which is a different kind of product.
Two cost details are easy to miss. First, a subscription challenge renews every 30 days until you pass or cancel, and the subscription is cancelled automatically the moment you pass. Funded accounts carry no monthly fee on any line. Second, live accounts are charged the exchange’s professional market data fee. The firm puts this at $135 a month per exchange. It is taken from the live account rather than charged to you, and in a month where your trading does not cover it, your drawdown shrinks by the amount owed.
Current discount codes and how billing works
On October 11, 2026 the Phoenix home page showed a banner reading “UP TO 40% OFF on Daily & Classic Accounts”, with the codes FALL30 and DAILY40, “use it at checkout, ends October 14”, and a countdown. The evaluations page applied them on each card. These are the only codes the firm itself published for the main lineup.
| Code | What the firm says it covers | Effect on list price | Published end |
|---|---|---|---|
| FALL30 | Classic accounts | 30% off: $89 to $62.30, $128 to $89.60, $269 to $188.30 a month | October 14, 2026 |
| DAILY40 | Daily accounts | 40% off: $99 to $59.40, $199 to $119.40, $329 to $197.40 | October 14, 2026 |
| AGILE30, BLUEPRINT20, INCENT30, BEDROCK30 | Phoenix Labs experimental accounts only | 20% to 30% off the Labs prices (see the Labs section) | Not published |
The pages do not say whether FALL30 also applies to Classic renewals after the first month. Check the renewal amount at checkout, which the Billing Terms say is shown before you pay. Coupon sites list other Phoenix codes that BestProps could not confirm with the firm. They are not reprinted here.
The firm also has two discounts that are not codes. Every challenge that stays alive for a month earns a free reset coupon. Coupons stack, never expire, and are used from the Reset button. And a Merit trader who is not selected for live funding gets a 30% discount on all challenges.
Billing rules worth knowing before you pay:
- Codes must be entered at checkout. The Billing Terms say they cannot be applied after payment, exchanged or refunded.
- You can pay by Visa or Mastercard and with other methods shown at checkout. The help centre says crypto is accepted for buying an account.
- Fees for evaluations, resets, activations and data are not refunded once the account is delivered. The Billing Terms list exceptions for double charges, billing errors, non-delivery and unauthorised payments. EU buyers waive the 14-day withdrawal right at checkout “to the extent permitted by law”.
- You can cancel a subscription any time from the dashboard. A cancelled subscription cannot be reactivated.
- If you open a chargeback, the accounts linked to that payment and any payout requests on them are suspended during the investigation.
Evaluation rules: targets, drawdown, consistency and minimum days
Rules by line
| Rule | Classic | Daily | Spark | Merit |
|---|---|---|---|---|
| Profit target | $1,500 / $3,000 / $6,000 | $600 / $1,500 / $3,000 | $600 / $1,500 | None |
| Maximum drawdown | $1,500 / $2,000 / $3,000 | $600 / $1,500 / $2,000 | $400 / $1,000 | The full $2,000 balance |
| Drawdown type in the evaluation | End-of-day trailing | End-of-day trailing | End-of-day trailing | Static |
| Drawdown type once funded | End-of-day trailing, locked at the starting balance | End-of-day trailing | Real-time trailing | Live account (see Merit) |
| Daily loss limit | None | None | None | “25% Dynamic (Soft)” |
| Consistency rule | 50% in the evaluation only | 50% in the evaluation only | 30% once funded only | None |
| Minimum trading days | 2 | 2 | 1 | None, the review lasts 30 calendar days |
| Time limit | None | None | None, but closed after 90 days with no trade | 30 calendar days |
| Resets | Unlimited, paid or by coupon | Unlimited, paid or by coupon | Unlimited, paid or by coupon | None, one attempt |
How the drawdown moves
Phoenix explains drawdown more carefully than most firms. An end-of-day trailing drawdown is recalculated once a day after the close, from your closing balance, and then holds still for the next session. An intraday spike you give back does not tighten it. A real-time trailing drawdown, which Spark uses once funded, moves the instant an open position reaches a new high. A peak you never closed at still raises the floor for good.
On every line the trailing stops once the floor reaches the starting balance. From then on it is static. When you take your first withdrawal, the firm sets the floor to the starting balance if it was not already there, and it stays static afterwards. Trading is available from 6 PM to 4:59 PM ET, holidays and news periods included, according to the Classic page.
The consistency rule
On Classic and Daily evaluations, your best day can be no more than 50% of total profit at the moment you reach the target. Breaking it does not fail the account. It only delays the pass until other days bring the share down. Profit above the target does not carry over to the funded account. Spark is the reverse: no consistency rule in the evaluation, and a 30% rule once funded. Merit has none. The worked examples show the firm’s own calculation.
Classic scaling plan
Classic is the only line with a scaling plan. Your position limit rises with profit and falls back if profit drops, during the evaluation and once funded. Minis and micros are alternatives at a 1:10 ratio.
| Profit on the account | Starter ($25K) | Growth ($50K) | Scale ($100K) |
|---|---|---|---|
| Below $1,000 | 1 mini or 10 micros | 1 mini or 10 micros | 2 minis or 20 micros |
| $1,000 to $2,000 | 1 mini or 15 micros | 2 minis or 20 micros | 3 minis or 30 micros |
| $2,000 to $4,000 | No further increase | 3 minis or 30 micros | 4 minis or 40 micros |
| $4,000 to $6,000 | No further increase | No further increase | 6 minis or 60 micros |
Spark and Daily have no scaling plan and give you their full limit on day one. Daily Seed is micros only. On Daily, a resting order that would push you past the limit is rejected when it tries to fill.
Trading rules: overnight, news, scalping, EAs, copy trading and hedging
| Practice | Phoenix rule | What happens if you break it |
|---|---|---|
| Overnight and over-week positions | Prohibited on every account at every stage, live accounts included. Be flat before each session ends and before the weekend | Evaluation: funding denied “whatever the result on paper”. Funded: payout denied and account closed |
| News trading | Allowed on every account, Tier 1 events included. No news window and no need to be flat | Not applicable |
| Scalping | Allowed, with no minimum trade duration | Not applicable |
| HFT and EA bots | Prohibited. Automated systems that trade without you are not allowed. Hotkeys, DOM ladders and alerts are fine | Using one fails the challenge |
| Copy trading | Allowed across your own accounts in the same direction. Thor is built for this | Not applicable |
| Hedging | Prohibited: opposite positions on the same asset across two accounts, yours or anyone else’s | Funded: payout refused and profits removed. Evaluation: funding refused |
| Account rolling or stacking | Prohibited from September 15, 2026: cycling through accounts, each risked in full on the same kind of bet, until one hits | Funding or payout refused, account closed, further purchases can be refused |
| Martingale and DCA | Allowed within one account. Prohibited across accounts (re-entering a stopped-out trade, or sizing up to win back a loss, on another Phoenix account or another firm’s) | As for account rolling |
| Flipping | Prohibited on funded accounts: token trades placed only to count a trading day | The day does not count |
| One-tick trading on bonds | Prohibited on funded accounts (ZB, ZN, ZS and similar) | Enforced “strictly and without exception” |
| Inactivity | Pre-funded: trade at least once every 7 calendar days. Live: 30 days, not applied mechanically. Evaluations: none, except Spark at 90 days | Account closed; remaining profit is not paid out |
| VPN, VPS, proxy | Allowed, but all sessions are logged and reviewed | Payout delayed or denied if identity masking is confirmed |
| CME price limits | Stop trading a contract once it is within 2% of its daily price limit | A locked market can leave you unable to close before the session ends |
The overnight rule is the one that ends the most accounts by accident. The firm’s explanation is that its side of the operation follows what you do, and a held position is something it cannot copy. Overnight margin is also far higher than intraday margin. Set an alarm before the earliest close of the products you hold. Product closing times differ.
The firm checks these rules with automated tools and a risk team. It says it judges them from the trades themselves: hold time, size, how size changed from one account to the next, whether protective orders were used, and what your other accounts were doing. One losing trade is not a breach. A run of accounts each decided by one maximum-risk trade is.
Phoenix Trader Funding Merit accounts explained
Merit is the product most people mean when they search for Phoenix. It is not an evaluation in the usual sense. You pay $69 once for a $2,000 account and trade it for 30 calendar days. There is no profit target and no minimum number of days. At the end, the risk team and the firm’s analysis software review every trade and decide whether to put you on a live account.
Merit rules
| Item | Merit |
|---|---|
| Price | $69, one time, no subscription, no activation fee |
| Account size | $2,000. Help centre: “Merit comes in a single size” |
| Duration | 30 calendar days. The attempt ends early only if the balance reaches $0 |
| Profit target, minimum days | None |
| Daily drawdown | “25% Dynamic (Soft)” |
| Maximum drawdown | The full account balance |
| Attempts | One. Merit cannot be reset or extended. Buying one blocks further Merit purchases until you buy a Classic or Daily account |
| Practice account | None |
| If approved | Straight to a live $2,000 account at EdgeClear, usually within 48 hours after KYC (the firm gives 1 to 10 business days) |
| If not approved | A Performance Review report of 20 to 30 pages, a 30% discount on all challenges, and possible extra rewards (a free challenge, a Discord rank, a Thor licence) depending on how you traded |
What the review looks at
The firm says profit is not a criterion: “We can deny funding to someone who generated $30,000 and give it to someone who generated $500.” Its published measures are average winning and losing day, win rate per day and per trade (read against risk to reward), maximum adverse and favourable excursion, volume per trade and per day, and trade duration of winners against losers. It also checks whether you hold losers and whether you add to losing trades. The Merit page adds a rough guide: keep your best day under 50% of total profit, and keep your average losing day well below five times your average winning day. Some criteria are deliberately not published. Overnight positions are removed from the analysis and read as a sign you are not ready for a live account.
The help centre is frank that “most Merit traders are not selected for live funding”. Budget for Merit as $69 for a detailed report on a month of your trading, with a chance at a small live account. Do not treat it as a likely way to get funded.
Merit once funded
A funded Merit account has no buffer, no minimum or maximum withdrawal ($1 minimum, up to 10 withdrawals a day), no consistency rule and no payout schedule. The overnight ban still applies. The split is adaptive. Half of what you withdraw repays the account’s starting balance, so the first phase ends once you have withdrawn $4,000 in total, $2,000 of it yours. After that you keep 80% for the life of the account. Withdrawal fees above $500 are covered by the firm. Live scaling adds one mini contract for every $2,000 of extra profit on the live account.
Phoenix Trader Funding payouts
Payout rules by line
| Rule | Classic ($25K / $50K / $100K) | Daily ($10K / $25K / $50K) | Spark ($10K / $25K) | Merit (live) |
|---|---|---|---|---|
| Profit split | 90% | 80% | 90% | 50/50 until $4,000 withdrawn, then 80% |
| Frequency | Weekly | Every trading day | Bi-weekly | Any time, up to 10 a day |
| Days before a payout | 5 winning days before the first and between payouts | Each green day matures in 3 trading days (5 for an outsized day) | 5 trading days | None |
| Minimum profit for a day to count | $100 / $200 / $300 | None | $40 / $100 | None |
| Minimum payout | $75 | $75 | $30 / $75 | $1 |
| Maximum payout | $600 / $1,000 / $2,000 per request | $200 / $500 / $1,000 per trading day, and $1,000 a day per trader across all Daily accounts | $300 / $400 per request | None |
| Locked buffer | $1,500 / $2,000 / $3,000 | $600 / $1,500 / $2,000 | None | None |
| Consistency rule once funded | None | None | 30% | None |
How Daily payouts work
Daily is the most unusual line. Once funded, each green day “matures” over three of your trading days. After that it joins the balance you can request, from $75, up to your tier’s daily cap. A day becomes a “windfall” only if it is both more than 30% of your total profit and worth more than your tier’s daily cap. A windfall day matures in five trading days. A losing day reduces your newest maturing profit first. Matured profit you have not withdrawn is still at risk. The Daily page is direct about this: “There is no protected wallet.” The maturation clock moves only on days you trade. The page counts a day as traded if it closes at least 0.2% of the account up or down, or if you held positions for at least ten minutes and they moved at least 0.2%.
Methods, timing and denials
- Methods: Payoneer, Wise or PayPal, chosen at each request. PayPal is limited to $2,000 a month by PayPal. Payouts are never made in cryptocurrency.
- Timing: The help centre says to allow up to 2 to 3 business days for processing, plus the processor’s own time. The Terms say approved payouts are “normally sent within 3 business days”. The marketing pages make faster claims (see conflicts).
- Before the first payout: After you pass, the firm reviews the challenge for up to 72 hours. You then have 48 hours to complete KYC and sign the Pre-Funded contract. Spark traders pay the $29 activation fee in the same window.
- Requesting: My Account, then Withdrawal Center. Only accounts that currently qualify appear in the list.
- Denials: The firm says every denial comes with a written reason from a Risk Manager, sent by email and shown in the Withdrawal Center. Common reasons it lists are a duplicate request, a balance below the minimum, a fraudulent receiving account, breaking the Pre-Funded contract, and trading outside the risk limits you gave in your own risk questionnaire.
- Payout proof: Traders post their own proofs in the firm’s Discord. Every certificate has a QR code that anyone can scan to check it against the firm’s records. A screenshot alone proves nothing, and the firm says so too.
For how these methods compare with other firms, see the BestProps guide to prop firm payout methods.