Verdict

FundedSquad suits a forex trader who wants a low-cost evaluation on MT5, Match-Trader or cTrader, keeps open positions small, and accepts a Dubai operator that has been selling challenges since 2024. It does not suit traders who sit through drawdown: on instant accounts bought since 31 August 2026, an open loss of 1.5% of the starting balance ends the account at once, even if the trade recovers. The biggest caveat is payouts. The 12-hour payout promise starts only after a risk review and KYC, and none of the firm’s payout figures is independently audited.

Key terms, and where each number lives

• Fees and sizes: 2-Step accounts cost $79 ($5,000) to $1,199 ($200,000), and 1-Step accounts $89 to $1,299, per the 2-Step Fast overview. Instant Pro costs $109 ($2,500) to $2,399 ($100,000), per the Instant Pro price list.
• Profit split: 80% by default on evaluation and Instant Lite accounts. A 100% split costs an add-on worth 20% or 25% of the fee, per the add-on page. Instant Pro pays 70% and Instant Rapid 75%.
• Profit targets: 6% + 6% (2-Step Fast), 8% + 6% (2-Step Squad) and 8% (1-Step), per the 1-Step overview. Instant accounts have no target.
• Maximum drawdown: 8%, 12% and 7% static on 2-Step Fast, 2-Step Squad and 1-Step respectively; 6% static on Instant Pro; 6% trailing on Instant Lite.
• Daily loss limit: 3% on 1-Step and instant accounts, 4% on 2-Step Fast and 5% on 2-Step Squad, per the daily drawdown page.
• Open-loss rule: a 1.5% combined floating loss on funded accounts. On instant accounts bought since 31 August 2026 it is an immediate hard breach, per the Max Risk hard breach rule.
• Payouts and minimum days: payouts are bi-weekly on evaluation accounts, every five days on Instant Pro and on demand on Instant Lite. You need 3 or 5 minimum days, and each day counts only with a 0.5% gain, per the trading day definition.

What changed on 31 August 2026

At noon UK time on 31 August 2026, FundedSquad cut its instant-account prices. A $100,000 Instant Pro account fell from $2,599 to $2,399, and a $100,000 Instant Lite account from $1,449 to $1,299. Two protections went with the old prices.

The first was the fee refund, which used to be paid with the third payout. The Instant Pro price page now says that “accounts purchased on or after that date are non-refundable”. Yet the pricing cards on fundedsquad.com still showed “Refundable Fee 100%” on both instant models when we checked on 15 September.

The second was the soft breach. Before the cutoff, a floating loss of 1.5% of the initial balance cut the profit split to 40%, and only a second occurrence closed the account. For newer accounts, the help centre states: “First occurrence → Immediate hard breach. Your account is terminated. There is no soft breach stage for these accounts.”

On a $50,000 Instant Pro account, three open trades down $300, $250 and $200 add up to $750 and end the account, even if all three later recover. The threshold is measured against the initial balance, so it does not grow as the account makes money. For anyone who holds positions, the 1.5% line is what decides whether the account survives: a $2,399 fee buys a $100,000 account that closes at $1,500 of combined open loss.

Payouts: what FundedSquad publishes, and what we could not verify

The homepage claims more than $3 million in total rewards, over 60,000 traders and an average reward of $1,094. None of these figures is audited, and no pass rate is published.

Under the payout steps page, a risk team replies within 24 to 72 business hours. KYC through Veriff follows, and payment is then due within 12 hours. The payout delay policy pays $1,000 compensation only if a delay is FundedSquad’s fault. The 12 hours count from the moment the request is marked “Accepted” or “Approved”, and bank, blockchain and third-party problems are excluded. Realistically, that is up to three business days, plus KYC, plus 12 hours.

That review also decides whether you are paid. Breaches are checked in full “upon a withdrawal request”, per the violations policy, so most of the rules below surface at payout time, not while you trade. Payouts under $300 go by crypto, with a $5 to $12 fee. Larger payouts go only through Rise, at $30 each, per the payout methods page. Instant Rapid caps daily payouts at 2% of the initial balance, and any excess is “automatically removed”.

Independent evidence is thin. The Trustpilot profile blocked our automated access on 15 September 2026. Search-indexed excerpts show praise for fast payouts alongside complaints of rejections citing copy trading, the two-minute rule and martingale. We could not verify them, so we quote none. Discord’s public invite data showed 45,566 members, about 1,450 of them online. We could not verify any individual payout, the $3 million total, the $1,094 average, or whether the $1,000 compensation has ever been paid.

The rules that void accounts at FundedSquad

The 0.5% trading day. A day counts towards the minimum only if the account gains at least 0.5% of its initial balance. Needing five such days before an instant or 2-Step payout amounts to a hidden 2.5% profit target.

The two-minute hold. Every 1-Step and 2-Step trade must stay open for at least two minutes, in every phase, under the minimum trade duration rule. The add-on that lifts it is sold only on accounts up to $10,000.

News windows. Instant accounts may not open trades within five minutes either side of a listed release, and funded evaluation accounts within four, under the instant news rules. A pending order filled inside the window is a violation, and profit on a trade closed inside it is removed.

Position rules. The position management rules ban hedging, including across accounts owned by different traders. They also ban martingale sizing and “layering”, meaning three or more open positions on one instrument. Using more than 70% of available margin counts as a gambling violation “regardless of whether the trade is profitable”. Third-party copy-trading services are banned.

The free retry is a second chance on worse terms

Every 1-Step, 2-Step, Instant Lite and Instant Pro account includes one free retry at the same size, but not on the same terms. Under the retry rules, an instant retry carries a 1.5% daily limit, a 3% trailing maximum loss, a 4% payout target, six qualifying days and a 50% split. The split drops to 40% the first time open losses exceed 1%, and the account breaches the second time.

How FundedSquad compares

Term	FundedSquad 2-Step Fast	FunderBlu Standard 2-Step	FTMO 2-Step
Profit targets	6% + 6%	6% + 6%	10% + 5%
Daily loss limit	4%	5%	5%
Maximum loss	8% static	10%	10%
Minimum days	5 days of 0.5%+ gains	3 days of 0.5%+ gains	4 days with a trade
Open-loss cap on funded account	1.5% of initial balance (first breach cuts split to 40%)	2% of initial balance (first breach cuts split to 40%)	None listed
Default profit split	80% (100% for 20% of fee)	80% (100% for 30% of fee)	Up to 90%

Sources: FundedSquad’s help centre; FTMO’s trading objectives and how it works pages; FunderBlu’s Max Risk Rule and our FunderBlu review. FundedSquad sets lower targets than FTMO, but its loss limits are tighter, and FTMO lists no open-loss cap.

Who runs FundedSquad, and who regulates it

The terms of service name Devionics Technology FZCO as operator, under UAE law. The site footer places the company in DDO IFZA Business Park, Dubai Silicon Oasis, under licence 46706. An affiliated entity, FundedSquad Ltd (Saint Lucia company number 2026-00549), handles some operations and payments. The group lists an office on Bauddhaloka Mawatha, Colombo 04, Sri Lanka. An October 2024 industry listing names Ajwad Saleem as chief executive, and the domain was registered in January 2024.

FundedSquad is not regulated by any financial authority, and it does not claim to be. A free-zone business licence is not authorisation to deal in financial instruments. The footer states: “All accounts provided by FundedSquad are demo accounts operating exclusively within a simulated trading environment.” Clause 5.1 of the terms, however, still says successful traders “will be allocated capital to trade in a live account”. The terms cap FundedSquad’s liability at whichever is smaller: the amount you paid or $1,000.

The trader dashboard runs on software from Trade Tech Solutions (see our earlier vendor coverage). The same front-end code holds settings for about 45 other brands, including Goat Funded Trader and FunderBlu. That is a shared vendor, not a shared operator. FundedSquad’s checkout and help centre sit on its own domains, and we found no common ownership. For where the regulatory line falls, see the prop firm regulation perimeter and how regulators are closing in on retail prop trading.

FAQ

Is FundedSquad legit? It is an operating business with a named operator, published prices, a recently updated help centre and a Discord of more than 45,000 members. It is not regulated, its accounts are simulated, and its payout statistics are self-reported, so judge it on its written rules rather than its marketing.

Does FundedSquad refund the challenge fee? Evaluation fees come back with a later payout. The help centre says the second payout on 1-Step accounts; the refund policy says the third. Instant Lite and Instant Pro accounts bought on or after 31 August 2026 are non-refundable, and so are Instant Rapid fees. The general terms call every purchase non-refundable.

How fast does FundedSquad pay? The risk team replies within 24 to 72 business hours, then KYC follows. After approval, FundedSquad promises payment within 12 hours or $1,000 compensation. The clock starts at approval, not at your request, and delays blamed on banks, blockchains or third parties are excluded.

Is the 100% profit split standard? No. The default is 80% on evaluation and Instant Lite accounts, 75% on Instant Rapid and 70% on Instant Pro. The 100% split is a checkout add-on that costs 20% of the fee on evaluations and 25% on Instant Lite. It cannot be added after purchase.

Can US traders use FundedSquad? The footer says its services are not intended for US residents, and the terms are governed by UAE law. Even so, the help centre’s restricted list names only Iran, Syria, Myanmar and North Korea. Traders elsewhere should check their local rules before paying any fee.

This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm’s capital, not the trader’s. Terms change frequently — always verify current rules directly with the firm before paying any fee.