CMC Funded review: the payout policy is not published

Verdict. CMC Funded suits a trader who will pay for a simulated Classic or Direct evaluation and can treat the 80% split on the product page as a sales line, not a payout calendar. It does not suit anyone who wants live capital, a named platform, or a date for the first withdrawal. The biggest caveat is contractual. Version 2.1 of the general terms, dated 1 October 2026, says a payout policy must appear before any reward can be requested, and the legal page says it has not.

Key terms

• Challenge fee, from the price map on the rules page: Classic $99, $199, $299 or $499, and Direct $149, $249, $349 or $549, for simulated accounts of $10,000, $25,000, $50,000 and $100,000.
• Profit split: Classic and Direct descriptions say 80%, or 90% with an Increase Profit Split add-on whose price is not shown. Verichain, a separate $100,000 simulated evaluation, pays no split.
• Profit target: Classic 8% then 5%. Direct 10% in one phase. Verichain 8%.
• Loss limits: Classic states 10% overall and 5% daily, and Direct states 6% overall and 4% daily, without saying whether the loss trails or is taken from the start balance. Verichain states 8% overall from the starting balance and 4% daily on the balance at the daily reset.
• Payout frequency: not published. The legal page says the payout policy is not yet available.
• Minimum trading days: 3 on Classic and Direct, and 5 on Verichain. Direct, and the $10,000 Classic description, state no maximum period. Verichain allows 40 days.

The company that takes the fee is not CMC Markets

CMC Funded is the public name. Version 2.1 of the general terms, dated 1 October 2026, names True North Tech L.L.C-FZ of the Meydan Free Zone, Dubai: registration 2646504, business licence 2646504.01, at Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba. Clause 2.10 says no CMC Markets group firm owns it. Clause 2.11 limits CMC Markets to marketing and brand support, and says that does not make CMC Markets the operator or the payor of a reward or a refund.

Clause 3.1 names the portal client.cmcmarketsfunded.com. Clauses 4.1 and 23.1.10 call the screen a third-party platform and do not name the vendor, so nor does this review. Clause 19 is only an optional referral to a live CMC Markets account. That firm does not answer for the payout, and True North Tech may be paid if the referral produces business. See the desk's note on the CFTC and ESMA split.

Related:Alpine Funded review: the payout that waits for a third withdrawal

What the catalogue charges, and what it asks you to hit

The phase numbers are in the table below. Two points the cells compress: the firm, not this desk, labels the $25,000 Classic product "Most Popular", and none of the eight Classic or Direct descriptions says whether the daily loss is taken on balance or on equity, or whether the overall loss is static or trailing. Verichain is the description that does say so. Clause 3.2 leaves Classic and Direct leverage to the checkout screen. The only leverage figure on a record opened here is Verichain's cap of 1:500.

Clause 2.5 says the fee is a service fee, not a deposit, not margin and not investment capital. Clause 3.11 makes it non-refundable once the service is activated, aside from mandatory law, the refund policy or a written agreement. Clause 5.8.2 starts a phase, unless the rules say otherwise, when the first simulated trade is placed. Symbols are not listed in the clauses or descriptions read here. Clause 23.1.13 leaves the market to the programme rules.

What CMC Funded publishes about payouts

The general terms say: "We will publish our Payout Policy on the Website before any Reward can be requested." The legal page says: "The Payout Policy is not yet available on this website. Please contact support before relying on any third-party description of our payout process."

Clause 9.3 allows schedules, windows, minimums, reserves, caps, active-day rules and review periods only where the programme rules or the client area already state them. The product pages state an 80% split, or 90% with an unpriced add-on. They do not state a minimum, a cap or a withdrawal day. Clause 8.3 reviews every reward request before payment. Clause 9.5 leaves the method to whatever the client area offers.

The $10,000 Classic page offers "real profit splits" on "profits generated in the simulated environment." Clause 2.6 says a reward is a contractual payment for simulated performance, not real-market profit and not a return on capital. Clause 6.2 keeps that stage simulated, with no live customer account. Clause 6.8 lets the firm copy signals into accounts it owns. A proprietary master account is mentioned and not priced.

No audited payout total is in the terms or the product records. The contract is dated 1 October 2026 and this review was prepared on 6 October 2026, so there is no long history to check. No verbatim quote from a named trader, executive or regulator was on the pages opened, and none is invented. See the FundedNext review, the FTMO review and the payout-checked comparisons. Their figures are not copied.

Rules that can void an account or a reward

Clause 7.3 can fail a profitable account for hedging that dodges a drawdown, copy trading or signal services, trades aimed at news spikes or stale prices, and all-in, martingale or grid behaviour used to game the test. Clause 8.1 bars bots and Expert Advisors the rules do not allow, and these descriptions do not allow them. Clause 8.4 is not a total news ban: with no published window, trading a release is allowed, but exploiting the spike can still be abuse. Classic and Direct publish no window.

Clause 7.6 lets the firm fail the phase and claw back a payment, and clause 7.9 says that is not a refund. A discretionary courtesy refund may be allowed within 7 calendar days if no trade has opened and the account has not passed, failed or reset, absent a fraud or sanctions concern. After the first trade the fee is generally kept. The firm aims to acknowledge a request in 2 business days, decide within 10 and start a return within 14. Inactivity is undefined on Classic and Direct. On Verichain it is 5 consecutive days.

Three products, and the firms this desk has already checked

Cells use the product records and the rules-page price map opened on 6 October 2026. FundedNext and FTMO already have payout reviews here. Their numbers are not filled in from memory.

Verichain is not a funded account. The page says it "is not designed to qualify traders for a funded account or reward stage", and that a pass adds a Verichain Verified Trader badge, with no interview and no live capital. A first attempt is included for eligible candidates. Further attempts cost $199. Eligible is not defined.

Regulatory posture

Clause 2.2 says the programme is not a live brokerage, custody, dealing or other regulated financial service unless the firm says so in writing. Version 2.1 does not. Licence 2646504.01 is a Meydan free-zone company licence, not described as an FCA, DFSA, CySEC, CFTC or NFA client-money permission. Clause 20 sends disputes to Dubai law and the Dubai courts, aside from mandatory consumer rights. Clause 22.2 ranks the order, then these terms, then the website, and clause 5.5 lets payout methods change.

Questions to settle before paying

Is CMC Funded the same company as CMC Markets?

No. The contract is with True North Tech L.L.C-FZ in Dubai's Meydan Free Zone. CMC Markets provides brand and marketing support under a commercial agreement, and the terms say no CMC Markets company operates the programme or guarantees a reward or a refund. Applying later for a live account at a CMC Markets entity would be a new contract with that entity.

Is the reward stage a live funded account?

Not under these terms. Clause 6.2 says the reward stage stays simulated, that no live funded customer account is provided, and that the customer's trades are not executed in the market in the customer's name. Dashboard figures are not described as cash. A payment, if one is approved, is a contractual reward for simulated results, not the trader's own capital.

What split can a passing trader actually withdraw?

The Classic and Direct pages advertise 80%, or 90% with an add-on they do not price. The master terms do not lock either figure. They say a split, a cap or a schedule counts only when the programme rules or the client area state it, and that no reward can be requested until a payout policy is published. That policy was not on the legal page.

When does the fee stop being refundable?

A discretionary courtesy refund may be available within 7 calendar days if no simulated trade has been opened and the account has not been passed, failed, reset or extended. The first simulated trade otherwise activates the phase, and the terms then treat the fee as non-refundable aside from mandatory law or a written agreement. Missing the profit target is not a refund ground, and a later reward does not repay the fee.

Does the Verichain badge pay a profit split?

The product page says no. It is one $100,000 simulated phase, with an 8% target, a 4% daily loss measured on balance at the reset, an 8% loss from the starting balance, five minimum days, a 40-day cap and a five-day inactivity cap. The result on the page is a badge on a Verichain profile, not a reward stage, not a funded account and not an interview.

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.