FundedCobra review: nine days old, $147,944 in claimed payouts

Verdict: FundedCobra sells accounts from $24 through a UK company that Companies House shows was incorporated on 17 September 2026, nine days before this review. Its Trustpilot reviews, risk disclosure and payout ledger all predate that company. Small-account traders can verify its on-chain payouts themselves. Anyone buying a $100,000 account relies on a firm with no filed accounts, one 23-year-old director and a ledger in which 89% of the dollar value has no transaction proof.

Key terms (FundedCobra’s published rules, read 26 September 2026)

• Fees: one-time, from $24 for a $500 Cobra Venom account to $1,999 for a $100,000 Cobra Prime account, $367 for a $100,000 1-Step and $325 for a $100,000 2-Step evaluation (fundedcobra.com).
• Account sizes: $500 to $200,000 across four paths.
• Profit split: 80% on every path per the payout rules page; the homepage advertises “up to 90%” for evaluations.
• Targets: 5% withdrawal target on instant accounts; 10% on the 1-Step; 10% then 5% on the 2-Step.
• Drawdown: static and equity-based. 4% daily and 6% maximum on Cobra Venom and 1-Step; 3% daily and 6% maximum on Cobra Prime; 8% daily and 12% maximum on the 2-Step (Terms, s.3 and s.5).
• Open-loss limit: combined floating loss may not reach 1.5% of starting balance at any moment, which is $75 on a $5,000 account.
• Payout frequency: daily on instant accounts, weekly on the 1-Step, bi-weekly on the 2-Step.
• Minimum days: none on Cobra Venom; 7 trading days including 5 profitable ones on Cobra Prime; 3 days on funded 1-Step and 2-Step accounts.

A company nine days old, a brand at least five months old

FundedCobra’s footer and Terms of Service name the contracting party as FUNDEDCOBRA LTD, company number 17464334, registered in England and Wales. The Companies House record gives an incorporation date of 17 September 2026, a registered office at 128 City Road, London EC1V 2NX, and a single nature-of-business code: 62090, “other information technology service activities”. Nothing in that code describes selling trading evaluations. The first accounts are not due until they are made up to 30 September 2027, so there is no filed financial information of any kind.

The officers register lists one director, Husnain Ghani, a Pakistani national resident in Pakistan, born in April 2003 and appointed on the day of incorporation. He is also the only person with significant control. His identity was verified on 14 September 2026 by a company-formation agent acting as an Authorised Corporate Service Provider. Nothing we found places staff or operations in the UK, and the Terms date several rule changes to “00:00 Asia/Karachi”.

Related:Firewood Funded review: the 3% drawdown waiting after you pass

The UK company is the only entity the contract names: no offshore parent, no second contracting party, no link to any group we have reviewed. But the Terms contain rule sets for accounts bought on or after 19 July, 28 July and 20 August 2026, all dated before the company existed. The Terms do not say which legal person sold those accounts, and they contain no governing-law clause, no dispute-resolution clause and no refund policy.

The documents that predate the company

Four dates sit uncomfortably next to 17 September 2026:

• The Risk Disclosure says it is “provided by FUNDEDCOBRA LTD” and was last updated on 8 November 2025, 313 days before that company was incorporated.
• The fundedcobra.com domain was registered through Hostinger on 19 April 2026, according to the ICANN registration record.
• The Compliance Statement has an effective date of 21 June 2026, 88 days before incorporation.
• The oldest visible Trustpilot review is dated 31 May 2026, 109 days before incorporation.

A brand can trade before it incorporates, but then someone else was taking the fees, and FundedCobra does not say who. A document naming a company that did not yet exist at best is sloppy drafting and at worst misstates who a trader was dealing with.

Payouts: what the ledger shows and what it cannot

We pulled the full “Verified Payout Records” ledger from the homepage’s public data endpoint on 26 September 2026: 574 payouts totalling $147,944.05.

Only 419 of those 574 records carry a transaction link. All 419 point to the Tron blockchain, and together they total $16,620. The earliest is dated 4 August 2026. We checked six of them on Tronscan. Each was a successful USDT transfer for exactly the stated amount, and all six came from the same sending wallet. Those payments happened.

The other 155 records have no transaction link, and they total $131,324.05, or 89% of the ledger’s dollar value. They include every payout above $1,000. The biggest share sits in 24 records dated between 28 March and 18 April 2026, worth $85,901.32. All 24 fall on Saturdays, all are for $10,000 to $100,000 accounts, and all are dated before fundedcobra.com was registered. The largest, $7,407.15 on a “$100K Instant Account”, is dated 28 March. One of the untraced April records, $6,492.33 on 18 April, is in the name “Husnain”, the director’s first name. We cannot establish whether it is the same person.

The traced payouts follow a narrow pattern. Every one is a fixed amount: $12 (215 times), $30 (112), $120 (52), $84 (32), $216 (7) and $240 (once). Each equals 2.4% of the stated account size, which is 80% of 3%. So none of the traced payouts is larger than 60% of the 5% withdrawal target. The Terms cite a per-payout cap “as published on the Payout Rules page”; that page publishes none. A single name appears on 45 records worth $11,807.59. Since incorporation on 17 September, the ledger shows 40 payouts totalling $2,784.

What we could not verify: who received the 155 untraced payouts, whether any of the pre-April 2026 payments took place, which legal entity paid them, the total number of funded traders (the firm publishes none), and whether any account larger than $10,000 has ever been paid on-chain. FundedCobra publishes no audited payout data and no pass rate.

Trustpilot: split down the middle, and unclaimed

On 26 September 2026 the Trustpilot profile scored 3.5 from 39 reviews. There were 23 five-star reviews (59%) and 14 one-star (36%), with almost nothing in between. The profile is unclaimed. FundedCobra has answered none of the 14 negative reviews, and Trustpilot shows no business verification. Of the 37 reviews on display, 32 came from reviewers in India and Pakistan.

The most pointed complaint came on 26 August 2026 from a reviewer who says they asked live chat, before buying, for the company’s registered name, number and office address. Zee Choudhary wrote: “I was not provided with verifiable details.” On that date there was no company to give details of.

The rules that end accounts

FundedCobra’s marketing sells “three rules” and “no consistency rule”. The rulebook is stricter than that pitch suggests:

• The 1.5% floating-loss limit binds first. On a $5,000 account the daily limit is $200, but open trades may never be down $75 at once, checked live.
• The 60% single-trade cap works as a consistency rule. One trade may count for at most 60% of the target. If a trade goes over, its entire profit is deducted from balance and equity, not only the excess. On a $10,000 instant account, a $301 winner counts for nothing.
• The 60-second hold. A manual close under 60 seconds breaches; the fifth sub-60-second take-profit or stop-loss close does too.
• No hedging, EAs or copy trading. Same or opposite positions across several FundedCobra accounts, including via signal groups, count as mirroring: payouts declined, accounts closed.

The published documents also contradict each other. The rules page says the daily limit “resets each day from your starting balance”, while Terms s.5.2 anchors it to equity at 00:00 UTC. The rules page gives 4% on all instant accounts, while the Terms give 3% on Cobra Prime.

Trading runs on CobraTerminal, the firm’s own web platform, at 1:100 leverage and $3.00 per lot commission on forex. No broker or liquidity provider is named. For how other instant-funding firms handle payout caps, see our FundYourFX review.

How the 2-Step compares

Sources: FundedCobra payout rules and Terms; FTMO trading objectives; The5ers High Stakes programme page, all read 26 September 2026. The 8% and 12% limits look generous, but the 1.5% open-loss limit usually bites first. For prices across the market, see our $100K account price comparison across 23 firms, and for a firm at the opposite end of the verification spectrum, our FTMO review.

Regulatory posture

FundedCobra is not regulated and does not claim to be. Its Compliance Statement says it is “not a broker, bank, investment adviser, exchange, custodian, or deposit-taking institution”. All accounts are simulated; the fee buys access to a demo environment, and ledger payouts go out in USDT on Tron. UK incorporation gives traders a register entry and, in principle, an entity to pursue, but it is nine days old, has filed no accounts and the contract does not choose English law. Our guide to the prop-firm regulatory perimeter explains why simulated-account firms sit outside most licensing regimes.

FAQ

Is FundedCobra a registered company?

Yes, but only since 17 September 2026. FUNDEDCOBRA LTD, number 17464334, is registered in England and Wales with one director resident in Pakistan. The brand was trading, collecting reviews and listing payouts for months before that date, and the firm does not say which entity sold accounts before incorporation.

Does FundedCobra pay out?

Small payouts, yes. We confirmed six USDT transfers on Tron for exactly the amounts listed. Its ledger lists 419 on-chain payouts totalling $16,620, mostly $12 to $120. The remaining $131,324 in claimed payouts, including every payout over $1,000, has no transaction proof.

Does FundedCobra have a consistency rule?

Not by name. In practice, the 60% single-trade cap works like one. Any trade that earns more than 60% of the target has its whole profit removed, not just the excess. Combined with the 1.5% open-loss limit, this pushes traders toward many small trades.

What is FundedCobra’s Trustpilot rating?

3.5 from 39 reviews on 26 September 2026, with 59% five-star and 36% one-star. The profile is unclaimed and none of the 14 negative reviews has a reply. The earliest visible review, from 31 May 2026, predates the company by 109 days.

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.