Key terms, from the firm’s own pages

• Evaluation fee: $465.00 for a 50K two-step account at list price, before any discount code, per the funding programmes page (checked 13 August 2026).
• Account sizes: 5K to 100K. Maximum capital allocation is $300,000 per the FAQ — the homepage advertises “manage up to $400k”.
• Profit split: 80/20 by default. The advertised 95% is a paid add-on costing 25% of the fee ($116.25 on a 50K account).
• Profit targets: 10% on the one-step programmes; 8% then 5% across the two phases of the two-step.
• Maximum drawdown: 10% static on the two-step, 6% static on 1-Step Pro, 6% trailing on 1-Step Classic and Instant Funding.
• Daily loss limit: 4%, calculated on the higher of closed balance and equity at 17:00 EST.
• Payout frequency: every 14 days from the first trade, or every 5 days for an add-on costing 15% of the fee ($69.75 on a 50K account). Instant Funding allows one request every 30 days.
• Minimum trading days: none, on any programme. There is also no time limit on any evaluation.

What FX2 Funding is selling

FX2 offers four routes to a simulated funded account: a two-step evaluation with a 10% static drawdown, a 1-Step Classic with a 6% trailing drawdown, a 1-Step Pro with a 6% static drawdown, and an Instant Funding plan with a 6% trailing drawdown and no evaluation. Accounts run on cTrader, DXtrade and MatchTrader through the technology provider GooeyTrade; a separate futures programme uses DXFutures with CME, CBOT, COMEX and NYMEX data. No broker is named. The FAQ says only that FX2 uses “an aggregate source of pricing and liquidity from multiple brokers and liquidity providers” that “change constantly”, so traders cannot establish which venue sits behind their fills.

On whether execution is live, the site contradicts itself. The FAQ is unambiguous: “FX2 traders receive a simulated account for trading… this account does not involve real funds… FX2 traders may never engage in actual transactions on live markets.” The homepage sells Instant Funding on the opposite basis — “start trading live right away… access real capital from day one” — while a third answer describes FX2 acting as “the direct counterparty to certain trades”. The FAQ is the operative statement: these are simulated accounts paying real rewards. It is the same gap we found at HyroTrader, and the same contract-versus-FAQ divergence we documented at FundedElite.

The drawdown rule behind the one-step programme

The 1-Step Classic drawdown is the mechanic most likely to end an account. Per the FAQ: “The maximum drawdown starts at 6% below your starting balance and trails from the high water mark of your closed balance. If your equity falls below this threshold, your account will be terminated.”

The asymmetry is the point. Your floor only rises when you bank profit, because it tracks closed balance. But you are stopped out on equity, which includes every open position. An unrealised gain does nothing for you while it is open; an unrealised loss can breach you. That is milder than the fully equity-trailing structures we criticised at Leeloo Trading, but stricter than a plain static limit. There is a genuine release valve: once you achieve a 6% closed-balance gain, the drawdown locks at your original starting balance and you can compound freely.

The daily limit works the same way. It is “-4% of the higher value between the closed balance and equity (all open and closed trades) at 5pm EST.” FX2’s worked example: a day starting with a closed balance of $103,000 and equity of $105,000 has a limit of $4,200 anchored on the higher figure, closing the account if equity touches $100,800. Anchoring on the higher number raises the stop-out floor, so carrying a winning open position through the 17:00 EST snapshot tightens your daily limit against money you have not realised — and if that trade reverses, you can be stopped out on a day your closed balance never moved.

Payouts: what is published, what could not be verified

Withdrawals do not reset the trailing drawdown. The FAQ states: “When a withdrawal is approved… your max trailing drawdown will lock in at your starting balance. The trailing drawdown does not reset when you request a withdrawal.” It then goes further: “If you take a full withdrawal of the gains in your Funded Account, the Maximum Trailing Drawdown will lock in at the starting balance and trigger the Maximum Trailing Drawdown breach rule, resulting in the forfeiture of your Funded Account.”

Cashing out everything you have made destroys the account that made it. FX2’s own example runs a $100,000 account to $120,000, withdraws $16,000, pays the trader $12,000, retains $4,000, and leaves a $104,000 balance against a locked floor of $100,000 — $4,000 of room on a six-figure account. A separate answer concedes the consequence, advising traders not to withdraw “before reaching 5-6%” of profit.

The second gate is KYC. On Instant Funding, identity verification is not required until you request money — and if it fails, “the withdrawal will be rejected, your gains forfeited, and your account closed.” A trader can fund, trade and profit for months before discovering they cannot be paid. Two terms do run the other way: a hard breach does not wipe accrued gains, and there is no cap on payout size.

What could not be verified. FX2 publishes no audited payout data. Its homepage claims “no missed payouts in FX2 history”, an average payout time of eight hours and a highest payout of $41,250; none is independently attested. Trustpilot returned HTTP 403 to our requests, as it does to all automated clients, so we could not verify the firm’s rating or read the underlying reviews — we make no claim about it either way. WikiFX likewise blocked access. Read the Trustpilot profile in a browser and weigh volume and recency yourself.

The rules that end accounts

There is no consistency rule published for any FX2 programme. We searched the programme table and the full FAQ and found none. That is a real advantage over rivals such as Uprofit, whose consistency requirement carries three different numbers — though we could not cross-check the absence against the contract, for reasons set out below.

News trading is permitted but asymmetric. Any trade executed within three minutes either side of a high-impact event is a “soft breach”, and the FAQ is explicit about who bears which outcome: “any profits made during the news event will be removed and any losses will be the responsibility of the trader.” The rule covers pending orders, including stops and limits placed in advance.

Prohibited strategies include high-frequency trading, latency arbitrage, arbitrage, hedging across multiple accounts, exploiting server errors and account sharing. One entry is worth flagging: “one-sided betting”, defined as “consistently taking positions in a single direction without proper market analysis” — a judgement call, not a measurable threshold, and the FAQ confirms the risk department “retains the discretion to identify and address forbidden trading practices.” Futures traders face a separate trap: assessment plans auto-renew monthly, and “manually cancelling the subscription will result in the loss of the account (breach).”

How the one-step programme compares

One-step programme	FX2 1-Step Classic	FTMO Challenge: 1-Step	The5ers 1-Step $100K
Profit target	10%	10%	10%
Daily loss limit	4% of higher of balance/equity at 17:00 EST	3% of initial capital, reset 00:00 CET	3%
Maximum loss	6%, trails on closed balance	10%, end-of-day trailing on midnight balance	6%
Minimum trading days	0	4	3 profitable days
Consistency rule	None published	None	50% per day
Profit split	80%, or 95% for a 25% fee add-on	80%	75%
Payout cap	None	None	$2,000
Drawdown on withdrawal	Does not reset; full withdrawal forfeits the account	Fully resets to 90% of initial capital	Not stated on the programme page

Sources: FX2 Funding FAQ, FTMO trading objectives and the The5ers programme table, all checked 13 August 2026. The final row is decisive. FTMO and FX2 both trail; only one lets a trader take money off the table and carry on.

The entity behind the brand

FX2 is not regulated as a broker and does not claim to be — “No, FX2 Funding is not a broker,” says the FAQ. That is normal for the sector, but the corporate picture is unusually layered.

The footer on every page names FX2 Funding, LTD, Registry #2025-00108, at The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia. The same footer states the firm “is an affiliate of Prop Account LTD”, that “all assessment fees are paid to Prop Account LTD”, and that a qualifying trader “will be required to enter into a Trader Agreement with Prop Account LTD” — a company whose jurisdiction is disclosed nowhere on the site. The FAQ adds a fourth name: “Charges come across in the name of dashboardanalytix.com.” Meanwhile the About Us page describes “FX2 Funding, LLC” as “a United States entity”, on a site whose footer bars US residents and citizens.

The registry number matters too. The brand dates to November 2022 and the site’s earliest media files to September 2022, but the numbered Saint Lucia entity carries a 2025 series — the company you contract with is younger than the track record advertised. Saint Lucia sits at the lighter end of the offshore spectrum we mapped in our survey of offshore FX licensing regimes; an IBC registration implies no financial-services authorisation.

Then the contract itself. The footer’s “Terms” link points to dashboardanalytix.com/client-terms-and-policies/. On 13 August 2026 that URL returned an unbroken chain of WordPress-served HTTP 307 redirects to itself, each with a fresh cache-busting parameter; so did the domain root. A browser fails with a redirect-loop error. The document governing refunds, payout discretion and termination rights is unreadable, and we could not retrieve an archived copy — a documentation failure rather than evidence of bad faith, but no prospective customer can read what they are agreeing to. One further oddity: the homepage carries three link blocks wrapped in position:absolute;left:-5583px and hidden at every device breakpoint, pointing to unrelated gaming and slots domains under anchors such as “duck hunters apk”. Off-screen links of this kind are either a paid placement or the residue of a compromise; FX2 has not addressed which.

On the record, founder and chief executive David Dombrowsky states on the About Us page: “Along with my co-founders, Jacob Scott and Yoel Bender, we launched the company in 2022 with a shared vision: to create a trading platform built on trust and transparency.”

Pricing and the permanent discount

A 50K two-step evaluation lists at $465.00. Adding both advertised headline features — the 95% split and the five-day payout cycle — costs a further $116.25 and $69.75, taking the total to $534.75. “Keep profits up to 95%” and “payouts every 5 days” are therefore not features of the product but upsells worth 40% of the base fee combined. Every page also carries a banner offering 40% off the 1-Step Classic and 20% off all programmes to 31 August; continuous discounting on that scale means the list price is not the real price, so judge value on the discounted figure. As a quality-control note, the two codes in the banner appear transposed against the discounts beside them.

Frequently asked questions

Does FX2 Funding have a consistency rule?
None is published for any CFD or futures programme; we checked the programmes table and the full FAQ on 13 August 2026. Because the terms document is unreachable, we could not confirm the absence against the contract — treat it as verified against published rules only.

Is the FX2 drawdown trailing or static?
Both, depending on the programme. The two-step uses a 10% static drawdown and 1-Step Pro a 6% static one, each measured from the original balance. The 1-Step Classic and Instant Funding use a 6% drawdown that trails the high-water mark of closed balance and locks at the starting balance once you bank a 6% gain.

How long does the first payout take?
Requests can be made 14 days after your first trade, or every five days with the paid add-on, and FX2 says they are processed within 48 hours via its partner Rise or in crypto. Instant Funding allows one request every 30 days, minimum the greater of $100 or 1% of starting balance.

Are FX2 accounts live or simulated?
Simulated. The FAQ states trades execute in a simulated environment on liquidity-provider quotes and that traders “may never engage in actual transactions on live markets”. The futures programme is also simulated, using live CME data. Homepage copy promising “real capital from day one” conflicts with this and should be disregarded.

What does it cost to trade?
Commissions differ by platform: $4 per lot round turn on FX and metals in cTrader, but $7 for the same instruments in DXtrade. Indices, energies and crypto are commission-free on both. Leverage is 1:100 on FX for evaluation accounts; the Instant Funding plan is capped at 50:1.

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.