Verdict. Kiwi Funded is a six-week-old, crypto-only simulated CFD prop firm whose plan pricing is cheap and whose published rulebook is unusually clear. It will suit nobody who needs recourse. The single biggest caveat is not a rule — it is that the firm never names a legal entity anywhere in eleven legal documents, while its homepage advertises $24.6m of payouts and 12,800 funded traders on a domain registered on 5 July 2026. Traders who want a cheap $39 evaluation and accept total counterparty opacity may look. Everyone else should wait for a track record to exist.

Key terms, from Kiwi Funded’s own published material

• Evaluation fee: $39 (Two-Step $5k) to $699 (Instant $100k). A Two-Step $100k is $299; a One-Step $100k is $399 — Challenges page plan data, read 20 August 2026.
• Account sizes: $5,000 / $10,000 / $25,000 / $50,000 / $100,000, in virtual balance only.
• Profit target: Two-Step 8% then 5%; One-Step 10%; Instant none.
• Profit split: plan cards return 90% on all 15 plans, but the Trader Agreement says “Standard split is 80% to the trader (70% on instant funding)”. See below — the two do not agree.
• Max drawdown: 5% static (Two-Step), 6% static (Instant), 6% trailing from the equity high-water mark (One-Step) — Rules page.
• Daily loss limit: 3% (Two-Step, Instant) or 4% (One-Step) of day-start equity, evaluated on every tick.
• Payouts: every 14 days, each request 1%–4% of account size, crypto only, within 8 hours of approval; first payout after 14 days on evaluation plans and 30 days on Instant — Payouts page.
• Minimum trading days: 4 per phase (Two-Step), 3 (One-Step), and 7 on every funded account before a payout.

The firm is six weeks old and advertises a four-year track record

Kiwi Funded’s homepage runs five animated counters: $24.6m+ total payouts, 12,800+ funded traders, an 8-hour average payout time, 170+ countries and 5,400 active traders. A line under the hero repeats it — “12,800+ traders funded across 170+ countries.”

The domain kiwifunded.com was created on 5 July 2026, according to the public WHOIS record — 46 days before this review. For those figures to hold, Kiwi Funded would have had to fund roughly 278 new traders and pay out about $535,000 every single day since the domain first resolved, through a manual review process, on crypto rails, with KYC on every first withdrawal.

The registrant is shielded behind Withheld for Privacy ehf in Iceland via Namecheap. The Internet Archive holds no snapshot of the domain at all, and we could locate no Trustpilot profile, no thread on the retail prop-trading subreddits and no aggregator listing.

The firm’s own blog is the clearest tell. It carries three entries, dated 1, 3 and 4 July 2026 — all before the domain was registered. One is headlined “Trader spotlight: passing a $100k in 9 days,” a profile of “one of our first funded traders” timestamped the day before the website existed. The page then admits the blog is unfinished: “Full CMS-driven blog coming with the admin panel.” The footer’s Press link 404s, and the Competitions page says none is running.

What the payout evidence actually is

Kiwi Funded publishes no verifiable payout evidence: no ledger, no third-party verification, no blockchain attestation, no audited figure. The dollar amounts a visitor sees on the homepage — $5,762.40, $1,284.20, $643.10, $412.80, −$127.40 — are not payouts at all. They are labels inside a static mock-up of the “Kiwi Terminal” dashboard, hard-coded into the page and rendered twice on the same screen. The six “Trader Stories” carrying profits of $18,420, $22,100 and $9,140 are attributed to named individuals with country flags, but the site’s own footer disclaims them: “All examples of trader profits are illustrative.”

So the profits shown are illustrative by the firm’s own admission, and the aggregate counters are unsourced. We could not verify a single completed payout from Kiwi Funded to any trader.

The mechanics the firm does publish are ordinary: requests every 14 days, each between 1% and 4% of account size — $1,000 to $4,000 on a $100k account — with approved KYC first and manual review. One figure cannot be reconciled with anything published: each plan carries a “payout cap” of $1,000 to $20,000 that appears nowhere in the payout tables and is never explained. Ask what it governs before paying.

Critically, the Terms of Service define a payout as “a discretionary payment made to you for performance demonstrated on a Funded Account.” Discretionary is the operative word, and the firm reserves the right to “withhold, reverse, or cancel any Reward” where it believes a breach occurred.

The rules that will actually void an account

The One-Step trailing drawdown. Five of the fifteen plans use a 6% drawdown that trails the equity high-water mark, not the closed balance. The Rules page states this plainly. It means an open position that runs into profit and gives it back ratchets the fail level up on the unrealised spike — the harshest common variant, and the one that ends most funded accounts. The Two-Step and Instant plans are static from the starting balance and are materially safer on this axis.

The consistency rule is universal, not optional. The Rules page hedges it as applying “where applicable,” and the FAQ says “on some plans, yes.” The plan data says otherwise: a 40% single-day consistency cap is attached to every step of all fifteen plans, funded accounts included. A trader reading the marketing copy could reasonably conclude it might not apply to them. It does.

The published ranges are wider than the real ones. The Rules page advertises a daily loss limit of “3–5%” and a max drawdown of “5–10%”; the FAQ says drawdown is “usually around 6–10%.” No plan on sale has a 5% daily loss or a 10% drawdown, and the Two-Step’s actual 5% drawdown falls outside the FAQ’s range entirely.

The 90% profit split is contradicted by the contract. Every plan card returns a 90% split. The Payouts page and the binding Trader Agreement both say traders start at 80%, or 70% on Instant funding, and reach 90% only through a scaling plan whose criteria are not published. Where a plan card and a contract disagree, the contract governs. This is the same pattern we found at Sway Funded, where the 90% split turned out to be a paid add-on, and the same site-versus-document conflict documented in our Ultimate Traders review.

Fees are gone the moment you trade, and liability is capped at $100. The Refund & Liability Policy refuses refunds on any traded account “regardless of the number of trades placed, the results obtained, or any technical issue experienced,” and states that by placing any trade you “expressly waive any right to a refund.” A chargeback means a permanent ban and forfeiture of all accounts and pending rewards — though since the firm takes crypto only through a self-hosted processor, there is no card chargeback rail anyway. Both the Terms and the Refund Policy then cap aggregate liability at the greater of $100 or one month’s fees, so a cancelled $4,000 payout on an account bought three months earlier is worth $100 in damages.

Regulatory posture: no entity, no jurisdiction, no register

Kiwi Funded is not regulated, which is unremarkable — most prop firms are not, and the firm is explicit that everything is simulated, that it is “not a broker, dealer, bank, exchange, custodian” and that “no order you place results in a transaction on any live market.”

What is remarkable is that no legal entity is named anywhere. Across all eleven published policies — Terms, Trader Agreement, Challenge Agreement, Refund, Privacy, Risk Disclosure, AML, KYC, Complaints, Cookies and Affiliate Agreement — the counterparty is only ever “Kiwi Funded,” a trading name. There is no company number, registered office, incorporation jurisdiction or postal address. The only contact points are five @kiwifunded.com email addresses.

That produces a governing-law clause with nothing at the centre of it. Section 14 of the Terms of Service reads, verbatim:

“These Terms are governed by the laws applicable at Kiwi Funded’s place of establishment, without regard to conflict-of-laws rules. Any dispute will be resolved on an individual basis (not as a class action) through binding arbitration or the competent courts of that jurisdiction, at Kiwi Funded’s election, to the extent permitted by law.”

— Kiwi Funded Terms of Service, version dated July 2026. The place of establishment is never disclosed, so a trader cannot determine which country’s law governs the contract they are signing, or which court could hear a dispute. The choice between arbitration and litigation belongs to the firm. We found no independent trader account of Kiwi Funded anywhere and therefore quote no trader; none exists to quote.

On the New Zealand question the branding invites: there is no New Zealand connection of any kind. The words “New Zealand” appear nowhere on the homepage, About, Rules, Payouts or FAQ pages. A search of the New Zealand Companies Register returns no company named Kiwi Funded — sixteen similarly-named entities exist, none of them this one — and we found no matching provider on the Financial Service Providers Register, which any firm offering financial services in New Zealand must join. “Kiwi” here is decoration, not domicile.

How the disclosure compares

Disclosure	Kiwi Funded	FTMO	The5ers
Named legal entity	None stated	FTMO (Prague-based operator)	Five Percent Online Ltd
Company number	None published	Not on homepage	515864007
Registered address	None published	Purkynova 2121/3, 110 00 Prague, Czech Republic	2 Ha’tidhar Street, Raanana, Israel
Phone contact	None	+420 910 920 310	Email/chat only
Trading since	Domain created 5 Jul 2026	2015	2016
Payouts claimed	$24.6m, unsourced	$650m, stated on site	Not stated on homepage
Third-party rating	None found	4.8/5 Trustpilot, claimed	Trustpilot badge displayed
Cheapest $100k evaluation	$299 (Two-Step)	Not compared	Not compared

All three sets of figures are self-published and none is independently audited. The point is not who pays more; it is that two of these firms can be looked up in a public register and one cannot. For the opposite end of that spectrum, see our reviews of Seven Points Capital, a prop firm you can actually audit, and Legends Trading, a real broker with an empty rulebook.

What Kiwi Funded gets right

The rulebook is genuinely well-presented. Every objective is published up front, the tick-level breach logic is described rather than hidden, there are no swap or overnight charges, there is no time limit on standard plans, and $39 for a Two-Step $5k is among the cheapest pricing on the market. Personal expert advisors are permitted, hedging within a single account is allowed with a warning on first offence, and leverage is capped at 1:100 on forex. If the firm is exactly what it says it is, the terms are competitive — but that “if” carries every unverified claim on the site, and there is no evidence yet with which to settle it.

FAQ

Is Kiwi Funded a New Zealand company? There is no evidence that it is. The New Zealand Companies Register returns no company called Kiwi Funded, we found no match on the Financial Service Providers Register, and the words “New Zealand” do not appear on the firm’s main pages. The branding is thematic only.

Is Kiwi Funded regulated? No. It states it is not a broker, dealer, bank, exchange or custodian, and that all accounts are simulated with no orders reaching a live market. No legal entity is named in any of its published documents, so there is no regulator or register to check it against.

What is the real profit split? Plan cards show 90%. The Trader Agreement says traders begin at 80%, or 70% on Instant funding, and scale to 90%. Treat 80% as the working figure until the firm reconciles the two, and ask what the scaling criteria are before buying.

How are payouts paid? Crypto only — Bitcoin or Lightning — within about eight hours of manual approval, requestable every 14 days at 1%–4% of account size. Approved KYC is required first. There is no fiat or bank-transfer option.

Which plan has the most dangerous drawdown? The One-Step plans. Their 6% maximum loss trails the equity high-water mark, so unrealised profit raises the level at which the account fails. The Two-Step and Instant plans measure statically from the starting balance.

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.