Orion Funded is a Dubai-registered prop firm with a bilingual English and Spanish site, and most of its featured trader testimonials come from Spain. It markets simulated evaluation accounts from $5,000 to $200,000 on MetaTrader 5 and MatchTrader. The brand term “orion funded” draws about 400 US searches a month and roughly 13,000 globally (Ahrefs, September 2026). This review works from the firm’s own programme pages, its help centre and version 3.01 of its General Terms and Conditions, dated 16 September 2026. It also sets out what could not be verified.

Key terms, from Orion’s own published pages

• Challenge fees: Orion Standard (2-step) runs from $49 for $5,000 to $1,149 for $200,000, and $629 buys a $100,000 account (Orion 2-Step Challenge page). Orion Nova starts at $7, then costs $69 to $1,099 once passed. Orion Zero instant accounts run from $199 to $1,149.
• Account sizes: $5,000 to $200,000. Orion Zero stops at $100,000.
• Reward split: 80% on every programme, and 90% after qualifying for the scaling plan (Orion help centre, reward calculation).
• Profit targets: Standard 6% and 6%. Swing 8% and 5%. Select 5% in each of three phases. Nova 4%. Zero has no target (profit targets).
• Maximum drawdown: 6% static on Standard, 8% static on Swing and 5% static on Select. Nova and Zero use a “trailing lock”: Nova is 8% in evaluation and 5% funded, and Zero is 6%.
• Daily loss limit: 3% on Standard and Zero, 4% on the Nova evaluation (3% once funded), and 5% on Swing and Select. It is measured from the greater of the prior day’s closing balance or equity, and resets at midnight UTC.
• Payout frequency: every 14 calendar days, with no waiting period before the first request (reward requests).
• Minimum trading days: four during evaluation on Standard, Swing and Select. None on Nova or Zero, and none once funded.

What the payout evidence shows, and what it does not

Orion’s headline promise is a 48-hour payout. Its programme pages call this a “Real Compensation Policy”: if the firm misses the deadline, the trader gets 100% of the reward split plus the evaluation fee back. The same pages add: “No conditions. No fine print. Period.”

The help centre gives a narrower version. The 48-hour clock only starts once a reward is marked approved, and it pauses for weekends and public holidays. It also pauses for bank or payment-processor delays, crypto-network maintenance, and any “compliance, risk, fraud or source-of-funds reviews”. The compensation is not paid automatically either. Orion’s own wording is: “This doesn’t happen automatically. You need to contact Orion to claim it” (Orion help centre, reward delays). Trading is also paused on the account from the moment a request is submitted until Orion responds. Rewards are paid through Rise Pay, which needs its own registration and verification.

Orion’s payout totals are not consistent across its own pages. The 2-Step Challenge page shows “$3.2M+” in payouts processed in its header banner. Lower down, the same page shows “+$6.6M” in rewards processed and “$6M+” paid in rewards. The page also claims 25,000+ funded traders beside 150,000+ traders worldwide. It says Orion ranked “among the top 6 prop firms worldwide in payout volume as of March 9”, without naming a source or a year. None of these figures comes with an audit, a date range or a named verifier, so we treat them as marketing claims.

On independent evidence, PropFirmMap’s tracker showed a Trustpilot rating of 4.5 from 1,993 reviews when last verified on 10 September 2026 (PropFirmMap, Orion Funded). The review site FundedTrading.com reports that “some Trustpilot reviews mention video interviews being required before larger payouts are approved” (FundedTrading.com). Both sites run commercial coupon or partner programmes.

What we could not verify: Trustpilot’s own page for the firm returned an access block to our requests, so we could not read the review mix directly. Reddit was also inaccessible. We found no audited payout statement, no median payout size and no share of funded traders who received a second reward. We also could not identify the third-party company that signs funded traders, because the terms do not name it.

Who you actually contract with

The fee is paid to Orion Global FZCO, a United Arab Emirates company registered at Building A1, Dubai Digital Park, Dubai Silicon Oasis. Passing does not give the trader a funded contract with that company. Clause 8.1 of the terms says Orion “will inform the applicable third-party entity which may offer you a contract”. It adds: “Successfully completing the Evaluation Process does not guarantee your acceptance into the Orion Trader Program.” Clause 8.2 goes further: “ORION GLOBAL FZCO is in no way involved in the agreement of the Orion Trader Program” (Orion GTC v3.01).

FundedTrading.com lists two related entities: OGM International LTD in Saint Lucia and OGM Evaluation Limited in Hong Kong. PropFirmMap lists the firm under Saint Lucia. Orion’s own terms confirm neither name, and the help centre says an application review after passing “can take up to 1 to 2 business days”. Traders should ask Orion, before paying, which entity will sign the Trader Program contract, and under which law.

The rules that end accounts

Equity, not balance. The daily loss limit counts floating losses in real time, plus swaps and commissions. On a $52,340 opening balance at 3%, the equity floor for the day is $50,769.80. This is Orion’s own worked example (daily loss limit).

News windows on funded accounts. The evaluation has no timing restrictions around news. On funded Nova, Standard and Select accounts, however, there is a two-minute window before and after any high-impact event. During that window traders cannot open, close or modify trades or place stop orders. On Orion Zero, trades opened or closed within five minutes of a high-impact event are paid at 50% instead of 80%. Swing is the only programme without a funded news restriction. Using news as a strategy is banned on every programme.

The Best Day Rule and the 3% cushion. On Zero, and on Nova once funded, a single day’s profit cannot exceed 20% of total profit in the reward cycle. Until it drops below that, no reward can be requested. On the same two programmes, the first 3% of profit cannot be withdrawn. It sits as a buffer above the starting balance. The trailing-lock drawdown also follows the balance upward until the first approved payout. On a $100,000 Zero account, the floor starts at $94,000 and locks at $100,000.

Discretionary conduct rules. The forbidden-practices list bans trades that “can’t be replicated on a live account”, including “overleveraging, overexposure, one-sided bets”. It also treats position sizes “substantially larger than your other trades” as non-standard risk management. Expert advisors may not generate more than 2,000 server requests a day. Gap trading is banned, which covers trades opened within two hours of a market closing for at least two hours. Penalties range from removing trades to forfeiting pending rewards (forbidden trading practices).

The review clause. Clause 20 of the terms bans “review bombing or the posting of mass or repeated negative reviews”. It also bars traders from contacting payment providers or brokers “with the intention of harming the Provider’s reputation”. The clause does protect “a genuine and fair review of their own experience”, but it is worth knowing about when reading the firm’s review scores. A chargeback without valid legal grounds is treated as a material breach.

How Orion compares on a $100,000 account

Term	Orion Standard (2-step)	FTMO 2-Step	The5ers 1-Step
Evaluation phases	2	2	1
Profit target	6% / 6%	10% / 5%	10%
Maximum daily loss	3%	5%	3%
Maximum loss	6% static	10% static	6%
Reward split	80% (90% after scaling)	Up to 90%	75%
Fee refund	On 4th reward	On 1st reward	From 3rd payout

Sources: Orion programme pages; FTMO trading objectives and FTMO how it works; The5ers homepage plan table, all accessed 21 September 2026. Orion’s profit targets are the lowest of the three. The trade-off is a tighter daily limit than FTMO’s and the latest fee refund of the group. For wider price context, see our comparison of the price of a $100K account across 23 firms, plus our FTMO review and The5ers review.

Platforms, leverage and costs

Orion runs on MT5 and MatchTrader. Forex leverage is 1:100 on Zero, Nova and Standard, and 1:30 on Swing and Select. Forex, metals and commodities carry a commission of $4 per lot, while indices, stocks and crypto carry none (tradable instruments). Orion may change leverage on any account at any time. Holding positions overnight and at weekends is allowed on every programme.

Regulatory posture

Orion does not claim any financial-services licence. Its site says Orion Global FZCO “provides simulated trading services and educational tools for traders only”, “does not act as a broker and does not accept deposits”. Every account, including the funded Orion Trader Account, is a demo account with simulated capital. Rewards are real money calculated from simulated profit. Disputes go to the exclusive jurisdiction of the UAE courts.

The United Arab Emirates itself is on the firm’s restricted-jurisdiction list, along with Vietnam, Indonesia and Bangladesh. The list can change, so check it before buying. For the wider rules on firms like this, see our analysis of where the prop-firm regulatory perimeter actually bites.

Frequently asked questions

Is Orion Funded legit?

Orion Funded says it has operated since 2023, and it publishes its terms, rules and fee schedule in detail. PropFirmMap tracked a 4.5 Trustpilot rating from 1,993 reviews in September 2026. However, the firm publishes no audited payout data, its own payout totals conflict across pages, and the funded contract comes from an unnamed third party. Treat “legit” as unproven rather than disproven.

Does Orion Funded refund the challenge fee?

Yes, but late. Clause 4.5 of the terms refunds the initial fee in full on the fourth successful reward withdrawal from a funded account. A separate 14-day right of withdrawal applies only if you have not placed a single simulated trade. Once you trade, the fee is non-refundable until that fourth reward.

How fast does Orion Funded pay?

Orion advertises 48-hour processing after a reward is approved, with rewards available every 14 days. The clock excludes weekends, holidays, payment-processor delays and compliance or risk reviews. If Orion misses the deadline, the trader has to contact the firm to claim the compensation.

Can I trade news with Orion Funded?

During the evaluation, yes, with no timing limits, although news trading as a strategy is banned. On funded Nova, Standard and Select accounts, a two-minute blackout applies either side of high-impact events. On Zero, trades within five minutes of an event are paid at a 50% split. Swing has no funded news restriction.

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.