Verdict: Rhodium FX is a two-year-old Dubai free-zone prop firm with cheap tiers, readable rules and an honest simulation disclosure. It suits traders wanting a low-cost Match-Trader evaluation who can live with a firm holding no financial licence anywhere. It does not suit anyone buying the $100,000 tier for the advertised 90% split: the firm’s own terms exclude that tier, while five marketing pages still promise it. The caveat that matters most is evidence — only 14 public reviews exist, and one describes a payout.

Key terms, as published

• Challenge fees: $40 (5K), $79 (10K), $149 (25K), $249 (50K), $419 (100K), read from the firm’s store catalogue on 8 September 2026.
• Profit targets (Classic): 7% in Phase 1, 6% in Phase 2, per the Rhodium FX rules page.
• Maximum daily loss: 5%, reset at 00:00 UTC. The Fast Track rule set tightens this to 3%.
• Maximum total loss: 10% from the initial balance — a fixed floor, explicitly not trailing your peak.
• Per-trade risk cap: 2% of current equity on Classic accounts, stated on the rules page and on no tier page.
• Profit split: 80%, or 90% with the paid Profit Split Booster, subject to the exclusion below.
• Payouts: first at 14 days, bi-weekly after, processed within 48 hours on business days, gated on three profit days of +1% each.
• Minimum trading days: 3 per phase on Classic; zero on Fast Track.

The entity behind the accounts

The footer disclosure on every page names the operator as RHODIUM FX – FZCO, registered at Building A1, Dubai Digital Park, Dubai Silicon Oasis, with company registration number 60279. The same block states, without hedging, that “Rhodium FX is not a licensed or regulated financial services provider, and the Company does not hold any brokerage, clearing, or financial services license in any jurisdiction.”

That is more candid than most of the sector manages. The About page is equally direct: it names Philip H. van den Berg as chief executive, traces his path from an account-manager role at BlackBull Markets to chief operating officer at Dominion Markets, and volunteers that the firm is unconnected to “an unrelated broker called Rhodium Forex, which closed in 2016.” Van den Berg writes on the record: “By 2025, I’d learned trading from the chart, from the broker’s side, and from the operator’s side.”

The 90% upgrade the 100K terms exclude

Clause 7.3 is unambiguous: “Profit-share is 80–90% (upgradeable at checkout). The 90% profit split upgrade is available on all challenge tiers except the 100K Challenge.”

The 100K tier page does not reflect that. Its hero reads “80-90% profit split, upgrade to 90% by boosting your challenge at checkout.” Its feature grid reads “Keep up to 90% of profits with the Booster.” Its FAQ reads “The standard split is 80%. Add the Profit Split Booster at checkout to lock in 90% on your funded account.” That last sentence is also embedded in the page’s FAQPage structured data — the version search engines are invited to surface as a rich result.

The Technology and Payment Partners page widens the promise rather than narrowing it, describing the Booster as “Available as an add-on when you purchase any challenge account” beneath a panel headed “No Hidden Terms — What you see is what you get. No performance gates, no surprises.” The word “any” is doing work the terms do not support.

The shape is familiar. When PineX Capital moved from a flat 90% split to 80% plus a paid add-on, and when Plutus Trade Base priced a challenge at €39 on the page and €99 in the terms, sales copy and contract drifted apart. The contract binds.

What the served markup contains

We checked the commerce layer rather than assume it. On 8 September 2026 the served HTML of the 100K and 25K tier pages was fetched and searched. Both contain exactly six case-insensitive matches for “boost”, and the matched strings are identical. The marketing pages do not differentiate: the excluded tier carries the same Booster copy as an eligible one.

The checkout layer reads differently. “Boost” appears zero times in the served HTML of the product pages for the 100K, 25K and 5K challenges, zero times on the cart page and zero on the checkout page. The store’s public product endpoint returns ten purchasable items — five headline challenges plus five Fast Track products — none a Profit Split Booster. A site-wide search for “booster” returns nine objects: five tier pages, the challenges index, the technology page and two blog posts. No product.

The reading must stay narrow. Server-rendered HTML cannot see an option injected by JavaScript after load, nor anything inside an authenticated cart. What can be said is that the Booster is heavily marketed, is invisible in the public commerce layer, and that the excluded tier is marketed exactly as hard as permitted ones. We found no evidence any buyer was charged for an upgrade they did not receive, and make no such claim. The verifiable problem is the contradiction, which a $100,000 buyer cannot resolve from the page they buy on.

Payouts: clear terms, thin evidence

The published mechanics are reasonable by sector standards. Clause 7.2 sets the first payout at 14 days after funded activation and bi-weekly thereafter; clause 7.9 promises processing within 48 hours on business days; clause 7.3a sets no minimum or maximum per cycle. The gate is clause 7.1: three accumulated profit days before each request, a profit day meaning net closed profit of at least +1% of balance by 23:59 UTC. They need not be consecutive.

Corroboration is where this thins out. The firm’s Trustpilot profile carried a 4.2 TrustScore from 14 reviews on 8 September 2026 — 86% five-star, 7% four-star, 7% one-star. The most recent, dated 14 August 2026, is the only one mentioning money leaving the firm, and it qualifies itself: “i m writing it by own because i got payout via free account.” A free account is a giveaway account, and clause 7.5 puts those on a monthly cycle rather than the advertised bi-weekly one, with escalating caps — 2%, then 3%, 4%, and 5% thereafter. The single public payout report therefore describes terms the paying customer does not buy.

What could not be verified: Rhodium FX publishes no payout totals, pass rate, funded-trader count or audited payout data, and we found no first-hand payout report from a paying customer on a standard funded account. Nor could we confirm registration number 60279 against a public register — Dubai Silicon Oasis operates no free searchable register, so the number is readable from the firm’s disclosure but not independently checkable.

The rules that end accounts

Several provisions matter more than the headline percentages. Clause 3.8 requires a stop loss and a take profit on every trade; clause 3.4 caps open positions at two across all instruments and accounts. Clauses 4.1 and 5.2 ban opening, adding to or modifying positions from 15 minutes before to five minutes after a high-impact news event, with a stated asymmetry: “Profits realized within the window may be reduced or voided; losses will stand.”

Clause 6, the “Luck-Out Safeguard”, is least like its peers. It requires a trader’s average winner to exceed their average loser across the reviewed sample, lets the firm exclude the top 5% of trades as outliers, and allows it to demand a redo where a pass was “driven primarily by 1–2 unusually large wins” — a consistency test applied after the fact to someone who already hit the target.

Clause 1.7 defines the model. Rhodium FX may, at sole discretion and with its own capital, open positions with liquidity providers mirroring or hedging accounts’ simulated performance, and “Clients have no ownership interest, contractual claim, or ability to direct any such positions.” Nothing a trader does reaches a public market. Disputes go to arbitration at the Dubai International Arbitration Centre.

How the terms compare

Metric	Rhodium FX (Classic)	FTMO (2-Step)	The5ers (plan shown on home page)
Phase 1 profit target	7%	10%	10%
Phase 2 profit target	6%	5%	Single stage, no Phase 2
Maximum daily loss	5%	5%	3%
Maximum total loss	10%	10%	6%
Minimum trading days	3 per phase	4	Not published on the page checked
Profit split	80%, or 90% paid upgrade	Up to 90%	75%

FTMO figures come from its trading objectives page, The5ers from its home-page comparison, both checked on 8 September 2026. Rhodium FX’s targets are the softest of the three and its fees among the cheapest, which is the genuine attraction.

Platform and counterparty

Every challenge runs on Match-Trader, and the deployment is not a white-label of any named retail broker: a DNS lookup on the trading portal resolves through rhodiummtrprop.match-trade.com to mtrprop.match-trade.cloud, the hosted prop infrastructure of Match-Trade Technologies. The firm answers the question itself — “Is Rhodium FX a broker? No” — and payments run through Worthy Payments and M2Pay. Rented infrastructure is the sector default, as our PropAccount review set out.

Regulatory posture

Registration in Dubai Silicon Oasis means a commercial licence from a technology park under the Dubai Integrated Economic Zones Authority, alongside roughly 40,000 other companies. It is not a financial-services authorisation and confers none. That comes from the Securities and Commodities Authority onshore, or the DFSA in the DIFC or FSRA in ADGM. Rhodium FX holds none, says so itself, and holds no client money. Clause 9.1 makes the fee non-refundable: no deposit protection, no ombudsman, no regulatory route of complaint — the posture we set out reviewing another Dubai-registered funded-account operator.

Testimonials and the affiliate overlap

The site runs a carousel of roughly eleven quotations captioned “Verified Trustpilot” — close to the entire public review corpus, reproduced where accounts are sold. Two of the attributed names also have their own pages on rhodiumfx.com, reached from the Affiliates menu, carrying discount codes of 15% and 20%. The more enthusiastic of the two runs on the home page, the challenges index and the tier pages with no indication its author is a commercial partner — a fixable disclosure gap, echoing our Hyperticks review.

FAQ

Can I get the 90% split on the $100,000 account?
The terms say no. Clause 7.3 excludes the 100K Challenge, while the tier page advertises it three times. Until the firm reconciles the two, treat 80% as the split you are contracting for, and ask support in writing before paying $419.

Is Rhodium FX regulated?
No. It states it holds no brokerage, clearing or financial services licence anywhere. Its Dubai Silicon Oasis registration is a free-zone commercial licence, not an authorisation from the SCA, DFSA or FSRA, and carries no investor protection.

How long until the first payout?
Fourteen days after funded activation, then bi-weekly, with approved requests processed inside 48 hours on business days. You must also have banked three profit days of at least +1% each before any request is assessed.

What is the per-trade risk cap?
2% of current equity on Classic accounts. It is stated on the rules page and appears on none of the five tier pages, so a trader can buy a challenge without learning the rule exists.

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.