Key terms, as SuperFunded publishes them

• Access fee: $55 to $1,469 (one-step, $5,000–$200,000) and $33 to $1,299 (two-step, $3,000–$200,000), per the Rules and Conditions V.2, dated 03.08.26.
• Profit target: 8% on the one-step assessment; 10% then 5% on the two-step. No target at all in the funded stage.
• Maximum drawdown: 5% trailing on the one-step, 10% static on the two-step.
• Maximum daily drawdown: 3% (one-step) and 5% (two-step), calculated off the previous day’s closing balance but breached on intraday equity — the rulebook requires that “your Account’s equity loss during the day must not exceed this limit.”
• Profit share: 80% flat on the one-step; 70%, then 80%, then 90% from the third payout on the two-step.
• Payout cycle: 14 days from account opening or from the previous request; minimum payout $100; approved requests processed in 24–48 hours.
• Minimum trading days: three (one-step) and four rising to five in the funded stage (two-step). Accounts also die after 30 days of inactivity.
• Profit cap: 5% of the nominated bankroll on each of the first three approved payouts. Anything above it “is forfeited and will be removed when your Account is reset to the original balance.”

Two documents, two countries

Start with the paperwork, because it is where SuperFunded is least consistent. Five of the six legal documents linked in the site footer open with the same sentence. The Privacy Policy says: “This Privacy policy is issued by Eightcap International Ltd, a company incorporated in the Republic of Seychelles.” The Website Terms, the General Terms, the Complaint Management Policy and the Participant Verification Policy all say the same thing.

The sixth document — the Rules and Conditions V.2, the one that actually governs your challenge, dated 3 August 2026 — says something different: the experiences are “administered by Eightcap International Ltd, a company incorporated in the United Arab Emirates (the Company).”

Same entity name. Two countries. The Seychelles version is the one that checks out: the Seychelles Financial Services Authority capital markets register lists Eightcap International Ltd as an active licensed securities dealer, trading as Eightcap, at IMAD Complex, Ile Du Port, Mahe. There is no Eightcap International Ltd in the UAE. What Eightcap does have in the Emirates is a separate company, Eightcap Financial Services MENA, holding a Category 5 licence — a permission to market and introduce, not to hold client money or execute. The UAE regulator that issued it was itself reconstituted as the Capital Market Authority on 1 January 2026, replacing the Securities and Commodities Authority.

The conflict is not merely cosmetic. The Rules state they “prevail to the extent of any inconsistency” with the General Terms — so the document naming the wrong country formally outranks the one sending disputes to arbitration under Seychelles law, before a single arbitrator seated in London. Firms that get this wrong on the front page of their rulebook are the same firms whose offshore licensing arrangements reward a close reading.

The drawdown described three ways

The Rules and Conditions carry a specification block headed “Simulated Market Conditions” whose first line reads “Drawdown Type: Balance based.” Two pages later the same document defines the one-step maximum drawdown as a trailing limit that “adjusts dynamically based on the highest level of equity reached in an Account” and “never moves back down.” Those are not the same mechanic. A balance-based limit ignores open profit; an equity-trailing limit locks in against the highest tick your floating P&L ever printed.

The FAQ page adds a third version. Its first answer says the maximum drawdown “is calculated as a static value off the beginning simulated capital.” Its fourth answer, on the same page, says the one-step uses a trailing drawdown and works an example. The same page eventually supplies the reconciliation buried three answers deep — “in both challenges, drawdown is measured on the lower of balance or equity” — which is the strictest of the three readings and the only one a trader should plan against. The FAQ also still explains that expert advisors are unavailable “on the DXtrade platform,” a platform SuperFunded no longer offers — the Rules document names TradeLocker and nothing else.

The rulebook’s own worked example does not help. It illustrates the trailing drawdown using a 2.5% limit on a $10,000 account — a combination SuperFunded does not sell, since the one-step limit is 5% and the two-step 10%.

The trailing mechanic is real, and it is the one that eliminates accounts. On a $100,000 one-step, the limit starts at $95,000 and ratchets up with every new equity high. Ride an open trade $4,000 into profit and close it flat, and you have permanently moved your own stop-out to $99,000 without banking a cent. That is the same structural trap this desk found in Quant Tekel’s funded programme. The two-step avoids it entirely with a static 10% limit, which is why it is the better product despite the extra phase.

Payouts: what is published, and what is not

SuperFunded publishes more payout detail than most. The cycle is 14 days, the floor is $100, and approvals are processed in 24 to 48 hours. Know-your-customer checks bite only once cumulative withdrawals cross $1,000. A “7 Withdrawal Days” add-on shortens the cycle for an extra 30% of the initial fee; the 90% profit share can be bought outright for an extra 35%.

Then the cap. The profit cap is 5% of the nominated bankroll and applies to the first three approved payouts, and it is measured before the profit split. On the $100,000 one-step that is $5,000 gross, or $4,000 in the trader’s hand, per cycle. Set that against the 8% assessment target: you must generate $8,000 of simulated profit to qualify, and you may not keep more than $5,000 in any of your first three funded cycles, with the excess deleted on reset rather than carried. At 14-day intervals the cap phase cannot be cleared in under six weeks, whatever you earn.

A second ceiling applies to free accounts, and its value is published nowhere. The Rules state such accounts “are subject to a lifetime Payout limit” that “is determined by the Company,” after which “any remaining simulated profit is not payable” — so the holder cannot calculate in advance the most the programme will ever pay them.

What SuperFunded does not publish is any audited payout total, any pass rate, or any figure for how many funded accounts reach a third payout. Nor does it define “gambling style trading,” the behaviour that extends the cap for three additional payouts — the Rules document lists three tests for it, including any single trade whose projected loss at stop exceeds 2.5% of balance, but the extension itself is discretionary. Payout approval sits with a Risk team holding “sole and absolute discretion,” and traders can be required to sit a telephone or video call before release. That is the same undefined-gate problem documented in OFP Funding’s payout criteria.

Independent evidence is thin in both directions. SuperFunded’s Trustpilot profile shows 4.6 from 57 reviews — 77% five-star against 12% one-star — a small sample in which this desk found no review describing a completed withdrawal, and no substantiated public account of a payout denied or independently verified as paid. Aggregator pages are no substitute: several still list the cycle as 30 days and the platforms as including DXtrade, both superseded.

The rules that actually void accounts

The consistency rule here is called Profit Distribution. No single calendar day may contribute more than 40% of a requested payout on bankrolls up to $25,000, or 30% on bankrolls from $50,000 to $200,000; the excess is deducted from the request, not merely flagged. Trades opened and closed inside the same 30-second window are aggregated into one position for the purpose.

News trading is where the rulebook frays. The funded-stage table says no execution within 10 minutes either side of a high-impact event. The prose immediately above it says: “No trade executions, including opens or closes, are permitted within X minutes before or after any HIGH impact news event.” The placeholder was never filled in. Elsewhere: hedging, high-frequency trading, tick scalping, gap trading, martingale and reverse arbitrage are all prohibited in the funded stage; scalping and grid trading are allowed on the one-step but banned on the two-step; expert advisors and weekend holding are allowed throughout; VPN use is permitted only if you hand the Risk team your VPN login history. Multiple accounts on the same or related IP address are prohibited outright.

The hedging definition is drawn unusually wide, catching not just offsetting positions in one instrument but “long and short exposure to the same currency or asset through different pairs” — the rulebook’s own example is long EURUSD alongside long USDJPY, because both create opposing dollar exposure. Two uncorrelated setups sharing a dollar leg can breach it without any intent to hedge.

The widest clause is the ban on gambling-style trading, where the two documents disagree on the arithmetic. Both catch a trade whose projected or realised loss exceeds 2.5% of balance, and both catch concentrating most equity in one or two positions with a distant or absent stop. On the third test they diverge: the Rules measure exposure against “twice the average notional volume of your historical trades,” the FAQ against “twice the average lot size” — materially different answers for anyone trading gold and index CFDs alongside FX.

How the numbers compare

Rule (checked 10 Aug 2026)	SuperFunded 1 Step	SuperFunded 2 Step	FTMO 1 Step	FTMO 2 Step
Profit target	8%	10% then 5%	10%	10% then 5%
Maximum daily loss	3%	5%	3%	5%
Maximum total loss	5%	10%	10%	10%
Loss-limit type	Trailing on equity high-water	Static on initial balance	End-of-day trailing	Static

Read across: SuperFunded’s one-step gives you half FTMO’s total loss room and trails it intraday on equity rather than at end of day. Its two-step matches FTMO’s structure exactly and undercuts it heavily on fee. For comparison, FundedNext’s Labs plan (CFDs-FNL:002) advertises a 12% maximum loss limit, an 85% reward share and two minimum profitable days per phase.

Regulatory posture

The operating entity is Eightcap International Ltd, Seychelles FSA-licensed as a securities dealer. The challenge product itself is not a regulated financial service anywhere — the Rules document is explicit that “All Trades are representative only and are not placed in a live market environment,” and the site footer states that “Super Funded is not a broker and do not accept deposits.” The FAQ describes Eightcap as a third party: “We are partnered with Eightcap as our broker.” Eightcap is not a partner. It is the same company.

The restricted-territory list is the tell. Australia sits at the top of it, alongside Cuba, Iran and North Korea. Eightcap is an Australian group; Australians cannot buy an Eightcap challenge. Japan and Brazil are not on the list, and SuperFunded localises its site into Japanese and Brazilian Portuguese — two markets whose regulators restrict retail marketing of leveraged products, served from Mahe.

On 3 August 2026 — the same date as the current rulebook — Adam Bock, Head of Eightcap Challenges, told Finance Magnates that the rule he would remove from the prop industry is “Profit consistency.” SuperFunded’s Profit Distribution rule is a profit consistency rule. Asked about running unregulated challenge products alongside brokerage licences, Bock said: “We don’t view it as a gap, but as a runway.” That candour is worth more than most marketing copy, and it is a sharper answer than the one FTUK gives on its own authorisation.

The pledge, and what became of it

In June 2025 SuperFunded published a “Radical Transparency Pledge” subtitled “Two Rules, Zero Surprises.” It described an evaluation rebuilt around “two main measurable limits” — maximum drawdown and inactivity — and committed the firm to policies that were “Simple, Public, Unchanging” and written without “complicated legal jargon.” The post is unsigned beyond “SuperFunded Team,” and it is unambiguous:

“No soft targets. No subjective ‘risk’ scores. Pass these two limits and you advance—period.”

Fourteen months on, the document that governs the same evaluation runs to nine pages and a prohibited-strategies table of 18 line items, only three of which — swing trading, expert advisors and weekend holding — are permissive. Among the other fifteen is a subjective risk assessment, gambling-style trading, whose penalty is financial rather than educational: being flagged extends the profit cap for three further payouts.

“Unchanging” has not held either. Clause 4.1 of the General Terms lets the firm amend at any time on written notice, and the Rules add that where changes materially affect administration a participant will be told “before the changes are implemented or as soon as practicable after they are implemented” — which permits notification after the fact. Nor can a trader reconstruct what moved: SuperFunded’s own document library holds eight files, of which exactly one is a rulebook, the current V2.0 uploaded on 3 August 2026. No superseded V1 is retained anywhere on the site, and none is archived publicly. A participant who agreed to V1 has no way to see which of the eighteen rules is new.

None of this makes SuperFunded a bad firm. The pricing is keen, the payout cycle quick, there is no time limit, and it is unusually forthcoming about profit-distribution mathematics many competitors bury. But the promise of two simple rules is not what the paperwork now says — and that gap is the best argument for reading V2.0 in full before paying.

FAQ

Is SuperFunded regulated? The firm is operated by Eightcap International Ltd, a Seychelles FSA-licensed securities dealer. The challenge product itself is not a regulated financial service, and all trading is simulated. Being run by a licensed group is not the same as the challenge being licensed.

What is the real cost of a challenge? List prices run $33 to $1,469, but SuperFunded runs near-continuous site-wide discounts of 15% to 26%. Add-ons are priced as percentages of the initial fee — 30% for a 7-day payout cycle, 35% for a 90% split, 25% for swap-free — so discounts and add-ons compound in opposite directions.

Which product has the better drawdown? The two-step. Its 10% maximum loss is static against the initial balance, so profit you have not withdrawn cannot move your stop-out. The one-step’s 5% limit trails the highest equity the account has ever reached and never falls back. On both, the firm’s FAQ confirms the limit is measured on the lower of balance or equity.

Can I keep everything I make? Not at first. A 5% profit cap applies to each of the first three approved payouts and anything above it is forfeited on reset rather than carried forward. The Profit Distribution rule separately deducts any single day contributing more than 40% (or 30% above $50,000) of a requested payout. Free accounts carry a further lifetime limit the firm does not publish.

How does it compare with a broker-owned rival? SuperFunded is a broker group running a prop desk through an offshore entity — the mirror image of FTMO, which bought a regulated broker. The direction of travel matters: one built a licence around a challenge business, the other bolted a challenge business onto licences it already held.

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.