IC Funded Review

Prop Challenges and Account Types

IC Funded offers prop traders 7 evaluation levels, with the challenge account sizes ranging from 5K to 500K. Challenge audition fees start at $49, giving access to demo accounts where traders can prove their skills without risking real money.

Each evaluation level has specific rules, such as daily loss limits and profit targets, that must be met, as outlined in the table below.

Best IC Funded Account Types

Based on our ratings, the Level 5 100K account offers the best value with a rating of 8.02/10. It provides a good balance between the challenge fee, daily loss limit, and profit target, making it the most practical choice for traders looking for significant capital without excessive risk.

Close behind are Levels 6 and 7 ($250,000 and $500,000 accounts), both rated 8/10. These accounts are ideal for traders looking for larger capital allocations, though the higher fees may be a consideration for some.

Levels 3 and 4 ($25,000 and $50,000 accounts) also offer solid value with ratings of 6.71/10 and 6.92/10. These accounts are more affordable while still providing reasonable capital and risk parameters, making them suitable for traders who want a lower-cost entry without sacrificing opportunity.

How to Pass the IC Funded Challenge

To pass the IC Funded challenge, traders must complete two phases: Evaluation and Verification.

Phase 1 requires achieving a 10% profit target while adhering to strict risk management rules, including daily and overall loss limits. Once this is completed, Phase 2 focuses on consistent performance with a reduced profit target of 5%.

Maintaining discipline and following the set rules throughout both phases is key to earning a funded account.

Phase 1 – Evaluation

In Phase 1, traders are tasked with achieving a profit target of 10% on their selected account size. During this phase, traders must adhere to strict risk management rules:

• Max Daily Loss: Traders cannot exceed the maximum daily loss limit, which is tied to the account size they have selected. This rule ensures that traders manage their risk on a daily basis.
• Max Overall Loss: There is also a cap on the total allowable drawdown, emphasizing the importance of long-term risk management.

Traders can take as long as they need to reach the profit target, provided they maintain consistency and do not violate the loss limits.

Phase 2 – Verification

Upon successful completion of Phase 1, traders move on to Phase 2, where they must demonstrate continued profitability and discipline.

The key aspects of Phase 2 are:

• Profit Target: The profit target in Phase 2 is set at 5%, which is lower than in Phase 1, but it still requires consistent performance.
• Risk Management Rules: The same max daily loss and max overall loss limits apply, ensuring traders remain disciplined.
• Consistency Rule: Traders must maintain the same trading behavior as in Phase 1, including position sizes, strategy, and risk management.

Challenge Trading Rules

• Inactivity Rule: Accounts will be closed after 30 consecutive days of inactivity to ensure that only active traders remain in the program.
• KYC Verification: Mandatory for accessing certain features and benefits, such as withdrawals and specific account upgrades.
• Refund Policy: The initial challenge fee is refundable upon the first profit share payout, reducing the risk for traders who successfully pass both phases.

Successful traders who meet the profit targets and comply with all rules across both phases are awarded a funded account.

Funded Accounts

After passing both phases, traders receive a funded account where they can trade with real capital. The profit-sharing model starts with a 75/25 split, favoring the trader, which can increase to 80/20 with continued success.

Verdict on Audition Process and Challenges

IC Funded offers a challenging audition process that demands consistent performance and strict risk management. However, the relatively low one-time fees and structured evaluation levels provide an accessible entry point for traders, making it a worthwhile option for those looking to secure a funded account with competitive costs.

Spreads and Commission Fees

IC Funded provides forex spreads the same as those offered by IC Markets’ Global Raw Account. These spreads are sourced directly from liquidity providers, ensuring competitive pricing across various asset classes.

Forex Spreads

For example, minimum spreads on popular forex pairs like EUR/USD are 0 pips, and average 0.02 pips.

Commission Fees

IC Funded charges a commission of $3.50 per lot per round turn.

Verdict on Spreads and Commissions

IC Funded provides prop traders with tight spreads and a transparent, flat-rate commission structure. The combination of low spreads, commissions, and audition fees makes IC Funded one of the most competitively priced prop firms.

Trading Platforms

IC Funded offers the three most popular platforms for prop trading being MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Each platform provides distinct features and tools that cater to different trading styles and preferences.

MetaTrader 4

MT4 is a popular choice among forex traders for its user-friendly interface and extensive support for automated trading through Expert Advisors (EAs). It offers a range of technical analysis tools, including customizable charts, multiple timeframes, and a variety of indicators.

MT4 also supports one-click trading and has a strong community of users who develop and share EAs and custom indicators.

MetaTrader 5

MT5 builds on the success of MT4 with additional features and improved performance. It supports more order types, additional timeframes, and an economic calendar integrated into the platform.

MT5 also allows for deeper market analysis with more advanced charting tools and supports trading in a wider range of asset classes beyond forex, including stocks, commodities, and futures. Like MT4, MT5 also supports EAs but with more sophisticated capabilities.

cTrader

cTrader is known for its advanced charting and order execution capabilities. It offers a highly customizable trading environment with a focus on transparency and ease of use. cTrader provides access to Level II pricing, allowing traders to see market depth and make informed decisions based on liquidity.

The platform also supports automated trading through cAlgo, where traders can develop and deploy custom trading algorithms. cTrader’s interface is intuitive, making it easy to manage multiple orders and analyze market data effectively.

Important Trading Rules

• Copy Trading: IC Funded strictly prohibits copy trading across multiple accounts. Violating this rule may result in account suspension.
• Expert Advisors (EAs): EAs are permitted on all platforms as long as they are not used for copy trading, and the trader owns the source code.

Verdict on Trading Platforms

IC Funded provides solid trading platform options with MT4, MT5, and cTrader, offering tools that suit different trading styles. Each platform supports automated trading with EAs, but copy trading is prohibited.

Financial Markets and Leverage

IC Funded offers a wide range of asset classes for trading, including:

• Forex: 66 currency pairs, covering major, minor, and exotic pairs.
• Commodities: 5 commodities, including Brent Oil, Crude Oil, Gold, and Silver.
• Indices: 25 global indices CFDs, such as AUS200, US500, UK100, and GER40.

Leverage

IC Funded offers leverage tailored to different asset classes, with up to 50:1 leverage available for forex and gold, and 10:1 for indices and other commodities.

These leverage levels are designed to strike a balance between trading opportunities and risk management, enabling traders to optimize their positions according to the specific asset class they are trading.

Verdict on Markets and Leverage

IC Funded offers a good range of markets and leverage options, with up to 50:1 for forex and commodities, and 10:1 for indices. This balance supports both trading flexibility and risk management, making it a solid choice for prop traders.

Payments and Payouts

To pay the one off audition fee, IC Funded supports a variety of methods including:

• Cryptocurrency payments
• Mastercard and Visa
• Local currency options for specific regions:
  Africa: ZAR, NGN, GHS, KES
  Southeast Asia: THB, VND, MYR (with PapayaPay for local transactions)

Payouts and Withdrawals

After successfully completing the evaluation and starting on a funded account, IC Funded offers several options for withdrawing profits. The default payout schedule is monthly, where traders receive a 75% profit share, which increases to 80% after the first month.

For those who prefer more frequent access to their earnings, IC Funded allows on-demand withdrawals, available 14 days after the initial trade. Traders can also opt for bi-weekly payouts if that suits their needs better. Importantly, once traders make their first profit withdrawal, the evaluation fee is refunded, providing an added financial benefit.

Withdrawal Methods

IC Funded processes payouts through standard bank wire, Skrill, or various cryptocurrency options. While IC Funded does not charge withdrawal fees, traders should be aware of potential fees imposed by their bank or payment provider. To ensure transactions are cost-effective, a minimum net profit of $20 is required for bank wire transfers and $50 for crypto payouts.

Verdict on Payments and Payouts

IC Funded offers flexible and accessible withdrawal options, allowing traders to receive their profits through various methods without incurring internal fees. The option to request payouts monthly, bi-weekly, or on-demand gives traders control over their earnings. Additionally, the refund of the evaluation fee with the first profit withdrawal adds an extra benefit, making IC Funded one of the best prop firms for those wanting a reliable payout process.

Customer Support and Education

IC Funded offers 24/7 customer support and comprehensive educational resources to help traders successively prop trade.

Customer Support

IC Funded provides 24/7 customer service through live chat, offering quick and efficient responses to trader inquiries. The live chat feature is AI-assisted, ensuring that traders receive timely help for common questions and issues.

For more complex matters, the support team is available to assist via email or live chat, ensuring that traders can resolve technical questions or account-related concerns promptly. Yet, no direct contact number is available on their website.

Education

IC Funded places a strong emphasis on trader education, offering a wide range of resources designed to improve trading skills and knowledge. The educational content is curated by experienced traders and industry experts, ensuring it is both practical and actionable.

The Learning Hub includes:

• Videos and Trading Tutorials: These cover essential trading concepts, platform tutorials, and advanced trading strategies.
• Expert Articles: Written by industry professionals, these articles delve into key topics such as trading psychology, market dynamics, risk management, and technical analysis.
• Structured Learning Paths: Traders can follow guided learning paths to build a solid foundation in trading or to deepen their knowledge in specific areas of interest.

For example, traders can explore courses on topics like “The Psychology of Trading,” which addresses emotional resilience, or “Understanding Market Dynamics,” which examines the factors influencing price movements and strategies to navigate them.

Additionally, IC Funded provides insights into contemporary issues such as “Is the Crypto Winter Over?” and discussions on the future of the Metaverse.

Verdict on Customer Service and Education
IC Funded provides solid 24/7 support and well-rounded educational resources, making it a good prop firm for traders looking to improve their skills and receive timely assistance.

Trust and Community

IC Funded is closely connected to IC Markets, a well-established and top-tier regulated broker known for its transparency and reliability in the financial industry. This connection provides a solid foundation for trust, as IC Markets has a strong reputation and overseen by financial regulators like ASIC in Australia and CySEC in Europe.

Additionally, IC Funded has earned a Trustpilot score of 4.5 out of 5 stars, reflecting positive feedback from traders who have used the platform. This high rating indicates a strong level of satisfaction among users, further reinforcing the trustworthiness of IC Funded.

Verdict on Trust

IC Funded is a trustworthy platform, backed by its connection to the highly regulated IC Markets and supported by a strong Trustpilot rating. This combination of factors makes IC Funded a reliable choice for traders seeking a secure and reputable prop trading firm.

How to Sign Up to IC Funded

To get started with IC Funded and become a funded trader, you can follow these steps:

1. Visit the IC Funded Website: Go to the IC Funded website and navigate to the sign-up or registration section.
2. Choose Your Evaluation Plan: Select an evaluation plan with account sizes ranging from $5,000 to $500,000. Fees for these plans range from $49 to $2,498.
3. Create an Account: Register by providing your personal information, including your name, email address, and preferred trading platform (MT4, MT5, or cTrader).
4. Complete the Payment: Pay the evaluation fee for your chosen account size to gain access to the evaluation process in a simulated trading environment.
5. Start the Evaluation: Access your evaluation account and aim to meet the profit targets (10% for Phase 1 and 5% for Phase 2) while adhering to risk management rules.
6. Pass the Evaluation: Successfully complete both phases of the evaluation to qualify for a funded account. Once passed, you’ll receive real trading capital based on your selected account size.
7. Receive Your Funded Account: Begin trading with your live funded account, where you’ll be eligible for profit splits starting at 75%, increasing to 80% after the first month.
8. Withdraw Profits and Continue Trading: Request withdrawals according to IC Funded’s payout schedule as you generate profits, and continue trading with your funded account.

Final Verdict on IC Funded

IC Funded offers a solid option for traders seeking access to funded accounts with low entry costs and the backing of a reputable broker like IC Markets. The firm’s strengths include a competitive profit split, flexible platform options, and a range of account sizes to suit different trading needs. However, the strict evaluation process and limitations like no copy trading may be challenging for some.

Traders who are confident in their abilities and looking for a cost-effective way to secure trading capital will benefit most from IC Funded. However, those who prefer more flexible trading conditions or require scaling options should carefully consider the firm’s limitations before committing.

For a prop firm with great scaling options, check out our full FTMO Review.