Plain English about what TFC is, what it isn't, and what it costs.

Read this before you buy a challenge. We're a UK-registered prop firm; every word here is meant to set realistic expectations so you can decide if our programme fits how you trade. Nothing on this page is financial advice.

1. The challenge stage is simulated

During Phase 1 and Phase 2 of the evaluation, you trade on a TradeLocker demo account using simulated capital. No real money is at risk during the evaluation. The fee you pay is for the evaluation service itself; it is not a deposit, you do not own the simulated capital, and gains during the evaluation phase are not your money.

If you pass both phases, you receive a TradeLocker account funded by TFC Funder under our funded-trader agreement. From that point your trades execute on real markets, and the firm bears the loss exposure on those trades.

2. Most participants do not pass

Trading is hard. Across the prop-firm industry, the majority of evaluation participants do not pass to the funded stage. Common reasons participants fail:

• Hitting the daily drawdown (5% on 2-Step, 3% on 1-Step)
• Hitting the maximum drawdown (10% on 2-Step, 6% on 1-Step)
• Failing the minimum trading-days requirement
• Tripping a discipline rule (lot-size cap, hold-time floor, minimum trades)
• Running out of time on the evaluation window

Our published rules at tfcfunder.com/rules are the complete list. There are no hidden clauses. If you don't pass, the evaluation fee is not refunded, but you can retry at a discount via a code our support team issues.

3. Funded stage carries real-market risk

Once you are funded, the firm holds the loss exposure on your trades, but the firm reserves the right to terminate a funded account if you breach the rules of the funded-trader agreement. Common termination triggers:

• Running an EA, bot, or trade copier (manual trading only)
• Copy trading from accounts you don't own (signal services included)
• Hedging between accounts, account sharing, or letting another person manage your trades
• Latency / feed / stale-quote exploitation
• Martingale or grid doubling into drawdown

If a funded account is terminated for a rule breach, no refund of the original evaluation fee is owed. The full prohibited-strategies list is on the rules page.

4. We are not a broker, not an investment manager, not a depositary

TFC Funder Ltd is a proprietary trading firm. We license simulated capital under our evaluation programme and firm capital under our funded-trader programme. We do not:

• Hold client deposits or accept funds for management
• Provide financial advice, trade signals, or trading recommendations
• Guarantee any outcome: passing rate, profit, or otherwise
• Operate as a regulated investment firm under FCA-authorised investment business rules

The fee you pay for an evaluation is paid in exchange for the evaluation service. Funded-trader payouts represent your share of profits generated on firm-owned simulated or live capital under the funded-trader agreement, not return of an investment.

5. Past results don't guarantee future ones

Trader testimonials, payout speed numbers, and case studies on this site reflect actual past events. They are not predictive of how you specifically will perform. A trader who passed Phase 1 in six days does not mean you will. A trader paid out in 14 hours does not mean every payout lands in 14 hours. We publish our typical numbers honestly, but your individual experience may differ.

6. Suitability

Trading is not for everyone. Before you buy an evaluation, you should:

• Be comfortable with the possibility that you will not pass and the fee will not be refunded
• Understand that real-market trading on the funded stage involves the same kinds of risks any retail FX/CFD trading involves: sudden price moves, gaps over weekends, slippage on large orders, news volatility
• Have read the rules, the refund policy, and these risk notes in full
• Not be acting on a tip, social-media hype, or a borrowed strategy you don't understand

7. Payout reservation clause

Every payout request, first or subsequent, is subject to a review window of up to 14 business days. Most payouts are released inside 24 hours; the 14-day window is the maximum we may take when something needs verifying. During or after that review TFC Funder Ltd reserves the right to delay, withhold in part, withhold in full, or claw back a payout (including amounts already released) if any of the following are identified:

• Identity mismatch on KYC documents: name, date of birth, photo, or address inconsistent with what was provided at signup or on the funded-trader agreement
• Evidence of fraud, payment-method fraud at purchase, identity fraud at KYC, falsified documents, or chargebacks against the original challenge fee
• Rule breach during the trading period the payout covers, including breaches of the prohibited-strategies list and the discipline rules
• Account sharing, credentials given to a third party, signal-service mirroring, or evidence the trades were not placed by the account holder
• Coordinated activity across multiple TFC accounts, hedging, mirrored sizing, or multi-account positions used to cap downside on the firm
• Latency, feed, or stale-quote exploitation that affected the period the payout covers
• Material breach of the funded-trader agreement, the Terms of Service, or applicable law

When we delay or withhold a payout we will give the trader a written reason explaining which rule applies and the evidence we relied on. Where applicable the trader has the option to dispute (see Section 8). If the review clears, the payout is released as normal. If we identify a breach but the trader disputes successfully, the payout is released with no penalty. If the breach is upheld, the payout is forfeited and (depending on the breach) the funded account may be terminated.

Funded traders requesting their first payout must complete identity verification (KYC), government ID, proof of address, and a selfie holding the ID. KYC documents are reviewed before the first payout and may be re-requested if identity changes (legal name change, country relocation) or if we have reasonable grounds to re-verify.

Trader acknowledgment. When a trader submits a payout request from their dashboard, they explicitly acknowledge this clause via a tickbox before the request can be submitted. The acknowledgment is recorded against each payout request with timestamp, IP, and user-agent, and the clause version they accepted is captured on the request record. Trader acceptance of this clause forms part of the funded-trader agreement.

8. Disputes

If you believe a decision affecting your account is wrong, a failed pass, a rejected payout, a rule call you disagree with, open a support ticket from your dashboard or email support@tfcfunder.com. We aim to respond within one business day. If you remain unsatisfied, the dispute is governed by the laws of England and Wales as set out in the funded-trader agreement and our Terms.

9. Changes to rules and pricing

We may revise rules, pricing, or programme structure for new accounts. When we do, existing accounts keep the rules they were sold under, we never change the deal mid-challenge for an active trader. Any rule change is dated and grandfathered: if your account was opened on a particular date, the rules in effect that day are the rules that apply to you, all the way through to your funded stage.