IC Funded - Prop Firm Review
- Registered in SAINT LUCIA, not the UK; unregulated; all accounts simulated
- A fixed 80/20 split, permanently – no higher tier at any price
- The reverse of most firms: maximum drawdown is STATIC, the DAILY drawdown TRAILS
- A Friday flatten is mandatory – no weekend holding
- Payouts via RISE only; minimum withdrawal is 1% of the account balance
Last reviewed: 14 July 2026. Checked against IC Funded’s official terms, rules page, pricing and FAQ. Figures below reflect the products on sale at the time of review; prop firm rules change often, so always confirm on the firm’s own pages before you buy.
Firm Overview
IC Funded is a simulated-capital prop firm operating from IC Funded Evaluations Ltd, registered at Rodney Bay, Gros-Islet, Saint Lucia. Its terms are governed by the laws of Saint Lucia, and it holds no regulatory licence — the firm does not claim one, and its own footer states it “is not a broker, does not provide brokerage services, does not accept deposits, and does not offer investment management services”.
A correction to our earlier coverage. A previous version of this review described IC Funded as headquartered in London and operating in compliance with UK regulation. That was incorrect and we have removed it. There is no UK entity and no UK regulatory status.
The firm’s privacy policy discloses that it shares common ownership with IC Markets entities, and its About page describes a partnership with IC Markets. That relationship is real and worth knowing — but it does not extend IC Markets’ regulatory permissions to IC Funded, and IC Funded does not suggest that it does.
The Drawdown Model Runs The Opposite Way
This is the most important thing to understand about IC Funded, and it is the reverse of what most traders will expect.
Maximum drawdown: STATIC — “calculated based on the initial balance… the drawdown limit is fixed based on the initial starting balance and does not trail upward as profits increase.”
Daily drawdown: TRAILING — “calculated based on end-of-day equity.”
Most firms do it the other way round. Here, your overall floor never moves, which is genuinely generous: on a $100,000 account with an 8% maximum, the floor stays at $92,000 however profitable you become. But your daily limit ratchets upward with each profitable close, because it is measured against the previous day’s end-of-day equity rather than your starting balance.
Both are equity-based, which is the stricter version: “floating losses from open trades are included in real time. Open positions can trigger a drawdown breach even before trades are closed.”
An earlier version of this review had these two the wrong way round. If you read it, please re-check your risk settings.
The Product Line
| Programme | Stage | Profit target | Daily DD (trailing) | Max DD (static) |
|---|---|---|---|---|
| 2-Step Professional | Step 1 | 10% | 4% | 8% |
| 2-Step Professional | Step 2 / Funded | 5% / – | 5% | 10% |
| 1-Step Accelerated | Evaluation / Funded | 10% / – | 3% | 6% |
The 2-Step runs $5,000 to $500,000 ($74 to $2,999); the 1-Step $10,000 to $100,000 ($154 to $809). Both are one-time fees. Minimum three trading days, no time limit.
The 1-Step carries a 45% consistency rule, handled unusually gently: exceeding it does not fail the account — the excess is added to your profit target instead. The 2-Step has no consistency rule.
One inconsistency worth noting: the FAQ says accounts below $100,000 have a 10% maximum drawdown and larger ones 8%, while the rules and pricing pages show 8% in Step 1 and 10% in Step 2 across every size. We have used the rules-page figures.
The Split Is Fixed At 80%
IC Funded is clear and consistent about this, and it is worth stating plainly because our earlier review was not.
“IC Funded offers a fixed profit split of 80/20. Traders receive 80% of the profits… while IC Funded retains 20%.”
There is no higher tier, no paid upgrade and no performance ladder. Our previous description — “80% increasing to higher tiers over time” — was wrong and has been corrected.
For context, IC Funded used to run a 75% → 80% ladder, which is the likely source of the error. That ladder has been removed, so 80% is now the ceiling rather than the floor. Scaling still exists, but it raises your balance (to a $500,000 maximum allocation), not your share.
The Fee Rebate, And Where It Is Written
The rebate is straightforward as advertised: “challenge fee refunds are issued after your third payout has been processed“, stated on the pricing page, the rules page and the FAQ. It costs nothing extra, and it is one of the more genuinely trader-friendly arrangements in this market.
One point of caution for readers who like to know exactly what they are contractually owed. The binding Terms do not contain this clause. Section 6.3 says fees are “non-refundable except as expressly stated”, and the only refund the Terms expressly state is a 14-day cooling-off refund available only if no trade has been executed — which cannot coexist with reaching a third payout.
We are not suggesting the rebate is not honoured, and we have no evidence either way. But it currently sits in the marketing rather than the contract, and the Terms may be updated at any time. If it matters to your decision, it would be reasonable to ask support to confirm it in writing.
Payouts
| Payout term | Detail |
|---|---|
| Split | Fixed 80/20 |
| Minimum withdrawal | 1% of the account balance ($1,000 on a $100k account) |
| First payout | 14 calendar days, and 5 profitable days of at least 0.5% each |
| Second payout | 3 profitable days |
| Third onward | No profitable-day requirement |
| Cycle | Bi-weekly (every 14 days) |
| Method | RISE only – an active RISE account is required |
IC Funded does not publish a processing-time commitment, and notes that payouts “may be delayed, restricted, or denied if any violation is identified”.
Trading Rules
- Friday flatten: mandatory. All positions must be closed by Friday’s market close, and open positions “may be automatically closed”. Overnight holding within the week is fine; weekend holding is not.
- Expert Advisors: your own, self-built only. Third-party, commercial or rented EAs are prohibited.
- Copy trading: prohibited, including mirroring between users or external signal services.
- News trading: allowed in the evaluation. On funded accounts, a three-minute cool-off applies either side of high-impact releases.
- VPS: permitted. Shared VPN clusters or identical IP environments across accounts are not.
- Margin exposure: maximum 50% of available margin on a single trade or trade idea; exceeding it is a soft breach.
- Inactivity: 30 consecutive days without trading suspends or terminates the account.
- Platforms: MetaTrader 5 and cTrader, both included at no extra cost.
Readers should also be aware that the Terms give IC Funded “full and sole discretion to determine whether any strategy, behavior, or activity constitutes a prohibited practice, even if not explicitly listed“, with that determination “final and binding”. Clauses of this kind are common in the sector; this one is drawn more broadly than most.
Company Information
- Entity: IC Funded Evaluations Ltd, Gros-Islet, Saint Lucia. No registration number is published
- Governing law: Saint Lucia
- Regulation: none. Not a broker; does not hold client deposits; all accounts simulated
- Group: the privacy policy names IC Markets entities as group companies under common ownership
- Restricted countries: 39, including the USA, Canada and Australia – and Saint Lucia itself. The UK is not restricted
- Trustpilot: 2.4 out of 5 from around 120 reviews, with 47% at one star and no consumer alert on the listing. The reviews are polarised, and payout timing recurs in the negative ones
Who IC Funded Actually Suits
The static maximum drawdown is a real advantage and should not be lost in the detail. Your floor never moves, so profits genuinely become a cushion rather than a moving target — the opposite of the trailing models that catch out so many traders. The 80/20 split is honest and consistently stated, the fee rebate is generous as advertised, both platforms are included, and the 1-Step’s consistency rule is handled more kindly than most.
The points to weigh are the trailing daily limit, which behaves in a way most traders will not expect; the mandatory Friday flatten, which rules out holding over a weekend; the single payout rail; and the fact that the fee rebate lives in the marketing rather than the contract. The Trustpilot score is also low, with payout timing the most common theme in the negative reviews.
Consider it if you value a static maximum drawdown, you trade intraday and close out on Fridays anyway, and you are comfortable with a 1% minimum withdrawal.
Avoid it if you hold over the weekend, you were expecting the split to rise over time, or you need the fee rebate to be contractually guaranteed rather than advertised.
Frequently Asked Questions
Is IC Funded based in the UK?
No. IC Funded is registered in Saint Lucia, as IC Funded Evaluations Ltd, and its terms are governed by Saint Lucian law. There is no UK entity and no UK regulatory status. An earlier version of this review said otherwise; that was our error and it has been corrected.
Is IC Funded regulated?
No. IC Funded holds no regulatory licence and does not claim one. Its own footer states it is not a broker, does not accept deposits and does not provide investment management services. All accounts are simulated. It shares common ownership with IC Markets entities, but that does not extend any regulatory permission to IC Funded.
Does IC Funded have a trailing drawdown?
Yes — on the daily limit, not the maximum. IC Funded’s maximum drawdown is static, fixed to your initial balance and never moving. Its daily drawdown trails on end-of-day equity. This is the reverse of most firms, and both limits are equity-based, so floating losses count in real time.
What is IC Funded’s profit split?
A fixed 80/20, permanently. There is no higher tier, no paid upgrade and no performance ladder. Scaling raises your account balance, up to a $500,000 allocation, not your share of the profits.
When does IC Funded refund the challenge fee?
The pricing page, rules page and FAQ all state the fee is refunded after your third payout, at no extra cost. Note that this clause does not appear in the binding Terms, which state only a 14-day cooling-off refund available if no trade has been placed. If the rebate is important to you, ask support to confirm it in writing.
Can you hold trades over the weekend at IC Funded?
No. A Friday flatten is mandatory — all positions must be closed before the market closes for the week, and anything left open may be closed automatically. Overnight holding during the week is permitted.
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