Review- Cheapest account
- $5
- Payment into Trading Power, one-time, no recurring fee
- Profit target
- 10%
- Standard. Flex is 8%, Instant has none
- Max drawdown
- 6% static
- Standard and Instant. Flex 7%. Does not trail
- Profit split
- 80%
- Build Your Own picks 80%, 85% or 90%
- First payout
- 1% net profit
- Instant: closed net profit needed, no waiting period
- Payout frequency
- 24 hours
- One request per account every 24 hours, $20 minimum
We may earn a commission if you buy through our link.
Rules that close accounts
$10,000 rolling payout cap
Payouts are capped at $10,000 per trader in any rolling 24-hour period across all funded accounts, in force since October 20, 2026. Larger requests are paid in instalments, and the cap is missing from the changelog.
Vault review with admin approval
New trading payouts enter a vault with a 24-hour review deadline and auto-approval if requirements are met. The terms call payouts conditional rewards subject to final approval by Cashed's risk team, so a displayed profit does not create an unconditional debt.
Static drawdown counts floating losses
The 6% static floor is measured from Starting Trading Power and counts equity, so floating losses count. A breach disables the account, open positions may be closed, and a Technical Breach Review must be requested within 72 hours.
Instant first payout limit
The first Instant payout needs 1% closed net profit, and the first gross distribution is capped at 5% of Starting Trading Power. Evaluation profit is not withdrawable.
Open list of refusal grounds
Payouts can be refused for breach, proven prohibited conduct, fraud, unresolved security or payment-fraud concerns, legal or sanctions limits, or a technical correction that changes the profit. The list opens with such as, so it is not closed.
Best for, avoid if
Best for
- Traders who want a low-cost simulated perps or prediction market account with no consistency rule and accept the payout risk on a small deposit.
Avoid if
- You need a confirmed payout record, a regulated firm, or rules that stay the same after you pay.
Scorecard
Score out of 10 · weight in overallProvisional score. Public-source assessment. Not hands-on. How we score firms
How we got this score
Methodology & calculation
Evidence limits & unresolved questions
Rules rationale
Score caps & conditions
Cost & value rationale
Platform & execution rationale
Support rationale
Transparency rationale
Trust
What the documents read show- Payout conduct
- No tier
- Three Trustpilot reviewers dated 12 October, 25 October and 6 November 2026 reported unpaid payouts. We removed the minor trust tier on 13 November 2026 after an editorial review.
- Named company
- Registered
- Cashed Ltd, company number 17256234, incorporated in England on 2 June 2026 with a registered office in Salisbury. Companies House does not check the accuracy of filings.
- Regulation
- No regulator
- Cashed names no financial regulator. The terms say trading is simulated and balances are not funds held for the trader.
- Independent payout record
- Not established
- No independent payout record. Cashed's X account says 666 traders had been paid by October 29, 2026, and we could not verify it.
- Trustpilot
- 2.5 from 5
- TrustScore of 2.5 out of 5 from 5 reviews on an unclaimed profile, with no reply from Cashed. A very small sample.
- Rule changes
- Changed often
- Payout and risk rules changed on existing accounts on October 12, October 20 and November 9, 2026. The $10,000 cap and the November 9 stake rule are missing from the changelog.
Challenge rules
Cashed evaluation and risk rules
- Profit target
- Standard, Flex and Build Your Own have one. Instant has none
- Time limit
- None. Accounts can be closed after 90 consecutive days of inactivity
- Min trading days
- None
- Funded account
- Issued at the original Trading Power, not the evaluation balance. No profit target
- Daily loss
- Counted on equity, so floating losses count. Calculated on the greater of Starting Trading Power or start-of-day Balance. Resets at 00:00 UTC
- Max drawdown
- Static, measured from Starting Trading Power. It does not trail profit or reset daily
- Which floor applies
- The tighter of the daily and overall floors at any moment
- Breach
- The account is disabled and open positions may be closed. A Technical Breach Review must be requested within 72 hours
- Consistency rule
- None. Cashed also has no best day rule
Cashed payout rules
- Profit split
- 80% on Standard, Flex and Instant. 80%, 85% or 90% on Build Your Own
- Payout asset
- USDC. The rulebook names Arbitrum One
- Min payout
- $20 USDC. Partial payouts are allowed
- Payout frequency
- One request per account every 24 hours
- Payout cap
- At most $10,000 per trader in any rolling 24-hour period across all funded accounts, in force since October 20, 2026. Larger requests are paid in instalments
- Before a request
- All positions and open orders must be closed
- Review
- New trading payouts enter a vault with a 24-hour review deadline and auto-approval if requirements are met. Payment is due within 24 hours of approval
- Evaluation profit
- Not withdrawable
- Instant first payout
- Needs 1% closed net profit. The first gross distribution is capped at 5% of Starting Trading Power. No first-payout waiting period
- Refusal grounds
- Breach, proven prohibited conduct, fraud, unresolved security or payment-fraud concerns, legal or sanctions limits, or a technical correction that changes the profit. The list opens with "such as", so it is not closed
- Profitable traders
- Cashed states it will not deny payouts simply because a trader is legitimately profitable
Conditional rewards: The terms call payouts conditional rewards subject to final approval by Cashed's risk team and say a displayed profit does not create an unconditional debt.
Cashed markets, fees and trading restrictions
- Markets
- Perpetual futures on crypto, equity, index, commodity and pre-IPO markets, plus prediction markets including combos
- Price venues
- Cashed does not name the venues that supply market data
- Leverage
- 10x on BTC, ETH and SOL. 5x on other major crypto. 2x to 3x on higher-risk crypto. Generally 5x on equity, index and commodity perps. New Instant accounts also have a 3x gross exposure cap on current equity
- Closing fee
- 0.04% of closed entry notional when the price move is under 0.1% and the position was held 15 minutes or less
- Funding
- Cashed does not currently debit or credit funding payments. Displayed funding rates are reference data
- Holding time
- No minimum trade duration
- Allowed
- Scalping, overnight and weekend holding, news trading, grid trading, martingale-style sizing, averaging in and automated trading, within the risk limits. Stop losses are not mandatory
- Hedging
- Allowed inside one Cashed account. Opposite positions across several Cashed accounts, or against another prop firm, are prohibited. A breach finding needs evidence of the prohibited hedge
- Hedging penalty
- The rulebook states no ban length, forfeiture or termination term for hedging
- Prohibited conduct
- Wash trading, spoofing and layering, latency arbitrage, tick sniping, market manipulation, API abuse, identity fraud, unapproved multiple profiles and knowingly profiting from platform errors
- Copy trading
- Allowed between your own accounts and through the built-in feature
- Eligibility
- 18 or older. No KYC under this ruleset. A restricted-territories page is referenced but we did not find it published
Live signals: The rulebook says Cashed may replicate, hedge or otherwise use trader signals in live markets, and traders do not control whether it does.
Our verdict
6.0 / 10 · provisionalCashed, a simulated perpetuals and prediction market prop firm, scores 5.5/10 on PropFirmReviews. Cashed publishes a 6% static drawdown, no time limit and no consistency rule, but three Trustpilot reviewers report approved or eligible payouts that were not paid, and Cashed has changed its payout rules on existing accounts since October 12, 2026. It suits traders who will risk only a small payment.
Cashed is a simulated funded-trading platform for perpetual futures and prediction markets, run by Cashed Ltd, a private company incorporated in England on 2 June 2026 under company number 17256234. You pay a deposit, Cashed multiplies it into simulated Trading Power, and you trade perps and prediction markets with an 80% to 90% profit split paid in USDC.
Cashed sells four plans. Standard, Flex and Build Your Own have a profit-target evaluation. Instant accounts skip the evaluation and start funded. Cashed does not ask for ID to trade or to request an Instant payout.
Checked November 12, 2026. We read the Cashed rulebook (CAS-1.1), the terms, the Companies House record and the public Trustpilot page. We did not buy an account, place trades, test support or request a payout. The domain cashed.fun is separate from cashed.com, cashed.gg and the Cashed Casino sites, and we did not count reviews of those sites.
Our verdict on Cashed
Cashed, a simulated perpetuals and prediction market prop firm, has some of the loosest published trading rules in its category and the weakest payout evidence. The rulebook gives a 6% static drawdown, no time limit, no minimum trading days and no consistency rule. Three separate Trustpilot reviewers dated 12 October, 25 October and 6 November 2026 say approved or eligible payouts were not paid, and Cashed has not replied to any of the five reviews on its Trustpilot profile.
The main risk is the payout path. Cashed sends every trading payout through a vault review with admin approval, caps each trader at $10,000 in any rolling 24-hour period, and calls payouts conditional rewards in its terms. Cashed's own rulebook says Standard payouts are on demand, so the plan description and the payout rules disagree.
The non-obvious problem is how often the rules move. Cashed changed payout and risk rules on October 12, October 20, October 29 and November 9, 2026, and the October 20 payout cap and the November 9 stake rule are missing from the changelog. Cashed's rulebook also says Cashed may use trader signals in live markets, which means the firm can take the other side of what traders do.
Cashed suits traders who want a cheap, rules-light perps or prediction market account and will risk only a small payment. Traders who need a verified payout history, a regulated counterparty or stable rules should avoid Cashed. Compare it with Propr, Vest Markets and the full perpetuals prop firm list first.
Our recommendation: treat Cashed as high risk until a second independent source confirms payouts. Start with a small payment, request a small first payout early, keep screenshots of every approval, and read the current rulebook before each purchase. Our scoring method gives Cashed 6.0/10 for now.
FAQ
Is Cashed legit?
Does Cashed pay out?
Why is my Cashed payout approved but not paid?
Does Cashed allow hedging?
Does Cashed have a consistency rule?
Is Cashed real money?
Can Cashed change the rules after I buy?
More detail and sources
Cashed at a glance
6 pros, 6 cons
Pros
- Payments from $5, with no recurring fee
- 6% static maximum drawdown that does not trail profit
- No time limit and no minimum trading days
- No consistency rule and no best day rule
- Scalping, news trading, overnight holds and automation are allowed within the risk limits
- No KYC to trade or to request an Instant payout
Cons
- Three Trustpilot reviewers report approved or eligible payouts that were not paid
- Payouts pass a vault review with admin approval, so they are not on demand
- $10,000 rolling 24-hour payout cap added on October 20, 2026, missing from the changelog
- Rules changed on existing accounts three times in four weeks
- 0.04% closing fee on short, small-move trades
- No independent payout record and no named regulator
Why these alternatives
- Propr (7.5/10) Compare another simulated trading evaluation on payout terms and loss rules before you pay.
- Vest Markets (6.9/10) Compare configurable perpetual evaluations and static loss floors.
- 10FOUR Perpetuals (7.2/10) Compare another simulated perps product on rules, fees and payout terms.
Read the current Cashed rules before paying
Cashed has changed its rules several times since October 12, 2026. Read the live rulebook before you buy. This link goes straight to Cashed's own site and is not a tracking link.
Cashed plans and pricing
| Payment range | $5 to $1,500 unless the page shows a different range. The rulebook calls it a Deposit; the terms call fees "programme fees" that are not held as deposits |
| Example, Standard | A $5 payment gives $575 of Trading Power. A $1,500 payment gives $172,500 |
| Example, Instant | A $5 payment gives $175 of Trading Power. A $1,500 payment gives $52,500 |
| Fee type | One-time. Non-refundable once account credentials are issued, with limited legal exceptions |
| Refunds | Failed or breached accounts are not refunded |
| Price status | Values come from the rulebook, not a checkout. Checkout was not tested |
Cashed payout complaints and rule changes
Trustpilot is the only independent source with Cashed reviews that we found. It shows 5 reviews and a TrustScore of 2.5 out of 5, with no reply from Cashed. Reddit blocked our fetch tool, and web searches found no Cashed threads on Reddit or YouTube. We could not read the Cashed X account directly, so we could not check Discord or Telegram claims. Reviewers describe their experience, and Trustpilot does not verify it.
Payout complaints with no published rule cited
| 12 October 2026, Trustpilot, 1 star, Czech reviewer | Bought an Instant account, says the payout requirements were met, the payout was not paid and support did not answer |
| 25 October 2026, Trustpilot, 1 star, Pakistani reviewer | Bought an Instant account, says Cashed's system approved the payouts but the money was never paid, and support did not respond |
| 6 November 2026, Trustpilot, 1 star, Pakistani reviewer | Says approved payouts were not sent to wallets and that support redirected users without resolving the issue |
| 18 to 21 October 2026, Trustpilot, 2 stars, Czech reviewer | Reports take-profit and close orders failing, prediction contracts not always resolving, slow support and critical chat messages deleted by a moderator |
The fifth review, dated 8 November 2026, comes from a US reviewer who says they got a small amount back and cites no payout problem or rule. No Trustpilot reviewer names a rule as the reason for non-payment. We found no documented case of Cashed refusing a payout under a published rule, including for hedging.
Cashed's X account says 666 traders had been paid by October 29, 2026, and that $125,000 was paid out in the week to October 24. We could not verify either figure, and we found no independent payout record.
Rule changes after purchase
| 12 October 2026 | Funded payouts moved to a 24-hour interval. New Instant purchases got a 3x exposure cap. In the changelog |
| 20 October 2026 | $10,000 rolling 24-hour payout cap per trader across all funded accounts. Not in the changelog |
| 29 October 2026 | New purchases use 115x, 75x and 35x multipliers. Existing accounts keep their saved terms. In the changelog |
| Late October 2026 | 0.04% closing fee on short, small-move trades, introduced after Cashed said exploitation made a targeted fee necessary. A third-party profile says Cashed applied it retroactively; Cashed's own documents do not say so |
| 9 November 2026 | New prediction and combo stakes must fit within the daily loss allowance, on new and existing accounts. Not in the changelog |
The terms say the rules in force at purchase normally apply to an account, and also let Cashed change rules to address fraud or protect market integrity. The word "normally" leaves the line between the two undefined. The rulebook also describes Standard payouts as on demand, while payouts now pass a vault review with admin approval.
Cashed company, legal terms and refunds
Cashed Ltd is an active private company at Companies House, incorporated on 2 June 2026, with a registered office in Salisbury, England. Its registered business type is other information technology service activities (SIC 62090), and Cashed names no financial regulator. Companies House does not check the accuracy of what companies file.
The terms say trading takes place in a simulated environment, balances do not represent funds held for the trader, and England and Wales law governs. Programme fees are non-refundable once credentials are issued, except for duplicate charges, processing errors, failed delivery or where the law requires otherwise. UK and EEA consumers may have a 14-day cancellation right. Cashed may remove profits from deliberate exploitation and may end serious cases without payout or refund.
Sources and review limits
Official pages describe Cashed's rules. They are not proof of payout reliability, and Cashed has changed them several times since October 12, 2026. Research checked November 12, 2026. Reviewer claims on Trustpilot are unverified.