Halcyon Trader Funding review

Commissions are calculated per contract, per round trip and include exchange fees, NFA fees, clearing fees, and platform commission. Halcyon says fees vary by product type and are based on default/free membership tiers from platform partners, meaning they may be higher than premium platform or private brokerage rates.

Accounts are day-trading only: all positions and orders must be closed by 4:45 PM EST, and simulated brokerage accounts can fail if not flat by then. Core rules include profit targets, trailing or EOD drawdown, minimum trading days, contract limits, inactivity rules, and prohibited conduct such as platform exploitation, spoofing, flipping trades, coordinated trading, VPN use to bypass restrictions, and over 250 total contracts per day across micros/minis

For both evaluation and funded accounts, Halcyon states: no consistency rule and no daily loss limits on any plan. However, their terms still flag “erratic or inconsistent trading behaviours,” including windfall trading, making 80–100% of profits in one trade or one day, overtrading, and inconsistent sizing as behaviour that can lead to action or bans.

After passing the funded stage, traders move into a Simulated Brokerage Account at no extra charge, where initial reward eligibility requires 8 active trading days, and subsequent rewards are available every 8 trading days. Live brokerage rewards are processed every 24 hours, Monday–Friday, subject to review, and live brokerage accounts pay 100% of net profits to the trader.