FundedNext Review

16.5, 16.5.1 · FundedNext Terms of Service served at /usa/terms-of-service

The firm designates its own pass/fail criteria, account reviews, audit findings, enforcement actions and breach decisions as confidential information, and bars the trader from publishing, paraphrasing, summarising or screenshotting any of it on review sites, forums or social media. The obligation survives termination indefinitely. This is distinct from and broader than the §24 non-disparagement clause already filed: §24 restricts disparaging statements, whereas §16.5 restricts accurate, non-disparaging description of what the firm decided and why. A trader who posts a factual account of a failed evaluation, quoting the firm's own breach notice, is in breach of §16.5 whether or not the account is critical.

2.1.9 · FundedNext Futures Challenge Terms

A second anti-disparagement clause, in a document our package had not read until 2026-09-21. It is separate from and narrower in wording than Terms of Service §24, but its consequences are stated more bluntly: a misleading review, a defamatory statement or a malicious comment intended to harm the firm's reputation results in suspension or termination, possible legal action, loss of access without compensation, and express loss of any refund. The operative words are "misleading reviews" and "malicious comments", neither of which is the word disparage, and the clause sits inside a section headed Prohibited Trading Practices where a reader looking for a speech restriction would not think to look. The clause does not define misleading or malicious, and does not say who decides.

20.2, 20.3, 20.4, 20.5 · FundedNext Terms of Service (General Terms)

Suspension or termination may happen with or without prior notice, and ground (g) is a catch-all resting on the firm's own assessment of reputational, operational or financial risk to itself — not on any trader conduct. Once invoked, §20.3(c) permits the firm to withhold any Performance Reward until it concludes its own investigation, with no stated deadline for doing so, and §20.3(d) permits results to be invalidated and metrics recalculated. §20.5 confirms that termination creates no right to a refund or to an unpaid reward. Read with §24, the non-disparagement clause already filed, a trader who publicly complains about a withheld reward supplies a reputational-risk ground under (g).

22.1, 22.4, 22.5, 22.6 · FundedNext Terms of Service served at /usa/terms-of-service

A unilateral amendment power extending to the Trading Rules and Programme Parameters, not only to the terms themselves. Continued use constitutes acceptance, and §22.6 permits some amendments to take effect immediately without notice, including for 'protection of programme integrity' — a ground the firm determines. Recorded in notes.md as unread and suspected; now read and confirmed. The practical effect is that the parameters a trader bought against may change during an evaluation, and the trader's own continued trading is the mechanism of consent. EXTENDED 2026-08-21 with §22.5, which was not covered before and is the clause that closes the loop: a trader who rejects an amendment may leave, but leaving creates no right to a refund, to compensation, or to a Performance Reward already worked for. So the only remedy for a rule the trader did not agree to is to abandon the fee and any unpaid reward. Other contracts in our dataset return the fee in full to a trader who rejects an amendment mid-challenge, so this is a drafting choice rather than an industry necessity.

24.1, 24.2, 24.3, 24.4, 24.5 · FundedNext Terms of Service (General Terms)

Section 24 is titled 'Non-Disparagement and Reputational Protection' and restricts what a customer may say about the firm in public, naming 'review platforms' explicitly among the prohibited channels. It captures accusations that the firm 'does not pay' where the customer cannot show a 'verifiable factual basis'. On notice the firm may demand removal, a public retraction 'in reasonable terms defined by the Provider', and platform takedown requests within 24 hours, and may impose a contractual penalty for breach. Under 24.5 a breach is a material breach that lets the firm suspend or terminate the account and "withhold, deny, adjust or reverse Performance Rewards": a trader's payout can be withheld over what they say about the firm in public. (24.5 added 2026-09-16 from the general Terms of Service. The /usa/ copy cited below matched 24.1 to 24.4 on 2026-09-03 and redirects to the homepage from a European address, so 24.5 is not verified on it.) The direct consequence for a reader is that this firm's public review corpus — Trustpilot and comparable platforms — is gathered under a contractual restriction on negative reviews, so its rating cannot be read the same way as one collected without such a term.

9.8, 9.9, 16.2 · FundedNext CFDs Challenge Terms

The CFDs Challenge Terms impose a fixed contractual penalty of USD 25,000, stated as an obligation ("the Customer shall pay") rather than a discretion, and multiplied per breach and, where relevant, per trade, per strategy pattern, per account, per device, per campaign or per coordinated arrangement, as the firm reasonably determines. Terms of Service §9.4(i) states the same figure as a ceiling imposed at the firm's discretion ("a contractual penalty of up to USD 25,000"). Those are different obligations, and §16.2 of the CFDs Challenge Terms makes the Challenge Terms prevail over the General Terms for the CFDs Challenge programme. Our existing finding fn-prohibited-conduct-penalty-9-4 records only the "up to" version. §9.9 adds set-off against any Performance Reward or refund, indemnity for investigation, legal, expert, forensic and collection costs, and interest at the maximum lawful rate.

Section 4 — Refund Policy, 4.1, 4.2, 4.5 · FundedNext Futures Challenge Terms

The Futures Challenge Terms exclude refunds absolutely and in terms: all transactions are final, no refund is available under any circumstances, and services are deemed activated on completion of the purchase. The Terms of Service, read the same day, grant a seven-day refund right where no trading activity has occurred (§7.7). The two documents cannot both be right, and neither resolves the other for futures: the Futures Challenge Terms contain no clause incorporating the Terms of Service and no precedence rule, while their own Section 6 states that they and the posted policies are the full and exclusive agreement, overriding all prior or contemporaneous agreements. The CFDs Challenge Terms, by contrast, expressly incorporate the General Terms (§2.1) and set a precedence rule (§16.2). Scoped to futures-challenge-terms.txt and terms-of-service.txt as read on 2026-09-21.

1.2.1 · FundedNext CFD Instant Account Terms

The clause labels the limit a 6% Maximum Trailing Drawdown but defines it as a fixed floor: equity must not fall below 94% of the INITIAL account balance. A floor measured against the initial balance does not trail anything. The two readings diverge as soon as the account is in profit: on the trailing reading the floor rises with the balance and a profitable account can still be terminated after giving back gains, on the literal reading it never moves. The document does not say which. Our notes have recorded this as an open ambiguity since August, noting that the difference decides whether the product is survivable; the contract as published does not close it.

1.2.10, 1.2.11, 1.2.12, 1.2.14 · FundedNext Futures Challenge Terms

Within the Bolt Challenge block, the maximum loss amount for the 50K account is stated twice and differently: 1.2.10 gives $2,000 and 1.2.14 gives $1,500, both described in identical terms as calculated on the highest recorded End-of-day Balance and updated at the start of every trading day. The arithmetic in 1.2.11 and 1.2.12 supports $2,000 and not $1,500, because $50,000 minus $2,000 is the $48,000 threshold those clauses state. Nothing in the document says which figure governs or why the rule is stated twice. Bolt is a futures model this package does not currently carry in offerings.json.

10.3 · FundedNext Terms of Service

The Terms of Service describe the funded account a trader earns by passing the paid challenge as a revocable benefit granted at the firm's discretion, not as something the trader is entitled to. Passing the challenge does not by itself create a right to a funded account, and holding one creates no expectation that it continues and no guarantee of future payments. The clause states no event that ends the discretion once a trader has passed.

12.6 · FundedNext Terms of Service (General Terms)

Performance Rewards may be reviewed, adjusted, withheld, denied or reversed at any time prior to payment. The list of grounds is expressly non-exhaustive ('among other things'), and two of the enumerated grounds — 'technical or operational inconsistencies' and 'indications of' fraud or abuse — are determined by the firm and do not require the firm to establish that a breach occurred. Recorded as a fact about payout discretion, not as an allegation that it has been exercised improperly; no payout evidence has been collected for this firm.

13.1, 13.3(e), 14.8 · FundedNext Terms of Service

Clause 13.1 defines Materials to include the Trading Rules, parameters, metrics, rankings, reports and dashboards. Clause 13.3(e) then prohibits using the Materials for "public comparative analyses ('benchmarking')" without the firm's express consent. Clause 14.8 requires prior written authorisation before a customer uses the firm's trademarks or materials in a testimonial or public communication. Taken together, a customer who publishes a comparison of FundedNext's rules or parameters against another firm's needs the firm's permission to do it. This is a restriction on publication of accurate, non-critical information, distinct from both the §24 non-disparagement clause and the §16.5 confidentiality clause already in this package.

13.3, 13.4 · FundedNext CFDs Challenge Terms

The CFDs Challenge Terms state that any Performance Reward is discretionary and is not earned, vested or payable until the firm has approved and paid it. On this wording a reward is never owed before the moment it is paid, however the trader performed. This goes further than Terms of Service clause 12.6, which lets the firm withhold a reward on listed grounds: clause 13.4 needs no ground at all. Clause 13.3 adds that passing the challenge creates no entitlement to funding or compensation except as the firm determines.

18.9, 18.9.1, 18.9.2 · FundedNext Terms of Service served at /usa/terms-of-service

An express class-action and collective-proceeding waiver. Claims must be brought individually, in arbitration seated in Dubai, and may not be consolidated with other traders' claims without the firm's written agreement. This was recorded in intake/fundednext/notes.md as an unread clause 'appearing to be' a waiver; it is now read and confirmed. It compounds with §18.8, already filed, which time-bars any claim six months after the triggering event.

19.1 · FundedNext Terms of Service (General Terms)

A broad indemnity running from the trader to the firm and its affiliates, reaching regulatory investigations, enforcement actions, fines and penalties. Two things widen it beyond the category norm. It is triggered by an ALLEGED breach of law rather than a proven one, and it extends to breach of the Trading Rules and Programme Parameters — documents §22.1 lets the firm rewrite at will. So the trader can owe defence costs for breaching a rule introduced after they bought.

19.4 · FundedNext Terms of Service (General Terms)

A Performance Reward already paid must be repaid in full on request if the firm later identifies it as improper because of events covered by Section 19, which include fraud, chargeback, unauthorised use or material breach. The firm may also set off any amount the trader owes under Section 19 against future rewards. The repayment is limited to rewards the firm identifies as improper, not every reward ever paid, and no time limit is stated.

2.1, 2.2, site footer and Legal Disclosure · FundedNext Terms of Service served at /usa/terms-of-service

The terms and the footer of the same page disagree on which company the buyer deals with. §2.1 names GrowthNext – F.Z.E. (UAE) as the sole contracting party and casts FundedNext Ltd (Comoros) as an operational sub-processor. The footer states that trading activities are executed 'solely by FundedNext Ltd.', and the Legal Disclosure states that FundedNext Ltd 'provides access to' the programs — which is the service being sold. Five entities appear across the document: GrowthNext F.Z.E. (UAE), FundedNext Ltd (Comoros, HY01023052), FundedNext Limited (Hong Kong), Incenteco Trading LTD (Cyprus, HE 307114) and Abutor Investments LTD (Cyprus). Incenteco is given two different Limassol addresses: §2.2 gives 16 Foti Kolakidi, Agia Zoni 3031, while the footer gives 26 Pittaou Str, Agia Fyla 3118. Recorded as a disclosure inconsistency, not as an allegation of improper structuring — a group may lawfully separate contracting from operations, but a buyer cannot determine from these surfaces which entity owes them the service.

2.1, 27.1, 27.2 · FundedNext Terms of Service served at /usa/terms-of-service

The terms served at fundednext.com/usa/terms-of-service are titled for the United States of America and contain no US-specific provision of any kind. The sole contracting party named is a UAE free-zone company, governing law is the Emirate of Ajman and UAE federal law, and disputes go to DIAC arbitration seated in Dubai. Verified by fetching the page directly on 2026-08-17: the strings 'United States', 'USA', 'US resident', US state names and US regulator names are absent from the substantive terms. The only US-specific characteristics of the document are its URL and its title. This is recorded as a finding about disclosure, not as an allegation that serving a regional page is improper.

2.1.11, 2.1.12, 2.1.13 · FundedNext CFD Instant Account Terms

Read together, 2.1.11 and 2.1.12 prohibit positions noticeably larger than the customer's other trades and positions noticeably smaller or larger than the customer's other trades, on this account or any other account of theirs. The prohibited set is therefore any position that differs noticeably in either direction from the rest, with "noticeably" left undefined and assessed after the fact. 2.1.13 adds a prohibition on "a high level of margin or extremely risky trading strategy", also undefined. The equivalent provisions in the Terms of Service (§9.1(o)) and the CFDs Challenge Terms (§8.16) are drafted as grounds for review where the anomaly is indicative of abuse; the Instant Account version drops that qualifier and states a flat prohibition.

2.2.6 · FundedNext Futures Challenge Terms

The Futures Challenge Terms state in terms that automated trading bots, artificial intelligence and ultra-high-speed execution strategies are allowed. Terms of Service §9.1(m) prohibits bots, scripts, algorithms, software and AI agents not expressly authorised by the Provider and lists high-frequency execution among prohibited conduct, and CFDs Challenge Terms §8.14 repeats that prohibition. The permission and the prohibition are irreconcilable, and the sentences that follow the permission in the same paragraph contemplate automated systems being identified and disabled, so the clause also does not settle against itself. Recorded as what the document says, not as an inference about what was intended: the word is "allowed".

27.2, 18.8 · FundedNext Terms of Service (General Terms)

Disputes go to arbitration at the Dubai International Arbitration Centre after a 30-day notice period, and §18.8 bars any claim not initiated within six months of the triggering event. For a customer base that is overwhelmingly outside the UAE, DIAC arbitration is a materially higher barrier than a local court, and a six-month limitation period is shorter than the general limitation period in most of the jurisdictions those customers live in.

5.3, 5.4, site footer · FundedNext Terms of Service served at /usa/terms-of-service

The same page publishes three different restricted-jurisdiction lists: one for CFDs (§5.3), a substantially longer and differently-composed one for Futures (§5.4), and a five-country list in the site footer. The footer omits every country that appears only on the CFD or Futures list — for example Bangladesh, Malaysia, Vietnam and Sri Lanka. A prospective buyer checking the footer is given a materially incomplete answer to the only question that matters before purchase. The exact membership counts are deliberately not asserted here: two reads of the lists produced different totals, and a careful manual recount is required before any figure is published or written into restrictions.json.

9.4(i), 9.8.1 · FundedNext Terms of Service served at /usa/terms-of-service

A contractual penalty of up to USD 25,000 per instance of Prohibited Conduct, imposable at the firm's sole discretion and without prior notice, cumulative with damages and indemnification. §9.6 states that the list of prohibited conduct 'is illustrative only and does not limit the Provider's right to treat other practices incompatible with the legitimate purpose of the Services as breaches', so the conduct attracting the penalty is not a closed set. The penalty is two to three orders of magnitude above the evaluation fees recorded in this package, which run from 32.99 to 1,099.99 USD.

CFD Challenge Terms, opening; AML Policy, trading activities · CFD Challenge Terms and AML Policy

Two companies with different names split the product between them, and each is named in a different document. GrowthNext – F.Z.E. operates the challenge and holds Business Registration 28831; FundedNext Ltd executes the trading. A buyer therefore contracts with one company for the evaluation and has their orders executed by another, and neither document says how the two relate or which owes the payout. The commercial pages name neither. Recorded because the roster pattern is now clear: seven firms examined today contract through an entity the buyer never sees named during purchase, and this is the second – after The5ers – where the split is between two ACTIVE companies rather than one company with a trade name.

In Case of Bank Transfer · FundedNext Help Center — 'What is the timeframe for FundedNext to process Performance Rewards?'

The 24-hour payout guarantee and its $1,000 compensation do not apply to bank transfer, which is one of the six withdrawal methods the firm offers and the only non-crypto, non-gateway rail a trader without a wallet can use. The exclusion is stated only in a help-centre article. The firm's own Rewards marketing page states the promise with a single stated exception — requests submitted with incorrect details — and does not mention bank transfer at all. A trader choosing a payout method on the strength of the marketing page would not know the guarantee lapses on the rail they picked.

Preamble; 2.1.7; 3.4.3; 4.1 · FundedNext CFD Instant Account Terms

The Instant Account Terms define the customer as "Provider". Every operative obligation in the document is therefore written against a defined term that, in every other FundedNext document, means the firm. The result is not cosmetic. Clause 4.1 as written says FundedNext forfeits any right to refunds of fees previously paid, which is the opposite of what the section is plainly for. Clause 3.4.3 as written gives the customer the right to refuse or discontinue business engagement with a Counterparty if due-diligence criteria are not met. Clause 2.1.7 forbids the customer from harming "The Provider", which on the document's own definition is the customer, and then closes by referring to harming "The Customer", a term the document never defines. Scoped to instant-account-terms.txt as read on 2026-09-21.

Terms of Service 1.3, 1.6, 26.2; CFDs Challenge Terms 2.1, 16.2; Futures Challenge Terms Section 6; Instant Account Terms Section 6 · FundedNext Terms of Service

Four term sets govern this firm's products and only one of them is wired to the master agreement. The CFDs Challenge Terms incorporate the General Terms by reference (§2.1) and then set an express precedence rule (§16.2). The Futures Challenge Terms and the Instant Account Terms do neither: neither document mentions the Terms of Service, neither incorporates it, and each contains an entire-agreement clause declaring itself plus the posted policies to be the full and exclusive agreement, overriding all prior or contemporaneous agreements and proposals. Terms of Service §1.3 asserts the reverse, listing all three product documents as Policies forming an integral part of the contract, and §1.6 and §26.2 give the Terms of Service the last word unless a specific document expressly claims precedence. The result is a genuine circularity for two product lines rather than an ambiguity that reading harder will resolve. Scoped to the four documents read in full on 2026-09-21.

1.2.14 to 1.2.18 · FundedNext Futures Challenge Terms

The Futures Challenge Terms run 1.2.1 through 1.2.14 and then jump straight to 1.2.18. Clauses 1.2.15, 1.2.16 and 1.2.17 do not appear anywhere on the page as captured on 2026-09-21. Whether they were deleted, were never written, or exist and failed to render is not determinable from the document. Recorded as an observation about the published text, scoped to futures-challenge-terms.txt: it is not a claim that three rules are being concealed.

10.7 · FundedNext Privacy Policy

The Privacy Policy lists "reputational attacks" among the circumstances in which the firm may disclose a customer's personal data, alongside fraud, chargeback abuse and security incidents, and names the recipients as service providers, payment partners, financial institutions, fraud prevention networks, investigators, advisers, counterparties or authorities. Reputational attack is not defined in the Privacy Policy and does not appear in the Terms of Service definitions either; the nearest contractual anchor is the Prohibited Statements regime at §24. This is the data-disclosure limb of the speech restrictions already recorded in this package, and it is in the document a customer is least likely to read for that purpose.

14.1, 14.2, 14.3 · FundedNext Terms of Service

Anything a customer posts through the site, platform or services – the clause names comments, messages, reviews, suggestions, feedback, images, texts and files – is licensed to the firm worldwide, royalty-free, irrevocably, perpetually, transferably and sublicensably, for marketing among other purposes, with no compensation and no attribution. Read with §14.4, which lets the firm remove or conceal User Content at its sole discretion and without notice, and with §14.8, which requires prior written authorisation for a customer to use the firm's marks in a testimonial, the arrangement is one-directional: the firm may publish and keep publishing what the customer wrote, and the customer may not publish using the firm's marks without permission.

2.1.8, 2.1.10 · FundedNext Futures Challenge Terms

The Futures Challenge Terms reserve a compliance session with the customer at any time about their trading strategies and activities, expressly not limited to cases of suspicious behaviour but available as a routine measure, in which the customer may be required to justify specific trades or explain their approach. 2.1.10 separately deactivates any account with no trades for 30 consecutive days, in the Challenge Phase and in the Sim Funded Phase alike. Neither clause states a consequence for declining a session, and neither states whether a deactivated account can be restored.

25.1, 25.2 · FundedNext Terms of Service

Once a customer notices a platform bug, outage, data discrepancy or execution delay, §25.1 obliges them to report it and §25.2 places the risk of any subsequent trading on them until the firm confirms. The clause goes further than a disclaimer: it states the customer may be held responsible for the results of trades whose outcome was influenced by the incident they reported. The firm sets no time within which it must confirm, so the period during which a customer trades at their own risk is bounded only by the firm's response time.

27.1 · FundedNext Terms of Service (General Terms)

Governing law is the Emirate of Ajman and the federal laws of the United Arab Emirates, matching the registered office of GrowthNext – F.Z.E. in Ajman Free Zone. Conflict-of-laws rules are expressly excluded, with a carve-out for mandatory consumer protection rules that cannot be derogated from. Recorded because it is not stated in the CFD Challenge Terms the buyer reads at purchase: §16.1 of that document incorporates it by reference from this one.

4.1, 4.3, 4.6 · FundedNext CFD Instant Account Terms

Section 4 of the Instant Account Terms contains three refund statements that do not sit together. 4.1 says a termination request forfeits any right to refunds of fees previously paid, with no time qualification. 4.6 grants a refund within 7 days if no trading activity has occurred. 4.3 has the customer waive the right of contract withdrawal by executing the first trade. The refund window in 4.6 also runs from a different event than the Terms of Service: 4.6 says "within 7 days of registration", Terms of Service §7.7 says "within seven (7) days from the date of purchase". Registration and purchase are different dates for any customer who opened an account before buying, and the document does not reconcile them.

7.7, 7.7.1 · FundedNext Terms of Service served at /usa/terms-of-service

A seven-day refund window that is voided by the first order placed, including an order that is merely opened rather than filled. Because the product being bought is an evaluation, any use of it extinguishes the right to a refund. Recorded as a fact about the refund term rather than as a criticism: the window exists and is stated plainly, which is more than several firms on the roster disclose.

7.9.2, 7.11.1 · FundedNext Terms of Service served at /usa/terms-of-service

A USD 25 administrative fee per disputed transaction, plus recovery of bank charges, processor penalties, collection and legal costs, plus permanent termination, where a chargeback is raised without first exhausting the firm's own support channel. Reactivation after a withdrawn dispute is discretionary and stated as taking 45 to 60 business days — roughly two to three months.

Futures Challenge Terms Section 7 and Section 8; Instant Account Terms Section 7 and Section 8 · FundedNext Futures Challenge Terms

Neither the Futures Challenge Terms nor the Instant Account Terms names an emirate, a court, a seat, an arbitral institution, a limitation period or a class-action waiver. Each states only that the Terms are construed in accordance with the firm's legal jurisdiction, "i.e., United Arab Emirates". Read in full on 2026-09-21, there is no arbitration clause in either document, no equivalent of Terms of Service §27.2 (DIAC, Dubai seat, one arbitrator), no equivalent of §18.8 (six-month limitation) and no equivalent of §18.9 (class-action waiver). Because neither document incorporates the Terms of Service and each carries its own entire-agreement clause, whether those provisions reach a futures or instant customer is unresolved. The UAE is a federation of seven emirates with its own free-zone court systems, so naming the country alone does not identify a forum.

Policy Statement; Detection of Unusual / Suspicious Transactions; Designated Compliance Team · FundedNext AML Policy

The AML Policy, dated 5 May 2026, is written as advice rather than as a commitment. It says it is "advisable" for the firm to establish an AML policy, and the operative obligations use should rather than shall: employees "should be provided training", the Risk Management team "should regularly perform compliance testing", a Designated Compliance Officer "should hold responsibility". Two factual statements in it have also gone stale against the firm's own other surfaces. It describes the firm as "currently in the third year of its operational existence" in a document stamped 2026. It describes individual transactions as ranging from $9 to $999, while evaluation fees recorded in this package run to 1,099.99 USD, so the stated range does not cover the firm's own top price. No compliance officer is named and no reporting contact is given.

25.4, 25.5, 25.6 · FundedNext Terms of Service

Favourable to the customer, and filed informational for that reason. The Terms of Service give a customer positive remedies for defective performance – rectification or a reasonable price reduction, and withdrawal from the Terms where rectification is impossible – commit the firm to conclude a complaint within thirty calendar days with the outcome confirmed in writing, and give EU consumers an express withdrawal or price-reduction right if that deadline is missed. Few contracts on this roster impose a deadline on the firm at all. The limit of the protection should be stated with it: these clauses are in the Terms of Service, and the Futures Challenge Terms and Instant Account Terms neither incorporate that document nor contain any equivalent, so the thirty-day commitment is of uncertain application to those two product lines.

3.4, 5.1, 5.2, 5.3, 5.4 · FundedNext CFDs Challenge Terms

Favourable to the customer, and filed informational for that reason. The CFDs Challenge Terms put the full parameter table in the contract itself – daily loss limit, maximum loss limit, minimum trading days and profit target, per model – rather than deferring to a web page the firm can edit. Clause 3.4 then commits that changes to parameters, models or structure apply to future purchases and shall not retroactively affect an active Challenge Account, subject to platform integrity and legal or operational requirements. That is a narrower amendment power than Terms of Service §22.1, which extends to Trading Rules and Programme Parameters with continued use as consent, and §16.2 of the Challenge Terms makes the Challenge Terms prevail for the CFDs Challenge. The existing critical finding fn-unilateral-amendment-22 should be re-scoped accordingly: its statement that parameters may change during an evaluation is not supported for the three CFDs Challenge models by the document that governs them.

4. RISK WARNING · FundedNext Risk Disclosure

The Risk Disclosure, dated 12 May 2026, publishes a first-party progression statistic: 23 of every 100 participants advance to the next stage of the challenge. Firms on this roster overwhelmingly do not publish any figure of this kind, and publishing one is to the customer's benefit. Recorded as informational for that reason. Two things are worth stating precisely rather than rounding: the figure is a rate of advancing to the NEXT STAGE, not a rate of reaching a payout, and the same sentence describes the consequence as "a possibility of losing more than your initial investment", which for a fee-based simulated product is not otherwise explained anywhere in the documents read on 2026-09-21. The Risk Disclosure carries a later date than the four term sets, which are all stamped 5 May 2026.