The $200K Three-Phase Gauntlet

If you want the biggest stage in the Liquid 100 line-up, this is it. The $200K three-phase challenge is built for traders who can handle size and still keep discipline through multiple evaluation stages. No broker tricks, zero spreads, and no slippage — just a clear path from challenge to funded account.

It’s still the cheapest demo challenge in history for this tier. You get unlimited time, raw spreads, and access to 400+ markets across forex, metals, indices, and crypto. The Liquid Markets network fund backs every challenge, and winners receive a Nitro risk-managed STP account funded by non-winning challenge fees.

After 30 days on the live account, request payouts directly from the broker. If you’ve been waiting for the biggest possible canvas, the $200K three-phase route is your shot.

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TRADING RULES

Welcome to Liquid Markets. The Company provides you (“”you”” or the “”Trader””) with a limited license to use the services (“”the Services””) offered by the Company, subject to the terms and conditions contained herein (“”the Agreement””).

This Agreement is a legally binding contract. You have a duty to read this Agreement before accessing the Services. By using the Services, you agree to the terms and conditions contained within this Agreement.

The Company reserves the right to suspend, replace, modify, amend, or terminate this Agreement at any time at its sole discretion. Your continued use of the Services after any changes will constitute your agreement to the modified terms.

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Minimum Trading Days

A minimum of 5 trading days is required for each phase of evaluation. You have ample time to achieve your target and progress to the next phase, so take it slow and practice good risk management.

A Minimum Trading Day is counted when the profits or losses at the end of the day meet a specific threshold, defined as 0.5% of your account balance. For example, if your initial account balance is $10,000, your profit or loss at the end of the day must be at least ±0.5%, equivalent to ±$50. This means if you make $100 or more in profit, or incur $50 or more in losses, that day will be considered a trading day. Conversely, if your profit or loss is less than $50, the day will not count as a trading day.

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The Evaluation Process

The Liquid 100 is a 2-stage evaluation account. Both phases must be successfully completed by achieving the required targets for each stage. The list of available markets or products may be updated based on margin availability, leverage, liquidity, and other factors. Updates will not apply to traders who have already purchased the product before changes are made.

– First Phase: A profit target of 8% with no rule breaches must be achieved before proceeding to the second phase. There is no time limit for this phase.

– Second Phase: A profit target of 5% with no rule breaches must be achieved to qualify for a Nitro account. This phase also has no time limit.

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Evaluation Requests

You can request an evaluation of your trading at any time by contacting payment@liquidmarkets.org or through the FXDashboard. We are not obligated to perform an evaluation if you have open trades.

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Final Evaluation Activation

You must activate your Final Evaluation or simulated account using the login details provided to you. If you do not activate within 30 days of receiving your login details, your access will be suspended. You can request to renew access within 6 months of suspension through the FXDashboard or by emailing payment@liquidmarkets.org. After 6 months without renewal, services will be terminated without a refund.

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Markets

Liquid 100 allows you to trade major, minor, and exotic currency pairs, metals, and indices, with over 400 available markets.

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Expert Advisers & Robot Usage

You may use Expert Advisors (EAs) as long as they are not employed in the following ways:

– Copy trading of other persons’ signals
– Tick scalping
– Hedging
– Stacking
– Martingale
– Latency arbitrage trading
– Reverse arbitrage trading
– Hedge arbitrage trading
– Any use of emulators

Using EAs in violation of these rules will result in account cancellation and forfeiture of any fees.

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Funded Account

Traders can receive up to 90% of profits. For the first withdrawal, traders will receive a 60% split plus a 100% fee refund. Subsequent withdrawals will grant an 80% share, increasing to up to 90%.

For the first month after receiving a real Nitro account, a stop loss must be used two minutes after executing a trade. No more than 1% of the account size should be risked per position. If there are multiple open positions on one or more pairs at the same time, the total of all positions will be counted as one. The payout schedule is after 14 days and 5 days for senior traders. For the first payout, traders must trade for 30 days on Nitro to enter the normal payout days.

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Getting Paid

If you have reached your profit-split event, congratulations! Please contact us by sending your request to payment@liquidmarkets.org. You can request your payout using any available method, such as bank transfer or cryptocurrency, provided you used the same method and wallet.

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Drawdown Rules

For this 2-stage evaluation plan, customers must not lose more than 5% of the initial account size in a single day, with a maximum drawdown of 8%, including fees and swaps. Daily drawdown limits reset at 5 PM EST. Daily drawdown is calculated based on the equity% which means open position limit of 5% of either current balance or yesterday’s balance whichever is higher.

Here is an example

Daily Drawdown Calculation

1. Yesterday’s Balance: $9,500 after some loss
2. Today’s Balance: $10,500 after making a profit of $1000

You can see today’s balance is higher than yesterday’s closing balance,

To determine your daily risk limit:

1. Calculate 5% of Today’s Balance:
– 5% of $10,500 = $10,500 × 0.05 = -$525

so daily risk limit is -$525

2. Determine Your Risk Limit:
Subtract the 5% from current balance:
$10,500 – $525 = $9,975

You should not let your equity drop below $9,975 to stay within your daily risk limit of 5%.

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Account Size Maintenance

Customers must maintain their account balance above 92% of the initial size for evaluation plans, accounting for all positions, fees, and swaps.

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Resets

If you breach any of the rules, you are entitled to a 20% discount to reset your account. Note that this does not apply to any current promotions offering discounted prices.

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Refund Policy

All traders who pass Phase 1 and Phase 2 will receive a refund of their fees upon reaching their first profit-split event at the end of the first month on their live trading account. The signup fee is non-refundable if trading has begun or if the customer breaches the agreement or terms and conditions.

Refund Request Process:

– Customers must email their refund requests to payment@liquidmarkets.org within the specified time frame.
– The firm will acknowledge receipt of the request promptly.

Refund Payment:

– Refunds will be processed without unnecessary delay, no later than 7 days after the contract is withdrawn.
– Refunds will be issued using the same payment method as the original payment.
– A Refund Processing Fee of 5% of the refunded amount may be deducted from the refund.

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Trading Behavior

A. No cheating is allowed. This includes any trading on demo accounts that wouldn’t be profitable in real markets or isn’t possible under real market conditions.

– Practices such as exploiting delayed feeds, high-frequency trading (HFT) strategies, gap trading, latency arbitrage, long-short arbitrage, and reverse arbitrage are forbidden.
– Trading that takes advantage of MetaTrader’s inefficiencies is not permitted.

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Unauthorized Trading Measures:

If your trading strategy is deemed risky, we may need to reduce your risk by lowering your leverage or profit share. Risky practices include over-leveraging, overexposure, account rolling, gambling, one-sided bets, and third-party account management or copy trading. We may remove any violating transactions from your trading history and disregard their results in profit or loss calculations.

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Enhanced Due Diligence (EDD) Measures:

When a higher risk is identified in a business relationship or transaction, we may apply more thorough checks beyond standard Customer Due Diligence (CDD). This may involve:

– Requesting additional documents to confirm your identity.
– Conducting a detailed conversation, possibly including a video call, to better understand you and confirm your intentions.
– Closely monitoring your trading activities to ensure compliance with our rules and risk limits.

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Know Your Customer (KYC) Procedures:

Customers must not use trading strategies that exploit mistakes in service, such as wrong prices or slow updates. This includes latency trading and trading with outdated or slow information. Cooperation with others to manipulate trading through connected accounts is prohibited.

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Unauthorized Trading Activities:

Participants are prohibited from engaging in trading activities forbidden by the Firm or its associated brokers, including:

– Taking advantage of mistakes or delays in the broker’s pricing or trading platforms.
– Executing trades in advance of orders placed elsewhere (front-running).
– Trading in a manner that could harm the Company’s relationship with a broker or lead to trade cancellations.

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Consequences of Unauthorized Trading:

– Non-Compliance: Engaging in unauthorized practices may be flagged as a breach of the challenge terms.
– Transaction Removal: Violating transactions may be removed from your trading history.
– Service Termination: The firm reserves the right to terminate services and agreements with the customer.

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Participation Termination

If unauthorized trading activities are detected, your participation will end, which could result in the loss of any fees paid. Prior to receiving a funded account, we will review your trading to ensure it aligns with our rules.

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Company’s Discretionary Rights

We reserve the right to deny any trader entry into our program for any reason deemed necessary.

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3 Phase Challenge – $200,000