Cashed review 2026: perps and prediction markets in one simulated account, no KYC — what the documents say

The short answer

This review is a reading, not a test. On 13 October 2026 we read Cashed’s rulebook (CAS-1.1), its Terms, its Privacy policy, its checkout, the sign-up form our link opens, its status page and the UK company register. We bought nothing and applied no code. Every figure below carries that date; anything Cashed does not publish is written “not published”. The firm page with the full grid is our Cashed review and Trust Score.

1. What Cashed is

Cashed calls itself “Funded Accounts For Prediction Markets And Perps” and its footer says “Simulated funded trading”. One Cashed account carries two products: perps (crypto, stocks, indices, commodities and “Pre-IPO” markets, per the rulebook §79-§80) and prediction markets. Both share the same balance, the same daily loss, the same drawdown, the same split and the same payout rules (§155). Prediction contracts are fully paid, with no perp leverage.

Every perp page we opened carries the line “Hyperliquid prices · simulated execution”. Cashed never writes where its prediction markets come from. Its status page lists a “Polymarket” reference feed among those “used for live screens and simulated execution validation”, and the market images are hosted on Polymarket’s servers; the Terms (§10) only speak of “the relevant market operator, oracle … or resolution source designated on the platform”. No agreement with Polymarket is mentioned. We report what we read and stop there.

Legally, it is the same nature as most prop firms today: the Terms (§2.1) say positions and balances “are simulated records”, and the rulebook (§140) says trading power is not your money and gives you no right to Cashed’s funds, hedges or wallets. Cashed “may choose to replicate, hedge or otherwise use trader-generated signals in live markets” (§139); your reward stays computed on the simulated account.

2. Deposit × multiplier = trading power

There is no list of account sizes. The checkout shows a slider from $5 to $1,000 (marks at $5, $100, $500 and $1,000), and the rulebook says deposits “do not need to use preset values”. What you pay is the deposit; the deposit times the plan’s multiplier is your starting trading power. A coupon lowers what you pay, not the deposit used for the multiplier (rulebook §11). Opening the checkout on 13 October 2026, Flex was pre-selected at $100: “YOU TRADE WITH $8,000”.

Roya’s arithmetic: deposit × the multipliers published in the rulebook, read 13 October 2026. Not a Cashed table. Per dollar of trading power the price is 1/120 on Standard (0.83%), 1/80 on Flex (1.25%), 1/40 on Instant (2.5%). Limits: at most $500,000 of active funded trading power per trader, scaling and shared accounts included, and 2 active Instant accounts.

3. The four plans

Rulebook “At a glance” and §03-§09, identical to the checkout’s “Compare account rules” table, read 13 October 2026. Instant has no evaluation. No minimum days, no time limit, no consistency rule, no minimum holding time on any plan.

Standard gives the largest account per dollar and the hardest target. Flex, flagged “BEST VALUE” at checkout, trades a smaller multiplier for an 8% target and wider limits. Instant skips the evaluation at 40×. Build Your Own starts from 120× and moves with each choice — a tighter drawdown raises the multiplier, a higher split lowers it — between a floor of 40× and a ceiling of 220× (§06-§09). A daily loss larger than the drawdown is refused.

4. The rules that end an account

• Daily loss, on equity. At 00:00 UTC Cashed takes the greater of starting trading power or the current balance and applies the plan’s percentage: “Daily Loss Allowance = Daily Loss % × greater of Starting Trading Power or Start-of-Day Balance” (§19-§22). Unrealised losses, commissions, funding and execution costs count. If equity “reaches or falls below” the floor, the account is breached. Standard with $100: $12,000 of trading power, a $360 allowance, a daily floor of $11,640.
• Max drawdown, static. A fixed percentage of starting trading power that does not rise with profits and does not move after a payout, also on equity (§27-§32). Standard with $100: $720, a permanent floor at $11,280. The checkout showed the Flex equivalents for $100: “Initial daily equity floor $7,680” and “Static equity floor $7,440”.
• Both at once. The two floors apply together and the higher one is the tighter (§33). The backend calculation, at full precision, prevails over a rounded display (§34).
• Breach. Positions may be closed automatically, new positions are disabled and no more payout-eligible profit can be made (§35). A correctly computed breach is final; a “Technical Breach Review” (bad data, confirmed outage, duplicate fill, bug) can be requested within 72 hours.
• Inactivity. 90 consecutive days without trading may close an evaluation, funded or Instant account; placing artificial trades to avoid it counts as system abuse (§16).
• Targets on closed balance. The evaluation target counts on the closed balance, not on open profit (§12). Passing issues a new funded account; evaluation profit does not carry over and cannot be withdrawn (§13).

5. Payouts, as written

Payouts are paid in USDC on Solana, “the currently supported payout network” (§53-§54). The minimum is 20 USDC of trader share (§41) — at an 80% split, that means distributing $25 gross (Roya’s arithmetic). Since CAS-1.1, every funded account can request one payout every 24 hours, one pending request at a time, with “no weekly cash cap” (§42). Partial payouts are allowed; all positions must be closed first; the split is 80% on Standard, Flex and Instant, and 80, 85 or 90% on Build Your Own. Scaling (§60-§65) raises trading power to 125% after 3 qualifying payouts and 10% cumulative funded profit, then 150% after 6 and 20%.

Instant has its own first payout: available after 1% of closed net profit, with no waiting period, and the first gross distribution capped at 5% of starting trading power (§49-§50). On a $4,000 Instant account, that is $40 of profit to unlock it and at most $200 gross, $160 for the trader — the rulebook’s own example. After that, 24 hours between payouts.

What is not published: a processing time (“as quickly as operationally possible”, §59; the Terms §18 call all delays estimates), a public payout registry, a single transaction hash, a payout address, a distribution contract, a reserve. The /payouts page is private to each account. The Terms (§2.3) add that a payout is subject to “final approval by Cashed’s risk team” and that a displayed balance “does not create an unconditional debt”. Payouts received by us: none.

6. Where the Terms and the rulebook disagree

• Bots. Rulebook §93: “Automated trading is permitted.” Terms §12: automation “may be permitted only where Cashed expressly supports and authorises it”, and “unauthorised automated trading systems” are prohibited. The rulebook is more precise and probably governs in practice; it does not say so.
• Appeals: 72 hours or 14 days. The rulebook gives 72 hours to request a technical breach review; the Terms (§33) say “normally … within 14 days”.
• Eligibility: a 404. Rulebook §120 says restricted jurisdictions are listed on “a dedicated Eligibility page” to check before purchase. On 13 October 2026, cashed.fun/eligibility returned “Page not found”. The list is not published, and the sign-up country menu offered Cuba, Iran, North Korea, Russia and Syria.
• Version header. The rulebook header reads “CAS-1.1” next to “28 SEP 2026”; its own changelog dates CAS-1.0 to 28 September and CAS-1.1 to 12 October 2026. Two versions in 14 days; existing accounts keep the rules they were sold with.
• Smaller points. BTC “up to 10×” in the rulebook, “Leverage 5×” in the order ticket (default or ceiling: not established). Funding counts in P&L by the rules, yet §78 says it is currently neither debited nor credited. “Identity mismatches” can trigger a payout review on a product that collects no identity. Terms dated 23 June 2026 that cite a rulebook section written later.

7. The company

The contracting party is Cashed Ltd, “company number 17256234” (Terms §1). On Companies House, read 13 October 2026: active private limited company, incorporated on 2 June 2026, registered office in Salisbury, England, activity code 62090 (“Other information technology service activities” — not a financial-services code), GBP 100 of share capital, one director, first accounts due in 2028. English law governs (Terms §46). No licence or regulator is mentioned anywhere on the site, and the Terms (§2.2) describe the payment as an access fee to a simulated programme, not a deposit.

Founders, team and investors: not published. Launch date: not published (the Terms are dated 23 June 2026, CAS-1.0 28 September 2026; the Wayback Machine has no snapshot). Social accounts: none found — the footer’s X and Telegram icons link to the bare addresses x.com and t.me, and no handle could be tied to Cashed. Trustpilot: an unclaimed profile with 0 reviews. Press, Reddit threads, incident reports: none found. Support runs through an in-app ticket form and support@cashed.fun.

8. Trust Score: 66.3/100

On our grid (weights 25/25/20/15/15, method), scored from documents only, the desk-research cap of 85 not binding — rank 7 of 9 on 13 October 2026:

• Rules 75. A long, numbered, versioned rulebook with a public changelog, readable before payment, whose limits are formulas you can compute. Held back by the contradictions above.
• Payouts 58. Network, minimum, rhythm and split are stated; none of it can be verified from outside, there is no processing time, and every payout needs the risk team’s approval. We have received nothing.
• Survival 45. A named UK operator, but four months old, one director, no funding, no press, no social account, no reviews, no reserve. This criterion scores track record, and there is none yet.
• Freedom 80. Bots, APIs, copy trading, news, weekends, scalping with no minimum hold, perps and prediction markets in one account; held back by the Terms’ line on automation, unpublished API limits and 2× to 5× outside BTC, ETH and SOL.
• Value 80. $100 for $12,000 on Standard, the cheapest ratio on our grid, no subscription; held back by no published fee schedule, no refund once trading starts and the 5% cap on a first Instant payout.

We are an affiliate of Cashed; the score comes from a public grid and moves only with a dated revision on the scoring page. Full breakdown on the Cashed firm page.

9. What we test on 14 October 2026

Raphael buys a small account on a fresh profile. What we will read and publish, with dated screenshots:

1. Whether our link pre-fills ROYA on a clean browser, and whether the referral is accepted and attached.
2. What ROYA actually does at checkout: the trading power shown before and after (Flex $100: $8,000 or more?), on which plans, once or more, with or without coupon and XP.
3. The crypto payment: tokens, networks, provider, receiving address, confirmation and activation delay.
4. The activated account: rule version, rule card, floors matching the checkout.
5. Real leverage per market, fees actually charged, funding in the history, fills against Hyperliquid and Polymarket prices at the same moment.
6. A first Instant payout: request to USDC on Solana, the delay, the hash, the amount against gross × 80%, any manual review or identity request.
7. Country restrictions at sign-up and payment, support response time, official social links, and a written answer on bots and APIs.

10. FAQ

Where that leaves a trader

If you want perps and prediction markets in the same account, accept that it is simulated, and would rather risk $5 than $1,000 while nobody has shown a Cashed payout on a chain, the rules are clear enough to try small. If you need payouts you can check before paying, wait for our 14 October 2026 test or stay with firms that publish them. To open Cashed through us:

How the code works, step by step, and what we have not verified yet: Cashed promo code ROYA.

Sources: cashed.fun/rulebook (CAS-1.1), cashed.fun/terms (effective 23 June 2026), the Privacy policy, the checkout, the sign-up form, /status, /perps/btc and /markets on cashed.fun, Companies House (17256234), Trustpilot and the Wayback Machine — all read on 13 October 2026. Cashed accounts are simulated; you can lose the whole deposit you pay. 18+ only. Nothing here is investment advice or a promise of profit.