Day one
The entry barrier and the tools available define the first experience. Cashed stands out for its extreme accessibility, while Iceberg offers a more traditional multi-asset environment.
- Entry Price: Cashed allows traders to start with as little as $5 for small simulated accounts (e.g., a $400 or $600 account depending on the plan). Iceberg’s entry point is higher, starting at $47 for a $5,000 Unlimited evaluation or $167 for an Instant account of the same size.
- Platforms and Assets: Both firms use proprietary platforms. However, Cashed is strictly crypto-focused (including prediction markets), whereas Iceberg provides a broader range: Crypto, Forex, Commodities, Indices, and Stocks using Hyperliquid pricing.
- Risk Rules: Both firms use static drawdown models, which is a major advantage for the trader as the "floor" does not move up with profits. Cashed offers Max Drawdowns between 6% and 8% depending on the plan, while Iceberg maintains a standard 6% static limit.
The first months
Once funded, the focus shifts to maintaining the account and processing the first withdrawals.
- Risk Management: Cashed enforces a 3% to 4% daily drawdown. Iceberg is slightly tighter with a 3% daily limit. Both firms check these limits against equity, meaning floating losses are taken into account in real-time.
- Payout Frequency: Cashed provides very high liquidity; on its Instant accounts, traders can request a payout 48 hours after the first 1% profit is closed. Iceberg’s Instant accounts require a 120-hour wait after the first trade and between subsequent payouts.
- Costs: Iceberg charges specific commissions (e.g., 0.015% to 0.045% for Crypto) and hourly funding rates. Cashed incorporates fees into the platform display but currently does not debit or credit recurring funding payments, which can be a cost advantage during the first months of swing trading.
The first year
For the trader who survives the first year, the difference in scaling programs becomes the most critical factor.
- Scaling Requirements: Cashed has a clearly defined two-level scaling plan. Level 1 requires 3 payouts and a 10% lifetime profit to increase capital to 125% and the split to 85%. Level 2 requires 6 payouts and 20% profit to reach 150% capital and a 90% profit split.
- Iceberg Scaling: The provided data does not show a specific scaling program for Iceberg. Traders are limited to the maximum allocation caps without a structured path to increase the profit split beyond the initial 80%.
- Account Growth: On Cashed, the "Build Your Own" feature allows for a 90% split from the start if the trader is willing to adjust the risk parameters, providing a faster route to high-tier earnings than Iceberg’s fixed 80% split.
The ceiling
The "ceiling" represents the maximum capital a trader can manage across all accounts.
- Cashed Ceiling: $500,000 aggregate cap. This includes scaling and shared accounts. To reach this, a trader can use the scaling plan to grow their initial accounts or purchase multiple evaluations.
- Iceberg Ceiling: $200,000 for Unlimited funded accounts and $50,000 for Instant accounts. These limits are separate, but the total potential capital is significantly lower than that of Cashed.
- Time and Cost to Max: Reaching the $500k cap on Cashed is more capital-efficient due to the scaling program that increases balance without requiring new purchases. On Iceberg, reaching the $200k limit requires passing large evaluations (the $100k evaluation costs $857).
Room to grow
Cashed offers a much longer runway for professional growth. The combination of a 90% profit split potential, a $500,000 cap, and a structured scaling program makes it a superior choice for a "career" trader. Iceberg, while offering more asset classes (Forex and Stocks), acts more like a mid-tier firm with a firm $200,000 ceiling and no clear path to improve the profit split over time. Cashed rewards the long-term trader with more capital and a larger share of the profits, whereas Iceberg’s value proposition remains static regardless of the trader's seniority.
Frequently asked questions
Which firm is cheaper to start with, Cashed or Iceberg?
Cashed is significantly cheaper for entry-level traders, offering activation payments starting at just $5 for small simulated accounts. In contrast, Iceberg’s most affordable option is a $5,000 evaluation for $47. This makes Cashed more accessible for those testing strategies with minimal initial cost.
Which firm offers more markets to trade, Cashed or Iceberg?
Iceberg offers a much wider variety of markets, including Crypto, Forex, Commodities, Indices, and Stocks. Cashed is a specialized firm that focuses almost exclusively on Crypto and prediction markets. If your strategy requires diversification into traditional markets like Forex, Iceberg is the necessary choice.
Does Cashed or Iceberg offer a higher maximum profit split?
Cashed offers a higher potential profit split, reaching up to 90% through its scaling program (Level 2) or its "Build Your Own" account configurator. Iceberg maintains a standard 80% profit split across its challenge accounts, with no provided mechanism in the data to increase that percentage over time.
Which firm allows for faster payouts, Cashed or Iceberg?
Cashed offers faster payout cycles. On its Instant accounts, after the first withdrawal, traders can request funds every 48 hours. Iceberg requires a 120-hour waiting period (5 days) between payouts on its Instant accounts, making Cashed the faster option for frequent liquidity.
