Trading Data Evaluation
Phase 2 is the extended evaluation stage. Up to 10% of qualifying datasets may be selected for an invitation to Phase 2. The session is longer and higher-resolution, and the data generated there is reviewed for commercial licensing. Where a dataset is licensed, up to 90% of the Data License Fee is paid to the contributor. It is still entirely simulated — Phase 2 is not funding, and a Data License Fee is not a share of trading profit.
- Entry
- Invitation onlyTop 10% datasets
- Invitation validity
- 30 daysfrom issue
- Environment
- Extended sessionSimulated
- Leverage
- 1:50 · 1:400Standard · Advanced
- Min. equity
- $100Threshold
- Fee to contributor
- Up to 90%
What Phase 2 is
Phase 2 is the data evaluation stage for participants selected from Phase 1. You trade a new Simulated Trading Environment under the Phase 2 Evaluation Agreement, and the behavioural data you generate there is evaluated further for potential commercial licensing.
The purpose is depth. A six-trading-day Assessment shows whether a pattern exists; a longer session shows whether it holds. Reproducibility across a wider range of market conditions is what makes a dataset licensable, so Phase 2 is designed to test exactly that.
Phase 2 is not a funded account and not a capital allocation. No real capital is allocated at any stage, and the Data License Fee is compensation for licensed trading data, calculated at 90% of Simulated Net Profit for Standard or 80% for Advanced, subject to the execution of an EC-DLA.
How you get there
Every completed Phase 1 session is evaluated within five business days and given an Intelligence Score built from several behavioural metrics. Datasets ranking in the top 10% of their cohort may be classified as High-Quality Trading Data, and their contributors may be invited to Phase 2.
Selection is not decided by profit. Consistency, risk control and decision quality are weighed alongside it, because those are the properties that make a dataset reproducible. A session that breached a hard rule in Phase 1 is not eligible for selection, even where the data collected before the breach was evaluated.
Classification is a judgement about a dataset, not about a person, and an invitation is an opportunity rather than an entitlement. Reaching the top 10% does not by itself guarantee a licensing agreement.
Accepting an invitation
- The invitation arrivesIt appears on the result page of the Assessment that earned it, with an Accept button, and is also sent to you by email.
- Accept within 30 daysAn invitation expires 30 days after issue if it is not accepted. Once it has expired it cannot be reinstated, though you may enter a new Assessment at any time.
- Accept the Phase 2 Evaluation AgreementThis agreement governs the Phase 2 session and sits alongside the Terms of Use. It is presented in full before you accept.
- Complete Phase 2 onboardingIdentity verification must be complete at this point if it is not already. Your Phase 2 details are then issued through the Platform.
- Receive the Phase 2 accountA new simulated account is issued with its own simulation balance, specified when the Assessment is issued.
The evaluation session
Phase 2 runs on a new simulated account, separate from the Phase 1 one. Its simulation balance is specified when the Assessment is issued, and like every balance on the Platform it exists only inside the simulated environment — it cannot be deposited, withdrawn or converted into real funds.
| Item | Phase 1 | Phase 2 |
|---|---|---|
| Entry | Open to anyone eligible | Invitation only, top 10% datasets |
| Session length | 6 trading days | Extended |
| Profit target | None | None |
| Leverage | Up to 1:1500 | 1:50 Standard · 1:400 Advanced |
| Agreement | Phase 1 Assessment Agreement | Phase 2 Evaluation Agreement |
| Outcome | Analytics Report | Analytics Report · licensing review |
Minimum Equity Threshold
A $100 Minimum Equity Threshold applies throughout Phase 2. Equity may sit at $100 or above without restriction, but if it falls below $100 all open positions are closed automatically and the account is disabled from further trading. On a $3,000 simulated account that permits losses of up to $2,900.
Trading rules
The Phase 1 hard rules continue to apply: trade only during the scheduled windows, only from your own account, and without account sharing, latency arbitrage, coordinated trading across accounts or exploitation of pricing errors. Phase 2 adds two further prohibitions.
- Prohibited hedging or same-direction trading across multiple accounts.
- Exploitation of weekend price gaps.
After the session
The Phase 2 dataset is evaluated once the session ends, and an Analytics Report is posted to your dashboard. Where the data meets the quality bar, it enters review for commercial licensing.
If it is accepted for licensing, the Exclusive Commercial Data License Agreement (EC-DLA) governs that arrangement, and a Data License Fee becomes payable under it. The fee is shown in your dashboard as Available once it is ready, usually within five business days of the session ending.
The Data License Fee
A Data License Fee is compensation for the commercial licensing of trading data. It is not a profit share or a withdrawal of simulated funds. The fee is calculated based on Simulated Net Profit in accordance with the EC-DLA.
How much reaches the contributor
The Data License Fee is calculated based on the Assessment programme family, which is determined by the payment method used for the Assessment fee. A participant who entered with USDT (Standard) is eligible for a Data License Fee equivalent to 90% of Simulated Net Profit, while a participant who entered with mPRM (Advanced) is eligible for 80% of Simulated Net Profit, subject to the terms of the EC-DLA.
| Assessment Programme | Data License Fee Calculation |
|---|---|
| Standard | 90% of Simulated Net Profit |
| Advanced | 80% of Simulated Net Profit |
| Item | Basis |
|---|---|
| Data Eligibility | Quality / Consistency / Reproducibility / Research Value |
| Fee Basis | Simulated Net Profit |
| Agreement | Exclusive Commercial Data License Agreement (EC-DLA) |
| Prerequisite | Completed identity verification |
| Paid in | mPRM (BEP-20), as set by the EC-DLA |
The EC-DLA sets mPRM as the payment asset for every Data License Fee, whichever way the Assessment fee was paid, so an mPRM-compatible wallet is needed to receive one. Identity verification must also be complete, and the receiving wallet must belong to the verified account holder.
What Phase 2 is not
- It is not a funded trading account. No real capital is allocated and no funds are traded on your behalf.
- It is not a profit share. A Data License Fee is paid for licensed trading data under the EC-DLA, with its amount calculated using Simulated Net Profit rather than actual trading profits.
- It is not a guarantee of a licence. Entering Phase 2 means the dataset is being evaluated for licensing, not that a licence will follow.
- It is not a deposit. Nothing you pay is held on account, and no simulated balance can be converted into real funds.
Common questions
What changes when I move to Phase 2?
Three things. You enter into the Phase 2 Evaluation Agreement, you receive a new Phase 2 account, and your data undergoes further evaluation for potential commercial licensing. Phase 2 leverage depends on your Assessment Environment: 1:50 for Standard and 1:400 for Advanced.
When can I start Phase 2?
After receiving and accepting a Phase 2 invitation and completing Phase 2 onboarding, including acceptance of the Phase 2 Evaluation Agreement. Your Phase 2 Assessment details are then provided through the Platform.
How long does a Phase 2 invitation stay open?
Thirty days from issue. An invitation that is not accepted within that window expires and cannot be reinstated, although you are free to enter a new Assessment at any time.
What is the trading balance for Phase 2?
Your Phase 2 Simulation Balance is specified when your Phase 2 Assessment is issued. It is entirely simulated and cannot be deposited, withdrawn or converted into real funds.
Does Phase 2 cost anything?
Phase 2 is entered by invitation from a completed Phase 1 Assessment; there is no separate Phase 2 Assessment fee. Any requirement attached to a specific invitation is shown with that invitation before you accept it.
When is a Data License Fee paid?
After the Phase 2 session has ended and its data has been evaluated and accepted for commercial licensing. The dashboard shows the fee as Available once it is ready, usually within five business days of the session ending.
What does it mean if I was not selected for Phase 2?
It means this dataset was not selected as one of the top 10% of qualifying datasets in its cohort for Phase 2. Your Analytics Report is still yours, and you may enter a new Assessment at any time. Each Assessment is evaluated independently.
More answers are in the Help Center.
Where every participant starts: a six-trading-day simulated session, no profit target, and a Personal Trading Analytics Report whatever the outcome.
→Phase 2 starts with Phase 1
Every Phase 2 invitation comes from a completed Trading Data Assessment. Create an account, choose an environment and generate your dataset.