The prop-trading industry didn't grow in 2025 — it consolidated. Here's who won, who lost, and the three forces rewriting the game.
This report tags the 11 firms whose Trustpilot ratings were suspended for fake reviews, the 63 that have already closed, and the 7 Tier-1 on-chain prop firms where payouts are verifiable on-chain. Use it to avoid the traps and find the operators worth your challenge fee.
Verified numbers on broker-backed adoption, platform consolidation (ProjectX → TopstepX + NinjaTrader Group), asset-class positioning, and closure categories. Cite in your investor deck, sales one-pager, or H2 2026 strategy doc.
253 firms cross-verified against Trustpilot, PropFirmMatch, TheTrustedProp, and live HTTP/DNS health checks. Methodology at the end of the report. CSV + JSON download available — attribution as "Proptradingvibes State of Prop Trading Q2 2026" is all we ask.
The short answers to the questions traders, journalists, and prop-firm teams ask us most. Every answer is grounded in the verified Q2 2026 census — click a question to expand.
As of April 2026, Proptradingvibes tracks 253 prop trading firms worldwide — 190 currently active and 63 that have closed. This is the most comprehensive verified count of the proprietary trading industry, up from 178 firms in the Q1 2026 edition.
The Q2 2026 census documents 63 total closures across the category's history, with 28 closures added since Q1 alone. Notable Q2 2026 closures include OANDA Prop Trader (absorbed by FTMO on March 31), Seacrest Markets / MyFundedFX (pivoted to CFD brokerage), Quantec Trading Capital, and 21 additional firms flagged by DNS failure, SSL breakage, or parked-domain landing pages during our April website-health verification.
Overall, 12% of active firms are broker-backed. Split by launch cohort, the share jumps from 2% of pre-2023 firms to 16% of 2023–2024 launches and 17% of 2025–2026 launches — an 8.5× increase in three years. Broker-backed prop firms are not the majority, but they dominate new launches.
Forex is the largest primary category with 138 active firms. Futures specialists (47), crypto-first firms (17), and stocks operators (6) follow. Most forex firms also offer indices, metals, and crypto — but they position around forex as their primary identity. Multi-asset as an explicit self-description remains rare (4 firms).
On-chain prop firms run both the evaluation and the payout on public blockchains — traders hold non-custodial wallets and profits settle via smart contract. Six firms qualify as Tier 1 on-chain native: Propr (Hyperliquid), Solana Funded, Carrot Funding, Xybit, Foxify, and HyperPNL. A Tier 2 hybrid category (FundedHive, Rev One Trading) runs off-chain evaluation with on-chain USDC payouts.
ProjectX terminated its third-party platform licensing on February 28, 2026, citing "shifts in operational demands and upcoming compliance reporting, oversight, and audit requirements." It now operates exclusively as TopstepX for Topstep — backed by Plus500 as technology partner since October 2025. Seven futures firms (Lucid Trading, Tradeify, Alpha Futures, TickTickTrader, FuturesElite, Top One Futures, Blue Guardian Futures) had to migrate platforms in Q1 2026.
11 of the 46 prop firms we could directly verify (24%) had their Trustpilot ratings suspended for detected fake-review activity. Aggregated star averages across "top prop firms" rankings should not be trusted without filtering for suspended profiles. Cross-check Trustpilot against Reddit sentiment, live community Discord feedback, and verified payout history before drawing any conclusions.
The United States (41) and United Kingdom (38) lead, but the United Arab Emirates (27) has emerged as the third-largest jurisdiction — surpassing Cyprus and Australia. Brazil (12), Australia (9), Czech Republic (6), Cyprus (6), Hong Kong (5), Saint Lucia (4), and Malta (4) round out the top hubs. 36 countries have at least one active firm.
The average profit split across 59 verified firms is 89%. Ten years ago, 70/30 was the industry standard; today sub-80% splits are the outlier. Some on-chain firms (GT Funded before it closed, Sizeprop, Foxify) advertise 90–95% splits; broker-backed firms average slightly higher than independents.
Instant funding means a trader purchases funded-account access directly, skipping the evaluation challenge entirely. It trades lower upfront commitment (no sim phase) for tighter rules, smaller maximum account sizes, and higher one-time fees. Confirmed instant-funding operators in Q2 2026: Tradeify (LucidDirect), Lucid Trading, Audacity Capital, Mubite, OFP Funding, Instant Funding, BluFx, and Funded7.
Kraken (the crypto exchange) acquired NinjaTrader in 2024. NinjaTrader Group (NT Technologies) now owns both NinjaTrader Prop and Tradovate Prop as branded prop-firm platform products since October 2025. TopstepX is Topstep's rebranded fork of the former ProjectX, backed by Plus500 as exclusive technology partner. Between these two ownership clusters, the neutral third-party platform era in US futures prop is effectively over.
Independent prop firms run simulated-trading evaluations with no affiliated broker — trading activity stays on a sim server and profits are paid from the firm's challenge-fee revenue. Broker-backed firms are launched by a regulated broker (Axi, IC Markets, Eightcap, Doo Prime, Moneta Markets, Plus500) and funnel passing traders onto the broker's A-book order flow. Independents still dominate by total count, but broker-backed firms launch at 8.5× the historical rate.
Every firm is cross-referenced against its own website, Trustpilot profile, PropFirmMatch, TheTrustedProp, LinkedIn company pages, and local legal-entity disclosures. Q2 added live HTTP/DNS health checks — 24 firms failed the April 2026 verification pass (DNS failure, SSL certificate breaks, parked domains, or redirect-to-unrelated) and were moved to Closed-Q2. Firm owners can correct data via our claim-your-listing workflow.
The State of Prop Trading is updated quarterly. Q1 2026 launched in February; this Q2 2026 edition was published April 21, 2026; Q3 2026 is targeted for July. Each edition is permanently archived at /state-of-prop-trading/q{N}-{YYYY} with noindex + canonical to the main URL, so external backlinks always resolve to the current data.
Yes. The full 253-firm census is available as CSV and JSON via the download buttons in the full-database section. Attribution ("Source: Proptradingvibes State of Prop Trading Q2 2026, https://proptradingvibes.com/state-of-prop-trading") is required for citation in journalism, research, investor decks, or academic work. For bulk or API-style access, contact Paul directly.
Forex remains the single biggest primary-category by firm count (127 firms). Most of these firms also offer indices, metals, and crypto — but they position around forex. Futures-only and crypto-only specialists are smaller in number but carry a sharper brand identity with their audience.
A category that didn't exist in Q1 is now tracked on its own comparison site.
Evaluation and payout both happen on a public smart-contract chain. Trader holds a non-custodial wallet. PnL verifiable on block explorer.
Evaluation runs off-chain, but profit payouts settle via smart contract. The 'on-chain' claim is about payout auditability, not execution.
Evaluation happens on a centralized exchange orderbook (Bybit, Kraken, Hyperliquid via custodial API). Marketed as 'crypto prop' but infrastructure is centralized.
Overall, most active firms (12%) still run the independent simulated-trading model. But look at the launch cohorts: broker-backed share jumped from 3% of pre-2023 firms to 17% of 2025–2026 launches. New money is not betting on independents.
The prop-trading industry exploded in 2023–2024, peaked in 2024 with 52 new launches, and has been in net contraction ever since. 64 closures are now documented — and that number is likely conservative.
Average lifespan of a closed prop firm: 31 months. That's less than two years. The 2024 closure wave is the most visible — 80+ firms went dark that year — but Q2 2026 added four fresh closures too.
That's roughly 24% of the firms we could verify directly. When one in 4 "top prop firms" has been caught manipulating reviews, aggregated Trustpilot averages across the category are meaningless without filtering.
A suspended Trustpilot rating is not proof the firm is untrustworthy overall — it means Trustpilot's automated systems flagged review-manipulation activity and the public rating was temporarily removed. It IS a signal to look past the star count before trusting any "best prop firm" ranking that cites Trustpilot as a source.
On February 28, 2026, ProjectX discontinued third-party licensing and became Topstep-exclusive as TopstepX. Seven major futures firms had to migrate their platform stack in a single quarter. NinjaTrader Group (Kraken-owned) launched NinjaTrader Prop and Tradovate Prop to absorb the fallout — and two new challengers (TradeSea, DeepCharts) entered the gap. The era of the neutral third-party futures platform is over.
Kraken acquired NinjaTrader in 2024. In October 2025, NT Technologies launched NinjaTrader Prop + Tradovate Prop as branded products. Apex, TakeProfitTrader, My Funded Futures, FundedNext Futures, Alpha Futures, Elite Trader Funding, and Purdia Capital signed on as day-one partners.
Plus500's October 2025 exclusive partnership with Topstep turned it into the foundational infrastructure for the largest independent US futures prop firm. Acquisition talks have been reported but remain unconfirmed.
Modern TradingView-native UX designed to absorb ex-ProjectX firms.
Order-flow depth tool positioning as the Bookmap alternative.
First platform built around the broker-backed prop era.
Topstep's own platform — runs on Plus500's infrastructure under an exclusive partnership. Unrelated to the ProjectX shutdown.
Across 59 firms where we could verify the profit split number, the average is 89%. Ten years ago, 70/30 was standard; today, sub-80% splits are rare enough to be an outlier.
Active firms operate from 36 countries. The UAE is now the third-largest hub, Brazil has emerged as a genuine regional cluster, and the US/UK combined share — which was over 60% in Q1 — has dropped meaningfully.
Predictions are worth what traders pay for them — nothing. These are directional calls based on Q2 2026 data, not targets. The report will measure each against reality in the Q3 2026 edition.
Expect more regulated brokers to launch prop arms, not as standalone firms but as customer-acquisition funnels. The economics are too clean to ignore: a $500 challenge fee delivers a qualified trader at a fraction of typical CPA. Watch for five to ten more broker-backed launches before Q4.
Tier 1 on-chain native firms (Propr, GT Funded, Carrot Funding, Foxify) have product-market-fit within crypto-native trader communities. The PROPR TGE in August 2026 is the first real test of whether tokens add to or distract from the prop-firm value prop. If even one of these crosses $10M paid out on-chain, the "trust is in the protocol" framing becomes canon.
Multi-asset is the category leader by firm count, but average Trustpilot score and longevity favor firms that pick one class and go deep. A Futures-only firm with tight focus can build stronger trader loyalty than a multi-asset one juggling 50 instruments. Expect a visible split in 2026 performance between "everything stores" and "category owners."
The CFTC has begun informal conversations about classifying simulated-trading prop firms as CTAs (Commodity Trading Advisors). If that position hardens in H2 2026, the US-resident trader base becomes structurally harder to serve for unregulated firms. A-book partnerships and offshore restructuring will be the response.
With 11/46 firms caught manipulating reviews, the 'average Trustpilot score of top prop firms' becomes statistically unreliable. Expect serious traders to shift toward on-chain payout-history verification, verified payout databases (Propfirm.com, PropFirmMatch's trust index), and firsthand community sentiment over aggregated stars.
Every prop firm in this report's active universe, searchable and filterable. Firms with a dedicated Proptradingvibes review are highlighted — click the name to read. For firms without a review, this is the data we have as of May 19, 2026.
| Firm | Assets | HQ | Founded | Model | Trustpilot |
|---|---|---|---|---|---|
| 100X Club ↗ Claim → | Forex | Israel | 2025 | Independent | — |
| 5P Investimentos ↗ Claim → | Futures | Brazil | — | Independent | — |
| Alpha Capital Group Reviewed | Forex | United Kingdom | 2021 | Independent | — |
| Alpha Futures Reviewed | Futures | United States | 2024 | Independent | 4.9 (3,631) |
| Alpha Prime ↗ Claim → | Futures | United Kingdom | 2025 | Independent | — |
| Alpha Trader Firm ↗ Claim → | Forex | — | 2023 | Independent | 4.7 |
| Apex Trader Funding Reviewed | Futures | United States | 2021 | Independent | 4.4 (18,702) |
| AquaFunded ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| AquaFutures Reviewed | Futures | United States | 2024 | Independent | — |
| Astra Capital Group ↗ Claim → | Forex | United States | 2024 | Independent | — |
| ATFunded ↗ Claim → | Forex | Saint Lucia | 2024 | Broker-Backed | — |
| Atlas Funded ↗ Claim → | Forex | United Arab Emirates | 2025 | Independent | — |
| Atmos Funded Reviewed | Forex | Cyprus | 2024 | Broker-Backed | 4 (266) |
| Atom Educacional ↗ Claim → | Futures | Brazil | 2013 | Independent | — |
| Audacity Capital Reviewed | Forex | United Kingdom | 2012 | Independent | — |
| AXI Select Reviewed | Forex | Australia | 2023 | Broker-Backed | — |
| Axia Investing ↗ Claim → | Futures | Brazil | 2017 | Independent | — |
| Best Prop 4 U ↗ Claim → | Forex | Cyprus | 2025 | Independent | — |
| Blue Guardian Futures Reviewed | Futures | United States | 2024 | Independent | — |
| Blueberry Funded Reviewed | Forex | Australia | 2023 | Broker-Backed | — |
| Blueberry Futures Reviewed | Futures | Australia | 2024 | Broker-Backed | 2.8 (3) |
| BluSky Reviewed | Futures | United States | 2024 | Independent | — |
| Bridge Funded ↗ Claim → | Forex | United Arab Emirates | 2025 | Independent | — |
| BrightFunded Reviewed | Forex | United Arab Emirates | 2023 | Independent | — |
| Bulenox Reviewed | Futures | United States | 2021 | Independent | 4.8 (1,559) |
| Campus Fund ↗ Claim → | Forex | United Arab Emirates | 2025 | Independent | — |
| Carbon Investing Claim → | Unknown | Brazil | — | Independent | — |
| Carrot Funding ↗ Claim → | Crypto | — | — | Independent | — |
| City Traders Imperium Reviewed | Forex | United Arab Emirates | 2018 | Independent | 4.3 (1,691) |
| Cointracts Claim → | Crypto | — | 2025 | Independent | — |
| Crypto Fund Trader Reviewed | Crypto | United Kingdom | 2023 | Independent | — |
| Darwinex Zero Reviewed | Forex | United Kingdom | 2019 | Broker-Backed | 3.8 (169) |
| Dayna Capital ↗ Claim → | Unknown | Brazil | — | Independent | — |
| DayTraders Reviewed | Futures | United States | 2025 | Independent | — |
| DDXprop ↗ Claim → | Forex | United Kingdom | 2024 | Independent | — |
| DNA Funded Reviewed | Forex | Australia | 2023 | Broker-Backed | 3.6 (87) |
| DPFunded ↗ Claim → | Forex | Hong Kong | 2024 | Broker-Backed | — |
| E8 Markets Reviewed | Forex | United States | 2021 | Independent | 4.4 (3,239) |
| Earn2Trade Reviewed | Futures | United States | 2016 | Independent | 4.7 (4,759) |
| Eightcap Challenges Reviewed | Forex | Australia | 2024 | Broker-Backed | — |
| Elite Trader Funding Reviewed | Futures | United States | 2022 | Independent | 3.9 (1,068) |
| Elysium Forex ↗ Claim → | Forex | United States | — | Independent | — |
| Euroinvest ↗ Claim → | Futures | Brazil | 2016 | Independent | — |
| Falcon Funded ↗ Claim → | Forex | United Arab Emirates | — | Independent | — |
| Finotive Funding Reviewed | Forex | Cyprus | 2021 | Independent | — |
| Fintokei Reviewed | Forex | Czech Republic | 2023 | Broker-Backed | 4.4 (1,103) |
| Firewood Funded ↗ Claim → | Forex | — | 2026 | Broker-Backed | — |
| FORFX ↗ Claim → | Forex | — | 2024 | Broker-Backed | — |
| ForTraders Reviewed | Forex | United Kingdom | 2023 | Independent | — |
| Foxify ↗ Claim → | Crypto | — | — | Independent | — |
| Ft9ja ↗ Claim → | Forex | Nigeria | 2023 | Independent | — |
| FTMO Reviewed | Forex | Czech Republic | 2015 | Independent | 4.8 (41,782) |
| Funded Academy ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| Funded Elite ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| Funded Firm ↗ Claim → | Forex | United Kingdom | 2024 | Independent | — |
| Funded Futures Network Reviewed | Futures | United States | 2023 | Independent | — |
| Funded Prime ↗ Claim → | Forex | United Kingdom | 2024 | Independent | — |
| Funded Squad ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| Funded Trader Markets ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| Funded Trading Plus Reviewed | Forex | United Kingdom | 2021 | Independent | 4.4 (2,645) |
| Funded7 ↗ Claim → | Forex | Seychelles | 2025 | Independent | 3.8 (71) |
| Fundedbull ↗ Claim → | Forex | Singapore | 2024 | Independent | — |
| FundedFast ↗ Claim → | Forex | Malta | 2024 | Independent | 4.4 |
| FundedHero ↗ Claim → | Forex | — | 2025 | Independent | — |
| FundedHive ↗ Claim → | Forex | United Arab Emirates | 2025 | Broker-Backed | — |
| FundedNext Reviewed | Forex | United Arab Emirates | 2022 | Independent | 4.5 (65,288) |
| FundedNow ↗ Claim → | Forex | — | — | Independent | — |
| FundedSeat Reviewed | Futures | UNKNOWN | — | Independent | — |
| FundedX ↗ Claim → | Forex | — | — | Independent | — |
| Funder Pro Reviewed | Forex | Malta | 2023 | Independent | — |
| FunderPro Futures ↗ Claim → | Futures | Malta | 2024 | Independent | — |
| Funding Frontier ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| Funding Talent ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| Funding Your Trades ↗ Claim → | Forex | — | — | Independent | — |
| FundingPips Reviewed | Forex | United Arab Emirates | 2022 | Independent | 4.5 (52,783) |
| FundingTraders Reviewed | Forex | United Arab Emirates | 2023 | Independent | — |
| Fundora Reviewed | Forex | Japan | 2025 | Independent | — |
| FundYourFX ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| FuturesElite Reviewed | Futures | Italy | 2024 | Independent | 4.7 (298) |
| FX2 Funding ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| FXIFY Reviewed | Forex | United Kingdom | 2023 | Independent | 4.4 (5,627) |
| Genk Capital ↗ Claim → | Stocks | Singapore | 2011 | Independent | — |
| Giimer ↗ Claim → | Forex | — | 2023 | Independent | — |
| Goat Funded Futures Reviewed | Futures | Italy | 2024 | Independent | — |
| Goat Funded Trader Reviewed | Forex | Hong Kong | 2022 | Independent | — |
| Grupo MIDE ↗ Claim → | Futures | Brazil | 2022 | Independent | — |
| Hantec Trader Reviewed | Forex | United Kingdom | 2023 | Broker-Backed | — |
| Hola Prime ↗ Claim → | Forex | Hong Kong | 2024 | Independent | 4.5 (1,069) |
| Hoorah ↗ Claim → | Forex | Cyprus | 2025 | Independent | — |
| HyperPNL ↗ Claim → | Crypto | — | 2025 | Independent | — |
| HyroTrader Reviewed | Crypto | Czech Republic | 2023 | Independent | 4.2 (186) |
| IC Funded ↗ Claim → | Forex | United Arab Emirates | 2024 | Broker-Backed | — |
| iFunds ↗ Claim → | Forex | Saint Lucia | 2024 | Independent | — |
| Innovated Funded ↗ Claim → | Forex | Nigeria | 2024 | Independent | — |
| Instant Funded Account (IFA) ↗ Claim → | Forex | — | — | Independent | — |
| Instant Funding Reviewed | Forex | United Kingdom | 2023 | Independent | — |
| Klein Funding ↗ Claim → | Crypto | United Kingdom | 2024 | Independent | — |
| KortanaFX ↗ Claim → | Forex | United States | 2023 | Independent | — |
| Lark Funding Reviewed | Forex | United Kingdom | 2023 | Independent | — |
| Legends Trading Reviewed | Futures | United States | 2023 | Independent | — |
| Lionheart Funding Program ↗ Claim → | Forex | South Africa | 2023 | Independent | 3.2 (482) |
| Lucid Trading Reviewed | Futures | United States | 2025 | Independent | 4.7 (3,273) |
| Lux Trading Firm ↗ Claim → | Forex | United Kingdom | 2021 | Independent | — |
| LVL Trading ↗ Claim → | Stocks | Brazil | 2012 | Independent | — |
| M.T.I Prop ↗ Claim → | Forex | Malaysia | 2025 | Independent | — |
| MarketMates ↗ Claim → | Forex | Australia (serves SG) | — | Independent | — |
| Maven Trading Reviewed | Forex | Saint Lucia | 2023 | Independent | — |
| Ment Funding ↗ Claim → | Forex | United Kingdom | 2024 | Independent | — |
| Moneta Funded Reviewed | Forex | United Arab Emirates | 2026 | Broker-Backed | 4.4 |
| Mubite Reviewed | Crypto | Czech Republic | 2024 | Independent | — |
| MVFunded ↗ Claim → | Forex | — | 2024 | Broker-Backed | — |
| My Funded Futures Reviewed | Futures | United States | 2023 | Independent | 4.9 (17,546) |
| NairaProp ↗ Claim → | Forex | Nigeria | — | Independent | — |
| Neomaaa Reviewed | Forex | United Arab Emirates | 2024 | Independent | — |
| NexGen ProTrader Reviewed | Other | UNKNOWN | — | UNKNOWN | — |
| NexTrade Capital ↗ Claim → | Forex | Argentina | 2022 | Independent | — |
| Nordic Funder ↗ Claim → | Forex | Denmark | 2024 | Independent | — |
| Nostro ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| Now Trade Funded ↗ Claim → | Forex | — | — | Independent | — |
| OFP Funding Reviewed | Forex | United Kingdom | 2022 | Independent | — |
| OneFunded Reviewed | Forex | United Kingdom | 2024 | Independent | — |
| Phidias Propfirm Reviewed | Futures | Gibraltar | 2023 | Independent | 3.8 (271) |
| PipFarm Reviewed | Forex | Singapore | 2023 | Independent | — |
| Pipstone Capital ↗ Claim → | Forex | United Arab Emirates | — | Independent | — |
| Plutus Trade Base ↗ Claim → | Forex | Cyprus | 2024 | Independent | — |
| Prime Academy FX ↗ Claim → | Forex | Indonesia | 2024 | Independent | — |
| ProFunded ↗ Claim → | Forex | — | 2024 | Independent | — |
| Prop Firm App ↗ Claim → | Forex | United Kingdom | 2024 | Independent | — |
| Prop Number One ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| Propanium ↗ Claim → | Forex | Czech Republic | — | Independent | — |
| Propatrade ↗ Claim → | Stocks | India | — | Independent | — |
| Propr ↗ Claim → | Crypto | — | 2026 | Independent | — |
| PropShopTrader ↗ Claim → | Stocks | United States | — | Independent | — |
| PropW ↗ Claim → | Forex | Hong Kong | 2024 | Independent | — |
| PropXP ↗ Claim → | Forex | — | 2025 | Independent | — |
| QT Funded (Quant Tekel) ↗ Claim → | Forex | United Kingdom | 2023 | Independent | — |
| Quant Funded ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| Quant Matter ↗ Claim → | Futures | Singapore | — | Independent | — |
| RebelsFunding Reviewed | Forex | Slovakia | 2023 | Independent | 4.4 (2,315) |
| Rev One Trading Reviewed | Forex | United States | 2026 | Independent | — |
| Rocket21 Challenge ↗ Claim → | Forex | United States | 2022 | Independent | — |
| SabioTrade ↗ Claim → | Forex | Ireland | 2023 | Independent | 3.6 (720) |
| SFX Funded ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | 4.7 |
| SiegPath (SiegFund) ↗ Claim → | Forex | Taiwan / Hong Kong | 2016 | Independent | — |
| Sizeprop ↗ Claim → | Crypto | — | 2026 | Independent | — |
| Solana Funded ↗ Claim → | Crypto | — | — | Independent | — |
| Star Desk ↗ Claim → | Futures | Brazil | 2017 | Independent | — |
| Super Funded ↗ Claim → | Forex | Australia | 2023 | Broker-Backed | — |
| Supertrade ↗ Claim → | Forex | United Kingdom | 2025 | Independent | — |
| Sure Leverage Funding ↗ Claim → | Forex | United Arab Emirates | 2023 | Independent | 4.2 |
| Sway Funded Reviewed | Forex | UNKNOWN | — | Independent | — |
| Swiss Firmup Reviewed | Futures | Switzerland | 2026 | Independent | — |
| TakeProfitTrader Reviewed | Futures | United States | 2022 | Independent | 4.4 (8,998) |
| Thaurus Guru ↗ Claim → | Forex | Slovakia | 2024 | Independent | — |
| The Funded Talent ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| The Futures Desk Reviewed | Futures | United States | 2024 | Independent | — |
| The Trading Pit Reviewed | Forex | Liechtenstein | 2020 | Independent | — |
| The5ers Reviewed | Forex | Israel | 2016 | Independent | 4.8 (24,063) |
| ThinkCapital Reviewed | Forex | United Kingdom | 2024 | Broker-Backed | 4 (606) |
| TickTickTrader Reviewed | Futures | Isle of Man | 2022 | Independent | 3.5 (6,683) |
| TLDA Trading ↗ Claim → | Stocks | Bulgaria | 2020 | Independent | — |
| TopOneFutures Reviewed | Futures | United States | 2024 | Independent | — |
| TopOneTrader Reviewed | Forex | United States | 2023 | Independent | 4.5 (3,090) |
| Topstep Reviewed | Futures | United States | 2012 | Independent | 3.4 (13,848) |
| Trade The Pool Reviewed | Stocks | Israel | 2022 | Independent | 4.4 (595) |
| TradeDay Reviewed | Futures | United States | 2020 | Independent | 4.6 (1,351) |
| Tradeify Reviewed | Futures | United States | 2021 | Independent | 4.6 (2,598) |
| Tradeify Crypto Reviewed | Crypto | United States | 2026 | Independent | — |
| Traders Launch Reviewed | Futures | United States | 2023 | Independent | — |
| Traders Yard Reviewed | Forex | Austria | 2023 | Independent | 4.7 |
| TradexProp ↗ Claim → | Forex | Malaysia | 2023 | Independent | 4.7 |
| TradingFunds ↗ Claim → | Forex | Netherlands | 2024 | Independent | — |
| TrioFunded ↗ Claim → | Multi-Asset | Cyprus | 2026 | Broker-Backed | — |
| True Trading Group ↗ Claim → | Forex | United States | 2019 | Independent | — |
| TTT Markets Reviewed | Forex | United Kingdom | 2022 | Independent | 3.5 (18) |
| TX3 Funding Reviewed | Futures | United States | 2024 | Independent | — |
| Ultimate Traders Reviewed | Forex | United Kingdom | 2023 | Independent | 4.3 (74) |
| Upcomers ↗ Claim → | Forex | United Arab Emirates | 2024 | Independent | — |
| V PropTrader ↗ Claim → | Forex | — | — | Independent | — |
| Vertex Funding ↗ Claim → | Forex | United States | 2023 | Broker-Backed | — |
| VFTradings ↗ Claim → | Forex | Australia | 2025 | Broker-Backed | — |
| Wall Street Funded ↗ Claim → | Forex | Saint Lucia | 2024 | Broker-Backed | — |
| WarBux Reviewed | Forex | United States | 2024 | Independent | — |
| WeFund ↗ Claim → | Forex | — | — | Independent | — |
| WenCrypto ↗ Claim → | Crypto | United Kingdom | 2026 | Independent | — |
| X Prop Trading ↗ Claim → | Forex | Brazil | 2020 | Independent | — |
| XHEDGERS ↗ Claim → | Forex | Czech Republic | — | Independent | — |
| XY Capital ↗ Claim → | Multi-Asset | Hong Kong / London | — | Independent | — |
| Xybit ↗ Claim → | Crypto | United States | 2025 | Independent | — |
| Ylos Trading ↗ Claim → | Futures | United States (HQ) / Brazilian founder | — | Independent | — |
| YRM Prop Reviewed | Futures | United States | 2025 | Independent | 4.7 (160) |
| Zero7 Tesouraria ↗ Claim → | Futures | Brazil | 2023 | Independent | — |
Independent analysis of the global proprietary-trading industry. No single firm is ranked, endorsed, or de-endorsed. The analysis operates at the industry level; individual firm data appears in context of aggregate patterns only.
Trustpilot data should be read with the Trust Problem section in mind — 11 of 48 verified firms had ratings suspended for fake-review activity. HQ locations reflect legal-entity disclosures where verifiable, not marketing addresses. Firms without a public pricing page or with unverifiable founding dates were excluded, even when they appeared in third-party directories.
Quarterly updates. Each edition is permanently archived with noindex, and the canonical URL always serves the current report. Previous editions are linked at the bottom of this page.
The State of Prop Trading is updated quarterly. Historical editions remain available as read-only archives — the most current analysis always lives at this URL.
Why this matters
The on-chain prop-firm category did not meaningfully exist in Q1 2026. By late Q2, seven Tier 1 firms compete on profit split transparency, a dedicated comparison site tracks them (onchainprop.wtf), and two hybrid players are stress-testing on-chain payouts against A-book execution. The biggest open risks: anonymous teams behind 5 of 7 Tier 1 firms, Hyperliquid concentration (6 of 7 firms depend on one chain), and regulatory exposure if any token (PROPR TGE planned August 2026) is classified as a security.