For traders
Skip the firms that pull payouts
This report separates 220 currently active firms from 8 unavailable or unverified records and 70 currently closed firms. It also flags 40 active firms with suspended Trustpilot ratings.
A denominator-safe census of 298 unique firms: 220 currently active, 8 unavailable or unverified, 70 currently closed, and 74 historical closure events. The median dated closure still lands around the two-year mark.
This report separates 220 currently active firms from 8 unavailable or unverified records and 70 currently closed firms. It also flags 40 active firms with suspended Trustpilot ratings.
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.
298 unique firms with non-overlapping status buckets, plus 74 historical closure events. Active, unavailable and closure data can be downloaded separately as CSV or JSON. Attribution as "Proptradingvibes State of Prop Trading Q3 2026" is all we ask.
This is the first edition with a real time axis: every Q2 number re-verified in July, so the deltas below are measured, not estimated. Baseline: Q2 2026 (2026-04-21).
Platform counts use the fail-closed 220-firm active cohort. UNKNOWN remains UNKNOWN; removal from the active denominator is not interpreted as a platform loss.
Nobody publishes how long these companies actually live, so we built the dataset: 67 closures with a verifiable founding date and a verifiable death date, adversarially audited before publication. The result is a two-year wall. Because 45 of the 67 records are year-granular, we publish ranges instead of false precision: 36-58% of dead firms never completed year two, and 66-79% were gone within three years. The median lands at the two-year mark on every reading we tested.
Young cohorts flatter themselves: 2024+ firms simply haven't had time to die yet. The 2022 cohort is the honest preview: barely half survived.
Focus survives: futures and crypto specialists die at roughly two-thirds the rate of the forex/CFD mass, and carry half a star more on Trustpilot doing it.
Prop firm death is not always final. Cheap white-label infrastructure makes relaunching a brand nearly free, and four firms our closure record had as dead are verifiably operating again. Only one of the four exits (The Funded Trader) was ever publicly documented beyond our own census, which says as much about this industry's transparency as the comebacks do. Their closure events stay in the mortality numbers above; the firms are flagged separately as reopened.
The most prominent and best-documented 2024 collapse. Back on a new platform stack. Listed as active with caution: the 2024 payout backlog was never publicly resolved.
Our census recorded the closure when the site went dark in late 2024; independent coverage of it is thin, which is typical for this industry. Verifiably operating again, now on TradeLocker.
Went dark in mid-2025 per our records after eight years of operation. Quietly back in 2026, with no public statement about either the exit or the return.
Futures firm that stopped operating per our 2025 records, back under the same brand. No public account of the gap exists.
Four entries in our own records didn't survive the pre-publication audit, and we're saying so: Breakout and Purdia Capital were declared dead in Q2 after domain moves (retracted), TradingFunds was moved from closed to unverifiable because its server still answers, and a double-counted Seacrest/MyFundedFX record was merged. None of them are counted above, and this paragraph exists so you don't have to trust us on it. Lifespan = months between a verifiable founding record and a verifiable closure record. 67 of 74 closure events carry a usable lifespan; 22 are month-precise and the rest are year-granular. The published ranges therefore use strict and inclusive threshold readings instead of false precision: 36-58% never completed year two and 66-79% were gone within three years. Reopened firms retain their historical closure event but are counted once in the 298-firm unique census. All figures checked 2026-08-30.
Forex remains the single biggest primary-category by firm count (133 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.
Six firms currently clear the active-cohort gate. Closed alpha, press-only launches, winding-down products and exits are tracked separately instead of being presented as buyable firms.
Evaluation and payout happen on a public chain. The new trust bar since June: a public Dune dashboard verifying payouts, not a profit-split banner.
Funding traders on Polymarket-style order books. Only firms with a current first-party product surface enter this active tier.
These records remain in the research history but are not part of the active denominator.
Broker-backed firms represent 11% of the corrected active cohort. The share rises from 2% among pre-2023 firms to 9% among 2025–2026 launches. This is a cohort comparison, not evidence that every broker-backed program routes all evaluation trades to a live book.
The prop-trading industry exploded in 2023–2024, peaked in 2024 with 50 new launches, and has been in net contraction ever since. 74 closures are now documented, and that number is likely conservative.
Average recorded lifespan: 30 months. The event registry includes 4 firms that later reopened, so it is not the same denominator as firms currently closed. Q3 now contains 11 closure records, including the official Nostro and Vault Funder notices verified on August 26. The full lifespan analysis lives in the mortality section above.
Aggregated from PTV's continuous rule-change monitoring: 74 dated update-log entries across reviewed firms in 2026, each verified against the firm's own help center or terms at the time of logging.
Evaluation consistency rule on Premium and Advanced tightened from 50% to 40%; full repricing of both lines; reset fees restructured. NinjaTrader terminated the firm's platform license on July 12 after Alpha launched its own rival platform.
Second wave of contract-size cuts: Flex 25K down to 2 minis / 20 micros, 50K down to 3 minis / 30 micros. Rapid sizes were cut in June.
Minimum payout request doubled from $250 to $500 across all account types.
New $100/month fee for connecting via third-party API or trade copiers, documented in the help center.
Challenge-phase inactivity threshold extended from 7 to 30 days; the 70% cumulative margin-usage cap was removed from the gambling-behavior rule; Flex prices cut under a 47% promo.
Help center now states consistency requirements apply only during evaluation; funded and live accounts trade without a consistency gate.
Live performance bonuses rebranded as the Topstep Octagon: monthly performance bonuses for Live Funded traders.
Historical July 2026 change for legacy APE-X accounts: the 4% max loss limit switched from end-of-day to end-of-trade trailing, and partial closes stopped satisfying minimum-day or consistency requirements. APE-X is not a current purchase path.
Full relaunch as TradeDay 2.0 on May 29: the nine-SKU grid was replaced by two routes, Quick Pay (5-day minimum, day-one payouts) and Fast Pass, with route-specific 30%/45% consistency rules.
Product matrix expanded to 7 account models (4 CFD, 3 Futures); Futures re-opened to US residents.
cTrader closed new US prop-trader onboarding after a regulatory assessment. FundedNext dropped it March 31, Goat Funded Trader in April, The5ers in June. The quarter's biggest licensing change hit firms through their platform vendor, not a regulator.
Futures beta launched February 19 on Black Arrow, the firm's first non-CFD product line.
The pattern of H1: firms tightened where traders get paid (consistency ratios, payout minimums, contract sizes) and loosened where traders sign up (inactivity windows, entry pricing). The most consequential rule changes of the half didn't come from the firms at all. They came from the platform layer: one vendor decision (cTrader on US onboarding, NinjaTrader on Alpha Futures) rewrote more traders' reality overnight than any consistency-rule tweak.
That's roughly 28% of the firms we could verify directly. The warnings are not all identical: Trustpilot may cite fake-review activity, incentives, or pressure to change negative reviews. Aggregated star averages are meaningless unless those profiles are filtered and the exact warning is preserved.
An unavailable Trustpilot rating is not proof the firm is untrustworthy overall. It means Trustpilot has attached a compliance warning and removed the public score. The reason shown on each profile matters; PTV records that reason instead of labeling every case as fake reviews.
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 88 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.
Firm-reported payout totals are marketing until audited, so this report separates them from my own authorized event records. The current public ledger covers Lucid Trading (30 payout cycles; since 2025), Top One Futures (18+ payout cycles; since April 2025), FundingPips (5 payout cycles; over 14 months), FundedNext (10+ payouts; across about three years of FX/CFD trading), YRM Prop (4 payout cycles via Rise; Starter to Prime), FundedSeat (2 payout cycles; May and June 2026). This list is deliberately narrower than the firms I have tested: it does not turn general experience into an account, payout or denial claim. Affiliate relationships are disclosed in the methodology and do not change the ledger. Personal dollar totals stay private; the public evidence is limited to the scoped record shown here and on the proof page.
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.
In April I published five theses for H2 2026 and promised to grade them against reality. Here is the scorecard, graded early because the evidence already moves. No thesis gets the benefit of the doubt.
Of 23 verified 2026 launches in the census, only 3 are broker-backed. The broker-backed share of all active firms went sideways: 12% in April, 11% now. The wave paused instead of accelerating. The quarter's exchange-side story was consolidation of existing assets (Kraken/Breakout, Broadridge/CQG), not new launches.
Directionally right: Propr passed $1.3M in cumulative protocol revenue with its TGE still ahead, HyperPNL ships with on-chain verifiable payouts, and the category grew from 6 to 10 live firms including a new prediction-market sub-genre. But GT Funded, one of the four firms I named as tier one, vanished without a statement. Naming winners this early was the mistake.
The mortality dataset backs it: category-focused futures firms run 20% lifetime mortality and a 4.2 average Trustpilot, crypto specialists 19% and 4.3, while the forex/CFD mass sits at 27% mortality and 3.7 stars. Small-sample caveats apply to multi-asset, but the split is visible and widening.
No CFTC hardening materialized in H1. But the pressure arrived anyway, one layer up: cTrader closed new US prop onboarding after its own regulatory assessment, forcing FundedNext, Goat Funded Trader and The5ers off the platform for US growth. I predicted the right force and the wrong messenger.
At broader verification coverage, the warning share remains above one in four: 40 of 145 directly checked active profiles cannot display a rating because of a Trustpilot guidelines warning (Q2: 11 of 46). The displayed reasons are not identical, so this report records the profile-specific warning and treats Trustpilot as one weak signal among several.
After NinjaTrader terminated Alpha Futures and cTrader cut off US onboarding in the same half, vendor concentration is now a bigger existential risk for a prop firm than trader P&L. Expect at least one more major firm to lose or preemptively replace its platform vendor by year-end, and expect 'own platform' launches to double as insurance.
The 2024 cohort (53 active firms today) hits its 24-month median-lifespan window in H2 2026 and 2027. If the mortality curve holds, roughly a quarter of them will not see 2027. The Q4 edition will measure this cohort directly.
Four dead firms came back in this census, led by The Funded Trader. Cheap white-label infrastructure makes relaunching a brand nearly free, so expect more comebacks, and expect them to test whether trader memory or trader forgiveness is stronger. Unresolved payout backlogs from the first life are the tell to watch.
Three prediction-market prop firms launched in H1 and one is already winding down. The mechanics (funding traders on Polymarket-style order books) work as a bolt-on module for existing platforms, not as a standalone business. I expect consolidation into the platform layer within two quarters.
Predictions are directional calls based on Q3 2026 data, not targets and not advice. The Q4 2026 edition will grade these against reality, the same way this table grades the April set.
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 had as of August 30, 2026.
| Firm | Assets | HQ | Founded | Model | Trustpilot |
|---|---|---|---|---|---|
| 100X Club ↗ | Forex | Israel | 2025 | Independent | 3.9 (8) |
| 1of1 Funding ↗ | Forex | United Arab Emirates | , | Independent | , |
| 4PropTrader ↗ | Futures | , | , | Independent | , |
| 5P Investimentos ↗ | Futures | Brazil | , | Independent | , |
| AI Prop ↗ | Forex | , | , | Independent | , |
| Alpha Capital Group ↗ | Forex | United Kingdom | 2021 | Independent | 4.7 (20,913) |
| Alpha Futures ↗ | Futures | United States | 2024 | Independent | 4.6 (5,520) |
| Alpha Prime ↗ | Futures | United Kingdom | 2025 | Independent | , |
| Alpha Trader Firm ↗ | Forex | , | 2023 | Independent | , |
| Apex Trader Funding Reviewed | Futures | United States | 2021 | Independent | 4.3 (20,202) |
| AquaFunded ↗ | Forex | United Arab Emirates | 2024 | Independent | 2.6 (1,298) |
| AquaFutures ↗ | Futures | United States | 2024 | Independent | 3.8 (286) |
| Atlas Funded ↗ | Forex | United Arab Emirates | 2025 | Independent | 3.3 (1,089) |
| Atmos Funded ↗ | Forex | Cyprus | 2024 | Broker-Backed | 3.9 (340) |
| Atom Educacional ↗ | Futures | Brazil | 2013 | Independent | , |
| Audacity Capital ↗ | Forex | United Kingdom | 2012 | Independent | 3.8 (239) |
| AXI Select ↗ | Forex | Australia | 2023 | Broker-Backed | , |
| Axia Investing ↗ | Futures | Brazil | 2017 | Independent | , |
| Best Prop 4 U ↗ | Forex | Cyprus | 2025 | Independent | 4.3 (9) |
| Bitfunded ↗ | Crypto | , | , | Independent | 4.7 |
| Blue Guardian Futures ↗ | Futures | United States | 2024 | Independent | 3.4 (2,114) |
| Blueberry Funded ↗ | Forex | Australia | 2023 | Broker-Backed | 3.3 (1,642) |
| Blueberry Futures ↗ | Futures | Australia | 2024 | Broker-Backed | 3.8 (11) |
| BluSky ↗ | Futures | United States | 2022 | Independent | 4.7 (853) |
| Breakout Reviewed | Crypto | UNKNOWN | 2023 | Exchange-backed (Kraken/Payward) | , |
| Bridge Funded ↗ | Forex | United Arab Emirates | 2025 | Independent | 2 (12) |
| BrightFunded Reviewed | Forex | United Arab Emirates | 2023 | Independent | 3.8 (533) |
| Bulenox Reviewed | Futures | United States | 2021 | Independent | 4.7 (1,703) |
| Bullwaves Prime ↗ | Forex | , | 2024 | Broker-Backed | , |
| Campus Fund ↗ | Forex | United Arab Emirates | 2025 | Independent | 4.5 (151) |
| Capital Mint Markets ↗ | Crypto | United Arab Emirates | , | Independent | , |
| Carrot Funding ↗ | Crypto | , | , | Independent | 4.6 (24) |
| City Traders Imperium ↗ | Forex | United Arab Emirates | 2018 | Independent | 4.3 (1,654) |
| Crypto Fund Trader ↗ | Crypto | United Kingdom | 2023 | Independent | 4.3 (1,139) |
| Crypto Street ↗ | Crypto | United States | 2026 | Independent | , |
| Darwinex Zero ↗ | Forex | United Kingdom | 2019 | Broker-Backed | 4.2 (376) |
| Dayna Capital ↗ | Unknown | Brazil | , | Independent | , |
| DayTraders ↗ | Futures | United States | 2025 | Independent | 4.5 (460) |
| DDXprop ↗ | Forex | United Kingdom | 2024 | Independent | 3.7 (1) |
| DNA Funded ↗ | Forex | Australia | 2023 | Broker-Backed | 3.3 (89) |
| DojoTraders ↗ | Multi-Asset | , | 2026 | Independent | , |
| Dominion Funding ↗ | Forex | United Arab Emirates | 2024 | Broker-Backed | , |
| DPFunded ↗ | Forex | Hong Kong | 2024 | Broker-Backed | 2.8 (5) |
| E8 Markets Reviewed | Forex | United States | 2021 | Independent | 4.2 (3,287) |
| Earn2Trade ↗ | Futures | United States | 2016 | Independent | 4.7 (4,899) |
| EdgeProp Trading ↗ | Futures | Romania | , | Independent | , |
| Eightcap Challenges ↗ | Forex | Australia | 2024 | Broker-Backed | , |
| Eleonex ↗ | Forex | , | , | Independent | , |
| Elite Trader Funding ↗ | Futures | United States | 2022 | Independent | 3.8 (1,114) |
| Elysium Forex ↗ | Forex | United States | , | Independent | 2.9 (45) |
| Equity Edge ↗ | Forex | , | 2023 | Independent | , |
| Euroinvest ↗ | Futures | Brazil | 2016 | Independent | , |
| Falcon Funded ↗ | Forex | United Arab Emirates | , | Independent | 4.3 (565) |
| Finotive Funding ↗ | Forex | Cyprus | 2021 | Independent | 3.5 (993) |
| Fintokei ↗ | Forex | Czech Republic | 2023 | Broker-Backed | 4.4 (1,207) |
| Firewood Funded ↗ | Forex | , | 2026 | Broker-Backed | 4.8 (492) |
| ForTraders ↗ | Forex | United Kingdom | 2023 | Independent | 3.8 (1,650) |
| Foxify ↗ | Crypto | , | , | Independent | , |
| Ft9ja ↗ | Forex | Nigeria | 2023 | Independent | 3.5 (366) |
| FTMO Reviewed | Forex | Czech Republic | 2015 | Independent | 4.8 (45,516) |
| FTUK ↗ | Forex | , | 2021 | Independent | 4 (736) |
| Funded Academy ↗ | Forex | United Kingdom | 2023 | Independent | 4.6 (27) |
| Funded Elite ↗ | Forex | United Kingdom | 2023 | Independent | 4.3 (745) |
| Funded Firm ↗ | Forex | United Kingdom | 2024 | Independent | 1.6 (285) |
| Funded Nation ↗ | Forex | , | , | Independent | , |
| Funded Prime ↗ | Forex | United Kingdom | 2024 | Independent | 3.2 (17) |
| Funded Squad ↗ | Forex | United Arab Emirates | 2024 | Independent | 2.9 (361) |
| Funded Trader Markets ↗ | Forex | United Arab Emirates | 2024 | Independent | 3.7 (434) |
| Funded Traders Global ↗ | Forex | , | , | Broker-Backed | , |
| Funded Trading Plus ↗ | Forex | United Kingdom | 2021 | Independent | 4.3 (2,652) |
| Funded7 ↗ | Forex | Seychelles | 2025 | Independent | 3.1 (50) |
| Fundedbull ↗ | Forex | Singapore | 2024 | Independent | 3.6 (14) |
| FundedFast ↗ | Forex | Malta | 2024 | Independent | 4.5 (14) |
| FundedHero ↗ | Forex | , | 2025 | Independent | 4.1 (396) |
| FundedHive ↗ | Forex | United Arab Emirates | 2025 | Broker-Backed | 3.4 (140) |
| FundedNext Reviewed | Forex | United Arab Emirates | 2022 | Independent | 4.5 (73,349) |
| FundedNow ↗ | Forex | , | , | Independent | , |
| FundedSeat Reviewed | Futures | , | , | Independent | 4.3 (197) |
| FundedVerse ↗ | Forex | , | 2026 | Independent | , |
| FundedX ↗ | Forex | , | , | Independent | , |
| Funder Pro ↗ | Forex | Malta | 2023 | Independent | 3 (1,607) |
| FunderPro Futures ↗ | Futures | Malta | 2024 | Independent | 4.3 (18) |
| Funding Predicts ↗ | Other | , | 2026 | Independent; MyFundedFutures equity stake (04.06.2026) | , |
| Funding Talent ↗ | Forex | United Kingdom | 2023 | Independent | 2.7 (1,356) |
| Funding Your Trades ↗ | Forex | , | , | Independent | 3.4 (120) |
| FundingPips Reviewed | Forex | United Arab Emirates | 2022 | Independent | 4.5 (62,519) |
| FundingTraders ↗ | Forex | United Arab Emirates | 2023 | Independent | 3.4 (3,259) |
| Fundora ↗ | Forex | Japan | 2025 | Independent | , |
| FundYourFX ↗ | Forex | United Kingdom | 2023 | Independent | 3.1 (175) |
| FuturesElite Reviewed | Futures | Italy | 2024 | Independent | , |
| FX2 Funding ↗ | Forex | United Kingdom | 2023 | Independent | 4.2 (455) |
| FXIFY ↗ | Forex | United Kingdom | 2023 | Independent | 4.3 (6,093) |
| Genk Capital ↗ | Stocks | Singapore | 2011 | Independent | , |
| Goat Funded Futures Reviewed | Futures | Italy | 2024 | Independent | 2.6 (176) |
| Goat Funded Trader Reviewed | Forex | Hong Kong | 2022 | Independent | 2.4 (4,196) |
| Grupo MIDE ↗ | Futures | Brazil | 2022 | Independent | , |
| Halcyon Trader Funding ↗ | Futures | United States | 2024 | Independent | , |
| Hantec Trader ↗ | Forex | United Kingdom | 2023 | Broker-Backed | 4.3 (735) |
| HF Crypto ↗ | Crypto | , | , | Broker-Backed | , |
| Hola Prime ↗ | Forex | Hong Kong | 2024 | Independent | 4.5 (2,737) |
| Hydra Funding ↗ | Forex | , | 2022 | Independent | , |
| Hypernova ↗ | Crypto | , | 2026 | Independent | , |
| HyperPNL ↗ | Crypto | , | 2025 | Independent (ex Hyperliquid-hackathon team) | , |
| HyperStack ↗ | Crypto | , | , | Independent | , |
| HyperTicks ↗ | Futures | , | 2026 | Independent | 4.3 |
| HyroTrader Reviewed | Crypto | Czech Republic | 2022 | Independent | 4.2 (226) |
| IC Funded ↗ | Forex | United Arab Emirates | 2024 | Broker-Backed | 2.4 (119) |
| iFunds ↗ | Forex | Saint Lucia | 2024 | Independent | 4.7 (225) |
| Instant Funded Account (IFA) ↗ | Forex | , | , | Independent | 2.3 (71) |
| Instant Funding ↗ | Forex | United Kingdom | 2023 | Independent | 3 (4,596) |
| Klein Funding ↗ | Crypto | United Kingdom | 2024 | Independent | 4.9 (370) |
| KortanaFX ↗ | Forex | United States | 2023 | Independent | 2.4 (3,404) |
| Lark Funding ↗ | Forex | United Kingdom | 2023 | Independent | 4.3 (550) |
| Leveraged ↗ | Forex | , | , | Independent | , |
| Lionheart Funding Program ↗ | Forex | South Africa | 2023 | Independent | 2.7 (521) |
| Lucid Trading Reviewed | Futures | United States | 2025 | Independent | 4.6 (4,793) |
| Lux Trading Firm ↗ | Forex | United Kingdom | 2021 | Independent | 4 (630) |
| LVL Trading ↗ | Stocks | Brazil | 2012 | Independent | , |
| M.T.I Prop ↗ | Forex | Malaysia | 2025 | Independent | , |
| MarketMates ↗ | Forex | Australia (serves SG) | , | Independent | 4 (3) |
| Maven Trading Reviewed | Forex | Saint Lucia | 2023 | Independent | 4.2 (5,147) |
| Maverick Trading ↗ | Forex | United States | 1997 | Independent | , |
| Ment Funding ↗ | Forex | United Kingdom | 2024 | Independent | 4.8 (230) |
| Moneta Funded ↗ | Forex | United Arab Emirates | 2026 | Broker-Backed | 4.6 (149) |
| Monevis ↗ | Forex | , | 2023 | Independent | , |
| Mubite ↗ | Crypto | Czech Republic | 2024 | Independent | 3.8 (79) |
| MVFunded ↗ | Forex | , | 2024 | Broker-Backed | , |
| My Funded Futures Reviewed | Futures | United States | 2023 | Independent | 4.9 (20,100) |
| MyFundedCapital ↗ | Forex | , | , | Independent | , |
| NairaProp ↗ | Forex | Nigeria | , | Independent | 4.4 (694) |
| Neomaaa ↗ | Forex | United Arab Emirates | 2024 | Independent | 3.6 (832) |
| Nordic Funder ↗ | Forex | Denmark | 2024 | Independent | 3.2 (56) |
| Now Trade Funded ↗ | Forex | , | , | Independent | 3.1 (23) |
| OFP Funding ↗ | Forex | United Kingdom | 2022 | Independent | 2.6 (4,324) |
| OneFunded ↗ | Forex | United Kingdom | 2024 | Independent | 4.4 (236) |
| OneUp Trader ↗ | Futures | United States | 2016 | Independent | 4.7 |
| Phidias Propfirm ↗ | Futures | Gibraltar | 2023 | Independent | 3.5 (302) |
| Phoenix Trader Funding ↗ | Futures | France | 2026 | Independent | , |
| Pipcy ↗ | Forex | , | 2026 | Independent | , |
| PipFarm ↗ | Forex | Singapore | 2023 | Independent | 3.8 (359) |
| Pipster ↗ | Forex | , | 2026 | Independent | , |
| Pipstone Capital ↗ | Forex | United Arab Emirates | , | Independent | 2.1 (367) |
| Plutus Trade Base ↗ | Forex | Cyprus | 2024 | Independent | 4 (1,146) |
| PolyFundr ↗ | Other | , | , | Independent | , |
| Prime Academy FX ↗ | Forex | Indonesia | 2024 | Independent | , |
| ProFunded ↗ | Forex | , | 2024 | Independent | 4.1 (5) |
| Prop Number One ↗ | Forex | United Arab Emirates | 2024 | Independent | 3 (948) |
| Propanium ↗ | Forex | Czech Republic | , | Independent | 4 (9) |
| Propatrade ↗ | Stocks | India | , | Independent | 3.5 (40) |
| PropEd Capital ↗ | Futures | United States | 2025 | Independent | , |
| PropMarket ↗ | Other | United States | 2026 | Independent | , |
| Propr ↗ | Crypto | , | 2026 | Independent | 4.4 (51) |
| PropShopTrader ↗ | Stocks | United States | , | Independent | 3.8 (535) |
| PropW ↗ | Forex | Hong Kong | 2024 | Independent | 3.4 (68) |
| PropXP ↗ | Forex | , | 2025 | Independent | 4.3 (206) |
| Purdia Capital Reviewed | Futures | United States | 2022 | Independent | 4.3 (73) |
| QT Funded (Quant Tekel) ↗ | Forex | United Kingdom | 2023 | Independent | 2.5 (8) |
| Quant Funded ↗ | Forex | United Arab Emirates | 2024 | Independent | 3.8 (42) |
| Quant Matter ↗ | Futures | Singapore | , | Independent | , |
| RebelsFunding ↗ | Forex | Slovakia | 2023 | Independent | 4.3 (2,525) |
| Redline Futures Funding ↗ | Futures | , | 2026 | Independent | , |
| Rev One Trading ↗ | Forex | United States | 2026 | Independent | 2.7 (56) |
| SabioTrade ↗ | Forex | Ireland | 2023 | Independent | 3.5 (737) |
| SFX Funded ↗ | Forex | United Arab Emirates | 2024 | Independent | 2.6 (145) |
| SiegPath (SiegFund) ↗ | Forex | Taiwan / Hong Kong | 2016 | Independent | 3.8 (16) |
| Sizeprop ↗ | Crypto | , | 2026 | Independent | 4.5 (45) |
| Solana Funded ↗ | Crypto | , | , | Independent | 2.9 (13) |
| Star Desk ↗ | Futures | Brazil | 2017 | Independent | , |
| Super Funded ↗ | Forex | Australia | 2023 | Broker-Backed | 4.6 (65) |
| Supertrade ↗ | Forex | United Kingdom | 2025 | Independent | 3.6 (10) |
| Sure Leverage Funding ↗ | Forex | United Arab Emirates | 2023 | Independent | 3.9 (1,397) |
| Sway Funded ↗ | Forex | , | , | Independent | 4.1 (629) |
| Swiss Firmup ↗ | Futures | Switzerland | 2026 | Independent | , |
| TakeProfitTrader Reviewed | Futures | United States | 2022 | Independent | 4.3 (9,975) |
| Taurus Arena ↗ | Futures | Cyprus | 2025 | Independent | , |
| Thaurus Guru ↗ | Forex | Slovakia | 2024 | Independent | 3.9 (15) |
| The Edge Funder ↗ | Unknown | , | , | Independent | , |
| The Funded Talent ↗ | Forex | United Arab Emirates | 2024 | Independent | 3.7 (1) |
| The Funded Trader ↗ | Forex | United States | 2021 | Independent | 3.3 |
| The Trading Pit Reviewed | Forex | Liechtenstein | 2020 | Independent | 3.7 (1,027) |
| The5ers Reviewed | Forex | Israel | 2016 | Independent | 4.7 (32,430) |
| ThinkCapital ↗ | Forex | United Kingdom | 2024 | Broker-Backed | 3.9 (612) |
| Titan Capital Markets ↗ | Forex | United Kingdom | 2024 | Broker-Backed | , |
| TLDA Trading ↗ | Stocks | Bulgaria | 2020 | Independent | , |
| Top One Futures Reviewed | Futures | United States | 2025 | Independent | 4.8 (4,810) |
| TopOneTrader ↗ | Forex | United States | 2023 | Independent | 4.5 (3,437) |
| Topstep Reviewed | Futures | United States | 2012 | Independent | 3.6 (14,404) |
| Trade The Pool ↗ | Stocks | Israel | 2022 | Independent | 4.4 (744) |
| TradeDay Reviewed | Futures | United States | 2020 | Independent | 4.6 (1,382) |
| Tradeify Reviewed | Futures | United States | 2024 | Independent | 4.6 (3,464) |
| Tradeify Crypto ↗ | Crypto | United States | 2026 | Independent | 4.2 (78) |
| Trader2B ↗ | Stocks | , | 2010 | Independent | , |
| Traders Launch ↗ | Futures | United States | 2023 | Independent | 4.8 (76) |
| Traders Yard ↗ | Forex | Austria | 2023 | Independent | 4.6 (61) |
| TradexProp ↗ | Forex | Malaysia | 2023 | Independent | 4.4 (42) |
| TrioFunded ↗ | Multi-Asset | Cyprus | 2026 | Broker-Backed | , |
| TTT Markets ↗ | Forex | United Kingdom | 2022 | Independent | 3.7 (29) |
| TX3 Funding ↗ | Futures | United States | 2024 | Independent | 3.3 (4,314) |
| Ultimate Traders ↗ | Forex | United Kingdom | 2023 | Independent | 4.3 (74) |
| Upcomers ↗ | Forex | United Arab Emirates | 2024 | Independent | 3.4 (482) |
| UProfit ↗ | Futures | , | 2019 | Independent | , |
| Upscale ↗ | Crypto | , | 2025 | Independent | , |
| V PropTrader ↗ | Forex | , | , | Independent | 4.7 (27,881) |
| VanquishTrader ↗ | Stocks | United States | 2024 | Independent | , |
| Vanta Trading ↗ | Multi-Asset | , | 2026 | Independent | , |
| Velotrade ↗ | Multi-Asset | Hong Kong | 2026 | Independent | , |
| Verso ↗ | Forex | , | , | Independent | , |
| Vertex Funding ↗ | Forex | United States | 2023 | Broker-Backed | 2.7 (88) |
| Wall Street Funded ↗ | Forex | Saint Lucia | 2024 | Broker-Backed | 4.4 (3,962) |
| WarBux ↗ | Forex | United States | 2024 | Independent | 3.8 (16) |
| WeMasterTrade ↗ | Multi-Asset | Canada | 2022 | Independent | , |
| WenCrypto ↗ | Crypto | United Kingdom | 2026 | Independent | , |
| Wfunded ↗ | Forex | , | , | Independent | , |
| XFunded ↗ | Forex | United Arab Emirates | 2024 | Independent | , |
| XHEDGERS ↗ | Forex | Czech Republic | , | Independent | 3.5 (3) |
| XY Capital ↗ | Multi-Asset | Hong Kong / London | , | Independent | , |
| Ylos Trading ↗ | Futures | United States (HQ) / Brazilian founder | , | Independent | 4.7 (412) |
| YRM Prop Reviewed | Futures | United States | 2025 | Independent | 3.8 (223) |
| Zenit Funding ↗ | Futures | , | 2024 | Independent | , |
| Zero7 Tesouraria ↗ | Futures | Brazil | 2023 | Independent | , |
The short answers to the questions traders, journalists, and prop-firm teams ask us most. Every answer is grounded in the verified Q3 2026 census, click a question to expand.
As of August 26, 2026, Proptradingvibes tracks 298 unique firms: 220 currently active, 8 unavailable or unverified, and 70 currently closed. The closure registry contains 74 events because 4 firms later reopened; those firms are counted only once in the unique-firm total.
The Q3 registry contains 74 historical closure events and 70 firms that remain closed or defunct. 11 records belong to the Q3 cohort. Nostro and Vault Funder were added after their exact official closure notices were verified on August 26.
The median is about 2 years across 67 closure events with a usable founding and closure chronology. Because most records are year-granular, the report publishes ranges: 36-58% never completed year two, and 66-79% were gone within three years.
11% of the corrected active cohort is broker-backed. The cohort view moves from 2% among Pre-2023 firms to 9% among 2025–2026 firms. These percentages are regenerated from the active-firm data, not copied into the page.
The current primary-asset counts are Forex 133, Futures 48, Crypto 20, Stocks 8, Multi-Asset 6. Each firm enters one primary bucket, so a broad instrument list does not inflate multiple categories.
6 currently clear the active-cohort gate. Closed-alpha products, press-only launches, winding-down firms and exits remain visible in the research record but do not count as active. Public-chain activity can verify transactions; it does not by itself prove that a product is currently onboarding traders.
ProjectX terminated third-party platform licensing on February 28, 2026 and the Topstep-specific product continues as TopstepX. Seven named futures firms in this report had to migrate. The current platform counts are regenerated from the corrected active cohort.
40 of 145 directly checked active profiles, or 28%, currently have a rating-unavailable Trustpilot guidelines warning. The reasons differ by profile. Treat Trustpilot as one input; product terms, current first-party status and dated payout evidence carry different claim scopes.
United States (37), United Kingdom (31), United Arab Emirates (27) lead the current dataset. 36 countries have at least one active record, while 52 active firms have no verified legal HQ in the census.
The average is 89% across 88 active firms with a usable current split. The remaining active firms stay outside this calculation instead of receiving an inferred value.
44 of 112 active firms with a known Yes or No value offer an instant route, or 39%. UNKNOWN records are excluded from the percentage.
Q3 started with 238 candidate-active website records. The fail-closed rebuild leaves 220 currently active firms; paused, dormant, winding-down and unverifiable records are separated. Platform fields contain first-party checks for 218 active firms, with inaccessible or unclear values kept as UNKNOWN.
The State of Prop Trading is updated quarterly. Material status corrections are added between editions when an exact official source changes the active cohort. Each correction changes only the affected scope and the dependent generated totals.
Yes. Active firms, unavailable or unverified records, closure events and the denominator summary are published separately as CSV or JSON. Attribution: "Source: Proptradingvibes State of Prop Trading Q3 2026, https://proptradingvibes.com/state-of-prop-trading".
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: 40 of 145 directly checked active profiles currently have a rating-unavailable guidelines warning. HQ values use legal-entity disclosures where available; 52 active firms remain UNKNOWN. An inaccessible field stays UNKNOWN instead of being inferred.
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.
I run a review site, so here is the full list instead of a vague disclaimer. Firms in this census that pay me a commission via tracked links: Breakout, BrightFunded, Bulenox, E8 Markets, FTMO, FundedSeat, FundedNext, FundingPips, Goat Funded Trader, HyroTrader, Lucid Trading, Maven Trading, The5ers, Top One Futures, TradeDay, Tradeify 247 and YRM Prop. Firms I review or feature with no commission relationship include Apex Trader Funding, MyFundedFutures, Topstep, TakeProfitTrader and Purdia Capital. The census treats every firm identically: inclusion, status, closure calls and every number in this report are unaffected by commissions, and the corrections log applies to partners and non-partners alike.
Q3 2026: Breakout and Purdia Capital were wrongly recorded as closed in Q2 after domain moves; both records were retracted. TradingFunds moved to unverifiable and a duplicated Seacrest/MyFundedFX record was merged. The August rebuild then separated every non-active status from the active denominator, added the official Nostro and Vault Funder closures, removed AuraFunded's compromised domain from public links and moved Funding Frontier to unavailable after neither its former nor its reported replacement domain could be verified live. The report now shows 298 unique firms, 220 active, 8 unavailable or unverified and 70 currently closed. The 74 closure events include 4 firms that later reopened.
Every number is free to reuse with attribution (CC BY 4.0). The main URL always carries the latest edition; this edition keeps a stable archive permalink once superseded.
Proptradingvibes, "State of Prop Trading Q3 2026: The Two-Year Wall", published 2026-07-16, https://proptradingvibes.com/state-of-prop-trading Drop your email for the full data behind this report, every future edition, weekly prop-firm insights and exclusive discounts. No payment, no spam.
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Why this matters
The category is real, but the investable or buyable surface is smaller than the name count suggests. Public-chain evidence can verify a transaction or reserve. It does not prove that a firm is currently onboarding traders. The census now requires both: transaction-level evidence for on-chain claims and a current first-party product surface for active status.