Prop firm closures and shutdowns

Counts by year and by type

An entry is one event, not one firm. True Forex Funds, Funded Engineer, My Forex Funds and MyFundedFX each appear more than once because they lost a platform, were rebranded or faced a regulator before they closed. Four entries are industry-wide platform events rather than single firms.

By market, 38 events are forex and CFD firms, 5 are futures firms and 1 is a crypto firm. All 5 futures entries date from November 2025 or later. By status, 23 firms are closed, 6 are operating, 2 relaunched under new ownership and 13 are unknown, which covers pauses with no reported restart and the industry-wide entries.

The list is not complete. Finance Magnates Intelligence estimated on 27 February 2025 that 80 to 100 prop firms disappeared in 2024, and on 1 July 2026 that about 100 firms closed between early 2024 and late 2025. Those are estimates. Closures that rest only on Trustpilot, the Wayback Machine or blog trackers are left out until a primary source or trade press confirms them.

What usually comes before a closure

Platform and broker dependency is the pattern the sources support most often. In February 2024, Blackbull Markets said MetaQuotes had forced it to stop serving prop firms, MetaQuotes terminated True Forex Funds' licences, and Eightcap left its prop firm partnerships at the end of the month. SurgeTrader closed in May 2024 a week after Match-Trade revoked its licence, and Funds For Traders closed in August 2024 citing Eightcap's exit. The same dependency reached futures firms later, when ProjectX ended its third-party service in November 2025, NinjaTrader terminated Alpha Futures in July 2026, and Rev One Trading and FundedSeat both blamed the lack of a competitive platform in August and September 2026.

Many of the firms that failed were small, young or thinly capitalised. Ascetic Capital closed within a week of launch after four sales, Gold Fund Trader after $600 in sales, and Propel Capital's filings showed about £3,000 in assets against more than £150,000 in liabilities when it folded in August 2025. Firms that cited competition and price pressure, such as Indigo Trader Funding and Propel Capital, fit the same picture.

Broker-owned and acquired prop units were shut by their parents in 2026. Seacrest Markets closed the former MyFundedFX business to focus on CFDs, FTMO ended OANDA Prop Trader after buying OANDA, and ATFX paused ATFunded for a business review. Orderly wind-downs with published refund terms became more common in 2026 than in 2024, but no source confirms that those refunds were delivered.

Regulators mostly issued warnings rather than enforcement. Belgium's FSMA and Italy's Consob warned consumers in 2024, and the one large enforcement case, the CFTC's action against My Forex Funds, was dismissed with prejudice in May 2025. The regulatory side is tracked on the prop firm regulation tracker.

The closures chapter of The State of Prop Trading 2026 puts these events next to fees, drawdowns and payouts. For which firms can be shown to pay, see the on-chain payout tracker.