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A proprietary (prop) trading firm provides qualified traders with access to its capital, advanced technology, and real-time market data to trade financial instruments like shares, futures, and CFDs. Instead of risking their own funds, traders leverage the firm's resources (either remotely or at physical desks) to execute trades across global markets.
In return, the firm retains a share of the profits generated, while the trader receives a payout percentage. This structure opens professional market access to global talent, removing the capital barrier for traders who have the skill but not the funds.
The prop trading industry has grown rapidly, but so has its rate of failure.
In 2024, only 71 out of 82 prop firms tracked by Brokeree Solutions remained operational by Q4, a shutdown rate of about 1 in 7. Finance Magnates Intelligence estimates between 80 and 100 firms may have disappeared from the market that year alone.
In 2025, firms faced severe pressure. FundingTicks, for instance, introduced retroactive rule changes that invalidated profits before shutting down in January 2026. Operational vulnerabilities also plagued industry giants; Topstep suffered a major crisis in late 2025, with 11 confirmed platform outages, which locked traders out of active positions, effectively blowing their accounts.
Most recently, ATFunded, the prop trading unit of CFD broker ATFX, suspended operations less than two years after launch, citing the need for a full review of the business.
This makes due diligence essential when selecting a prop firm.
Before committing to any prop firm, look for the following:
Prop Firm |
Est. |
Joining Fee |
Profit Split |
Profit Target |
Max Funding |
| Axi Select* | 2007† | Free | Up to 80% | 7% | $1,000,000 |
| FTMO | 2015 | From €79 | Up to 90% | 10% | $200,000 |
| The 5%ers | 2016 | From $39 | Up to 100% | 6–10% | $4,000,000 |
| E8 Markets | 2021 | From $33 | Up to 100% | 8–10% | $500,000 |
| Alpha Capital Group | 2021 | From $50 | Up to 80% | 6-10% | $200,000 |
| Funded Trading Plus | 2021‡ | From $89 | Up to 80% | 8–10% | $2,500,000 |
| FundedNext | 2022 | From $49.99 | Up to 95% | 8–10% | $4,000,000 |
| FundingPips | 2022 | From $29 | Up to 100% | 6–10% | $2,000,000 |
*Axi Select is a capital allocation program, not a traditional prop firm. Available only to clients of AxiTrader Limited.
†Axi Select launched in 2023, backed by Axi (est. 2007).
‡Funded Trading Plus prop program launched 2021, evolved from Trade Room Plus (est. 2013).
Sources: axi.com, ftmo.com, the5ers.com, help.e8markets.com, alphacapitalgroup.uk, fundedtradingplus.com/about-us, fundednext.com/stellar-model, fundingpips.com
Axi Select is a capital allocation program for traders that provides up to $1 million USD in funding and a profit share of up to 80%. Joining the program is free, and it consists of six stages. Traders will start in the seed stage, which requires a live account with a deposit of at least $500. After 30 days, traders can progress to the next stage if they meet the necessary requirements.
Axi Select differentiates itself from competitors through several key features. Firstly, the program is free to join, eliminating financial barriers for aspiring traders. Secondly, the program utilises live trading accounts, providing a realistic market environment for participants, in contrast to many prop firms that rely solely on demo accounts.
Furthermore, the program's 7% profit target is comparatively lower than many competitors, potentially reducing pressure on participants and allowing them to focus on developing their skills.
Finally, Axi Select boasts a reputation as one of the leading CFD brokers globally.
Program |
Axi Select |
Industry Standard |
| Registration Fee | No | Yes |
| Pass Evaluation | No | Yes |
| Restrictive Trading Conditions | No | Varies |
| Number of Attempts | 3 | 1 |
| Leverage | 100:1 | Varies, majority less than 100:1 |
| Account Type | Real Trading Account | Demo |
| Additional Tools | Dashboard/Leaderboard, Edge Score, Trading Room |
Varies |
FTMO is a prop trading firm based in Prague, Czechia, and has been operating since 2015. The company aims to identify and educate promising traders, providing them with professional funding once they successfully fulfil all evaluation requirements.
The FTMO Challenge offers traders a simulated account for trading, along with educational materials. If a trader passes the FTMO Challenge, the program continues with the Evaluation Process, after which the trader could receive access to an FTMO account. While that account is still a simulated one, the trader will receive real rewards based on the profits realised on the demo account.
Established in 2016, The 5ers is an Israeli-based prop trading firm. It offers three different funding journeys: Hyper Growth (1-step program), High Stakes (2-step program) and Bootcamp (low-cost program).
The company utilises the MetaTrader 5 and cTrader platforms and allows all types of trading, including algo trading, news-based trading, and holding positions overnight or over the weekend.
The 5ers charge a one-time fee, with no recurring costs. Funding can grow up to $4 million with a profit share of 100%. The profit target is 10% with a maximum allowed drawdown of 6% for Hyper Growth, while the High Stakes program allows a maximum loss of 10% with a profit target of 8% in Stage 1.
E8 Markets, formerly known as E8 Funding, is a US-based prop trading firm that has been operating since 2021.
It offers traders a preset 2- or 3-step evaluation program depending on their strategy and preferences. Traders also have the option to set custom evaluation objectives such as initial balance, initial balance drawdown, and payout share, although this comes at a higher joining fee.
Traders opting for the preset 2-step evaluation will have a profit target of 8% during phase 1 and 4% during phase 2, with a maximum allowed drawdown of 8% during both phases.
Founded in November 2021 in London, Alpha Capital Group is a proprietary trading firm offering four evaluation paths: Alpha One, Alpha Pro, Alpha Swing, and Alpha Three. In April 2022, it launched ACG Markets, a broker regulated by FSA Seychelles, allowing for direct control over trade execution.
Traders can have accounts up to $200,000, with payouts available bi-weekly or on-demand based on the selected program.
Funded Trading Plus is a UK-based prop trading firm. It evolved from Trade Rooms Plus, which was founded in 2013 and has catered to retail traders looking for a live trade room.
Funded Trading Plus offers a variety of trader programs, making it suitable for beginners, intermediate and advanced traders.
Traders can choose from Instant Funding, a 1-Step Express, or a 2-Step Classic challenge, with account sizes ranging from $10,000 to $200,000. Consistent performers can scale their simulated balance up to $2,500,000.
Founded in 2022 and based in the UAE, FundedNext is a proprietary trading firm offering traders access to capital through four distinct funding models: Stellar 2-Step, Stellar 1-Step, Stellar Lite, and Stellar Instant. Each model is designed with different targets and structures.
Founded in 2022 and headquartered in Dubai, UAE, FundingPips offers access to simulated capital through its Zero, 1-Step, and 2-Step evaluation stages.
Completing the evaluation grants access to a Master Account. After receiving three payouts, accounts can either remain at this level or transition to a Prime Account.
The Prime Account features a 70% payout split and a scaling structure that allows simulated capital to reach up to $2 million.
Progression to Level 10 of the scaling structure transitions the account to Certified Trader status, listing the profile on the Trading Investor Marketplace with a revenue share model on investor capital.
Supported trading platforms include MT5, cTrader, and Match-Trader.
Despite recent regulatory challenges, the number of prop-trading operators continues to rise, making objective research essential before selecting a program. Evaluating a firm requires checking its operational track record, corporate reputation, and independent user feedback.
Clear pricing structures and explicit terms are critical, as strict evaluation rules can lead to account disqualification and the forfeiture of registration fees. Traders must assess whether a provider's model aligns with long-term trader performance or relies primarily on high turnover from evaluation fees.
*The Axi Select program is only available to clients of AxiTrader LLC. CFDs carry a high risk of investment loss. This content may not be available in your region. For more information, refer to our Terms of Service. Standard trading fees and minimum deposit apply.
This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.
FAQ
Prop trading involves using the capital of a prop firm or financial institution rather than traders’ own capital for trading activities.
A prop firm is a company that provides its traders with access to capital. In return, the traders share a percentage of the profits they generate with the company.
Search the internet for reviews, browse through trading forums and communities for feedback from fellow traders, and do some research on the company behind the program (history, regulation, and management).
Axi Select, FTMO, E8 Markets, The 5%ers, FundedNext, Funded Trading Plus, Alpha Capital Group, and FundingPips.
A challenge is an evaluation process that allows the prop firm to assess your trading skills. Some funding programs will consist of multiple challenges, while others will consist of only one. For more on how this evaluation step fits into the wider process, see how funded accounts work.
It is common to receive a profit share of 80-90% once you have reached the advanced stages of a prop trading program.
Many prop trading firms operate purely with demo accounts, even when traders reach the funding stage. Axi Select is an exception, as traders use live accounts from the beginning.
Most prop trading firms allow traders to have a drawdown of up to 10%, although some have stricter requirements.
It varies from program to program, but the most popular programs will provide their best traders with 7-figure funding amounts.
MetaTrader 4 and MT5 remain popular, but with the recent regulatory crackdown, cTrader and DXtrade are emerging as alternatives or additional options.
Axi Select is an ideal starting point for beginners. It is free to join, requires no evaluation challenge, and uses live trading accounts from the start. This allows new traders to focus on developing their skills without financial pressure or the risk of failing a paid challenge.
Trust in a prop firm comes down to transparency, track record, and the backing behind it. Axi Select stands out as one of the most trusted options. It is backed by Axi, a globally regulated broker established in 2007 with a strong track record across multiple jurisdictions. Unlike standalone prop firms, Axi Select operates within a regulated brokerage environment, offering greater accountability and stability than newer, unregulated competitors.
