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Warning list · as of 3 November 2026

Warnings and graveyard

What authorities, courts and the firms themselves document, and what only the press reports. Every entry with its source and the date we read it, without a verdict from us.

To the timeline

How to read this page

Match on a regulator list

  • Match: exact. The name and website on the list are the firm's own.The name and website on the list are the firm's own.
  • Match: probable. Only the name matches, or the website could not be checked.Only the name matches, or the website could not be checked.

A listing does not prove wrongdoing.

What an entry rests on

  • Primary source: We read an authority, a court or the firm's own notice.We read an authority, a court or the firm's own notice.
  • Press report: Press reports only; the text names the outlet and its date.Press reports only; the text names the outlet and its date.
  • Third-party source: A source other than the firm, an authority or the press, e.g. a copy of a letter published by a third party.A source other than the firm, an authority or the press, e.g. a copy of a letter published by a third party.
  • What only one outlet reports is shown with the outlet and its date ("according to Finance Magnates on …"). We make no accusations of our own.
  • This page has no links to the firms' offers, including the firms in our directory.

Current warnings

Entries on regulator lists, with the date we read the list.

Firms in our directory

Entries on regulator lists that are documented in the records of the firms in our directory.

Status other than "operating"

  • Crypto Fund Traderwarningsince 23 August 2024

    FINMA has listed "Cryptofundtrader" (www.cryptofundtrader.com, Bahnhofstrasse 21, 6300 Zug) on its warning list since 23 Aug 2024, noting "Not entered in commercial register". Per FINMA the list names companies that are not authorised and may be carrying out financial market activities without the required licence. A listing is not proof of wrongdoing. The firm itself states that SWISS RLCRATES AG is neither authorised nor licensed in Switzerland and conducts no regulated activities; the UID register lists SWISS RLCRATES AG as active in the commercial register. Programmes were still on sale on 3 Nov 2026.

    Status checked on 3 November 2026

    Sources

Other firms on regulator lists

Firms outside our directory whose name or offer points to prop trading. Whether a firm actually sold challenges is stated with each entry.

  • Alert listMatch: exact. The name and website on the list are the firm's own.Prop offer not checked

    Alpha Capital Group Limited (alphacapital-group.com)

    Securities and Futures Commission (SFC) · Hong Kong SAR China

    Name on the list
    «Alpha Capital Group Limited»
    Website on the list (not linked)
    www.alphacapital-group.com
    Date of the entry
    Read on

    The SFC lists Alpha Capital Group Limited with the website www.alphacapital-group.com as an unlicensed entity and notes that such entities often use names similar to legitimate companies. alphacapital-group.com could not be reached on 3 November 2026; the business model is unverified.

    Not the same as Alpha Capital Group in our directory: Different domain: the prop firm Alpha Capital Group in our directory uses alphacapitalgroup.uk. The SFC lists alphacapital-group.com (with a hyphen). We do not attribute this entry to the firm in our directory. Alpha Capital Group profile

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer not checked

    Empire Funded

    FCA · United Kingdom

    Name on the list
    «Empire Funded»
    Website on the list (not linked)
    www.empirefunded.com
    Date of the entry
    Read on

    According to the FCA, not authorised and possibly operating without permission; IOSCO I-SCAN files the entry under derivatives (including CFDs and forex). The name suggests "funded" accounts, but empirefunded.com could not be reached on 3 November 2026; the business model is unverified.

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer not checked

    Funded Trader (funded-trader.net)

    FCA · United Kingdom

    Name on the list
    «Funded Trader»
    Website on the list (not linked)
    www.funded-trader.net
    Date of the entry
    Read on

    According to the FCA, not authorised and possibly operating without permission. Not the same as The Funded Trader (thefundedtraderprogram.com): a different domain, and we do not attribute this entry to The Funded Trader. funded-trader.net could not be reached on 3 November 2026; we could not check whether it offered prop challenges.

    A listing does not prove wrongdoing.

    Source

  • Investor cautionMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    Forex Prop Firm

    Ontario Securities Commission (OSC) · Canada

    Name on the list
    «Forex Prop Firm»
    Website on the list (not linked)
    www.forexpropfirm.com
    Date of the entry
    Read on

    According to the OSC, Forex Prop Firm (www.forexpropfirm.com) is not registered in Ontario to trade in securities. According to Finance Magnates on 5 March 2025, the Ukrainian regulator NSSMC had already added the prop brand to its warning list in July 2024; IOSCO I-SCAN shows the NSSMC notice "Forex Prop Firm (FPF)" dated 1 July 2024, without a website (so a name match only there). We have not checked the NSSMC page itself. On 3 November 2026 www.forexpropfirm.com redirected to an unrelated website that shows no prop offer.

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer not checked

    Delta Funding Limited

    Malta Financial Services Authority (MFSA) · Malta

    Name on the list
    «Delta Funding Limited»
    Website on the list (not linked)
    deltafundingfx.com
    Date of the entry
    Read on

    According to the MFSA (text read on IOSCO I-SCAN; the MFSA page refused the fetch), Delta Funding Limited is neither a company registered in Malta nor authorised by the MFSA; the entity purports to operate from an address in Malta, which the MFSA believes is not the case. deltafundingfx.com could not be reached on 3 November 2026; whether it offered prop challenges is unverified.

    Read via IOSCO I-SCAN, because the authority's own page refused the fetch or has no page of its own.

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: probable. Only the name matches, or the website could not be checked.Prop offer documented

    Alpine Funded

    NSSMC (Ukraine) · Ukraine

    Name on the list
    «Alpine Funded»
    Website on the list (not linked)
    – The authority names no website.
    Date of the entry
    Read on

    According to IOSCO I-SCAN (NSSMC notice, published at IOSCO on 28 February 2025), the entity is likely offering financial services to Ukrainian consumers without an NSSMC licence. The NSSMC names no website, so this is a name match only. According to Finance Magnates on 5 March 2025, Alpine Funded is a prop firm operating from Switzerland.

    Read via IOSCO I-SCAN, because the authority's own page refused the fetch or has no page of its own.

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: probable. Only the name matches, or the website could not be checked.Prop offer documented

    Aura Funded

    NSSMC (Ukraine) · Ukraine

    Name on the list
    «Aura Funded»
    Website on the list (not linked)
    – The authority names no website.
    Date of the entry
    Read on

    According to IOSCO I-SCAN (NSSMC notice, published at IOSCO on 28 February 2025), the entity is likely offering financial services to Ukrainian consumers without an NSSMC licence. The NSSMC names no website, so this is a name match only. According to Finance Magnates on 5 March 2025, Aura Funded is a prop firm that appears to be based in Dubai.

    Read via IOSCO I-SCAN, because the authority's own page refused the fetch or has no page of its own.

    A listing does not prove wrongdoing.

    Source

  • Alert listMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    Smart Prop Trader

    Reserve Bank of India (RBI) · India

    Name on the list
    «Smart Prop Trader»
    Website on the list (not linked)
    www.smartproptrader.com
    Date of the entry
    Read on
    Scope
    The Reserve Bank of India's Alert List concerns persons resident in India. For the countries PropCrab covers, it does not change availability (operator decision of 3 November 2026). A listing is not proof of wrongdoing.

    The RBI added Smart Prop Trader on 22 October 2024 to its Alert List of entities authorised neither to deal in forex nor to operate an electronic trading platform for forex transactions. The name is still on the list as updated on 19 November 2025 (read on 3 November 2026).

    Smart Prop Trader in the graveyard

    A listing does not prove wrongdoing.

    Sources

  • Investor cautionMatch: probable. Only the name matches, or the website could not be checked.Prop offer not checked

    Instant Funded Trader

    Alberta Securities Commission (ASC) · Canada

    Name on the list
    «Instant Funded Trader»
    Website on the list (not linked)
    instanttraderfunding.com
    Date of the entry
    Read on

    According to the ASC, Instant Funded Trader is not registered in Alberta; the ASC associates the website instanttraderfunding.com and "The Million Dollar Trader Challenge" with it. The website could not be reached on 3 November 2026; the business model is unverified.

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    Bespoke Funding Program

    FCA · United Kingdom

    Name on the list
    «Bespoke Funding Program Limited»
    Website on the list (not linked)
    www.bespokefundingprogram.com
    Date of the entry
    Read on

    According to the FCA, the firm is not authorised by the FCA and may be providing financial services without permission. According to FX News Group on 8 April 2024, Bespoke Funding Program is a prop firm based in Harpenden (UK).

    A listing does not prove wrongdoing.

    Source

  • RED ListMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    True Forex Funds

    CFTC · United States

    Name on the list
    «True Forex Funds (Origin: Hungary)»
    Website on the list (not linked)
    trueforexfunds.com
    Date of the entry
    Read on

    According to the CFTC, the firm solicited or accepted funds from US customers and acted in a capacity that appears to require registration without being registered with the CFTC. The CFTC itself states that the listing does not mean that it or a court has found a violation.

    True Forex Funds in the graveyard

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    SurgeTrader

    CNMV · Spain

    Name on the list
    «HTTPS://SURGETRADER.COM/»
    Website on the list (not linked)
    surgetrader.com
    Date of the entry
    Read on

    The CNMV lists the domain surgetrader.com among unauthorised entities in its search engine for warned companies.

    SurgeTrader in the graveyard

    A listing does not prove wrongdoing.

    Source

  • Warning listMatch: exact. The name and website on the list are the firm's own.Prop offer documented

    My Forex Funds

    CNMV · Spain

    Name on the list
    «HTTPS://MYFOREXFUNDS.COM»
    Website on the list (not linked)
    myforexfunds.com
    Date of the entry
    Read on

    The CNMV lists the domain myforexfunds.com among unauthorised entities in its search engine for warned companies.

    My Forex Funds (Traders Global Group Inc.) in the graveyard

    A listing does not prove wrongdoing.

    Source

Incident timeline

Closures, sales pauses, payout halts, lost platforms, data breaches and regulator actions, from our directory and from the graveyard, newest first.

Filter incidents

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34 incidents

2026(8)

  1. Retroactive rule changePrimary source: We read an authority, a court or the firm's own notice.in the directory

    Atlas Funded

    Per the Atlas FAQ every "funded" futures account on the original rules was moved to the new "funded" rules (balance and profit carried over). Example Atlas Apex 50K: cap per payout USD 2,000 instead of 3,000, smallest payout USD 500 instead of 100, a new daily limit of USD 1,200 (lockout, not a breach), max loss USD 2,000 trailing and stopping at starting balance + USD 100 instead of 4% stopping at the starting balance, half contract size until the floor stops or the first payout is paid.

    Sources

    • FAQ (help.atlasfunded.com, the firm's own site, not linked) · read on 3 November 2026
    • Atlas Futures (help.atlasfunded.com, the firm's own site, not linked) · read on 3 November 2026
  6. ClosurePress report: Press reports only; the text names the outlet and its date.closedgraveyard

    SeacrestFunded / MyFundedFX

    Details in the graveyard

    Related to MyFundedFutures

    Sources

  7. ClosurePrimary source: We read an authority, a court or the firm's own notice.closedgraveyard

    FundingTicks

    Details in the graveyard

    Related to FundingPips

    Sources

  8. Data breachPress report: Press reports only; the text names the outlet and its date.in the directory

    Topstep

    According to Finance Magnates on 5 January 2026, Topstep told some users by letter that files containing personal data may have been accessed without authorisation between 8 September and 16 October 2025; the letter links this to a DDoS attack on 8 September 2025. Topstep Support then wrote on X that Topstep's systems had not been breached and that a small number of traders who reused passwords from other, breached sites were affected. According to the letter, affected users get free credit monitoring.

    Source

2025(4)

  1. Data breachThird-party source: A source other than the firm, an authority or the press, e.g. a copy of a letter published by a third party.in the directory

    Topstep

    A sample notification letter from Topstep (January 2026, published by ClassActionU) describes a credential-stuffing attack on 14 December 2025, discovered on 15 December 2025: attackers may have accessed accounts with credentials stolen elsewhere. Possibly affected for some users: name, contact and profile information, date of birth, phone number, government ID numbers, tax information and Social Security numbers. According to the letter, Topstep forced password resets for the affected accounts, offers free credit monitoring and is working on further safeguards such as mandatory multi-factor authentication.

    Source

  2. Industry eventPress report: Press reports only; the text names the outlet and its date.graveyard

    ProjectX (platform provider)

    According to Finance Magnates on 17 November 2025, the futures platform provider ProjectX told prop firms it was winding down its third-party service; one firm named 28 February 2026 as the end date. According to the quoted notice, ProjectX cited shifts in operational demands and upcoming compliance reporting, oversight and audit requirements. According to prop firms, the platform will be exclusive to Topstep. Firms affected, per the report, included Top One Futures, Lucid Trading and Blue Guardian Futures.

    Related to Topstep

    Source

2024(21)

  4. Sales pausePress report: Press reports only; the text names the outlet and its date.in the directory

    MyFundedFutures

    According to Finance Magnates on 15 October 2024, MyFundedFutures had announced the week before that residents of 21 countries could no longer buy new evaluations: Burkina Faso, Cameroon, China, Gibraltar, Haiti, Hong Kong, Jordan, Kenya, Macedonia, Mali, Mozambique, Myanmar, Namibia, Nigeria, Philippines, Qatar, Romania, Senegal, South Africa, Tanzania and the United Arab Emirates. According to the report, existing active accounts were not affected. CEO Matthew Leech said these countries would never be approved for live trading by the US futures brokers (FCMs) for compliance reasons.

    Sources

  15. ClosurePrimary source: We read an authority, a court or the firm's own notice.closedgraveyard

    True Forex Funds

    Details in the graveyard

    Sources

  16. Payout haltPress report: Press reports only; the text names the outlet and its date.status unknowngraveyard

    The Funded Trader (TFT)

    Details in the graveyard

    Sources

  17. Sales pausePress report: Press reports only; the text names the outlet and its date.status unknowngraveyard

    Skilled Funded Trader (SFT)

    Details in the graveyard

    Sources

  18. Sales pausePress report: Press reports only; the text names the outlet and its date.in the directory

    Alpha Capital Group

    According to Finance Magnates on 19 February 2024, Alpha Capital Group suspended purchases by new and existing US clients with immediate effect, citing recent market developments in the US in a post on X. According to the firm, clients in other countries were not affected.

    Source

  19. Sales pausePress report: Press reports only; the text names the outlet and its date.in the directory

    FTMO

    According to Finance Magnates on 18 February 2024, FTMO stopped onboarding new clients from the US: registrations from US IP addresses could not be completed. According to the report, existing US clients' accounts were neither closed nor refunded; MT4 and MT5 were no longer available to US clients, whose accounts were to move to DXtrade.

    Source

  20. Industry eventPress report: Press reports only; the text names the outlet and its date.graveyard

    Eightcap (broker)

    According to Finance Magnates on 15 February 2024, several prop firms said the broker Eightcap would end its services for prop firms on 29 February 2024. Eightcap did not confirm the report to Finance Magnates; Eightcap's CEO wrote on LinkedIn that ending commercial relationships is not uncommon. In August 2024 Funds For Traders named a notice from Eightcap that it would no longer support MT4 and MT5 for prop trading as the reason for its own closure. Eightcap is a broker, not a prop firm.

    Sources

  21. Platform lostPress report: Press reports only; the text names the outlet and its date.in the directory

    FundingPips

    According to FX News Group on 15 February 2024, FundingPips halted its services: according to the firm's notice, MetaQuotes stopped the MT4/MT5 service on 14 February 2024 without warning because of active US accounts, and the partner broker was forced to end the partnership. According to the CEO, all open trades were closed; trades in profit counted and trades in loss were to be reimbursed.

    Source

2023(1)

  1. Regulator actionPrimary source: We read an authority, a court or the firm's own notice.closedgraveyard

    My Forex Funds (Traders Global Group Inc.)

    Details in the graveyard

    Sources

Graveyard

Closed, paused and silent prop firms outside our directory. Evidence only. What happened to customers is shown only where a source states it.

19 closed and 6 paused, resumed or silent firms outside our directory, each with its evidence and reading date, are on a page of their own.

To the graveyard

What regulators say about prop trading in general

Warnings that name no particular firm. Summarised and attributed; the authority's own text is what counts.

  • Austria

    FMA

    Title of the communication: «Was ist Prop Trading?» · published on 8 May 2026

    Austria's FMA writes that, depending on how a prop trading model is designed, it may be a licensable investment service even when only fictitious capital is traded (above all investment advice); a blanket assessment is not possible. Participants often pay fees first, for training, verification phases or challenges. With paid challenges a situation similar to the relationship between a player and a casino can arise; the rules are set by the company alone. Enquiries to the FMA show that participants often do not fully grasp the economic and legal consequences; traders reported spreads far wider than at brokers.

    Source

  • Italy

    Consob

    Title of the communication: «Comunicazione Consob a tutela dei risparmiatori (8 luglio 2024)» · published on 8 July 2024

    Italy's Consob warns against "funded trading" by so-called prop firms: customers pay for courses or information services and trade on demo accounts; the challenges are designed not to be easy to pass, possibly with rising difficulty and further payments. According to Consob, reports it received show that participants were not paid any economic benefit by the prop firms. The gaming element and promotion on social media amplify the risks.

    Source

  • Belgium

    FSMA

    Title of the communication: «The FSMA warns consumers against shadow investment game» · published on 7 March 2024

    Belgium's FSMA warns against prop trading firms and calls their offer a "shadow investment game": consumers pay for expensive challenges and then trade only on a demo account; the firm alone decides which simulated trades it copies, and it is hard for consumers to tell whether they are entitled to a commission and how much. According to the FSMA, prop trading firms hold no authorisation and may not provide investment services. It also warns that the gaming element can lead to reckless behaviour.

    Source

How to check a firm yourself

The regulators' official search pages. No match does not mean a firm is supervised.

In four steps

  1. Note the name of the operating company from the terms and the exact website address. Warning lists often name the domain, not the brand.
  2. Search for both on the warning lists of the authority in your country and in the firm's home country. IOSCO I-SCAN searches many authorities' alerts in one step.
  3. Check the register to see whether the firm or a group company is authorised, and for what. A supervised group company does not mean the challenge is supervised.
  4. An entry on a warning list means the authority lists the firm as not authorised or not registered. No entry does not mean all is well: prop firms are usually not supervised.

Links checked on 3 November 2026.