PropŞikayet.com · Industry Intelligence & Risk Blacklist
Prop Firm Blacklist (2025-2026) · @US_X01 Investigation
Comprehensive open-source survey across 376 prop firms: 84 collapsed entities, active high-risk operations, 12 common payout rejection reasons, and capital defense principles.
84 Firms
Collapsed or ceased operations (2024–2026)
95%+
Collapsed firms that sold discount promos up to final day
12 Rules
Standard pretext traps used to void payouts
10 Rules
Capital protection checklist
1. Collapsed & Bleeding Prop Firms (2024–2026)
| Firm Name | Date of Collapse | Primary Cause |
|---|---|---|
| My Forex Funds (MFF) | Sep 2023 - 2024 | CFTC fraud action, asset freeze, Ponzi model allegations. |
| The Funded Trader (TFT) | Mar - Apr 2024 | Payout backlog, CEO resignation, operational halt. |
| Funded Engineer (FE) | Feb - Jul 2024 | FPFX software revocation for fake payouts, official bankruptcy. |
| True Forex Funds (TFF) | Feb 2024 | MetaQuotes license ban, liquidity drain. |
| SurgeTrader | May 2024 | Match-Trader platform failure, sudden closure. |
| Fidelcrest | 2024 | Unpaid payouts and radio silence. |
2. Global Financial Regulatory and Blacklist Desk (CFTC, FCA, CNMV, CONSOB, CBR, ASIC, CMB)
Even when prop firms claim independent evaluation status, regulatory bodies worldwide issue formal cease-and-desist orders and blacklist notices for unregistered derivative brokerage and deceptive practices. Monitored 24/7 by the Watchtower pipeline:
| Regulator & Country | Firm Name | Date & Docket | Enforcement Action | Official Context & Details |
|---|---|---|---|---|
| CFTC (USA) | My Forex Funds | 2023 · No: 1:23-cv-00892 | Federal Action & Asset Freeze | Unregistered leveraged retail forex; dismissed with prejudice in 2024 citing bad faith and $3.1M sanctions on the agency. |
| CNMV (Spain) | Goat Funded Trader | Apr 2024 · Public Warning | Unregistered Entity Warning | Public advisory on unauthorized investment services under Spanish securities law. |
| CONSOB (Italy) | FundedElite & FuturesElite | May 2024 · Order 23114 | Domain Blackout & Blacklist | Blackout order against abusive financial and derivative services targeting Italian residents. |
| CBR (Russia) | FTMO (Prague) | Nov 2023 · Register 77-2023 | Illegal Market Participant | Included in central bank warning list for operating without local financial licenses. |
| CBR (Russia) | FundedNext (GrowthNext) | Jan 2024 · Register 77-2024 | Unauthorized Brokerage Notice | Warning register placement for capital market operations without regulatory clearance. |
| CBR (Russia) | E8 Markets (E8 Funding) | Feb 2024 · Register 77-2024 | Unauthorized Market Operator | Recorded in central bank warning registry of unlicensed market participants. |
| CBR (Russia) | The5ers (Five Percent Online) | Mar 2024 · Register 77-2024 | Unlicensed Platform Notice | Warning listing regarding unregistered retail derivative activities. |
| CNMV (Spain) | Trade The Pool | Feb 2024 · Public Warning | Unregistered Stock Prop Warning | Public warning issued for offering unauthorized equities investment evaluations in Spain. |
| FCA (UK) | FXIFY Limited | Jun 2024 · Consumer Notice | Investor Advisory Notice | Official clarification confirming prop trading activities carry zero FSCS statutory investor protection. |
| ASIC (Australia) | Blueberry Funded | Feb 2024 · Surveillance Order | Mandatory Broker Spin-off | ASIC regulatory pressure forced Blueberry Markets to spin off its prop arm to SVG and drop US clients, triggering MetaQuotes server suspension. |
| CMB/SPK (Turkey) | Topstep & Apex & TradeDay | 2024 · Law No. 6362 | Leveraged Trading Restriction | Clearing house mandate and regulatory compliance halting new challenge onboarding for Turkish residents. |
2. Top 12 Payout Rejection Pretexts
| # | Pretext | Mechanism |
|---|---|---|
| 1 | IP / Device Overlap | Claiming shared IP address or VPN matching another user. |
| 2 | Latency Arbitrage | Accusing fast execution of exploiting feed delays. |
| 3 | Martingale / Grid | Banning layered averaging positions. |
| 4 | News Trading Violation | Voiding profits made within ±2-5 mins of major releases. |
| 5 | Tick Scalping | Voiding trades held under 60-120 seconds. |
| 6 | Inconsistent Lot Size | Rejecting payouts based on arbitrary lot size spikes. |
| 7 | Group / Copy Trading | Unsubstantiated claims of copying third-party signals. |
| 8 | Best Day Rule | Capping single day profits at 30-40% of total gain. |
| 9 | Sole Discretion Clause | Contractual right to terminate accounts without explanation. |
3. 10 Golden Rules for Capital Safety
- Diversify Capital: Never keep 100% of your prop capital in a single entity.
- Test Small First: Buy a minimum size evaluation and request a test payout before scaling up.
- Record Everything: Screenshot daily dashboards, green checkmarks, and order tickets.
- Ignore 80% Discounts: Extreme discounts are almost always desperate liquidity grabs.
- Know the Drawdown: Distinguish between Trailing and End-of-Day (EOD) drawdown models.
- Withdraw Immediately: Request every dollar available the moment you hit the payout window.
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