The short version
Halfway through 2026, prop trading is in a phase of consolidation and rule-tightening rather than a blanket ban. After an estimated 80–100 firms closed between 2024 and early 2026, the survivors are moving toward more legally robust models — centralized futures, crypto contracts, and transparent simulated evaluations.
Three things still matter most before you fund an account: where the firm is based, its regulatory standing, and whether it can actually give you platform access in your region.
Futures firms: FIXML deadline (June 3, 2026)
Prop firms active in futures were required to move to the FIXML data submission standard by June 3, 2026, replacing the older fixed-width legacy format. For futures-adjacent firms this is treated as a prerequisite for continued operation in those markets, not an optional upgrade.
US platform access keeps narrowing
The platform picture for US traders has tightened through 2026:
- MT4 / MT5 remain blocked for US persons under MetaQuotes’ policy.
- New US cTrader purchases closed as of March 31, 2026.
- Match-Trader has become the supported CFD path for US traders, alongside futures-native platforms.
If you trade from the US, confirm exactly which platform a firm can offer you before paying for an evaluation.
The direction of regulation
Momentum is building toward formal oversight. At least one major jurisdiction is expected to move toward mandatory registration for firms offering funded accounts, likely paired with disclosure of pass rates and average payouts. This is a direction of travel rather than a finished rule, but it signals where scrutiny is heading.
What it means for you
Favor firms with a long operating record, transparent and source-cited terms, real platform access in your jurisdiction, and a public payout history. Always confirm the current terms on the firm’s official site. This page is informational and is not investment advice.