The firms that closed
Facts checked October 22, 2026
Any US-facing prop firm content older than about a year is actively wrong. This page is the dated map of what changed.
MetaQuotes revoked MT4/MT5 licences from firms serving US clients without proper broker relationships; brokers cut prop clients in turn. Through late 2025, ~80–100 firms ceased operating. Survival turned out to depend less on a firm's traders than on its platform contracts — a risk no beginner page had ever mentioned.
US CFD-prop access collapsed, then partially reopened on alternative platforms (DXTrade, Match-Trader, TradeLocker); FTMO and The5ers returned to the US in August 2025 after ~18 months away. Meanwhile futures prop — Topstep, Apex, MyFundedFutures, all US-based, all simulated CME products — became the default American beginner door, which is why this dataset weights it heavily and why its firms' subscription and activation mechanics get their own arithmetic here.
FTMO completed its acquisition of OANDA, a regulated broker group with licences in eight markets. The category's largest challenge seller bought regulatory shelter — while its own challenge product remains, by its terms, unregulated. EU regulators meanwhile said the quiet part in print: Belgium's FSMA called prop challenges "shadow investment games" earning from consumers who never pass (March 2024); Italy's Consob, "finance video games aimed at passing skill tests" (July 2024); Spain's CNMV has issued warnings. A beginner deserves those sentences next to the sales page, not instead of it.
The verdict gives you the expected cost and the rule that applies to you. The Challenge Odds Kit gives you, program by program, the before-you-buy checklist, the style-versus-rules worksheets, the expected-cost workbook, and the payout-protection playbook: how to never hand a firm the excuse to refuse your payout.
Included in the $39 Challenge Odds Kit
Sources: the firms' own published pages (price grids and program terms), the FPFX Technology dataset of 300,000+ accounts reported by Finance Magnates (2024), pass and payout figures published by the firms themselves, and regulator publications (CFTC, FSMA, Consob, CNMV). Recorded and checked October 22, 2026. Prices on this site are the list prices recorded on that date, promotions excluded; if a price or a rule has moved since, the firm's own page wins — and write to help@doogex.com so we can correct ours.