Prop firm closures, 2024–2026: the documented record

Of 376 proprietary trading firms tracked in Finance Magnates’ industry database, 84 are recorded as no longer active and a further 30 show no sign of operating — a third of the recorded market in under two years. This is a dated register of the closures, suspensions, product withdrawals and acquisitions that are documented, and what the published record says about each.

That headline count comes from Finance Magnates’ own database review, published under the title “The Great Prop Firm Shakeout”, which describes the result as a “solid third of the market seems to be gone in under two years”. A separate Finance Magnates piece reports that up to 100 firms ceased operating during 2024 alone. Neither figure is a legal classification: “inactive” in a trade database means a firm stopped showing signs of operating, not that any insolvency process occurred.

This piece is a register, not an assessment. Every entry below is reported as reported — by a named publication on a named date, or in the firm’s own published statement. Where a firm gave a reason, we quote it. Where no reason was published, we say so and stop there. We make no claim about any firm’s solvency, conduct or intent, and nothing here should be read as one. This is one page in what can go wrong that is not your trading, which covers the other operational surfaces.

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Five different events get called “a closure”

Readers, aggregators and assistants use one word for all of the following. They are not the same event, they do not carry the same consequences for an open account, and separating them is the main contribution of this page.

1. Full closure. The operating entity stops offering the product and does not resume. True Forex Funds (May 2024) and SurgeTrader (May 2024) are the clearest cases in this period.

2. Product-line closure. The firm continues; one plan or one product ends. Alpha Futures closed its flagship Premium plan on 12 July 2026 without announcing a closure of the firm. Vantage closed its Elite Challenge on 31 December 2024 while continuing as a broker.

3. Territory withdrawal. The firm continues everywhere except a defined list of countries. MyFundedFutures suspended operations in 21 countries. In February 2024 Top Tier Trader added Germany, the United Kingdom, India and Vietnam to its restricted list. Inside the excluded territory the practical effect resembles a closure; for the firm it is a compliance decision.

4. Suspension pending restructuring. Operations stop, with a stated intention to reassess. The Funded Trader paused on 28 March 2024 and returned after roughly five months. ATFunded suspended on 6 June 2026 and, as of 31 July 2026, has not resumed.

5. Acquisition or absorption. The brand ends because another entity took it over. OANDA Prop Trader concluded on 31 March 2026 with its traders migrated into FTMO Group. MyFundedFX was rebranded into Seacrest Funded, which then ended prop trading entirely.

A single firm can pass through several categories. MyFundedFX is an absorption followed by a full closure of the absorbed product; Alpha Futures is a platform withdrawal followed by a product-line closure.

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The register

Dates are the dates given in the cited report or in the firm’s own statement. The “balances” column records only what the published record states; a blank is a blank, not an inference.

All rows verified against the linked reports on 31 July 2026.

Two entries that are frequently misread

Alpha Futures is not a firm closure. The 12 July 2026 event was the closure of one plan. No closure of the operating company has been announced. Alpha Capital Group Limited is recorded at Companies House under company number 13719951 as active, with no strike-off or liquidation filings, and on 1 April 2026 a holding company, Alpha Group UK Holdings Ltd (17166309), was placed above it. Reporting the plan closure as a firm closure is a category error, and this page does not make it.

My Forex Funds is a regulatory matter, not a market exit. Traders Global Group’s assets were frozen in August 2023 following a CFTC action, and the case was dismissed on 13 May 2025. The sequence belongs to the regulatory record rather than to the commercial one, and it is the only entry in this period driven by a regulator rather than by a counterparty, a platform or a business decision.

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What the record says about proximate causes

Only some of these firms published a reason.

Platform or supplier withdrawal

This is the most frequent documented trigger. MetaQuotes terminated True Forex Funds’ MT4/MT5 licences on 2 February 2024 without warning; within weeks, access was withdrawn from dozens of firms. Purple Trading announced on 11 February 2024 that it would stop serving a set of prop firms. On 14 February 2024, Funding Pips’ chief executive confirmed that MetaQuotes had stopped service over active US accounts, and that BlackBull Markets was, in the broker’s own words, “forced to immediately shut down Funding Pips as a client and their server on our Demo environment”. Eightcap terminated brokerage service to all prop firm clients from 29 February 2024. In July 2026 NinjaTrader terminated its contract with Alpha Futures, taking Tradovate with it.

MetaQuotes’ stated grounds, as reported, were misuse of grey-label licences, US regulatory exposure, and demo-server arrangements generating no licence revenue. The structural consequences of that month are the subject of a separate piece on platform dependency in February 2024. What matters here is that in each case the firm’s ability to serve accounts ended without the firm having breached any rule of its own.

Payout load, where the firm said so

Two firms in this period publicly connected their decision to the cost of paying traders. Alpha Futures cited more than $25 million in payouts on a single plan across two months alongside “significant operating losses”. ATFX’s statement on ATFunded named “company sustainability” as one half of the balance it was reassessing. These are the firms’ own words about their own economics, and they are the only two such statements in the period we could source.

Compliance and strategy

MyFundedFutures’ 21-country suspension was announced alongside a compliance-stack adoption and a stated intention to register as an introducing broker. Vantage and OANDA both framed their exits as reallocation rather than difficulty. Seacrest’s was a pivot to brokerage, accompanied — as TradeInformer reported — by an offer of a 100% deposit bonus to traders converting a challenge refund into a deposit with the group’s broker.

Where a firm published no reason, this page supplies none.

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What is not known

There is no register of outstanding trader balances at closure. No regulator, exchange or industry body collects one, because — as covered in the regulation cluster — the evaluation product sits outside the licensing perimeter in the jurisdictions we checked. Every balance figure in the table above exists only because a firm or a chief executive volunteered it. For True Forex Funds, the most-cited figures circulating online trace to secondary reporting we could not verify against a primary document, so they do not appear here.

Denial rates are unpublished everywhere. Firms publish cumulative payout totals; none publishes how many payout requests were declined or on what grounds. That absence is the subject of when a prop firm payout can be denied.

A database’s “inactive” flag is not a legal status. The 84 and 30 in the opening paragraph are classifications in one trade database at one point in time. They do not establish insolvency, wrongdoing, or that any specific obligation went unpaid.

Falling payout volume is not a closure. Finance Magnates’ Q1 2026 tracking records year-on-year declines in tracked payout volume of 78% at TopTier Trader and 59% at FXIFY, with double-digit declines at Blue Guardian and E8 Markets. Those firms were operating. A decline in tracked volume is a decline in tracked volume, and this page treats it as nothing more.

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The pattern in the notice period

One thing the record does support, across the three most recent exits, is that an announced wind-down with a refund window has become the observable norm. Seacrest, ATFunded and OANDA Prop Trader each published a refund arrangement. What varies is not whether refunds were offered.

Notice length varies from two days to a month: Seacrest announced on 4 February and closed accounts on 6 February, while OANDA Prop Trader gave four weeks. Approved-but-unpaid payouts are treated differently from unused challenge fees, and the treatment can move — Alpha Futures initially converted approved payouts into fee refunds, then went to batch payments beginning at 10% of the amount owed.

The firm’s platform relationship is the variable a buyer can see in advance, and the one that has ended the most firms in this period. A dated cohort in the rulebook is the second: whether the version you bought under is recorded against your account is examined in can prop firm rules change after you buy, and the questions to ask of any firm’s documents are set out in how to read a prop firm’s terms.

The exclusions do the rest of the work. Seacrest’s refunds covered active, unbreached challenges only; breached, gifted and inactive accounts were excluded. A published refund policy is not the same as a refund.

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Written by the upme.com research desk. Every event above is dated to the report or statement that documented it, checked on 31 July 2026, and linked in the front matter; where a firm published no reason, none is supplied. Firms are welcome to send corrections to the address on our sourcing page, and corrections are published with a dated changelog entry. Nothing here is investment or legal advice.

Sources

Every factual claim above is drawn from one of the documents below. Where a document has been superseded since the date given, tell us and the piece is corrected with a dated line.

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