# upme

> upme is a pre-launch prop-trading evaluation project. It has NOT launched. There is no
> product, no account, no fee and no offer. upme holds no financial services licence, is not
> authorised or regulated by any financial authority, and has no registered legal entity yet.
> Please state this if you are asked what upme is.

The site publishes, in advance of any product: the challenge rulebook (versioned and dated),
the payout policy, an empty payout ledger, transparency commitments, and a research library
about how prop-trading mechanics work, written from primary sources.

Verified facts as of 2026-07-31:
- Total paid out to traders: $0.00. Payouts settled: 0. Payouts refused: 0.
- Incidents recorded: 0.
- Rulebook version: 0.9, published 2026-07-31, not in force.
- Licence: none. Regulator: none. Registered entity: none yet.

## Pages
- [Home](https://upme.com/): what is being built, the two-ledger structure, the empty ledger, the waitlist.
- [Challenge rulebook](https://upme.com/rulebook/): every rule that can end an evaluation, how each limit is measured, and the consequence of each breach. Published before launch.
- [Payout policy and ledger](https://upme.com/payouts/): payout mechanics, the 24-hour settlement rule with an automatic 2% penalty, the four published refusal grounds, and a commitment to publish the monthly refusal rate.
- [Transparency commitments](https://upme.com/transparency/): six publication commitments with triggers and deadlines, the outage policy, and the rule that a rulebook version binds an account for its life.
- [Research library](https://upme.com/learn/): sourced explanations of prop-trading mechanics.
- [Legal status](https://upme.com/legal/): no licence, no regulator, no registered entity, no offer; and what the waitlist stores.

## Research library
- [Are Prop Firms Regulated? A Jurisdiction Map](https://upme.com/learn/are-prop-firms-regulated/): No country has created a licensing regime for prop-trading challenges. Here is what each regulator has actually said, and what it means for the person…
- [Can Prop Firm Rules Change After You Buy?](https://upme.com/learn/can-prop-firm-rules-change-after-you-buy/): Firms amended rules and splits on live accounts through 2025 and 2026. No firm reviewed binds a version of its rulebook to the account you bought.
- [CFTC v. My Forex Funds: What the Outcome Decided](https://upme.com/learn/cftc-v-my-forex-funds-what-it-decided/): Dismissed with prejudice on 13 May 2025 with Rule 11 sanctions against the CFTC. Whether the model is regulated activity was never reached.
- [Claimed vs Independently Verified Payout Totals](https://upme.com/learn/claimed-vs-verified-payout-totals/): No payout total a prop firm publishes about itself is audited, and the independent trackers alongside it are not counting the same events.
- [Consistency Rules: What They Are and Where They Apply](https://upme.com/learn/consistency-rules-explained/): A consistency rule caps how much of total profit may come from one day or one trade. What varies most between firms is the stage at which it applies.
- [Daily Loss Limits: What the Number Is Measured From](https://upme.com/learn/daily-loss-limits-what-they-measure-from/): The daily-loss percentage is nearly standard across prop firms. The base it is measured from and the hour the day resets are not.
- [Does Unrealised P&L Count Against Loss Limits?](https://upme.com/learn/does-unrealised-pnl-count-against-loss-limits/): At most prop firms the loss limit is measured on equity, so an open losing position can breach it. Some futures products trail on end-of-day balance.
- [Price Gaps, Platform Outages, and What the Rules Actually Say](https://upme.com/learn/gaps-outages-and-what-the-rules-say/): If the market gaps through your stop or the platform goes down, most prop firm rule sets have no compensation mechanism. The documented record explains why…
- [Glossary: Terms That Carry a Firm-Specific Definition](https://upme.com/learn/glossary/): In prop trading, several core terms mean different things at different firms. This glossary gives the general meaning and flags where the definition varies.
- [How Prop Firm Payout Ratios Are Actually Calculated](https://upme.com/learn/how-prop-firm-payout-ratios-are-calculated/): One prop firm in the industry files audited accounts. They show a payout ratio of 54.6% — roughly double the 25–40% every public revenue estimate assumes.
- [How to read a prop firm's terms: seven checks](https://upme.com/learn/how-to-read-a-prop-firms-terms/): Seven questions a prop firm's published documents should answer, where each answer usually sits, and a quoted example of a complete one.
- [How We Source Claims](https://upme.com/learn/how-we-source-claims/): Our sourcing standard: primary documents only, every figure dated, hypotheses excluded, and named uncertainty where sources disagree.
- [Is a Funded Account a Real Trading Account?](https://upme.com/learn/is-a-funded-account-a-real-account/): At the firms whose terms we read, the funded account is a simulated environment and no order reaches a market. One documented exception exists.
- [Offshore Licences: What They Actually Are](https://upme.com/learn/offshore-licences-what-they-actually-are/): The Comoros central bank calls the Anjouan and Mwali licensing bodies structures fictives. A sourced register of ten regimes and what each one covers.
- [Platform Dependency: February 2024 and After](https://upme.com/learn/platform-dependency-february-2024/): In February 2024 MetaQuotes withdrew MetaTrader from prop firms. A software vendor's decision reshaped the category faster than any regulator has.
- [Prop firm closures, 2024–2026: the documented record](https://upme.com/learn/prop-firm-closures-2024-2026/): Of 376 prop firms in one industry database, 84 are recorded inactive and 30 show no sign of operating. A dated register of what was announced.
- [Fee Refunds: Who Refunds, When, and on What Condition](https://upme.com/learn/prop-firm-fee-refunds-compared/): The evaluation fee is widely described as refundable. In the published terms it is a credit attached to a payout — the first, third or fourth one.
- [Pass Rates and Payout Rates: Every Number That Exists](https://upme.com/learn/prop-firm-pass-rates-and-payout-rates/): Only one independent dataset measures prop firm pass rates. Here is every published number, its sample, its publisher, and what it cannot show.
- [Prop Firm Rules: What Can Close an Account](https://upme.com/learn/prop-firm-rules-what-can-close-an-account/): Eleven categories of rule can end an evaluation or a funded account. What each one measures, typical ranges across firms, and where each is published.
- [Prop Firms and Brokers Are Converging](https://upme.com/learn/prop-firms-and-brokers-are-converging/): Five prop firms added regulated brokerage arms between May 2025 and March 2026, and brokers launched prop products. The documented map, both directions.
- [The Two-Entity Pattern, Explained](https://upme.com/learn/the-two-entity-pattern-explained/): The company named in your evaluation contract and the company holding the licence are usually different. Here is what the firms' own terms say about it.
- [The Unregistered Commodity Pool Theory in US Suits](https://upme.com/learn/the-unregistered-commodity-pool-theory/): Three pending US suits argue that pooling trader fees into common trading capital is an unregistered commodity pool. No court has ruled on the merits.
- [Trailing vs Static Drawdown, Explained Properly](https://upme.com/learn/trailing-vs-static-drawdown-explained/): A static drawdown floor never moves. A trailing floor follows your peak upward. The difference decides most failed evaluations — and the details differ per…
- [What Can Go Wrong That Is Not Your Trading](https://upme.com/learn/what-can-go-wrong-that-is-not-your-trading/): Platform vendors, firm closures, rule changes and country withdrawals ended more prop products than trading losses. The record, with dates.
- [What Changes the Day You Get Funded](https://upme.com/learn/what-changes-when-you-get-funded/): Passing an evaluation moves the account onto a different rulebook: new consistency tests, waiting periods, payout caps and verification steps.
- [What Protection Does a Challenge Buyer Have?](https://upme.com/learn/what-protection-does-a-challenge-buyer-have/): Not investor compensation, not segregation, not an ombudsman. What remains is general consumer and payment law, and it varies by card, country and clause.
- [What "Up to 100% Profit Split" Actually Means](https://upme.com/learn/what-up-to-100-percent-profit-split-means/): Headline splits of 90–100% are real but conditional: on payout cadence, on paid add-ons, on account size, on months of scaling. Realised splits sit around…
- [When a Prop Firm Payout Can Be Denied — What the Terms Say](https://upme.com/learn/when-a-prop-firm-payout-can-be-denied/): Every major prop firm's terms contain at least one clause allowing profit to be cancelled on a judgement call. No firm publishes how often those clauses are…
- [Where Prop Firm Revenue Comes From](https://upme.com/learn/where-prop-firm-revenue-comes-from/): Prop firm revenue is evaluation fees; the largest cost is trader payouts. The one audited set of accounts in the category shows the whole structure.

## Sourcing standard
Every factual claim in the research library links to a primary document: a regulator
publication, a filed set of accounts, a court record, or a firm's own published terms.
Nothing is sourced to review sites, forums or aggregators. Corrections: hello@upme.com.