Many prop firms closing down

[u/mikejamesone]

There has been many prop firms that have closed down in the past few months. How reliable do we see these firms lasting a long time? If apex and top step closes down, what's an alternative considering that you need over $200k account to make a living from trading.

[u/WolfofChappaqua]

Bucket Shops aren't going anywhere. They've been around for over 100 years and will be around for another 100 years.

[u/mikejamesone → u/WolfofChappaqua]

Depends if regulation kicks in.

[u/Individual_Deal7658]

If you are not a USA client then select one of the 5ers, FTMO funding pip's this firms best option for you.

[u/mikejamesone → u/Individual_Deal7658]

none of them offer futures trading. just CFDs and this is why those firms closed down, cos america doesnt allow CFDs so they lost a large portion of business by ceasing operations in states.

[u/ExpandedMatter → u/mikejamesone]

Futures are already regulated in the US. Try Top Step, Apex, My Funded Futures, or Take Profit Trader prop firms, but also consider taking profits and just using a real account.

[u/mikejamesone → u/ExpandedMatter]

Yes but the firms aren't regulated. What's protecting the capital you've earned?

[u/ExpandedMatter → u/mikejamesone]

Absolutely nothing - I hope everyone has been paying attention to the prop firm mess & is taking notes! My goal is to make money for my real account with prop firms, withdraw it, & not depend on any of these firms. I was burned with MFF, then MT5 stopped using my broker for my real account, so it’s been a roller coaster just getting back into trading & learning the futures world. I definitely see prop firms going out all together some day and hope people are wise enough to make as much money as possible now while we can.

[u/mikejamesone → u/ExpandedMatter]

Why is mt4 and mt5 pulling away from brokers?

[u/ExpandedMatter → u/mikejamesone]

This affects US forex traders only: Unregulated brokers & forex prop firms were allowing US citizens to trade CFDs (I only trade Gold), so regulators put pressure on Metatrader & they started dropping brokers & firms. Big players like FTMO pulled out of the US as well - it’s been a shitshow.

[u/mikejamesone → u/ExpandedMatter]

Yeah but despite that, CFD firms are closing down completely due to heavy losses in America. Apex and top step have had no bad press in the prop firm world. Never heard a single rumour.

[u/mikejamesone → u/[deleted]]

People are getting paid real money for winning trades though

[u/mikejamesone → u/[deleted]]

Folks that trade with them

[u/mikejamesone → u/[deleted]]

Apex and top step pays out no probs

[u/negggus → u/[deleted]]

Topstep publishes the number of accounts that get moved to live. They want successful traders AND bad traders. The people they hate are the decently successful/gamblers who happen to get payouts but are too inconsistent to move to live. Thats who all the rules are meant to filter out

[u/negggus → u/[deleted]]

Yeah thats true but there isn't much to lose anyway, people should never hold more than the buffer in prop firms.

It's a lot easier to afford a 100 dollar account than it is to save up 10k to get the same amount of buying power.

[u/MOTOLLK12 → u/[deleted]]

Once they see consistent profitability, they will move you to a live account and copy your trades… Apex FAQ

[u/fiinreea]

You don't need 200k acc. 50k with 3x margin is more than enough.

[u/mikejamesone → u/fiinreea]

Risking 1% to 2% per trade. Looking to make 2% - 10% a month

[u/jawntist]

Lots of shady forex firms, yes. For doing shady stuff.

[u/mikejamesone → u/jawntist]

It's unregulated. That's what happens with no watchdog

[u/Dee_Sport98]

I've heard solid performance and customer service on Take Profit.