Risk disclosure

Trading financial instruments, particularly with leverage, carries a high level of risk and can result in the loss of some or all of your capital. Leverage magnifies both gains and losses, and market conditions can move rapidly against you. You should never trade with money you cannot afford to lose, and you should make sure you understand the risks involved.

Most prop firms charge an upfront evaluation or challenge fee and impose strict rules, such as profit targets, maximum daily and overall drawdown limits, and time or consistency requirements. You should understand the following before you buy:

• Challenge and evaluation fees are generally non-refundable, even if you do not pass.
• Breaching a firm’s rules, even by a small margin or unintentionally, can immediately end your evaluation or terminate a funded account, with no refund.
• Many programs are conducted on simulated or demo capital. A "funded account" may represent a contractual profit-sharing arrangement rather than trading with your own live capital.
• Profit splits, payouts, and scaling are subject entirely to the firm’s rules, which can change, and payouts may be delayed, reduced, or denied under those rules.

Past performance is not a reliable indicator of future results. Advertised pass rates, payout figures, trader testimonials, ratings, and reviews, whether on whatprop or on a firm’s own site, do not guarantee that you will pass an evaluation, receive a payout, or achieve any particular outcome. Individual results vary widely, and most traders do not pass evaluations or earn consistent payouts.

Many prop firms operate as evaluation or educational providers rather than as regulated brokers or investment firms. As a result, the protections you might expect from a regulated financial institution, such as segregated client funds, compensation schemes, or financial-ombudsman access, may not apply. You are exposed to counterparty risk, including the possibility that a firm changes its terms, suspends payouts, restricts your account, or becomes insolvent. Research a firm’s legal structure, track record, and reputation before committing money.

Prop firms frequently restrict or exclude residents of certain countries, and eligibility, taxes, and legal treatment differ by jurisdiction. It is your responsibility to confirm that you are permitted to use a given firm and to comply with the laws and tax rules that apply where you live.

whatprop provides general information and comparison tools only. We do not provide personalised financial, investment, legal, or tax advice, and nothing on the site should be taken as a recommendation to use any particular firm or product. Consider your own circumstances, experience, and risk tolerance, and seek independent professional advice if you are unsure whether a leveraged product or prop-firm program is suitable for you.

Information on whatprop may be incomplete, estimated, or out of date. Before purchasing a challenge or funded account, always read the firm’s official rules, terms, and risk documents directly on its website, and contact the firm if anything is unclear.

Some links on whatprop are affiliate links, and we may earn a commission when you sign up through them at no extra cost to you. This does not change the risks described above or our assessment of any firm. See our Affiliate terms of use for more.