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These prop firms did NOT pass our verification process. We track closed firms, payout issues, and scam alerts to protect traders. Research before you invest.
PropFirmCircle only lists firms that pass our verification process. The firms below were excluded due to confirmed payout issues, regulatory action, operational failures, or credible community reports. This list is updated regularly.
Firms with confirmed fraudulent activity
Reports of fake company details and stolen branding.
Suspected fraudulent operation with fake credentials.
Reports of non-existent customer support and frozen accounts.
Firms that have ceased operations
Shut down by MetaQuotes in September 2023 for TOS violations.
Ceased operations in November 2023, citing regulatory concerns.
Shut down by CFTC and OSC (Canadian regulators) for fraud in August 2023.
Operations ceased with unprocessed payouts.
Closed operations in 2024 after regulatory pressure and payout issues.
Ceased operations in 2024.
Closed operations with outstanding payouts.
Ceased operations in 2024 after prolonged payout issues.
Shut down operations in 2024.
Ceased operations in 2024 after platform issues.
Operations ceased with minimal communication.
Ceased operations, unclear circumstances.
Operating but with significant issues
Multiple reports of payout denials and rule manipulation.
Inconsistent payout processing and opaque company structure.
Frequent reports of payout denials and inconsistent rules enforcement.
Reports of payout delays and questionable business practices.
Payout processing issues and lack of transparency.
Recurring reports of payout issues and changing terms.
Reports of account terminations and payout delays.
Concerns about business model sustainability and payout consistency.
Currently being investigated
New firm under evaluation — mixed early reports.
New firm with limited track record — being evaluated.
Operating firm under evaluation — high fees flagged.
Futures firm under evaluation — payout model under scrutiny.
Futures firm under evaluation — limited independent reviews.
The biggest red flags are fake company registration details, newly registered domains with no history, and a lack of verifiable payouts from independent community members. If a firm guarantees payouts, offers unrealistic profit splits (like 100% on day one without scaling), or has customer support that ignores direct questions about their liquidity providers, you should exercise extreme caution.
Unfortunately, in the vast majority of cases, the answer is no. When a prop firm abruptly ceases operations, active challenges and pending payouts are usually lost. Some traders have successfully filed chargebacks through their credit card company or PayPal, provided the purchase was made recently (usually within 120 days).
"Under Review" means we have received conflicting reports or seen potential warning signs (such as a sudden spike in delayed payouts), but we do not yet have enough verified evidence to definitively label them as "Not Recommended." We pause our recommendations while we actively investigate the firm.
Browse our directory of 50+ verified prop firms with confirmed payouts and transparent rules.
View Verified Firms