Five payout pages read 20 Sept 2026: FTMO, FundedNext, FundedNext Futures and The5ers name a crypto rail, with coins and fees. Topstep's table went unread.
Five prop-firm refund pages read on 11 Sept 2026: FTMO and FundedNext refund with the first withdrawal, The5ers at the third payout, Topstep not at all.
The category's CFD leader has opened a simulated futures product on a monthly subscription. Its rulebook publishes a 90/10 ratio six times, one launch-post sentence fuses that split with the 100% Pro withdrawable amount, and the headline $450,000 is three accounts, not one.
The firm's new Trade Clarity Desk shows which rule a trade tripped, how the firm classifies the consequence, and what the withdrawal should come to — before the request goes in. The final review still belongs to the firm.
Angelo Ciaramello closed his futures prop firm and named the reason himself: no top platform option. A challenge seller owns its rulebook and rents the screen, and this is what that dependency looks like when it bites.
The industry's favourite phrase is 'simulated capital'. It may keep firms outside the licensing perimeter — but it does nothing to blunt the rules on how you sell things.
The enforcement climate that began with My Forex Funds has not receded. A look at the scrutiny the sector now operates under, and why most firms still sit outside the authorisation perimeter by design.