Is The Prop Trading a Scam?

At FXCanary, we evaluate broker safety through a rigorous, multi-layered process. Our Scam Risk Score—currently sitting at a severe 75 out of 100 for The Prop Trading—synthesises hard data with real user experiences to gauge the likelihood of financial harm. Regulation is the cornerstone: we verify every claimed licence against official public registers, because a genuine regulatory umbrella enforces client-fund segregation, negative-balance protection, and access to compensation schemes. When no licence can be confirmed, as is the case here, alarm bells ring immediately.

Beyond licences, we scrutinise user-generated complaints, focusing on patterns rather than isolated incidents. Withdrawal delays, unresponsive support, and account closures—especially around payout time—are classic red flags for a struggling or outright fraudulent operation. The Prop Trading’s 1.6 Trustpilot average over 35 reviews, dominated by withdrawal and scam accusations, paints a damning picture. Our score also accounts for the absence of reputable industry recognition, the lack of transparency around employees (listed as zero), and the use of a generic registered address that could easily be a virtual office.

The Prop Trading claims an Australian base, pointing to Suite No. 1171, 17 Gould Road, Herston QLD—an address that, upon inspection, offers no tangible proof of a physical office. More critically, our cross-check of ASIC’s public registers and international financial authorities turned up zero valid licences. This means the firm operates with no oversight, no mandatory audits, and no obligation to segregate client funds. In the prop trading sector, which already sits in a regulatory grey area, a complete absence of registration is a stunning red flag.

Traders should understand what this vacuum means in practice. Without a regulator, there is no external body to compel the firm to honour payouts, no ombudsman to mediate disputes, and no investor compensation fund to cover losses if the company vanishes. Even prop firms that are unregulated often partner with licensed brokers to hold client money; The Prop Trading discloses nothing of the sort. It is effectively a black box, and the user reviews suggest that once deposits are made, getting money back becomes a test of endurance with little chance of success.

The most consistent and alarming theme across user reviews is the near-impossibility of withdrawing funds. Of the 15 withdrawal-related discussions we analysed, every single one was negative. One trader, who submitted a payout request on 26 May, reported: “I still haven’t heard back from them and I think it’s just getting ridiculous now.” Another bluntly warned, “Waiting one month for a payout. No Answers. No Support, no Live Chat.” These are not isolated incidents; they form a clear pattern of systemic delays and outright non-payment.

Worse still, several users described having their accounts closed immediately after a payout was approved—a tactic common among scam operations. One trader explained: “I was approved a 400€ payout but never received it. The same day my payout was approved they closed my account, they claim I made a trade during high impact.” This manufactured rule breach, emerging only when profit-taking loomed, indicates that The Prop Trading may be inventing excuses to avoid honouring its obligations. Even the rare positive mentions are damning: “This company is quick to take your deposit but never gives your money back,” reads one five-star review with searing sarcasm.

With 13 scam-related reviews and not a single positive counterpoint, the word “scam” echoes throughout the broker’s online footprint. Users report being lured through dating apps like Tinder, where a contact “offered to show me the ropes of DeFi node operation” before directing them to the platform. Such social engineering is a hallmark of fraudulent investment schemes, designed to build false trust and then drain victims’ wallets.

Others describe a bait-and-switch with cheap evaluation accounts: “They are running a predatory, fraudulent operation designed to hook traders in with cheap evaluations, only to pull fake rule breaches out of thin air.” The moment a trader meets the profit target and requests a payout, the rules suddenly tighten, and accounts are terminated. This cycle of hope and crushing disappointment, repeated across dozens of accounts, exposes a business model that appears to profit from failed challenges rather than successful trading. FXCanary’s analysis suggests that The Prop Trading has structured its operations in a way that makes genuine profit-sharing statistically unlikely.

A curious thread runs through the reviews: numerous traders refer not to “The Prop Trading” but to “Quant Tekel,” “QT Funded,” or simply “QT.” It appears the firm operates under multiple trading names, a tactic frequently used to shed negative reputations or avoid detection. While we found no direct evidence of clone websites impersonating legitimate brokers, this internal multiplicity is disconcerting. It can confuse consumers and make it harder to track complaints across different brands.

This identity fluidity also complicates any due diligence. A trader who signs up with The Prop Trading may later interact with Quant Tekel’s support team, only to have their account details vanish when the website is migrated or rebranded. One reviewer complained: “The next day itself site crashed and I wasn’t even able to access the dashboard.” Such instability undermines trust and suggests a fly-by-night operation. Without a single, stable brand identity, The Prop Trading fails the most basic test of transparency.

Amid the torrent of negativity, a handful of users praised the support team. “My issue was handled well by Anita,” and “the team took a few days as would be expected but reviewed and restored both accounts” are two of only three positive mentions in the entire dataset. While these could indicate that not every interaction is a dead end, they must be weighed against the ten strongly negative complaints about support. The dominant narrative remains one of unanswered emails, no live chat, and total silence once a withdrawal is requested.

Moreover, the positive reviews exhibit suspicious traits. The first is for a firm called “Quant,” not The Prop Trading, and both are overly general in praise. The account-restoration story could be a strategic goodwill gesture designed to keep a vocal trader from escalating their complaint. In an environment where 77% of support experiences are negative, it is reasonable to interpret these rare positives as exceptions that prove the rule—or even as planted testimonials.

Given the severe risk profile, the safest course is simply to avoid The Prop Trading entirely. If you are determined to engage, insist on verifiable, real-time proof of regulation—not just a licence number on a website, but a live link to an official register and independently confirmed contact details for the regulator. Prop firms can be legitimate, but they should partner with a known, licensed broker and clearly disclose that relationship. The Prop Trading provides none of these safeguards.

Before depositing, seek out independently verified payout proofs from other traders, not just screenshots circulated by the firm. Join trading communities and ask bluntly whether anyone has been paid recently. Be extremely cautious of discount evaluation offers or “free account” giveaways, which are often traps. If you do run into problems—denied KYC, sudden rule breaches, blocked withdrawals—document every interaction and consider reporting the firm to consumer protection agencies like the ACCC in Australia. Most importantly, never deposit more than you can afford to lose in an unregulated environment, because the evidence overwhelmingly suggests that money sent to The Prop Trading is money you will never see again.