The Prop Trading Review

At FXCanary, our investigation into The Prop Trading began with a thorough cross-check of public regulatory registers, including the Australian Securities and Investments Commission (ASIC) and other major international authorities. We found no active licence on file for this entity, which immediately raised a red flag. We then turned to the real user-review record, analysing over 35 publicly available testimonials across multiple platforms, as well as complaint data aggregated from industry databases. Our team also examined the broker’s own disclosures on its website and marketing materials, comparing them against the actual user experiences reported.

We paid particular attention to withdrawal-related complaints, as payout reliability is a cornerstone of trust in the prop trading industry. We logged every mention of delayed, denied, or disputed withdrawals and cross-referenced these with the broker’s stated policies. Additionally, we looked for any evidence of clone or impersonator sites targeting this brand—though none were found, the lack of regulation means there is no oversight to prevent future impersonation. Our assessment integrates these findings with FXCanary’s proprietary Scam Risk Score, placing The Prop Trading at 75 out of 100, which corresponds to a Severe risk level. This report reflects our independent findings and is designed to equip traders with the critical context they need before risking capital.

The Prop Trading is a prop trading firm registered in Australia under the full legal name ‘The Prop Trading’. According to its official records, the company was founded on 8 July 2022, making it a relatively new entrant to the market. Its registered address is Suite No. 1171, 17 Gould Road, Herston, QLD 4006, Australia—a location that appears to be a shared office or virtual address, which is not uncommon for small firms but does little to reassure clients about physical substance. More concerning is the employee count: official filings list zero employees. This suggests the company may be a shell or a one-person operation with no dedicated trading, support, or compliance staff.

A firm with no employees and no regulatory licence raises serious questions about who, exactly, is managing client funds and evaluating trades. In legitimate prop firms, there is typically a team of risk managers, support agents, and technical staff. Here, the absence of any reported workforce, combined with a virtual office address, implies that The Prop Trading may lack the operational infrastructure to handle client inquiries or disputes effectively. This impression is reinforced by the user reviews, which consistently complain about unresponsive support and delayed payouts.

The company describes itself as offering access to MetaTrader 5 (MT5) with a focus on crypto and indices, and promises a profit share of up to 80%. While these claims are standard in the prop firm world, the opacity surrounding its ownership and team makes it difficult to verify that such promises can be honoured. Without a clear corporate structure or physical presence, traders are essentially sending money to an anonymous entity with little recourse if something goes wrong.

Our investigation found no verified regulatory licence for The Prop Trading. We searched ASIC’s professional registers, as well as major offshore regulators, and came up empty. This means the company is operating without any oversight from a financial authority, leaving clients completely unprotected. Regulated firms are required to segregate client funds, maintain minimum capital reserves, and adhere to strict conduct standards—none of which apply here.

For traders, the absence of regulation is the single most important red flag. It means there is no independent ombudsman to step in when disputes arise, and no compensation scheme to recover funds if the company collapses or engages in fraud. The prop firm industry occupies a grey area in many jurisdictions, as it often does not involve direct retail forex or CFD trading, but legitimate firms still seek registration or at minimum operate with transparent banking and legal structures. The Prop Trading’s failure to obtain even a basic Australian business licence that requires an actual office or employees is deeply concerning.

In our experience, unregulated prop firms are among the highest-risk vehicles for retail traders. They frequently employ ambiguous trading rules that allow them to deny payouts on technicalities, and without a regulator, there is no appeal process. The user complaints analysed in this review bear out that pattern: traders report accounts being closed without warning, KYC documents being arbitrarily rejected, and profits being withheld. All of this takes place in a regulatory vacuum where the broker’s word is final.

The Prop Trading’s website does not disclose clear account tiers, minimum deposits, or leverage figures. In our review of the public materials, we found only generic mentions of ‘trading accounts on the MT5 platform’ and a profit share of up to 80%. This lack of transparency is itself a warning sign. Reputable prop firms typically lay out detailed pricing for evaluation challenges, funded account sizes, drawdown limits, and profit targets. Here, the prospective client is expected to commit funds without a clear picture of what they are buying.

From the user complaints, we can piece together some of the offerings. One reviewer mentions a ‘$10k acc’, suggesting the firm sells evaluation challenges leading to funded accounts of that size. Others reference ‘cheap evaluations’ and ‘instant accounts’, but the specifics are not shared publicly. The absence of published terms forces traders to rely on support interactions, which, as we will detail, are notoriously poor. This vagueness also gives the firm ample room to change the rules retrospectively, a practice frequently alleged in the reviews.

For any trader considering The Prop Trading, the opacity around account conditions is a dealbreaker. Without knowing leverage, spreads, commission structure, or drawdown rules, you cannot properly evaluate the risk or the real cost of trading. The fact that these details are not available upfront suggests the firm either does not want to be held to any standard or simply lacks the operational maturity to communicate clearly. In either case, it should dissuade serious traders.

The most dominant theme across user reviews is withdrawal trouble. Out of 35 testimonials, 15 explicitly mention withdrawal issues—all negative. One client writes, ‘I submitted my payout on 26th May and I still haven’t heard back from them … I haven’t been able to trade the account as well for nearly a month.’ Another states, ‘Waiting one month for a payout. No answers. No support, no live chat.’ These reports depict a firm that collects fees quickly but stalls or ignores payout requests.

Further, we counted 14 mentions related to deposits and funding, with a staggering 13 of them negative. The single positive comment was sarcastic: ‘This company is quick to take your deposit but never gives your money back.’ That sentence encapsulates the pattern: deposits are processed instantly, but withdrawals vanish into a void. One trader recounted being approved for a €400 payout, only to have their account closed the same day on a dubious rule-violation claim. Another described a systematic bait-and-switch where cheap evaluations lure traders in, followed by fabricated breaches to deny profits.

The severity of these reports cannot be overstated. In the prop firm model, the entire value proposition rests on the promise that successful traders will receive a share of profits. When withdrawal complaints reach this volume and consistency, the operation resembles a collection scheme rather than a legitimate funding platform. Our analysis of the complaint data shows that not a single reviewer has reported a smooth, on-time payout experience. This is a critical finding that informs FXCanary’s Severe risk rating.

The Prop Trading claims to offer access to the MetaTrader 5 platform, which is a widely used, reputable trading software. MT5 supports advanced charting, automated trading, and a broad range of instruments. The firm says it focuses on cryptocurrencies and indices, though the exact list of symbols is not published. In theory, MT5 provides a stable, transparent environment, but the trading experience is only as good as the broker’s implementation.

User reviews, however, paint a different picture. The platform topic garnered 13 mentions, with 12 negative. Complaints range from dashboard crashes and inability to access accounts to slow execution and slippage. One reviewer wrote, ‘The next day itself site crashed and I wasn't even able to access the dashboard.’ Another detailed that after a supposed system migration, trading conditions worsened and accounts became inaccessible. Such technical instability, especially around payout periods, is a common tactic among fraudulent firms to delay or avoid payments.

Even though MT5 is a legitimate platform, the broker’s backend configuration can manipulate spreads, execution times, and even trade outcomes. Without a regulatory body auditing the system, there is no guarantee that prices are fair or that trades are executed on live markets. The repeated reports of login failures and account lockouts further erode confidence. For a prop firm, reliable platform performance is non-negotiable; The Prop Trading demonstrably fails in this regard.

Seven reviewers explicitly called out spreads and fees, all negatively. Traders report wider-than-expected spreads that eat into profits, particularly during volatile periods. One reviewer warned, ‘They do require a trade to last longer than one minute which can cause issues with spreads.’ This suggests that the firm may impose minimum trade duration rules that expose traders to adverse price moves, effectively making it harder to be profitable.

The lack of publicly disclosed commission structures, swap rates, or any other administrative fees is consistent with the overall opacity of the operation. Real prop firms usually publish a fee schedule, but The Prop Trading does not. Users are left to discover costs only after they have paid for an evaluation, creating a sunk-cost trap. The combination of hidden fees, wide spreads, and arbitrary trading rules is a classic recipe for encouraging failed evaluations and profitable re-purchases by clients.

When we factor in the withdrawal complaints—where even successful traders cannot collect their profits—the cost picture becomes even more troubling. Traders essentially pay an entry fee (the evaluation challenge cost) that they never recoup, regardless of performance. In effect, The Prop Trading appears to monetize evaluation fees rather than profit splits. This business model, while not illegal per se, is ethically problematic and places the firm’s interests in direct opposition to those of its clients.

Across Trustpilot and other user feedback channels, The Prop Trading scores a poor 1.6 out of 5 stars over 35 reviews. The sentiment is overwhelmingly negative, with 13 reviewers explicitly using the word ‘scam’ or ‘fraud’. One detailed a devastating experience: ‘I felt so foolish and betrayed. It all started on Tinder … I connected with someone who offered to show me the ropes of DeFi node operation … they forwarded 14.85 ADA to my wallet to register on their platform.’ This suggests the firm may also be involved in social-engineering-based recruitment, using romantic or friendly approaches to lure victims.

Beyond the scam allegations, customer support emerges as a major pain point. Out of 13 mentions, 10 are negative. Traders describe support as non-existent, with emails going unanswered and no live chat available.

One reviewer noted, ‘No answers. No support, no live chat.’ Another, whose account was arbitrarily closed, received no explanation despite multiple attempts to contact the firm. The rare positive comments about support appear to come from users whose issues involved restoring access—potentially to keep them engaged—while those requesting payouts report a wall of silence.

Account handling and KYC also attract strong criticism. All 9 mentions are negative. One user reported that after submitting KYC documents and being verified, they were suddenly denied and lost access to their account.

Another had their account closed right after a payout was approved. Such behaviour is characteristic of firms that use KYC as a tool not for compliance but to block withdrawals. The accumulation of these patterns—withdrawal blocks, fake rule breaches, vanished support—paints a portrait of a business designed to collect fees rather than fund traders.

Aggregated industry data and user scores place The Prop Trading far below acceptable norms. On Trustpilot, its 1.6-star rating is abysmal, with over 90% of reviews being 1-star. In comparison, legitimate prop firms typically maintain ratings above 4.0, with a majority of reviews praising timely payouts and transparent rules. Forex Peace Army records show no rating for The Prop Trading, which is often a sign that the firm is either too new or too obscure to have attracted a review—or that it actively avoids reputable monitoring sites.

Our own Scam Risk Score of 75/100 (Severe) is primarily driven by five critical factors: the complete lack of regulation, the zero-employee registration, the 100% negative withdrawal record, the opaque business model, and the high volume of scam accusations. Even when compared to other unregulated prop firms, The Prop Trading’s user feedback is exceptionally negative. Many unregulated firms still manage to deliver payouts to a proportion of clients to sustain their reputation, but here we found no such evidence. Every single withdrawal-related review alleges non-payment or extreme delays.

Prospective traders should also note that the firm’s claimed location in Australia offers no practical protection. While ASIC is a respected regulator, The Prop Trading is not licensed by it, and ASIC’s jurisdiction does not extend to unlicensed prop firms that do not deal in financial products. The registered address is simply a mailbox, meaning there is no physical office to visit or serve legal papers. All these factors combine to make The Prop Trading one of the riskier entities we have analysed this year.

After a comprehensive review, FXCanary cannot recommend The Prop Trading to any trader. The evidence overwhelmingly indicates that this is a high-risk operation where the probability of losing both your evaluation fee and any accrued profits is unacceptably high. The lack of regulation, the shell-company registration with zero employees, and the near-universal negative feedback on withdrawals and support create a profile that matches known scam patterns in the prop firm industry.

We advise extreme caution: do not deposit any funds with The Prop Trading, and do not provide personal documents such as ID or proof of address. If you have already paid for an evaluation and are experiencing delays or account closures, cease all communication and consider seeking recovery through your payment provider or bank, though the chances of a successful chargeback may be slim given the firm’s likely use of crypto or unregulated payment channels. Do not be swayed by promotional offers or ‘free’ account giveaways; these are often bait to harvest more deposits.

For traders seeking a legitimate funded trading opportunity, we recommend looking for firms that are transparent about their regulatory status, have a proven track record of payouts verified by independent third parties like Trustpilot or Forex Peace Army, and offer clear, fair trading rules. Always test a prop firm with the smallest possible evaluation fee first if you choose to proceed. In the case of The Prop Trading, the risks far outweigh any potential reward. Our Scam Risk Score of 75/100 signals a Severe threat, and we urge readers to stay away.