PropŞikayet.com · Special Intelligence & Company Dossiers

Prop Firm Research Reports & Blacklist (2025-2026)

Comprehensive company-by-company investigation files and 2025-2026 industry blacklist compiled through open-source intelligence (OSINT), terms & conditions (T&C) fine print analysis, Trustpilot/X complaint audits, and corporate records.

Published: August 2026 · Coverage: E8 Markets · Funded Trader Markets (FTM) · FTMO Futures · Blacklist 2025-2026 · Research: PropŞikayet Desk & @US_X01 · Status: Full Release / Live
Editorial & Legal Notice: Findings in this report are compiled from public domain sources (X/Twitter, Trustpilot, ForexPeaceArmy, Reddit, CourtListener), official T&Cs, and verified trader reports. Claims, verified evidence, user statements, and company replies are strictly distinguished. This dossier does not constitute legal or financial advice.
$50M+ Estimated lost / blocked trader funds during 2024-2026
84 Dead / 30 Coma Out of 376 prop firms, those that collapsed or went silent
Hidden 1% Rule Unpublished fine-print conditions enforced post-challenge by E8 & FTM
$650M+ Paid FTMO's total verified cumulative payouts since 2015

1. E8 Markets — In-Depth Investigation (2025-2026)

Open-source intelligence file examining payout disputes, retroactive rule shifts, account terminations, and user complaints.

1.1 Corporate Profile & Core Metrics

Yellow Watch / Near Red
Legal EntityE8 Funding LLC (Founded Nov 5, 2021)
CEO & Co-FounderDylan Elchami (@DylanElchami)
LocationsDallas, Texas (USA) + Prague (Czech Republic)
PlatformsMT5, cTrader, TradeLocker, Match Trader, Tradovate (Futures)
Claimed PayoutsConflicting figures between $38M and $75M (No independent public audit)
Registered Traders200,000+
Community ScoresTrustpilot: 4.4/5 (~3,200 reviews) · ForexPeaceArmy: 1.57/5 · Trustindex: 3.8/5
Regulation / LicenseNONE — No verified financial regulatory license.
Business ModelSimFi (Simulated Funding): Payouts framed legally as "educational simulation data license fees" (vital for legal/tax liability!).

1.2 X / Twitter Evidence & Viral Controversies

Major documented disputes generating community backlash on X:

2.1 Ohaji Case — $94,200 Withdrawal Crisis (July 2026 - CRITICAL)

Critical Dispute

Trader Allegations (@ohajielom — 190 RT / 1,844 likes):

  • Accused E8 of refusing to process two payout requests totaling $94,200 ($40,000 + $54,200).
  • Trustpilot review (Aug 4, 2026): "$40,000 + $54,200 = $94,200 total payout pending, still unpaid."
  • Claimed: "You reached out to make me one of your 500 unpaid affiliates; I declined, and you withheld my payout."
  • Stated that refund requests were categorically rejected.

E8 Official Response (115 likes):

  1. 4% risk occurred on a single idea during evaluation.
  2. Risk team warned: "ideal risk per trade idea must not exceed 1%."
  3. Trader allegedly took 7% risk on funded account, deemed a "serious breach".
  4. Claimed a second chance $500K account was issued, but behavior repeated leading to deep drawdown and termination.
Key Finding: While E8's narrative seems coherent on surface, the 1% risk rule is NOT written in the public purchase T&C. As trader Tyler Whitaker confirmed: "You pass the challenge, then receive new rules via email that never existed in the fine print."

2.2 "$62,000 Ban For Being Profitable" Case (April 2026)

Permanent Ban

Reported by @propfirmeye: A trader collected $62,000 in payouts across 5 accounts with zero rule violations, and was subsequently banned permanently. Sarcastic industry reaction: "His only Crime? He kept winning."

1.3 Trustpilot Deep Audit (June-August 2026)

User / Date Subject Case Summary
Sher Naroev
Aug 8, 2026
Dashboard PASSED, Terminated $50K account bought for $288, made $4,621. Dashboard showed green checks for all targets (Profit, Min Days, DD). Account then terminated as "Failed" with no explanation.
Osama Ibrahim
Aug 11, 2026
$500K Account Terminated Challenge passed. During verification, account was terminated over an alleged $3,000 dispute citing "someone was helping you".
Stefan
July 31, 2026
Silent Deactivation Account deactivated silently due to 7-day inactivity rule while Tradovate still displayed it active for 2 months of worthless trading.
Marc
June 13, 2026
Platform Glitch Could not close trade while up $500+, resulting in loss. Support gave automated bot response: "Our systems were operational."
Baha Harputlu
July 26, 2026
Spread Manipulation Purchased 6 accounts; alleged artificial spread widening immediately stopped trades whenever positions turned profitable.
Tyler Whitaker
June 20, 2026
Post-Pass Rule Shift 1% risk rule delivered via email post-passing, not present in purchase terms.
Fred H
June 20, 2026
Affiliate Seizure Affiliate account banned and unpaid earnings withheld because promo code appeared on CouponBirds.

TrailingStopLoss Finding: "Structural Inversion" & 5 Payout Gates

Technical Analysis

TrailingStopLoss (July 2026): "E8 makes evaluations easy and funded accounts extremely restrictive. Once funded, best-day caps, news blackouts, trailing drawdown, and multiple payout gates activate."

  1. 14-Day Wait: From first trade on funded account.
  2. 5 Profitable Days: Min 0.3% realized profit per day — RESETS after every payout.
  3. Profit Buffer: Must leave EOD drawdown equivalent in account balance.
  4. Best-Day Rule: Single day profit capped at 35% (Signature) or 40% (One).
  5. Initial Payout Caps: First 2 payouts capped at 2.5% of account size.

1.4 E8 T&C Fine Print Audit (March 11, 2025 Version) — CRITICAL

Clause Contract Text Practical Consequence for Traders
No 1% in T&CTerms do not contain "1% risk" or "trade idea risk". Found only in secondary ESPA.Rule is omitted during purchase and enforced retroactively.
Clause 4.2No Refund Policy under any circumstance including dissatisfaction.Non-refundable even during severe platform glitches.
Clause 5.1 & 5.2"E8 determines in its sole discretion... Disqualification or forfeiture may occur."E8 retains unilateral authority to forfeit any payout.
Clause 10.5Liability Cap: Limited strictly to fees paid in the prior 6 months.On a $288 fee account with $94K in profits, max legal recovery is $288.
Clause 12.2Termination: "With or without notice, at sole discretion, for any reason."Allows arbitrary account termination without stated cause.
Clause 15.2 & 15.5Mandatory Arbitration & Class Action Waiver (Dallas County, Texas).No court litigation, no class actions, private arbitration shields public records.
Clause 9.1(h)Publishing misleading or harmful content about E8 is prohibited.Used to cancel accounts of traders who post complaints online.

1.5 E8 Scandal Timeline & Final Verdict

DateEventSeverity
March 2025New T&C takes effect (mandatory arbitration, sole discretion, liability caps).High
June 2025Hedging ban controversy (@kind_media_).High
April 2026$62K profitable trader ban & Reddit $500K payout dispute.High
July 2026Ohaji $94.2K payout crisis, silent deactivations, spread complaints.Critical
Aug 2026Dashboard PASSED termination (Sher Naroev), $500K verification cancel (Osama).Critical

Final Verdict: E8 Markets

YELLOW WATCH → NEAR RED

E8 does pay certain traders, but the separation between paid and denied traders is arbitrary and governed by one-sided clauses. High negative review influx in Q3 2026 and documented account closures despite green dashboard checks warrant extreme caution.

2. Funded Trader Markets (FTM) — Investigation (2024-2026)

Payout speed audits, floating drawdown traps, Trustpilot guideline breaches, and background links to Funded Engineer's bankruptcy.

2.1 Corporate Identity, Unverifiable Registries & Funded Engineer Links

High Risk / Yellow Watch
Entity & DomainFunded Trader Markets (FTM) · fundedtradermarkets.com
Official X & Management@FTMarketslive (Thailand) · CEO: Revin Zabala (@RZFTMARKETS) · Community: @Ye_FTM
Disclosed EntitiesFTM LTD (Cyprus HE462185), Formed Tech INT FZCO (Dubai 36580), FTM LTD (Saint Lucia 2025-00239).
Registry ChecksUK Companies House: None. Cyprus DRCOR: 0 results for HE462185. Terms Page: 404 Error on official website.
Launch DateAug 9, 2024 (Launched ~3 weeks after Funded Engineer declared bankruptcy on July 15, 2024).
Funded Engineer Background: FPFX canceled Funded Engineer's tech license in Feb 2024 over fake accounts, wash trading, and $2M+ in inflated payouts. Industry intelligence (@DailyPropfirm) claimed $635K and key personnel transitioned to FTM.

2.2 Payout Ledger & Rule Traps

$6,966,415 Claimed total payouts (4,654 transactions)
29m 16s Claimed average payout processing time
Trustpilot Ban Rating suspended due to review manipulation guidelines breach
1% Floating Trap Instant Plus Shield degrades split from 80% down to 20% on floating slippage
RuleSummaryPenalty
Gap RolloverHolding trades during ±5 min rollover window.Profits excluded from rewards.
Partial / OvernightCannot leave partial lot overnight; 15 min single position lock.Profits stripped / reset required.
1-Minute RuleTrades under 60 seconds on funded stage.Profits voided.
Instant Plus Shield1% floating drawdown breaches drop split: 80% → 50% → 40% → 30% → 20%.Permanent downgrade of profit split.

2.3 Timeline & Final Verdict

FTM Final Verdict

YELLOW WATCH → NEAR RED

FTM processes small/medium retail payouts rapidly to build social proof; however, unverified registries, 404 terms pages, Trustpilot rating suspension, and punitive 1% floating rules place it in the high-risk bracket.

3. FTMO Futures & Platform Guide (2026)

Technical analysis and specification breakdown of FTMO's CME futures offering, evaluation parameters, drawdown models, payout channels, and global compliance.

3.1 General Specifications

Institutional Standard
  • Market Model: Simulated CME futures environment running on live CME market data feeds.
  • Profit Split: 90% on standard models, up to 100% profit withdrawal on Pro models.
  • Drawdown Calculation: End-of-Day (EOD) Trailing Drawdown. Intraday equity fluctuations do not trail the stop level higher; calculation is strictly based on the end-of-session balance.
  • Activation Cost: $0 — Passing evaluation and activating the sim-funded account carries zero extra fees.
  • Consistency Rule: Enforced exclusively during the Evaluation phase. NO consistency rule on the Sim-Funded phase.
  • Locked-in Rules: Account rules, targets, and parameters cannot be retroactively modified during the account lifecycle.

3.2 Account Sizes and Pricing

FTMO Futures offers two primary tier models:

Account Size Growth Monthly Fee Pro Monthly Fee Growth Reset Pro Reset
$50,000$119 / mo$139 / mo$109$129
$100,000$169 / mo$199 / mo$159$189
$150,000$229 / mo$269 / mo$219$259

3.3 Evaluation Phase

Objective: Reach the profit target while staying strictly within defined risk parameters.

Rule / Parameter 50K Growth 50K Pro 100K Growth 100K Pro 150K Growth 150K Pro
Profit Target$3,000 (6%)$3,000 (6%)$6,000 (6%)$6,000 (6%)$9,000 (6%)$9,000 (6%)
Max EOD Drawdown$2,000$3,000 (1:1)$3,500$4,500$5,000$6,000
Daily Loss Limit (DLL)None$1,000 (Hard)None$1,500 (Hard)None$2,000 (Hard)
Max Contracts5510101515
Consistency LimitMax 40%Max 50%Max 40%Max 50%Max 40%Max 50%
Activation Fee$0$0$0$0$0$0

3.4 Sim-Funded Account Phase

Traders passing the evaluation progress to this stage. There is no profit target; traders request regular payouts as long as risk parameters are respected.

Rule / Parameter 50K Growth 50K Pro 100K Growth 100K Pro 150K Growth 150K Pro
Profit TargetNoneNoneNoneNoneNoneNone
Max EOD Drawdown$2,000$3,000$3,500$4,500$5,000$6,000
Daily Loss Limit$1,000 (Soft)$1,000 (Hard)$2,000 (Soft)$1,500 (Hard)$3,000 (Soft)$2,000 (Hard)
Max Contracts5510101515
Single Withdrawal Ratio50%100%50%100%50%100%
Payout FrequencyEvery 4 daysEvery 5 daysEvery 4 daysEvery 5 daysEvery 4 daysEvery 5 days
Max Payout Cap$2,500$5,000$3,000$6,000$4,000$8,000
Eligibility Criteria4d ≥ $1505d ≥ $2004d ≥ $2505d ≥ $3004d ≥ $3005d ≥ $500
Consistency RuleNONENONENONENONENONENONE
Daily Loss Limit Distinction:
Soft Limit (Growth): When reached, all open positions are automatically liquidated and trading is paused for the remainder of the session; the account is not breached.
Hard Limit (Pro): Breaching the daily loss limit constitutes an immediate rule violation and terminates the account.

3.5 Growth vs Pro Plan Comparison

  • Withdrawal Ratio: Up to 50% of profits on Growth plans vs up to 100% on Pro plans.
  • 50K Risk/Reward Profile: Pro model offers a 1:1 ratio ($3,000 profit target vs $3,000 max drawdown), compared to a $2,000 drawdown limit on Growth.
  • Evaluation Rules: Growth model carries no daily loss limit during evaluation, whereas Pro enforces a strict daily hard limit.
  • Payout Ceiling: Growth accounts cap payouts between $2,500 and $4,000, whereas Pro accounts allow caps from $5,000 up to $8,000.

3.6 Payout Rules & Supported Channels

  • Maximum Accounts: Up to 3 active accounts simultaneously per user (maximum total $450,000 simulated capital).
  • Profit Split: Standard 90/10 ratio (90% to the trader).
  • Minimum Withdrawal: $20 | FTMO Processing Fee: $0 (0%).
  • New Profit Requirement: At least 50% of the withdrawn amount must be covered by newly generated trading profits.
  • First Payout: Can be requested 14 days after the first trade is executed on the funded account.

Supported Payout Methods & Processing Times

Bank Transfer (Wire/SEPA)

Direct SWIFT or SEPA transfer to domestic or international bank accounts.

Processing Time: 1-3 business days.

Cryptocurrency (USDT / BTC)

Direct payout in USDT (TRC-20 & ERC-20), Bitcoin, or Ethereum.

Processing Time: Same day (1-8 hours).

Rise (RiseWorks)

Compliant payroll and invoicing infrastructure. Funds transfer to Rise wallet and can be routed to local banks or crypto.

Processing Time: Rapid payroll settlement.

Payout Structure & Legal Nature: Payouts are invoiced as "Educational Simulation Data Licensing Fees" (Independent Contractor model). FTMO deducts zero intermediary fees.

3.7 Restricted & Prohibited Jurisdictions

Unserviced Countries & Structures

International Sanctions

Iran, Syria, Myanmar, North Korea | Entities on international sanction lists | Company Trusts.
*Exception: Citizens of Iran, Syria, or Myanmar can be accepted upon proof of EEA (European Economic Area) residency and an EEA bank account.

Other Restricted Countries: Afghanistan, Belarus, Belize, Cuba, Indonesia, Iraq, Kazakhstan, Kosovo, Kyrgyzstan, Russian Federation, Seychelles, Somalia, Sudan, Tajikistan, Turkmenistan, Uzbekistan, Venezuela, Western Sahara, etc. (Ukraine: Crimea, Sevastopol, Donetsk, Kherson, Luhansk, Zaporizhzhia).

3.8 Frequently Asked Questions (FAQ)

What are the eligibility requirements?

Natural persons who are at least 18 years of age. Corporate applications are handled directly through institutional support.

Can rules change after account purchase?

The rules, profit targets, and limits in effect at purchase remain permanently fixed throughout the lifetime of that account.

Is there a time limit on evaluation?

There is no maximum time limit to reach the profit target during the evaluation phase.

How fast are payout requests processed?

For eligible accounts, payout requests are approved within 8-24 hours on average and dispatched to the selected channel.

3.9 Company Metrics & Record Payouts

2015 Founding Year (10+ Years)
$650M+ Total Payout Volume
140+ Countries 4.5M+ Registered Accounts
4.8 / 5 Trustpilot Score

All-Time Single Payout Record: $1,206,225

Notable Documented Payouts:

  • Paul (USA): $500,180
  • Leo (Portugal): $197,262
  • Maik (Germany): $114,907
  • Ugnius (Lithuania): $99,706
  • Fabian (USA): $96,649
  • Pepijn (Netherlands): $76,000
Notice: When trading CME Futures, traders should account for contract multipliers, session times, and EOD trailing drawdown mechanics.

4. Prop Firm Blacklist 2025-2026 (@US_X01)

Investigation into the industry crash where 84 firms died, 30 went comatose, and over $50 million in trader funds evaporated.

4.1 Collapsed & Bleeding Prop Firms

FirmStatusTrader Impact / LossYear
My Forex Funds (MFF)Dead (CFTC Case)135,000+ traders, $310M frozen2023
The Funded Trader (TFT)Permanently Paused80,000+ accounts, $2M unpaid2024
FundedFirmOutright ScamPromised $95M payouts, zero refunds2024
Funded EngineerExit Scam / Bankrupt$1-2M stolen2024
True Forex FundsBankruptMetaQuotes license pulled, $1.2M unpaid2024
SurgeTraderPlatform Loss / ClosedCEO admitted $2M rejection rate2024
FidelcrestPonzi Scheme$8B turnover claimed, vanished March 20242024
FundingTicksClosed (Refunded)Full refund to active accounts (Jan 2026)2026
MyFundedFX / SeacrestProp TerminatedRebranded then shuttered prop desk (Feb 2026)2026

4.2 Active But High-Risk Entities

FirmStatus / RatingWarning Rationale
E8 MarketsTrustpilot BannedRating suspended over fake reviews; $94K & $62K denial cases.
Topstep2026 LawsuitLawsuit filed over allegedly deceptive rules rendering payouts unattainable.
Hola Prime1,300 Fake ReviewsLaunched Oct 2024 with reviews backdated to May 2024. Trustpilot red banner.
Blue Guardian4-Month DelaysTraders reporting up to 4 months of unpaid withdrawals.
Instant FundingTrustpilot 3.9Below industry average rating with escalating breach complaints.
The Trading PitTrustpilot 3.7Lowest trust score among major active firms.

4.3 12 Common Payout Rejection Reasons & Safety Checklist

#Rejection ClauseFrequencyPrevention
1Opposite directional trading (Hedging)1 in 5Trade different instruments on secondary accounts.
2Latency arbitrage / Tick scalping15%Avoid trades under 5 seconds.
3Copy trading / Signal passing12%Execute independent trade ideas.
4High-impact news trading10%Do not trade 2 min before/after red news.
5Weekend holding8%Close positions by Friday market close.
6Max lot size breach7%Hardcode platform lot caps.
7Insufficient trading days6%Plan days in advance; avoid rushing.
8Martingale lot escalation6%Never double down on losing positions.
9Strategy disparity (eval vs funded)5%Maintain consistent risk profile.
10KYC name discrepancy5%Use identical legal name on all payment rails.
11Account ceiling limit exceeded4%Stay under firm's maximum allowed capital.
12Subjective "Unfair / Toxic Flow"5%Avoid single-instrument high-risk anomalies.

4.4 Summary List of Avoided Firms

FirmStatusYear
My Forex FundsDead2023
The Funded TraderDefunct2024
FundedFirmScam2024
Funded EngineerExit scam2024
True Forex FundsBankrupt2024
SurgeTraderClosed2024
FidelcrestPonzi collapsed2024
MyFundedFX / SeacrestProp discontinued2026
FundingTicksClosed (refunded)2026
TopstepActive (lawsuit ongoing)2026
Hola PrimeActive (Trustpilot banned)2025
E8 MarketsActive (Trustpilot banned)2026
Blue GuardianActive (delayed payouts)2024-2026
BluFXActive (erratic models)2023-2024
Instant FundingActive (3.9 score)Current
The Trading PitActive (3.7 score)Current
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