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.
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 Entity | E8 Funding LLC (Founded Nov 5, 2021) |
|---|---|
| CEO & Co-Founder | Dylan Elchami (@DylanElchami) |
| Locations | Dallas, Texas (USA) + Prague (Czech Republic) |
| Platforms | MT5, cTrader, TradeLocker, Match Trader, Tradovate (Futures) |
| Claimed Payouts | Conflicting figures between $38M and $75M (No independent public audit) |
| Registered Traders | 200,000+ |
| Community Scores | Trustpilot: 4.4/5 (~3,200 reviews) · ForexPeaceArmy: 1.57/5 · Trustindex: 3.8/5 |
| Regulation / License | NONE — No verified financial regulatory license. |
| Business Model | SimFi (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 DisputeTrader 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):
- 4% risk occurred on a single idea during evaluation.
- Risk team warned: "ideal risk per trade idea must not exceed 1%."
- Trader allegedly took 7% risk on funded account, deemed a "serious breach".
- Claimed a second chance $500K account was issued, but behavior repeated leading to deep drawdown and termination.
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 AnalysisTrailingStopLoss (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."
- 14-Day Wait: From first trade on funded account.
- 5 Profitable Days: Min 0.3% realized profit per day — RESETS after every payout.
- Profit Buffer: Must leave EOD drawdown equivalent in account balance.
- Best-Day Rule: Single day profit capped at 35% (Signature) or 40% (One).
- 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&C | Terms do not contain "1% risk" or "trade idea risk". Found only in secondary ESPA. | Rule is omitted during purchase and enforced retroactively. |
| Clause 4.2 | No 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 10.5 | Liability 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 12.2 | Termination: "With or without notice, at sole discretion, for any reason." | Allows arbitrary account termination without stated cause. |
| Clause 15.2 & 15.5 | Mandatory 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
| Date | Event | Severity |
|---|---|---|
| March 2025 | New T&C takes effect (mandatory arbitration, sole discretion, liability caps). | High |
| June 2025 | Hedging ban controversy (@kind_media_). | High |
| April 2026 | $62K profitable trader ban & Reddit $500K payout dispute. | High |
| July 2026 | Ohaji $94.2K payout crisis, silent deactivations, spread complaints. | Critical |
| Aug 2026 | Dashboard PASSED termination (Sher Naroev), $500K verification cancel (Osama). | Critical |
Final Verdict: E8 Markets
YELLOW WATCH → NEAR REDE8 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 & Domain | Funded Trader Markets (FTM) · fundedtradermarkets.com |
|---|---|
| Official X & Management | @FTMarketslive (Thailand) · CEO: Revin Zabala (@RZFTMARKETS) · Community: @Ye_FTM |
| Disclosed Entities | FTM LTD (Cyprus HE462185), Formed Tech INT FZCO (Dubai 36580), FTM LTD (Saint Lucia 2025-00239). |
| Registry Checks | UK Companies House: None. Cyprus DRCOR: 0 results for HE462185. Terms Page: 404 Error on official website. |
| Launch Date | Aug 9, 2024 (Launched ~3 weeks after Funded Engineer declared bankruptcy on July 15, 2024). |
@DailyPropfirm) claimed $635K and key personnel transitioned to FTM.
2.2 Payout Ledger & Rule Traps
| Rule | Summary | Penalty |
|---|---|---|
| Gap Rollover | Holding trades during ±5 min rollover window. | Profits excluded from rewards. |
| Partial / Overnight | Cannot leave partial lot overnight; 15 min single position lock. | Profits stripped / reset required. |
| 1-Minute Rule | Trades under 60 seconds on funded stage. | Profits voided. |
| Instant Plus Shield | 1% 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 REDFTM 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:
- Growth: Lower monthly recurring cost. No daily loss limit during evaluation.
- Pro: Higher payout ceiling, 100% profit withdrawal option, and a 1:1 profit target to max loss ratio on 50K accounts.
| 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 Contracts | 5 | 5 | 10 | 10 | 15 | 15 |
| Consistency Limit | Max 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 Target | None | None | None | None | None | None |
| 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 Contracts | 5 | 5 | 10 | 10 | 15 | 15 |
| Single Withdrawal Ratio | 50% | 100% | 50% | 100% | 50% | 100% |
| Payout Frequency | Every 4 days | Every 5 days | Every 4 days | Every 5 days | Every 4 days | Every 5 days |
| Max Payout Cap | $2,500 | $5,000 | $3,000 | $6,000 | $4,000 | $8,000 |
| Eligibility Criteria | 4d ≥ $150 | 5d ≥ $200 | 4d ≥ $250 | 5d ≥ $300 | 4d ≥ $300 | 5d ≥ $500 |
| Consistency Rule | NONE | NONE | NONE | NONE | NONE | NONE |
• 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.
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
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
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
| Firm | Status | Trader Impact / Loss | Year |
|---|---|---|---|
| My Forex Funds (MFF) | Dead (CFTC Case) | 135,000+ traders, $310M frozen | 2023 |
| The Funded Trader (TFT) | Permanently Paused | 80,000+ accounts, $2M unpaid | 2024 |
| FundedFirm | Outright Scam | Promised $95M payouts, zero refunds | 2024 |
| Funded Engineer | Exit Scam / Bankrupt | $1-2M stolen | 2024 |
| True Forex Funds | Bankrupt | MetaQuotes license pulled, $1.2M unpaid | 2024 |
| SurgeTrader | Platform Loss / Closed | CEO admitted $2M rejection rate | 2024 |
| Fidelcrest | Ponzi Scheme | $8B turnover claimed, vanished March 2024 | 2024 |
| FundingTicks | Closed (Refunded) | Full refund to active accounts (Jan 2026) | 2026 |
| MyFundedFX / Seacrest | Prop Terminated | Rebranded then shuttered prop desk (Feb 2026) | 2026 |
4.2 Active But High-Risk Entities
| Firm | Status / Rating | Warning Rationale |
|---|---|---|
| E8 Markets | Trustpilot Banned | Rating suspended over fake reviews; $94K & $62K denial cases. |
| Topstep | 2026 Lawsuit | Lawsuit filed over allegedly deceptive rules rendering payouts unattainable. |
| Hola Prime | 1,300 Fake Reviews | Launched Oct 2024 with reviews backdated to May 2024. Trustpilot red banner. |
| Blue Guardian | 4-Month Delays | Traders reporting up to 4 months of unpaid withdrawals. |
| Instant Funding | Trustpilot 3.9 | Below industry average rating with escalating breach complaints. |
| The Trading Pit | Trustpilot 3.7 | Lowest trust score among major active firms. |
4.3 12 Common Payout Rejection Reasons & Safety Checklist
| # | Rejection Clause | Frequency | Prevention |
|---|---|---|---|
| 1 | Opposite directional trading (Hedging) | 1 in 5 | Trade different instruments on secondary accounts. |
| 2 | Latency arbitrage / Tick scalping | 15% | Avoid trades under 5 seconds. |
| 3 | Copy trading / Signal passing | 12% | Execute independent trade ideas. |
| 4 | High-impact news trading | 10% | Do not trade 2 min before/after red news. |
| 5 | Weekend holding | 8% | Close positions by Friday market close. |
| 6 | Max lot size breach | 7% | Hardcode platform lot caps. |
| 7 | Insufficient trading days | 6% | Plan days in advance; avoid rushing. |
| 8 | Martingale lot escalation | 6% | Never double down on losing positions. |
| 9 | Strategy disparity (eval vs funded) | 5% | Maintain consistent risk profile. |
| 10 | KYC name discrepancy | 5% | Use identical legal name on all payment rails. |
| 11 | Account ceiling limit exceeded | 4% | Stay under firm's maximum allowed capital. |
| 12 | Subjective "Unfair / Toxic Flow" | 5% | Avoid single-instrument high-risk anomalies. |
4.4 Summary List of Avoided Firms
| Firm | Status | Year |
|---|---|---|
| My Forex Funds | Dead | 2023 |
| The Funded Trader | Defunct | 2024 |
| FundedFirm | Scam | 2024 |
| Funded Engineer | Exit scam | 2024 |
| True Forex Funds | Bankrupt | 2024 |
| SurgeTrader | Closed | 2024 |
| Fidelcrest | Ponzi collapsed | 2024 |
| MyFundedFX / Seacrest | Prop discontinued | 2026 |
| FundingTicks | Closed (refunded) | 2026 |
| Topstep | Active (lawsuit ongoing) | 2026 |
| Hola Prime | Active (Trustpilot banned) | 2025 |
| E8 Markets | Active (Trustpilot banned) | 2026 |
| Blue Guardian | Active (delayed payouts) | 2024-2026 |
| BluFX | Active (erratic models) | 2023-2024 |
| Instant Funding | Active (3.9 score) | Current |
| The Trading Pit | Active (3.7 score) | Current |
