An estimated 80-100 prop firms ceased operations between early 2024 and late 2025, most after MetaQuotes revoked their MT4/MT5 platform licences. No firm is guaranteed safe, but the firms least likely to shut down tend to have the longest track records, control their own platform (or use exchange-traded futures), and a verifiable operating entity. There is no compensation scheme — continuity risk is as important as regulation.
What happened in 2024-2025 (the 'prop-ageddon')
Starting in February 2024 (True Forex Funds was an early case), MetaQuotes began revoking MT4/MT5 licences from dozens of prop firms. Because most CFD prop firms ran on MetaTrader and did not own the platform, losing the licence could halt the business overnight. An estimated 80-100 firms ceased operations between early 2024 and late 2025. Surviving firms migrated to platforms such as DXtrade, Match-Trader and cTrader. The episode is the clearest demonstration that a CFD prop firm's continuity can depend on a vendor it does not control.
How to judge which firms are least likely to shut down
There is no guarantee, but some structural signals lower (not remove) continuity risk. A long track record through the 2024-2025 shakeout is the strongest. Controlling your own execution venue helps: FTMO, for example, owns the regulated broker OANDA, which insulates it from third-party platform withdrawal. Trading exchange-traded futures rather than MT4/MT5 CFDs also reduces platform-vendor exposure — the structural reason Topstep and Apex Trader Funding were less affected.
Why no firm is ever 'safe'
Even the most durable firm sells an unregulated product with no compensation scheme. A registered company, a long track record and a large reported payout total all lower the odds of a problem — none of them guarantees you will be paid, and none makes an evaluation fee an investment. Weigh continuity signals as a way to reduce risk, never as proof of safety, and never pay a fee you cannot afford to lose.
Frequently asked questions
Why did so many prop firms shut down in 2024-2025?
Mostly because MetaQuotes revoked MT4/MT5 platform licences from dozens of firms starting in early 2024. Most CFD prop firms ran on MetaTrader without owning it, so losing the licence could halt the business. An estimated 80-100 firms ceased operations between early 2024 and late 2025; survivors migrated to DXtrade, Match-Trader and cTrader.
Which prop firms are safest / least likely to shut down?
No firm is guaranteed safe — the product is unregulated with no compensation scheme. The firms least likely to shut down tend to have the longest track records, control their own platform (FTMO owns OANDA) or use exchange-traded futures (Topstep, Apex), and a verifiable operating entity. Treat these as risk-reducers, not guarantees.
Is my money safe if a prop firm shuts down?
No. There is no compensation scheme covering a funded-account evaluation fee or pending payout, so if a firm closes you may lose both. This is why continuity risk is a first-class factor and why you should never pay a fee you cannot afford to lose.
Sources & further reading
An independent, regulation-first guide to proprietary trading firms. Our editorial desk verifies every factual claim against primary sources and regulators' own publications, and never accepts payment for a better listing. Nothing we publish is financial or legal advice.