Firewood, the offshore forex and CFD broker, has launched a proprietary trading brand called Firewood Funded, becoming the latest retail broker to bolt a challenge-based funded trader program onto its existing brokerage business.
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The new program runs a one-step and a two-step evaluation route that the company says will let qualified traders access an 80% profit share. Firewood, which has operated for 12 years as an offshore broker, said the move is designed to give retail and professional traders capital without requiring them to risk large amounts of their own money.
The brokerage business is run from St. Vincent and the Grenadines, where the legal entity Firewood Global Ltd is registered under number 22160 BC 2014. However, SVG's Financial Services Authority does not issue brokerage licenses for forex or CFD activity and since 2023 has required firms incorporated on the island to provide proof of a regulatory license from another jurisdiction where their trading business is actually conducted.
A Latecomer to a Crowded Broker-Led Prop Field
Firewood is arriving in the broker-backed prop trading category more than two and a half years after the trend began, and the field is now packed. Australia-headquartered Axi was the first established CFD broker to launch a funded trader program when it introduced Axi Select in September 2023, offering up to $1 million in capital and a 90% profit split, also through its St. Vincent and the Grenadines-incorporated entity. OANDA followed in early 2024 with OANDA Labs Trader, Hantec Markets launched Hantec Trader, and IC Markets rolled out IC Funded.
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Since then, the list of CFD brokers operating prop trading sleeves has grown to include ThinkMarkets, ATFX, MarketsVox with its MFunded brand, Taurex with its Atmos platform, and KudoTrade, which in 2025 confirmed its own move from CFDs into prop trading.
A Finance Magnates side-by-side comparison published in 2024 showed that even the early entrants were converging on similar terms, with profit splits in the 80% to 90% range and tiered evaluation structures. Firewood Funded's 80/20 split sits at the lower end of that band.
From Props to Brokers
The broker-to-prop pipeline has also been running in reverse. Czech firm FTMO bought OANDA in 2024, FundedNext launched its own brokerage arm FNmarkets under a Comoros license and is pursuing further authorizations in Mauritius and Dubai, and Goat Funded Trader, City Traders Imperium, FundingPips and Wall Street Funded have all set up offshore broker entities of their own to secure direct MetaTrader licences after MetaQuotes tightened its policies on white-label arrangements with prop firms in 2024.
The Trading Pit went a step further this year, launching a Seychelles-regulated CFD brokerage called TTP Markets to bolt onto its prop business. The result is a market in which props are becoming brokers and brokers are becoming props, with most of the activity routed through offshore jurisdictions including SVG, Comoros, Mauritius, the Seychelles and St. Lucia, which does not actually license CFD brokers at all but allows firms to register a company and acquire a MetaTrader license.
Whether a 12-year-old offshore broker entering the space in 2026 with a $28 entry-level challenge can carve out share against Axi, OANDA, FTMO and the dozens of native prop brands already operating in the same lane is a question the market will answer over the coming months.
