The CEO and Founder, Mitchell Ali, said the decision came after months of pressure from rivals cutting prices and loosening trading rules.
Recent financial reports show the company held just over £3,000 in assets against more than £150,000 in liabilities.
Source: Ideogram
Prop trading firm Propel Capital has shut down just 14
months after its launch, saying competition in the industry has made operations
unsustainable. The company’s website has also gone offline.
Fierce Competition Cited
In an announcement posted on X, the company's Founder and CEO Mitchell Ali said the decision followed
months of mounting pressure as rival prop firms cut prices and loosened trading
rules to attract clients. The company has promised more updates on Discord Channel, X Page,
and through email.
“The sheer volume of competition in the market has led us to
a position where I believe that scaling the business would go against our goal
of sustainability,” Ali said. “As you have probably noticed, firms across the
industry have significantly increased their offerings, with higher discounts
and relaxed rules. I do not believe we can compete with these offers
without selling evaluations at a loss, which
we refuse to do.”
The company has promised refunds to clients “who qualify,” saying it will wait for a few weeks to see if another individual or corporation will continue with the brand. “We will no longer be processing any payments, and all trading activity will be halted,” the announcement mentioned.
A screenshot of Propel Capital's financial report, Source: Companies House
Companies House filings from December 2024 show Propel
Capital held just over £3,000 in assets against more than £150,000 in
liabilities. The firm is registered in the UK, with Ali listed as its sole
employee.
More Prop Firms Close
Propel Capital joins a growing list of prop firms that have
failed to sustain their operations in recent months. Germany-based Funded
Unicorn, once considered among the country’s largest prop trading firms, shut down operations last month.
The sudden collapse has revived concerns about whether some
firms’ business models are sustainable in an increasingly competitive and
volatile sector. Unlike most prop firms that depend on trader challenge fees
and simulated accounts, Funded Unicorn adopted a distinctive A-book model.
Industry sources show that at least 50 prop trading firms ceased operations last year alone. Among the companies that were forced to shut their operations are Funded Engineer, Karma Prop Trader, and Fund For Trader.
Prop trading firm Propel Capital has shut down just 14
months after its launch, saying competition in the industry has made operations
unsustainable. The company’s website has also gone offline.
Fierce Competition Cited
In an announcement posted on X, the company's Founder and CEO Mitchell Ali said the decision followed
months of mounting pressure as rival prop firms cut prices and loosened trading
rules to attract clients. The company has promised more updates on Discord Channel, X Page,
and through email.
“The sheer volume of competition in the market has led us to
a position where I believe that scaling the business would go against our goal
of sustainability,” Ali said. “As you have probably noticed, firms across the
industry have significantly increased their offerings, with higher discounts
and relaxed rules. I do not believe we can compete with these offers
without selling evaluations at a loss, which
we refuse to do.”
The company has promised refunds to clients “who qualify,” saying it will wait for a few weeks to see if another individual or corporation will continue with the brand. “We will no longer be processing any payments, and all trading activity will be halted,” the announcement mentioned.
A screenshot of Propel Capital's financial report, Source: Companies House
Companies House filings from December 2024 show Propel
Capital held just over £3,000 in assets against more than £150,000 in
liabilities. The firm is registered in the UK, with Ali listed as its sole
employee.
More Prop Firms Close
Propel Capital joins a growing list of prop firms that have
failed to sustain their operations in recent months. Germany-based Funded
Unicorn, once considered among the country’s largest prop trading firms, shut down operations last month.
The sudden collapse has revived concerns about whether some
firms’ business models are sustainable in an increasingly competitive and
volatile sector. Unlike most prop firms that depend on trader challenge fees
and simulated accounts, Funded Unicorn adopted a distinctive A-book model.
Industry sources show that at least 50 prop trading firms ceased operations last year alone. Among the companies that were forced to shut their operations are Funded Engineer, Karma Prop Trader, and Fund For Trader.
Jared Kirui is an Editor at Finance Magnates with more than five years of experience in financial journalism. He covers online trading, fintech, payments, and crypto industries with a focus on companies, regulation and compliance, executive moves, trading technology, and market analysis.
His work has been featured in other media outlets, including Benzinga, ZyCrypto, The Distributed, and The Daily Hodl.
Education:
Bachelor of Commerce degree (Finance option), University of Nairobi
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