CEO's heart attack • "Cheaters" • New dashboard • No platform • Dozens of prop firms have shut down or suspended services in the last few months.
Read the complete list of reasons and explanations that may delay your payout.
The traders of prop firm Axe Trader were anxious to trade. But on December 11th, while checking the firm's Discord channel, they encountered a very unusual picture - Axe's CEO in the hospital after a heart attack. The announcement read, "A temporary pause in our operations, effective immediately."
While a medical emergency is a relatively rare case, there is no shortage of reasons for halting operations, delays - or even outright non-payment - in the prop trading space. This sector has been growing aggressively in recent years. Entry into this unregulated niche is easy. Anyone with a few thousand dollars can set up an operational platform within days, leaving marketing as the primary challenge.
As a result, many new platforms emerge every month. However, launching services is one thing; sustaining operations is another. Over the past few months, dozens of prop trading platforms have shut down or suspended their services. While some of the reasons seemed legitimate, others may be perceived as less acceptable.
"With a heavy heart"
A photo of Uncle Rick in the hospital shared by Axe Trader on its Discord server
"Dear Axe Fam," the Axe Trader discord announcement stated, "It is with a heavy heart that we announce a temporary pause in our operations, effective immediately. This decision comes due to unforeseen circumstances involving our beloved CEO, Uncle Rick."
Axe Trader did not provide any specific timeline for resuming operations, and as of the time of publishing, no further updates had been shared.
The Discord announcement on its channel mentions that "the partners and legal team have made a difficult decision to temporarily pause operations to allow him the time needed for a safe recovery."
Several traders on social media and Trustpilot complained that although they have passed Axe Trader's challenge, they cannot access funded accounts anymore as services are suspended.
"Total fraud company," one user wrote on Trustpilot. "I have passed 5k challenges and now they stopped my trading... Now today I try to log in but they even changed my password and are not replying my emails. This is a drama that their CEO is ill. Only 1 man is running the firm???"
A couple of complaints against Axe Trader on Trustpilot
Finance Magnates reached out to Axe Trader to inquire about the health of the CEO and their plans for resuming operations but did not receive any response.
“We Only Made Four Sales”
Competition often drives many out of business. And prop trading has become intensely competitive.
Ascetic Capital, which teased its launch for five months, ceased operations within a week after its launch. The reason? The platform only made four sales. According to its social media statement, the official launch in late November “did not meet even the most modest expectations.”
At least, the platform said that it initiated refunds and halted operations “before even a single trader gets funded to mitigate the damage.”
UAE-based Gold Fund Trader permanently closed its operations only five months after its launch. It cited cash flow issues and a lack of liquidity as the reasons behind the harsh decision.
The firm distributed approximately 150 accounts through giveaways but has since generated only $600 in sales from evaluation accounts. It also reported 90 active accounts with no funded accounts or pending payouts.
The company explained that it “explored every possible avenue to stabilise [its] financial standing, including strategic restructuring, cost-cutting measures, and seeking additional investment” over the past months but failed.
The announcement on the website of Funded Engineer
“Cheaters” Shuttered the Firm
Karma Prop Traders blamed it on “cheaters” for causing “cashflow issues” that replenished the firm's liquidity for the firm and forced it to shut down. It also admitted to not implementing the risk checks correctly.
The founder of the doomed platform also blamed it on a third-party tech provider that promised a tech solution but failed to deliver.
We Want a New Dashboard, Not Traders
What do companies usually do when they want to add new features? The drill is to test before putting them into production. This also makes sure that services are not disrupted. But prop firms are different.
Traders' reactions to the announcement were, however, far from positive. Several comments indicated that some investors have been waiting for their money for nearly a month.
Traddoo is another prop trading platform that temporarily suspended selling challenges to new clients while working on a new dashboard. The platform did not provide a timeline, so it can take months or years to resume operations.
No Trading Platform - No Trading
Prop firms need to offer services on a trading platform. However, SurgeTrader lost the license to its sole trading platform provider.
The prop trading firm said that Match-Trade Technologies had terminated its license, forcing it to cease operations. It asserted that the provider had no justification for such a move and speculated that "a well-known third party" may have influenced the decision.
However, according to its customers, the issue was much more profound. “The problem is they don’t communicate anymore,” one person commented to Finance Magnates.
The company, which has seen rapid growth, said the decision to pause prop-based services stems from regulatory uncertainty surrounding proprietary trading firms. Its board determined this move was necessary as the company seeks licenses in “several Tier 1 jurisdictions.”
But which license it has been seeking?
We Are Just Shutting Down
Legit businesses usually provide reasons to shutter. But not all prop trading firms do that.
Smart Prop Trader closed down operations at the end of 2024. Why? The company did not provide any solid reason. It only posted on social media that it was “doing the right thing by prioritising fairness, transparency, and respect” for its traders.
However, to give credit, the platform gave its customers a month's notice before shutting services.
The platform's president announced the suspension of communication channels following the cessation of services and directed all support issues to one email address. Then, the company suddenly filed for a strike-off from the company register.
What will be next reason for a prop firm to go out of business? Can it be more interesting (or weird)?
The traders of prop firm Axe Trader were anxious to trade. But on December 11th, while checking the firm's Discord channel, they encountered a very unusual picture - Axe's CEO in the hospital after a heart attack. The announcement read, "A temporary pause in our operations, effective immediately."
While a medical emergency is a relatively rare case, there is no shortage of reasons for halting operations, delays - or even outright non-payment - in the prop trading space. This sector has been growing aggressively in recent years. Entry into this unregulated niche is easy. Anyone with a few thousand dollars can set up an operational platform within days, leaving marketing as the primary challenge.
As a result, many new platforms emerge every month. However, launching services is one thing; sustaining operations is another. Over the past few months, dozens of prop trading platforms have shut down or suspended their services. While some of the reasons seemed legitimate, others may be perceived as less acceptable.
"With a heavy heart"
A photo of Uncle Rick in the hospital shared by Axe Trader on its Discord server
"Dear Axe Fam," the Axe Trader discord announcement stated, "It is with a heavy heart that we announce a temporary pause in our operations, effective immediately. This decision comes due to unforeseen circumstances involving our beloved CEO, Uncle Rick."
Axe Trader did not provide any specific timeline for resuming operations, and as of the time of publishing, no further updates had been shared.
The Discord announcement on its channel mentions that "the partners and legal team have made a difficult decision to temporarily pause operations to allow him the time needed for a safe recovery."
Several traders on social media and Trustpilot complained that although they have passed Axe Trader's challenge, they cannot access funded accounts anymore as services are suspended.
"Total fraud company," one user wrote on Trustpilot. "I have passed 5k challenges and now they stopped my trading... Now today I try to log in but they even changed my password and are not replying my emails. This is a drama that their CEO is ill. Only 1 man is running the firm???"
A couple of complaints against Axe Trader on Trustpilot
Finance Magnates reached out to Axe Trader to inquire about the health of the CEO and their plans for resuming operations but did not receive any response.
“We Only Made Four Sales”
Competition often drives many out of business. And prop trading has become intensely competitive.
Ascetic Capital, which teased its launch for five months, ceased operations within a week after its launch. The reason? The platform only made four sales. According to its social media statement, the official launch in late November “did not meet even the most modest expectations.”
At least, the platform said that it initiated refunds and halted operations “before even a single trader gets funded to mitigate the damage.”
UAE-based Gold Fund Trader permanently closed its operations only five months after its launch. It cited cash flow issues and a lack of liquidity as the reasons behind the harsh decision.
The firm distributed approximately 150 accounts through giveaways but has since generated only $600 in sales from evaluation accounts. It also reported 90 active accounts with no funded accounts or pending payouts.
The company explained that it “explored every possible avenue to stabilise [its] financial standing, including strategic restructuring, cost-cutting measures, and seeking additional investment” over the past months but failed.
The announcement on the website of Funded Engineer
“Cheaters” Shuttered the Firm
Karma Prop Traders blamed it on “cheaters” for causing “cashflow issues” that replenished the firm's liquidity for the firm and forced it to shut down. It also admitted to not implementing the risk checks correctly.
The founder of the doomed platform also blamed it on a third-party tech provider that promised a tech solution but failed to deliver.
We Want a New Dashboard, Not Traders
What do companies usually do when they want to add new features? The drill is to test before putting them into production. This also makes sure that services are not disrupted. But prop firms are different.
Traders' reactions to the announcement were, however, far from positive. Several comments indicated that some investors have been waiting for their money for nearly a month.
Traddoo is another prop trading platform that temporarily suspended selling challenges to new clients while working on a new dashboard. The platform did not provide a timeline, so it can take months or years to resume operations.
No Trading Platform - No Trading
Prop firms need to offer services on a trading platform. However, SurgeTrader lost the license to its sole trading platform provider.
The prop trading firm said that Match-Trade Technologies had terminated its license, forcing it to cease operations. It asserted that the provider had no justification for such a move and speculated that "a well-known third party" may have influenced the decision.
However, according to its customers, the issue was much more profound. “The problem is they don’t communicate anymore,” one person commented to Finance Magnates.
The company, which has seen rapid growth, said the decision to pause prop-based services stems from regulatory uncertainty surrounding proprietary trading firms. Its board determined this move was necessary as the company seeks licenses in “several Tier 1 jurisdictions.”
But which license it has been seeking?
We Are Just Shutting Down
Legit businesses usually provide reasons to shutter. But not all prop trading firms do that.
Smart Prop Trader closed down operations at the end of 2024. Why? The company did not provide any solid reason. It only posted on social media that it was “doing the right thing by prioritising fairness, transparency, and respect” for its traders.
However, to give credit, the platform gave its customers a month's notice before shutting services.
The platform's president announced the suspension of communication channels following the cessation of services and directed all support issues to one email address. Then, the company suddenly filed for a strike-off from the company register.
What will be next reason for a prop firm to go out of business? Can it be more interesting (or weird)?
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Interactive Brokers Starts the Year With 27% Jump in Daily Average Revenue Trades
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
