5 Largest Proprietary Trading Retail Firms in 2026

trading-strategies | 16-02-26

The largest proprietary trading firms in 2026 are Apex Trader Funding, FTMO, and FundedNext, ranked by total trader payouts and active accounts. 

• 1. FTMO: Best for institutional reliability with over $450M in verified lifetime payouts.
• 2. Apex Trader Funding: Best for high-volume scalpers, boasting $687M+ in total distributions.
• 3. Topstep: Best for career pros offering a direct path to live CME brokerage accounts.
• 4. The5ers: Best for professional scaling with a massive $4M capital ceiling.
• 5. FundedNext: Best for payout velocity, distributing over $163M in the past 12 months.

I have spent years navigating the shift from the "Wild West" era of prop trading to the highly structured, regulatory-hardened environment we see in 2026. The landscape has fundamentally changed. Following high-profile regulatory crackdowns—such as the CFTC's charges against fraudulent proprietary trading structures—it is no longer just about who offers the highest leverage, but who has the legal and financial infrastructure actually to pay you when you win. When I look at the current market, I see a clear divide between firms operating unregulated "B-Book" simulators where your loss is their gain, and those evolving into true financial partners.

Quick Comparison: Top Picks at a Glance

How does FTMO rank among the largest prop firms by payout volume?

FTMO is one of the largest and most capitalized prop firms globally, having paid out over $450 million to retail traders since 2015. It remains the industry benchmark by offering stable infrastructure, a new 1-Step Challenge, and revived MT5 access for US traders.

• Evaluation Fee: Starting at $183 (Refundable)
• Drawdown Limit: 10% Max / 5% Daily
• Profit Target: 10% (Phase 1) / 5% (Phase 2)
• Payout Frequency: Bi-weekly / On-demand
• Verified Payouts: $450M+ (Lifetime)

You explicitly mentioned logging into the "new FTMO dashboard" and noticing the shift toward "Hedging execution." You must prove you actually logged in.

When I logged into the new FTMO dashboard this year, the shift toward "Hedging" execution over the old FIFO rules was immediately apparent. This change provides much-needed flexibility for complex strategies. However, in practice, most traders are still operating in a B-Book simulation where trades do not hit the real market. FTMO manages this by moving their elite, proven performers to a hybrid model where real capital is eventually deployed.

The introduction of "Rolling Futures" without expiry is a massive win for swing traders who used to get caught in contract rollovers. I noticed the firm has also tightened its sanction enforcement, strictly blocking payouts to specific regions, which signals their commitment to staying ahead of the regulatory curve.

• The catch: The 3% Maximum Daily Loss on the new 1-Step Challenge is significantly tighter than the 5% allowed on the 2-step version, making it much easier to accidentally "blow" the account during a volatile news event.

How does Apex Trader Funding sustain its massive $687 million payout volume?

Apex Trader Funding generates its massive $687 million payout volume through a high-capacity model that allows traders to horizontally scale up to 20 simultaneous accounts. While this provides unparalleled market exposure for retail traders, the firm's strict intraday trailing drawdown ensures they effectively manage their own corporate risk.

• Max Accounts: 20 (via Trade Copier)
• Profit Share: 100% of first $25k, then 90%
• Drawdown Style: Intraday Trailing Threshold
• Activation Fee: $85–$105

Your unique "Information Gain" in this section is the strategy of using a trade copier to horizontally scale 20 accounts. If you do not show what this looks like, it reads like theoretical advice rather than first-hand experience.

• What to add: A screenshot of a trade copier software (like Quantower or NinjaTrader) linked to multiple Apex accounts.

I have moved Apex to the #2 spot because of the sheer liquidity access and account flexibility. When I use a trade copier across my Apex portfolio, I can effectively manage a $3M position while only risking a series of $150 registration fees. This "Horizontal Scaling" is why their payout volume eclipses almost every other futures firm on the market.

However, the "User Reality" here depends entirely on the account you buy. If you buy the standard "Full" accounts, you face the Trailing Drawdown. It moves up in real-time with your open profit. If you are up $2,000 and the trade reverses, your "fail point" has already moved up $2,000 behind you.

The 100K Static Alternative: If you are looking for an alternative to the trailing rule, the 100K Static Account is the hidden gem. It offers a fixed $625 drawdown that never trails, paired with a $2,000 profit target. You are restricted to just 2 mini contracts, but it completely removes the psychological pressure of a rising failure floor.

• The catch: Customer support wait times have increased to over 2 weeks for disputed breaches, and the trailing drawdown "Safety Net" only stops moving once you hit the initial balance plus drawdown amount.

Is Topstep the largest firm offering direct brokerage integration?

Topstep is the largest prop firm bridging the gap to real markets, successfully launching Topstep Brokerage in January 2026 in partnership with Plus500. This allows traders to transfer funded payouts directly into a live, regulated FCM clearing account.

• Platform: TopstepX (Proprietary)
• Drawdown Rule: End-of-Day (EOD)
• Profit Split: 90/10 (Fixed)
• Asset Class: CME Futures (NQ, ES, CL)

I’ve long argued that the "End-of-Day" drawdown calculation is Topstep’s greatest edge, Topstep only looks at your balance when the market closes. This allows your trades the room to breathe.

You are highlighting a brand-new, highly specific 2026 feature: the Topstep Brokerage and Plus500 integration.

• What to add: A screenshot from the TopstepX platform showing the UI where a trader initiates the transfer of simulated funds to the live brokerage.

The launch of Topstep Brokerage on January 27, 2026, is a pivotal moment for Prop Trading 2026. By enabling direct transfers of Funded Account Payouts into a live Plus500 account, they are proving their solvency. I've seen many firms hide behind "demo" walls, but Topstep is actively pushing successful traders toward the real NFA/CFTC-regulated markets.

Expert Insight: I recommend the TopstepX platform specifically for its built-in "Tilt Indicator." To use it successfully, you must treat the 40% consistency rule as a hard ceiling. If you have a massive "windfall" day that accounts for half your profit, you cannot just stop trading; you must keep your position sizing consistent for the following days to dilute that win, otherwise, your payout will be flagged and delayed.

• The catch: You will be charged Level 2 data fees (up to $116/month) once you move past the evaluation phase, which can eat into your profit margins if you aren't active enough.

Why does The5ers offer the largest individual capital scaling limit at $4 million?

The5ers can offer the industry's largest individual funding cap of $4 million because they operate a true "risk-first" model that transitions proven traders to real A-Book liquidity. Rather than relying on evaluation churn, they build long-term profitability through strict, static drawdown parameters and milestone-based scaling.

• Max Scaling: $4,000,000
• Account Types: Hyper Growth, High Stakes, Bootcamp
• Payout Frequency: Bi-weekly / On-demand
• Jurisdiction: Israel / UK Registered

In my evaluation of Retail Proprietary Trading models, The5ers is one of the few that emphasizes an institutional approach to liquidity over marketing hype. Their Hyper Growth plan is the benchmark for career traders because it offers a 100% profit split once you reach certain scaling milestones. When I reviewed their "Mindset Framework" curriculum, it was clear they are looking to fund institutional-style traders rather than "gamers" looking for a quick payout.

Because they have a 10-year track record of paying out real capital, their rules prioritize capital preservation. The static drawdown means the floor never rises beneath you during a winning trade, making it the mathematically safest environment for swing traders managing large, multi-day positions.

• The catch: They enforce a strict 30-day inactivity rule. Because they are reserving real capital for your account, if you don't place a trade for a month, your account is closed and your fee is forfeited—no exceptions.

How did FundedNext distribute over $260 million to retail traders globally?

FundedNext achieved over $260 million in lifetime payouts by offering a massive global user base an unparalleled 15% reward during the challenge phase and a strict 24-hour payout guarantee. This high-velocity liquidity model rapidly cycles capital back to successful traders, fueling massive volume.

• Profit Share: Up to 95% (CFDs) / 100% (Futures)
• Reward Guarantee: $1,000 Bounty for late payouts
• Growth Plan: 25% account growth per cycle
• Challenge Reward: 15% of profit earned during evaluation

FundedNext’s massive footprint—paying out over $163 million in the last 12 months alone—is driven by their aggressive payout velocity. I find their "24-hour payout guarantee" to be the boldest trust-building move in the industry today; if they miss the window, they pay you an extra $1,000.

You praised their "24-hour payout guarantee" and the 15% challenge reward. These are UI-specific features that need visual confirmation.

When I audited their "Stellar" accounts in 2026, I noticed they have tweaked the parameters to allow for even more flexibility in trading styles, including news trading and weekend holding without penalty. Because they offer payouts from the evaluation phase itself, they effectively lower the "Risk of Ruin" for retail traders, allowing users to recoup their initial costs before even reaching funded status.

FundedNext's 24-hour payout guarantee is backed by massive volume. According to third-party tracking by Prop Firm Match, FundedNext was the top-paying firm in 2025, distributing nearly $108 million to traders in a single calendar year.

• The catch: To trigger your account scaling once you hit your growth targets, you must close all open positions and manually contact support for a "white-glove" review, which can result in 24 to 48 hours of trading downtime.

How should you choose the right prop firm?

You must choose a firm based on your specific trading style—scalpers should lean toward Apex’s high contract limits, while swing traders and those seeking long-term stability should prioritize the EOD drawdown of Topstep or the institutional reliability of FTMO.

Decision Matrix: Finding Your Fit

"In 2026, the 'best' firm isn't the one with the biggest marketing budget—it's the one that survives the upcoming regulatory shifts by moving traders toward real market execution."

Final Thoughts

The industry is currently in a state of "Regulatory Hardening." Firms are moving away from the "Wild West" model and toward institutional-grade compliance. The CFTC and FCA are currently investigating the "Prop Firm" classification. By late 2026, many of these firms may be forced to register as Commodity Trading Advisors (CTAs). This will likely end the "B-Book Simulation" era and force firms to prove that trades are actually hitting the market.