Most “best prop firms” posts are built off the same handful of Trustpilot screenshots, copy-pasted between sites that never actually contact the firms they’re ranking. We wanted to do something slightly more annoying to pull off: check every firm we list against actual national regulator warning lists.
Two came back flagged. Not “low review score” flagged — actual, dated, government-issued warning flagged. We’re writing this up in full because honestly, we didn’t expect to find anything when we started.
Crypto Fund Trader is on FINMA’s warning list
Switzerland’s financial regulator, FINMA, added Crypto Fund Trader to its public warning list back on August 23, 2024. The reason is oddly specific: the firm advertises a Swiss entity called “SWISS RLCRATES AG” as part of its identity, but that entity isn’t actually in Switzerland’s commercial register. It doesn’t exist where the firm says it does.
Digging a bit further, the firm’s own terms of service describe every account as a simulation — not real funded trading in the way most of the industry uses that term — and frame payouts as discretionary “scholarships” rather than profit splits. Trustpilot has also pulled the firm’s rating entirely, citing a guideline violation, which is its own kind of red flag since Trustpilot doesn’t do that lightly.
To be clear: none of this by itself proves the firm is stealing money. But claiming a corporate identity that isn’t registered where you say it is isn’t a vibe or a hunch — it’s checkable, and we checked it.
Leveraged got hit by two regulators in the same month
This one’s newer. In April 2026, Cyprus’s securities regulator (CySEC) put out a warning on the 7th that getleveraged.com isn’t authorized to operate. Two weeks later, Spain’s CNMV put out basically the same warning independently. Two different countries, two different regulators, same firm, same month.
We don’t think that’s a coincidence, and we don’t think it’s something a trader should find out about after they’ve already paid for a challenge.
Why we’re bothering to write this at all
Honestly? Because it’s the kind of thing that takes maybe twenty minutes per firm to check and almost nobody does it. A bad Trustpilot score can mean a firm is strict, slow, or just has some annoyed traders. A regulator warning means a government body looked at the company’s actual paperwork and said something’s wrong with it.
We’ll keep checking the rest of our list the same way and update this if anything changes — for better or worse.
If you want the full breakdown on either firm, including everything else we dug up, they’re both in our firm reviews.