🏛️ Regulation

Most retail/funded prop firms are not classified as financial intermediaries in most jurisdictions and are therefore generally not regulated the way brokers are — traders are typically trading simulated or demo accounts, not client funds. Quantitative/institutional firms may be registered with relevant financial authorities depending on the markets they access directly.

Broker-backed prop firms may carry additional oversight through their regulated parent broker. Always verify a firm's legal entity, registration, and terms of service before depositing evaluation fees.