Start a Prop Firm: Plans, Costs, Jurisdictions (2026)

01Your launch plan

Six answers. One plan.

Pick an answer in each row and the notes on the right change as you go. Send it and we reply within one business day with your route, launch order and a fixed website quote. No JavaScript needed.

Your notesChoose a market, a budget and who carries payouts: the notes for your route appear here, with the pages to read next.

Forex and CFDsThe most crowded market. Platform risk is the trap: plan for two platforms. Match-Trader publishes a white label from $2,500 a month, TradeLocker a starter plan at $3,000 a month for up to 500 active accounts (vendor sites, 12 Oct 2026). Forex launch guide

FuturesUS-heavy customers, exchange data fees and a handful of platform routes (Rithmic, Tradovate, Volumetrica, NinjaTrader). Monthly subscription models are common. Futures launch guide

CryptoMarkets run 24/7, so rules, support and risk do too. Crypto payment rails make global sales easier; crypto licensing (VARA, MiCA) matters if you touch real assets. Crypto launch guide

StocksFewer firms and fewer platforms than forex or futures; equities data adds cost. A niche with less price competition. Starting a stocks prop firm

OptionsVery few firms offer options evaluations, so traders search for them and find little. Options rules (assignment, Greeks, spreads) need careful writing. Starting an options prop firm

Sports betting (18+)Funded sports betting is the least crowded prop market. It is a gambling-law question before it is a tech question: national and state gambling rules, age checks and responsible-gambling duties. Speak to a gaming lawyer first. Starting a sports-betting prop firm

Little or no cashRealistic only with an audience and a partner that carries capital and tech for a revenue share. You still pay for a company, legal review and a website. Starting with no money

Around $10kEnough for a profit-share white label, a company, legal templates reviewed by a lawyer and a launch website. Not enough to carry payout risk yourself. Launch budgets by tier

Around $50kEnough for a licensed platform with a prop CRM for the first months, KYC, payments set-up and marketing, with a modest payout reserve. Launch budgets by tier

$100k or moreRoom to own the stack and the risk: platform licence, CRM, risk tools, a proper payout reserve, a team and a serious marketing budget. Launch budgets by tier

A partner carries payoutsA capital-backed white label such as PropSuite (our disclosed technology partner: $2,749 setup, $0 a month, a share of net revenue, per propsuite.com) or a co-branded deal with an existing firm. The four launch routes

White label, your riskYou rent the platform and back office and keep the economics, and the payout liability. Budget a reserve before you sell the first challenge. White label prop firms

Turnkey stackPlatform, CRM, payments and KYC from one vendor, configured for you. Faster to launch; check data ownership and exit terms. The four launch routes

Your own stackMost control and most cost: platform licence, CRM, risk, payments and KYC contracts, and the people to run them. The four launch routes

02The launch checklist

Twelve steps, in the order that saves money.

The order matters: the platform contract decides your rules engine, the rules decide your legal documents, and the website comes last only in that it has to say all of it accurately.

Choose your market
Forex/CFD, futures, crypto, stocks, a mix, or sports betting. The market decides your platform options, data costs, customers and most of the legal questions. Compare markets
Decide who carries payouts
A capital-backed white label carries trader payouts for a revenue share; a licensed platform or your own stack leaves the payout risk, and the reserve, with you. White label vs own platform
Set a budget from published prices
Platform, CRM, KYC per check, payments, company formation, legal drafting, website, marketing and a payout reserve. Model it before you sign anything. Launch cost calculator
Pick the jurisdiction with a lawyer
Where you form the company decides banking, tax and which regulator can ask questions. Most evaluation firms hold no financial licence; check what applies to yours. Compare jurisdictions
Form the company and open banking
Formation takes days in most places; a bank account that accepts a prop firm takes weeks. Start both early and prepare to explain the simulated model. Formation costs
Sign the platform
Choose a platform your traders know and plan a second one: MetaQuotes cut prop firms off in 2024 and cTrader stopped US prop onboarding in July 2026. Choosing the platform
Write rules and prices
Account sizes, steps, targets, daily and max loss, minimum days, payout split and cycle. Every rule with a worked example, published before launch. Pricing challenges
Line up payments and KYC
A high-risk card processor plus a crypto route for purchases; KYC at first payout, and the payout methods traders in your markets can actually use. Payments for prop firms
Get the legal documents drafted
Terms, risk and simulated-trading disclosures, refund, payout and privacy policies, restricted countries. A lawyer drafts; you make sure the website says the same. Legal documents
Build the website
Pricing table, rules hub, payouts page, FAQ, affiliate page, legal pages and the checkout hand-off to your platform, fast on a phone and ready for search and AI answers. What the site needs
Plan marketing within ad rules
Paid ads for prop firms are restricted on the big networks, so plan affiliates, creators, community and SEO from day one, with compliant copy. Marketing under ad rules
Soft launch, then open
A small group first: test checkout, breaches, payouts and support end to end, fix what breaks, then open to the public. The full launch guide

03By market

What changes market by market.

Platforms, challenge models, data fees, payments and the regulatory picture differ more between markets than between most jurisdictions.

Forex and CFDsForex and CFDsStart a forex prop firm in 2026: CFD platform routes with published prices, challenge models, US traders, payments, licensing and a 30-day plan.FuturesFuturesStart a futures prop firm in 2026: Rithmic, Tradovate and Volumetrica routes, CME data fees, trailing drawdown rules, fee models, US traders and costs.CryptoCryptoStart a crypto prop firm in 2026: exchange-priced vs CFD platforms, rules for 24/7 markets, stablecoin checkout and payouts, MiCA, VARA and costs.StocksStocksHow to start a stock prop firm in 2026: CFDs vs exchange-listed shares, equity platforms, Nasdaq data fees, the end of the PDT rule, rules and costs.OptionsOptionsWhy options prop firms are rare and how to build one: simulated fills, assignment, gamma risk, OPRA data fees, platforms, rules and the licensing line.Sports bettingSports bettingStart a sports betting prop firm: the funded-bettor model, odds data, platforms, challenge rules, payments, the legal picture and launch steps. 18+.Sports bettingFunded sports bettingHow funded sports betting accounts work: published rules, simulated picks, payouts and the legal grey zone, for operators and bettors. 18+ only.

04By budget and model

What your budget buys, and who carries the risk.

Itemised launch budgets from published prices, and the four ways to run a firm: capital-backed white label, turnkey platform, your own stack, or a partner firm.

Budget · Little or no cashWith no moneyYou cannot launch on nothing, but a capital-backed white label cuts the cash to a setup fee and basics. Published costs, trade-offs and red flags.Budget · Three itemised tiersBudget: $10k, $50k, $100k+Three itemised prop firm budgets, about $10k, $50k and $100k+, built from published vendor prices: what each buys, what it cannot, which model fits.Model · Four routes comparedWhite label vs own platformCapital-backed white label, turnkey licence, your own stack or partnering with a firm: published costs, who pays traders, control and exit for each.Planning · Sports bettingSports betting business modelHow sports betting prop firms make money: evaluation fees, resets, pass rates, reward liability, sharp bettors, the reserve and what kills them. 18+.Planning · Template and modelBusiness planWhat a prop firm business plan contains section by section, unit economics with labelled assumptions, sourced industry figures, and a free template.

The money questions

Read how prop firms make money, whether they are profitable and the line-by-line startup cost, then model your own numbers in the launch cost calculator and profit calculator.

05The stack

Every layer, with published prices.

Platform, back office, payments, KYC, payouts, risk, legal and the website: the guides for each layer. Every vendor in detail: prop firm technology providers compared.

The stack · Sports bettingSports betting softwareThe sports betting prop firm stack: odds APIs, pick grading, risk rules, white labels, KYC, geolocation and payments, with published prices.

Stack guideWhat Software Does a Prop Firm Need?Stack guideWhat Trading Platform Should a New Prop Firm Use?Stack guideWhite Label Trading Platforms for Prop Firms (2026)Stack guideProp Firm CRM: Features, Options and What to Ask (2026)Stack guideProp Firm CRM and Back Office Cost (2026)Stack guideForex Payment Gateways for Prop Firms (2026)Stack guideCrypto Payments for Prop Firms: An Operator's Guide Stack guideKYC and AML Software for Prop Firms (2026)Stack guideProp Firm Payout Providers: How Firms Pay Traders Stack guideProp Firm Risk Management: A-Book and B-Book for Owners Stack guideLiquidity Providers for Prop Firms: When You Need One Stack guideWhat Legal Documents Does a Prop Firm Need?Stack guideProp Firm Terms and Conditions: What to Include Stack guideProp Firm Website Checklist: Every Page and Section (2026)Stack guideProp Firm Affiliate Software: Cellxpert, Track360 and More Stack guideHow Do Prop Firms Get Traders When Ads Are Restricted?

06By jurisdiction

Start a prop firm in 16 places.

What each place actually requires of a simulated-evaluation firm, the company to form, published fees, banking, tax and timeline. The full comparison table is on the jurisdictions page.

Africa

Anjouan Offshore Finance Authority (AOFA); not recognised by the Banque Centrale des ComoresAnjouan (Comoros)Agent-quoted licence €1,500 to apply + €18,000 a year; IBC fees vary by agent FSCA (Financial Sector Conduct Authority)South AfricaR125 CIPC registration plus R50 name reservation

Asia-Pacific

ASIC (Australian Securities and Investments Commission)AustraliaAUD 636 ASIC registration; AUD 342 annual review; ABN free Labuan FSA (Labuan Financial Services Authority)Labuan, MalaysiaUSD 1,000 annual company fee; licence USD 500 plus USD 5,000–10,000 a year

Caribbean and Atlantic

BVI FSC (Financial Services Commission)British Virgin IslandsUSD 550 government fee (up to 50,000 shares) plus registered agent fees Financial Services Regulatory Authority (FSRA)Saint LuciaCompanies Act XCD 750 (XCD 1,500 in a day); IBC USD 100–400 by quarter + USD 400 a year (agent-reported)Financial Services Authority (FSA) SVGSt Vincent and the GrenadinesUSD 125 government registration; agent packages from USD 1,049

North America

Provincial securities regulators (OSC, AMF, BCSC, ASC) via the CSA; CIRO for dealersCanadaCAD 200 federal online; CAD 300 in Ontario CFTC and NFA (futures, forex); SEC and FINRA (securities)United StatesUSD 100 (Wyoming) to USD 300 (Texas) state filing fee; EIN free

Europe

CySEC (Cyprus Securities and Exchange Commission)Cyprus€515 Registrar fees on the accelerated route; lawyer, office and audit extra FCA (Financial Conduct Authority)United Kingdom£100 online at Companies House; £50 yearly confirmation statement

Middle East

CMA (formerly SCA), DFSA in the DIFC, VARA for virtual assetsDubai (UAE)From AED 12,500 (Meydan) to AED 35,000–50,000 first year (DMCC)

Indian Ocean and Pacific

Financial Services Commission (FSC) MauritiusMauritiusGBC Rs 3,200 + USD 600 GBL fee; Authorised Company USD 100; agent packages from USD 2,849 MISA (Mwali International Services Authority); not recognised by the Comoros central bankMwali (Moheli), ComorosAgents quote about €1,200 to apply and €2,400 a year; packages €15,000–25,000 Financial Services Authority (FSA) SeychellesSeychellesUSD 130 government fee + USD 140 a year; agent packages from USD 649 Vanuatu Financial Services Commission (VFSC)VanuatuUSD 150 to incorporate + USD 300 a year (VFSC); about USD 1,000–2,500 first year with an agent

07Launch routes

PropSuite, or any route you choose.

We recommend PropSuite to founders who have an audience but don’t want to fund payouts or build tech. It is one route among several, and we build the website for all of them.

One route: launch on PropSuite

No platform to build, no trader capital to raise.

PropSuite is a capital-backed white-label prop firm: it runs the dashboard, challenges, checkout, KYC and payouts under your brand and says it carries the capital and pays traders. Published 12 Oct 2026: $2,749 one-time setup, no monthly platform fee, and a share of net revenue. Disclosure: PropSuite is PipValley’s technology partner and we may benefit if you launch on it. It is one option, not the only one.

Launch on PropSuite PropSuite, explained Compare every provider

08Founder questions

Every question founders actually ask.

GuideHow to Start a Prop Firm in 2026: An Operator's Guide GuideProp Firm Startup Costs (2026): A Line-by-Line Budget GuideHow Do Prop Firms Make Money? An Operator Explains GuideAre Prop Firms Profitable? What the Numbers Show GuideDo Prop Firms Need a License? What to Ask a Lawyer GuideWhite Label Prop Firm: How It Works and What It Costs (2026)GuideWhat Is a Prop Firm? The Operator's Definition GuideHow Do Prop Firms Work? The Business Behind the Challenge GuideWhat Is a Proprietary Trading Firm? Old Model vs New GuideDo Prop Firms Use Real Money? What Operators Actually Do GuideWhere Do Prop Firms Get Their Money?GuideHow Much Do Prop Firms Make? Revenue and Owner Earnings GuideAre Prop Firms Regulated? The State of Play in 2026 GuideWill Prop Firms Be Regulated? Signals for Founders GuideAre Prop Firms Legal in the US? A Founder's View GuideAre Prop Firms Legal in the UK? What Founders Should Know GuideAre Prop Firms Legal in Australia? ASIC's Position GuideWhy Are Prop Firms Banning US Traders?GuideWhy Do Most Prop Firms Fail? Seven Causes We See GuideIs a Prop Firm a Broker? The Difference That Matters GuideWhat Is a B-Book Prop Firm? A-Book, B-Book and Hybrid GuideHow Do Prop Firms Manage Risk? The Operator's Toolkit GuideHow Do Prop Firm Payouts Work? The Operator's Process GuideHow Many Traders Pass Prop Firm Challenges?GuideHow Should a Prop Firm Price Its Challenges?GuideWhy Do Futures Prop Firms Charge Monthly Fees?GuideCan You Buy a Prop Firm? What to Check Before You Do GuideHow Do Payouts Affect a Prop Firm's Cash Flow?GuideWhat Software Does a Prop Firm Need?GuideHow Long Does It Take to Start a Prop Firm?GuideWhat Trading Platform Should a New Prop Firm Use?GuideWhat Legal Documents Does a Prop Firm Need?GuideWhat Is the Consistency Rule in Prop Firms? Why Use It GuideAre Prop Firms Pyramid Schemes? An Honest Answer GuideCan You Start a Prop Trading Firm in India?GuideMT4 White Label for Prop Firms: Should You Still Use It?GuideHow Much Does It Cost to Start a Hedge Fund?

All guides · Glossary · Founder tools

09FAQ

Before you start.

How do I start a prop firm?

Choose a market, decide who carries trader payouts (a capital-backed white label, a licensed platform or your own stack), budget from published prices, form a company with legal advice, sign the platform, write rules and prices, set up payments, KYC and payouts, get legal documents drafted and launch a website that states all of it plainly.

How much does it cost to start a prop firm?

Anything from a few thousand dollars on a profit-share white label to six figures for your own stack and payout reserve. Published examples (12 Oct 2026): PropSuite $2,749 setup with no monthly platform fee; Match-Trader white label from $2,500 a month; TradeLocker from $3,000 a month for up to 500 accounts.

Do I need a licence to start a prop firm?

Many evaluation firms operate without a financial licence because traders buy simulated accounts and deposit no trading funds. That depends on your structure, where you are and where your customers are, and regulators have started asking questions. Take it to a qualified lawyer before launch; nothing here is legal advice.

Can I start a prop firm with no money?

Only with something else to trade for capital: usually an audience, partnered with a provider that carries the technology and payouts for a revenue share. Company formation, a lawyer’s review and a website still cost money, so plan for a small cash budget.

Where is the best place to start a prop firm?

There is no single best place. Founders weigh banking access, tax, the regulator’s stance on evaluation firms, cost and where they live. Cyprus, the UK, the US, Dubai and licence centres such as Seychelles, Mauritius, Vanuatu or the Comoros each trade these off differently; compare them on our jurisdictions page.

Does PipValley build websites for any platform?

Yes. PipValley designs and builds the marketing website for prop firms on any platform or white label, including PropSuite, Match-Trader, TradeLocker, DXtrade, cTrader, MT5 routes and futures stacks. Sites start at $1,490 plus a monthly care plan.

Start a prop firm, with the facts in front of you.