👀 Affiliate controversy hits Prop Firm Match

Hi everyone, another week is upon us and the markets are open, so let’s get into it.

The biggest story in the prop firm industry last week came from Prop Firm Match, after @traderkane posted a video showing that internal clicks on the comparison site were redirecting users through its affiliate links to firms’ websites, leaving Prop Firm Match’s referral cookie in their browsers.

Affiliate cookies determine which partner is credited and paid for a referral. This meant Prop Firm Match could potentially receive commission from a later purchase, even when another affiliate had generated the sale.

Prop Firm Match acknowledged that clicking a firm or promotional code had been opening the firm’s website through its affiliate link. It said this should not have happened and began contacting partners to review and reconcile any inaccuracies.

The fallout was considerable, with Tradeify, Topstep, Apex Trader Funding, Goat Funded Trader, FundingPips, Finotive Funding and Lucid Trading among the firms to cut ties with the platform.

Prop Firm Match says it has corrected the behaviour and is working with affected partners, but the episode will likely lead firms and comparison platforms to take a closer look at how affiliate clicks are tracked and disclosed.

📢  Firm Announcements

• FTMO’s founders revealed that the firm secured a $250 million credit facility to help finance its approximately $422 million acquisition of OANDA. They also said FTMO generated around $420 million in revenue during 2025 and remain open to a future IPO.

• MyFundedFutures lowered the live eligibility threshold for Studio 002 accounts from $10,000 in requested payouts to $5,000, with five approved payouts also qualifying. Builder traders who lose a live account through a maximum-loss breach now face a 21-day cooldown.

• BrightFunded launched its futures division with BrightPlus and BrightCore. Both have a 6% profit target, no daily loss limit, no activation fee and no monthly subscription, with NinjaTrader, Tradovate and TradingView available.

• Goat Funded Trader launched Goat Funded Predictions, offering simulated funded accounts for prediction markets covering sports, politics, economics, crypto and entertainment. Prices are based on Kalshi markets, with one-step evaluations, accounts up to $100K and an 80% default reward split.

• Alpha Capital Group launched Alpha Capital Direct, offering immediate access to simulated funded accounts without a profit target. The programme includes a 90% performance split, 3% daily loss limit and 5% trailing maximum loss, with accounts ranging from $2.5K to $200K.

• Blue Guardian capped crypto payouts at $1,000 per request. Larger withdrawals must now be processed through Rise Works, which has a $500 minimum and no stated maximum.

• Breakout added gold, Brent crude, copper and natural gas to its range of 24/7 markets. Gold is available with up to $500K in notional exposure.

• Funded Futures Family launched Choice, an invite-only evaluation that lets traders select either daily or weekly payouts after passing. Neither route has a funded consistency rule.

• Phidias Prop Firm introduced its Premium futures account, allowing overnight and weekend holding. Payouts are available every five trading days, with the 75% split increasing to 100% from the fifth payout.

From Payout Junction, here are the firms that paid out the most over the last 7 days 🏆️.

🕜 Red Folder News

Big week for US markets, with the midterm elections on Tuesday being the main event. Nonfarm payrolls then close out the week on Friday.

📈 Markets

Nasdaq at must-hold levels

NDX is breaking below its range lows and trading beneath the 200 day moving average for the first time since the April panic. The last breakdown reversed abruptly, and buying the dip has historically been a very effective long term strategy in US equity markets.

Nasdaq largest monthly decline since March 2025.

Barely noticeable on the monthly chart though, so keep it in context.

Tech stocks already looking cheap here

Nvidia sitting on a P/E ratio of 17.7x is pretty surprising tbh

China in freefall mode

Chinese equities are collapsing, with the CSI 300 suffering its worst month in more than a decade. Most people will be watching the midterm result for the market’s next move, but China is worth keeping on the watchlist. If the selloff gets much worse, the spillover into global markets could be substantial.

Gonna be an interesting week, have a good one!

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