👀 ProjectX Going Exclusive with Topstep, Pulling Plug on All Other Partners

Hi guys, it’s Kieran. Another week is upon us and the markets are open, so lets get into it.

📢 Prop Firm Industry News

After months of issues, non-resolutions and a lot of bad publicity, ProjectX have made the decision to pull the platform from “third party partners”. This means no firms except Topstep will offer ProjectX from Feb 28, 2026.

This will come as a frustrating end to a frustrating period after the platform has been integrated across many of the major firms, they will now have to reverse course and phase it out. Any of their customers who have come to rely on it, will now have no option but to join Topstep to continue using it.

Here is the communication in full that TopOneFutures received from ProjectX:

We’re reaching out to share an important update. After careful consideration, we’ve made the decision to wind down our ProjectX third-party service offering.

Since its inception, ProjectX has supported a wide community of partners. We’re proud of what it achieved and deeply appreciative of the trust our partners have placed in us.

Shifts in operational demands and upcoming compliance reporting, oversight, and audit requirements have made continuing third-party support no longer sustainable.

These changes would otherwise affect your ability to be properly serviced through our platform, and maintaining the integrity and protection of every partner remains our top priority.

Protecting trader data has always been foundational to ProjectX. In line with the values and policies we’ve always maintained, all partner data will remain isolated and secured throughout the wind-down and thereafter.

We will continue supporting third-party ProjectX partners through February 28, 2026 and will provide further guidance to ensure a smooth and professional transition.

Please refer to the attached letter for more details. We are sincerely grateful for your partnership and collaboration over the years. If you have any questions, our team is here to help.

Team ProjectX

Ben from Alpha Futures, who has had some choice words to say about ProjectX in the past, summed up the situation:

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

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🕜 Red Folder News

Here are this week’s red folder news events. The US Government shutdown is finally over and US data is back this week, with Non-Farm Payrolls on Thursday to look forward to.

📈 The Macro View

Risk-Off

Risk-On assets took a battering last week. Nasdaq was saved on Friday by a wave of end of day buying, but Bitcoin, which is a bellwether of risk-on sentiment, got pounded.

MSTR

Speaking of Risk-on bellwethers, MicroStrategy has absolutely cratered from $+500 to under $200. If this sell-off is just getting started, imagine how low this can go. Lot’s of major funds and institutions use this stock for exposure to Bitcoin, so will be looking on with the cold sweats.

Digital vs Physical

Gold holding up well amid the chaos.

Buy the dip?

Buy when there’s blood in the streets, as the famous saying goes. Historically this week sees the start of the end of year Santa rally. It’s never easy to buy the dip when we’re in the dip, but it wouldn’t be a shock to see a massive recovery this week. Futures green this morning.

OK guys that it from me, have a great week!

Kieran

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