I believe it’s a positive trend for prop trading that major brokers are developing their own directions in prop trading. First, it was Axi, and now Oanda has followed suit. I think this competition will benefit everyone involved
Axi has a very problematic and unpleasant history. They’re essentially fraudsters, pretending to be FCA-regulated while in fact “Axi Select” accounts are opened offshore and not properly regulated at all. Many people think they could (and indeed should) be next in the litigation firing-line after MFF.
Oanda perhaps a much better proposition, but with a very limited range of countries.
There’s always been unrestricted competition.
As with brokers, what improves things for customers is better regulation and compliance (so that - among other things - companies don’t make blatantly fraudulent statements on their websites, as it turned out MFF did).
That’s coming, too. 
Do you have evidence?
From the latest news, I only see a bunch of problems with almost all (if not all) prop firms in the US market.
Yes. It’s on their website. They stress prominently how well regulated they are, but they don’t tell you anywhere that Axi Select accounts are held offshore by a separate company and NOT regulated that way.
Only if you ask directly, then they tell you.
In other words, they try to deceive you.
Typical Axi
I also see that, re all the CFD ones (but the US market is only about 6% of their turnover anyway).
I see exactly the opposite with all the futures ones, and I think we all welcome that.
Oanda is the same. From their website.
OANDA Labs Assessment Limited Company Registration Number: C 106331, 171, Old Bakery Street, Valletta, VLT 1455, Malta
Dose it help that it’s Oanda? I think so. They’d get a ton of negative publicity for their regulated brand if they scammed folks here, don’t you think?
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Not at all the same!
One is EU-regulated in Malta and the other - a firm with a long history of “disappointed customers” to put it mildly - is all-but-unregulated (i.e. only by a famously fake regulator!).
Honestly, chalk and cheese.
Yes - totally agree. 
I’m not sure where you are getting this information from? Axi clearly state that Axi Select is only available to SVG members. From the Axi Select website:
Terms of service which can be found on their website:
With regard to Axi Select being next in the firing line, they are the only firm as far as I know that offer live trading accounts in the prop space and also do not service US clients, so they imo, seem the safest in the prop space right now.
Sorry I meant that the “Oanda Labs” is not regulated, so same as Axi Select using offshore “regulators”.
I was exciting to maybe try the funded account, but I’m not a fan of trading offshore. So I’ll look elsewhere when I get to that point.
Darwinex Zero is my new favorite prop firm right now
There are a lot of prop trading firms in the market for trading and yu can start trading with one of them. Do some deep research before starting with them but I think there is no harm in trading with a prop trading firm.
Any major news coming out of this industry related to regulation, especially in the US?
It’s a passive recruitment process. They have their challenge, and anyone can sign up. If you pass, they give you some money to trade. If you do well with their money, you and them both profit.
I may sign up sometime in the future.
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They really don’t.
With the exception of Lux Trading, the forex “funding firms” are actually your counterparty, and win when you lose. They don’t open real, funded accounts for you with a real broker. Some pretend to, but they own the “broker” themselves.
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You are right.
Very surprising indeed how common this is. Even (comparatively) “well-respected” (I thought) firms like Alpha Capital Group use this trick.
And 5%ers, who very hurriedly removed the reference to “brokers” from their website after a conversation here last week.
And of course it was part of what got MFF closed down.
All part of the many reasons why the futures ones (who open real, verifiably funded accounts on a real exchange) are a much safer, better proposition.
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I’ve joined the Axi Select program and am now gradually improving my EDGE score. I don’t think they’ll encounter issues like MFF or those experienced by other prop firms in the American market. Unlike most other companies, they are one of the few where you trade on a real account instead of a demo.
Why do you think so?
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These days, in response to the MFF litigation, loads have changed the fine print on their site, reworded everything carefully and aren’t even claiming to, and when you look closely at the others, many of them own the “brokers” themselves. Just a little due diligence goes a long way!
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Yes, I absolutely agree that it’s important to thoroughly check everything before engaging
I don’t. But I didn’t feel like arguing.
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