Propr Review

Propr is a perps prop firm built on Hyperliquid, the decentralized perpetual futures exchange. You trade crypto, stock, index, commodity and forex perpetuals in Propr's own terminal or through its API, and once funded you keep 80% of your profit, paid on demand in USDC on-chain. It sells four one-time evaluations from $25 to $1,998: Classic 1-Step, Turbo 1-Step, Pro 1-Step and Classic 2-Step.

The rulebook is short. There are two loss limits and almost nothing else: no consistency rule, no minimum days, no time limit, no news ban, no mandatory stop-loss, and bots are welcome. The catches are elsewhere. Every payout sweeps all your profit and resets the account, the split is 80% with no way to raise it, fees are never refunded, Propr decides trade by trade whether your orders reach the real market, and its own pages disagree on leverage, the daily loss calculation and the funded cap. This review covers all four plans with dollar examples.

The short version

• Best for: crypto and perps traders who want simple rules, on-chain payouts within minutes, and the freedom to run bots or trade the news.
• Not for: traders who want a higher split as they grow, who like to build a profit cushion before withdrawing, or who need a refund if things go wrong.
• Biggest strength: the payout process. On-demand USDC from $20, no waiting period, no payout fees, and a median payout time of 8 minutes 16 seconds shown on the homepage.
• Biggest risk: inconsistency in the documents. Leverage, the daily loss calculation and the funded cap differ between the rulebook, FAQ and homepage.
• Our score: 3.6 out of 5. Payouts and rules score highly; the price per dollar of funding and a short track record pull it down.

Who runs Propr

Propr's services are provided by Propr Limited (reg. no. 2211330), registered at Trinity Chambers, Road Town, Tortola, in the British Virgin Islands. Its terms, last modified on 26 August 2026, are governed by BVI law, and BVI courts have exclusive jurisdiction. The terms include a class-action waiver, so any dispute has to be brought individually. Propr says plainly that it is not a broker and is not authorized or regulated by the BVI Financial Services Commission or any other financial authority.

Propr doesn't publish a founding year. Its rulebook's first version is dated 25 February 2026, which is the earliest date we found. The homepage names Louis Regis as founder and CEO and says the firm is backed by SwissBorg; we couldn't verify the backing independently. The FAQ also says platform revenue goes toward growing the business or buying back $PROPR tokens.

Every account is 100% simulated. When you're funded, each trade is treated as a signal. Propr then decides, at its sole discretion and trade by trade, whether to copy it to Hyperliquid (A-book, visible on-chain) or record it internally (B-book). Your P&L is the same either way, and every trade on your dashboard is labeled A or B. Propr's rulebook openly lists the conflict of interest: on B-booked trades, the firm's profit is the opposite of yours. The FAQ says the booking algorithm is open source.

The full rules sit in a public rulebook with a dated changelog, and the rulebook says rules aren't changed retroactively for funded accounts. Challenge payments go through a merchant of record, Odeonpay ALE S.R.L. (Paysagi), so your card statement may not say Propr.

Programs and prices

Prices below are from Propr's rulebook, checked on 28 October 2026; the homepage cards match. All plans share the same basics: an 80% split, no time limit, no minimum trading days, a daily loss limit measured from your balance at 00:00 UTC, and breaches that are permanent with no resets or appeals. The profit target is measured on equity, so an open trade in profit can pass you.

Classic 1-Step

The standard one-phase evaluation.

• Make 10% with a 3% daily loss limit and a 6% static maximum drawdown.
• The same limits carry over to the funded account.

Daily loss figures are for a day that starts at the opening balance; the limit grows or shrinks with your start-of-day balance.

Worked example, $50,000 Classic 1-Step. Your floor is $47,000 and it never moves, which is a static drawdown. On day one your daily floor is $48,500. Bank $2,000 so the next day starts at $52,000, and that day's limit becomes 3% of $52,000, or $1,560, putting the daily floor at $50,440. You pass the moment equity touches $55,000, even with the trade still open.

Turbo 1-Step

The cheapest plan, with the least room.

• Make 9% with a 3% daily loss limit and a 3% static maximum drawdown.

Worked example, $10,000 Turbo. You pay $50. The floor is $9,700, the same as your first day's daily floor, so one bad day can end the account. You need $10,900 to pass, three times your total room. The changelog entry that introduced Turbo in June 2026 lists sizes from $5,000 to $100,000, but the current tables include $200,000.

Pro 1-Step

A middle option with the biggest target.

• Make 12% with a 3% daily loss limit and a 5% static maximum drawdown.

Worked example, $25,000 Pro 1-Step. For $185 you get a $23,750 floor and a $28,000 target. The target is 2.4 times your total room, which suits traders who let winners run well past their stop. The rulebook's opening line says it governs Classic 1-Step, Turbo 1-Step and Classic 2-Step only, yet it also tables Pro 1-Step, so assume the same rules apply.

Classic 2-Step

Two phases, a bigger daily limit and a trailing drawdown that stops at your starting balance.

• Step 1: reach 5%. Step 2: reach 10%. Your balance carries over between steps, so step 2 is another 5% on top of step 1.
• 5% daily loss limit and an 8% trailing maximum drawdown that follows your highest equity, including open profit.
• The trail stops once the floor reaches the starting balance.

Worked example, $100,000 Classic 2-Step. Your floor starts at $92,000. If equity peaks at $105,000, the floor rises to $97,000; at a $108,000 peak it reaches $100,000 and stops there. Step 1 passes at $105,000 equity and step 2 at $110,000. On a day that opens at a $100,000 balance, you can lose $5,000 before breaching. Because the trailing drawdown counts open profit, a winning trade that peaks at $106,000 and then reverses lifts your floor to $98,000 even though you never banked it.

Which Propr plan should you pick?

For most traders the Classic 2-Step is the best balance. It has the widest daily limit (5%), 8% of total room, and once you're 8% up the floor locks at your starting balance. The $100,000 costs $749, or $7.49 per $1,000, and the step targets are small.

The Pro 1-Step is the best-value one-step at $6.99 per $1,000 on the $100,000, with a static 5% floor. The 12% target is the hardest in the lineup, so it fits traders with a high reward-to-risk style.

The Classic 1-Step gives more room than Pro (6% against a 10% target) but costs the most: $9.99 per $1,000 on the $100,000 and $200,000.

The Turbo 1-Step is the cheapest at $4.50 per $1,000 on the $100,000, but a 3% total limit with a 9% target leaves almost no margin for a losing streak. Be careful how you use it: buying evaluations repeatedly to take maximum-risk bets is banned as "account cycling", and Propr can terminate and ban for it.

Trading rules in practice

Drawdown and the daily reset

Both limits are checked against equity in real time, and a momentary touch is enough to breach. The daily reset is at 00:00 UTC, which is 8pm in New York during daylight saving time and 7pm in winter.

How the daily limit is calculated has changed three times this year, and the documents still disagree:

The rulebook is the governing document, so plan on the v1.0.5 version. If you hold open positions over 00:00 UTC, the difference between balance and equity matters, so check how your dashboard shows the floor.

Leverage and fees

Leverage is fixed by asset and can't be changed. Propr's pages give different caps:

The homepage plan cards show BTC and ETH at 10x, so the conflict is on a single page too. Plan around 5x on BTC and ETH until Propr's terminal shows otherwise.

Trading fees are Hyperliquid's, passed through without markup: 0.015% maker and 0.045% taker on crypto perps, and 0.0045% to 0.009% taker on equity and commodity perps. A $100,000 BTC position (the most a $10,000 account can open at 10x) costs $45 to open and $45 to close with market orders, so $90 for the round trip. That's 30% of the $300 daily limit on a $10,000 Classic 1-Step. Funding rates are also charged or credited automatically, and both count toward your limits.

Position sizes are capped per asset: $1,000,000 for BTC, ETH, equities, commodities and FX, $150,000 for large-cap crypto with over $100 million of open interest, and 5% of open interest (between $50,000 and $100,000) for everything else.

News, weekends and holding

There are no restrictions. You can trade through any news release, hold over weekends and overnight, and keep positions open as long as you like. Crypto perps trade 24/7, and equity and commodity perps on Hyperliquid may trade outside their normal market hours. Propr is on our news trading list for this reason.

Bots, copy trading and hedging

Bots and AI agents are actively encouraged, with a REST API and Python and JS SDKs. Copy trading is allowed, including between your own Propr accounts, though running identical or mirrored trades across multiple accounts is prohibited. Hedging inside a single account is allowed.

What's banned is anything that removes real risk:

• Opposite or correlated positions across two or more Propr accounts (Propr's example is long ETH on one, short SOL on another).
• Hedging your Propr account with positions on outside exchanges, DEXs or other prop firms.
• Coordinating trades with other Propr traders.
• Account cycling, latency arbitrage, wash trading and exploiting the payout and drawdown mechanics.
• Trading several accounts from the same household, device or IP address.
• Strategies that would be hard to copy in live markets, such as trades big enough to trigger auto-deleveraging.

Propr's decisions on these are final and can't be appealed. The funded terms also let Propr cut your leverage, limit your volume or asset classes, or add "other consistency measures" if it finds prohibited conduct or a breach of its risk management rules, so the two-rules promise has a discretionary backstop.

Account limits

You can hold up to $200,000 in evaluations at once. The funded cap is $300,000 in the rulebook and on the homepage (raised from $200,000 in June 2026), but the trading rules FAQ still says $200,000.

How payouts work

Once funded, you can request a payout at any time with no waiting period and no limit on the number of requests. The minimum is $20, all positions must be closed, and payouts are processed within 24 hours in USDC on-chain. The homepage showed a median payout time of 8 minutes 16 seconds and $3,443,753 in total payouts when we checked on 28 October 2026. Propr charges no payout fees.

Every payout is a full sweep. You receive 80% of everything above the starting balance, and the account resets to its starting balance. There are no partial withdrawals.

The upside is that you're paid fast. The downside is that you can never build a cushion above your floor: after every payout you're back to the original 6% (or 3%, 5% or 8%) of room.

What each document says about the 2-Step after a payout:

Split. 80% on every plan and size, with no scaling tiers. The rulebook's first version mentioned a scaling program for funded traders, but no scaling plan appears in the current rules.

Fee refund. None. Evaluation fees are non-refundable once the account is activated, whatever the outcome, and there are no resets.

KYC. Not needed to buy or trade an evaluation, but required before your funded account is activated and before any payout. You need a passport or national ID and a live selfie; no proof of address. Propr says it usually takes minutes, and you can do it early from your dashboard settings.

Who can sign up

Propr's rulebook excludes people from or located in Bangladesh, Belarus, Burkina Faso, the Central African Republic, Congo, Cuba, Ethiopia, Haiti, Iran, Iraq, Kazakhstan, Kyrgyzstan, Lebanon, Libya, Mali, Myanmar, Nigeria, North Korea, Pakistan, Russia, Somalia, South Sudan, Sudan, Syria, Tajikistan, Turkmenistan, Uzbekistan, Venezuela, Yemen and Zimbabwe, plus Crimea, Donetsk and Luhansk, and any OFAC-sanctioned jurisdiction. The FAQ's list adds Afghanistan, Eritrea and Nicaragua but leaves out several countries the rulebook names, so check both. The United States isn't on either list.

VPNs are allowed, but your KYC has to match your real country of residence, and trading from a restricted country through a VPN ends the account with no refund or payout. You must be 18 or older, and you'll need a wallet that can receive USDC.

Reputation

On Trustpilot, Propr scores 4.4 out of 5 from 67 reviews, checked on 28 October 2026. Of those, 87% are five-star, 1% four-star, 3% two-star and 9% one-star. Propr claimed the profile in April 2026, pays for a Trustpilot subscription, and replied to 100% of negative reviews, typically within 24 hours. Trustpilot notes that Propr hasn't invited customers to review it recently, so the reviews may not be representative. See the Trustpilot page.

The positive reviews mostly praise payouts landing within minutes or hours, the on-chain transparency, responsive support and an involved founder. The negative ones mention platform bugs with stop-loss and take-profit placement, lag during fast markets, slow replies by email and Discord, one disputed evaluation result, and the cost of fees on scalping. In some replies, Propr says the platform was still in beta. With 67 reviews and a short history, it's an early read.

Propr also publishes a transparency dashboard with revenue, pass rates, aggregate trader positioning and every payout with its transaction hash, which lets you check payout claims yourself. We found no regulator actions or news reports of complaints about Propr in the outlets we check.

Mistakes to avoid at Propr

1. Expecting to bank a cushion. Every payout sweeps all profit and resets the balance. Decide whether to withdraw now or keep compounding toward a bigger payout, because there's no middle option.
2. Trusting the 10x figure on BTC and ETH. Two of Propr's pages say 5x. Size as if the lower cap applies.
3. Ignoring taker fees. At 0.045% each way, ten full-size market round trips on a $10,000 account at 10x cost $900, three times the daily limit.
4. Hedging with an outside account. A short on another exchange against your Propr long is banned and ends the account without appeal.
5. Treating Turbo as a lottery ticket. Repeatedly buying cheap accounts to swing for the target is banned as account cycling.
6. Forgetting the 2-Step trails open profit. A winner that peaks and reverses still raises your floor.

Before you buy: checklist

• Check both restricted-country lists, the rulebook's and the FAQ's.
• Set up a wallet that receives USDC, and complete KYC early from your dashboard.
• Confirm the leverage cap for your main markets inside the terminal.
• Work out your fee cost per round trip at your usual size.
• Read the changelog at the bottom of the rulebook so you know which version applies to you.
• Use code SCOUT at checkout. See our Propr coupon page for how to apply it.

Our verdict

Propr is one of the simplest prop firms to trade with. Two loss limits, no time limit, no news or weekend rules, full bot support, and on-chain USDC payouts that you can verify. For a perps trader who sizes sensibly and wants to be paid quickly, it's a good fit, and the Classic 2-Step is the plan to start with.

It's a young firm, though, and it shows. The daily loss rule has changed three times in 2026, leverage and the funded cap differ between pages, the 80% split never rises, and fees are never refunded. Keep your first account small, read the rulebook and changelog in full, and size for the stricter number wherever the documents disagree.