On December 1, 2025, a shock wave swept through the prop firm industry.
The industry leader FTMO has officially completed the acquisition of the veteran broker OANDA.
What?! Isn’t it normally the other way around, with brokers acquiring prop firms?
That’s right. This acquisition is not just a simple M&A, but has the potential to become a turning point for the entire prop firm industry. Today, let’s go into the details of what this means.
1. Details of the FTMO×OANDA acquisition
📢 Acquisition overview
- Completion date: December 1, 2025
- Acquirer: CVC Asia Fund IV (owned OANDA since 2018)
- Regulatory approval: Obtained from 5 regulatory authorities (about 8 months)
- Acquisition amount: Undisclosed
- Advisors: J.P. Morgan (financial), Latham & Watkins (legal)
What is OANDA?
OANDA was founded in 1996 and is a veteran broker with financial licenses in 8 countries worldwide. In Japan, it operates as “OANDA Securities” with approval from the Financial Services Agency, and also offers a prop firm service called OANDA Prop Trader (※ not available to Japanese residents).
| Location | Regulatory Authority |
|---|---|
| United States | CFTC / NFA |
| United Kingdom | FCA |
| Singapore | MAS |
| Australia | ASIC |
| Japan | Financial Services Agency (OANDA Securities) |
| Canada | IIROC |
| Poland | KNF |
| British Virgin Islands | FSC |
FTMO’s vision
Otakar Šuffner, CEO and founder of FTMO, describes the purpose of the acquisition as follows:
💬 CEO comment
“We will continue to focus on our core business of modern prop trading. Our long-term plan is to build a trading powerhouse that provides services to traders at all levels. OANDA, which holds licenses in 8 major markets, is the optimal partner for this vision.”
The key point is the statement about “maintaining OANDA as an independent business entity”. In other words, FTMO and OANDA will continue to operate as separate brands.
2. Why did FTMO acquire a broker?
Does that mean prop firms are making more money than brokers?
It’s not as simple as “prop > broker”. Rather, this could be seen as proof that “prop firms alone have their limitations”.
Challenges for prop firms
- Regulatory risk: Legal status is ambiguous in many countries (gray zone)
- Sustainability issues: Challenge fees are “one-time income”
- Low customer lifetime value (LTV): Many customers drop out after 1-2 attempts
- Market saturation: Prop firms are proliferating and entering a price war
Strengths of brokers
- Licenses: The “armor” to legally provide financial services
- Recurring revenue: Spreads and commissions generate income per trade
- High LTV: Customers continue trading for years
- Liquidity: Can cover infrastructure in-house
FTMO’s true intention
【Traditional FTMO】
Challenge fee income → High profit margin but one-time
↓
Growth limit 😢
【Post-acquisition FTMO+OANDA】
Challenge purchase → Pass → Pro Trader
↓
(Partially) Directed to OANDA live account
↓
Continuous spread income (maximize LTV) 🚀
In other words, by acquiring OANDA’s licensing infrastructure, FTMO has simultaneously obtained the “armor to protect itself from regulatory risks” and the “mechanism to lock in customers”.
3. Broker-supported vs Independent prop firms
This acquisition has led the prop firm industry to be broadly divided into two camps.
List of broker-supported prop firms
| Prop Firm | Parent Company/Supported Broker | Main Regulation |
|---|---|---|
| 🫐 BlueberryFunded | Blueberry Markets | ASIC, SCB |
| 🟪 SuperFunded | EightCap | ASIC, FCA, CySEC |
| 🧬 DnaFunded | EightCap | Same as above |
| OANDA Prop Trader | OANDA | FCA, CFTC, ASIC, MAS, Financial Services Agency, etc. |
| 🔴 Axi Select | Axi | FCA, ASIC, FMA |
| AtmosFunded | Taurex | FCA, DFSA |
| 🟢 ThinkCapital | ThinkMarkets | FCA, ASIC, CySEC |
| DPFunded | Doo Prime | Seychelles, Mauritius, etc. |
Independent prop firms
| Prop Firm | Headquarters | Characteristics |
|---|---|---|
| ⬛ FTMO (post-acquisition) | Czech Republic | Subsidiary of OANDA |
| 🟣 Fintokei | Czech Republic | Specializes in the Japanese market |
| 🟦 FundedNext | UAE | Competes on scale |
| 🟡 PipFarm | United Kingdom | Emerging and rapidly growing |
| 🟠 Fundora | – | Japanese language support |
| 7️⃣ Funded7 | UAE | Low price & high profit sharing ratio |
📢 Spotlight on the emerging prop firm: What is Funded7?
Among the independent prop firms, the one that has been attracting a lot of attention recently is Funded7.
- Low price: $59 for a $6,000 account, one of the lowest in the industry
- High profit share: Up to 90% profit sharing
- Flexible rules: News trading allowed, weekend holding allowed
- Diverse plans: Choose from 1-step, 2-step, or 3-step plans
While not a broker-supported firm, traders focused on cost-effectiveness may find Funded7 to be an attractive option. For more details, please refer to the article “【Latest in 2025】Complete Guide to Funded7 | Reviews, Rules, Withdrawal Methods”.
Comparison between the two
| Item | Broker-supported | Independent |
|---|---|---|
| Credibility | ⭐⭐⭐&#
|