For years the deal was simple: pay a futures prop firm an evaluation fee, trade its simulated account, and withdraw profits to your bank. In 2026 the biggest firms started offering a new destination for that money: their own brokerage. On 19 May 2026, Tradeify launched a retail futures brokerage called Slay Markets. It followed Topstep, which unveiled Topstep Brokerage in January. The prop firm that pays you now also wants to hold your live account.
What happened
Topstep, 27 January 2026. In a press release, Topstep announced Topstep Brokerage, an introducing broker (IB) registered with the National Futures Association (NFA ID 0567079). Topstep described it as the first introducing broker that lets individual accounts be funded by direct transfer of payouts earned in Topstep's prop program. Plus500 provides the trading technology, risk management and FCM clearing, as reported by TradeInformer and Finance Magnates. At announcement, a waitlist opened with plans to go live later in 2026.
Tradeify, 19 May 2026. According to its press release and Finance Magnates, Tradeify launched Slay Markets and signed an exclusive clearing agreement with NinjaTrader, with NinjaTrader Clearing LLC serving as the CFTC-registered futures commission merchant behind the brokerage. NinjaTrader is owned by crypto exchange Kraken.
Why it matters
A prop evaluation and a brokerage account are different products with different protections. A prop account is typically a simulated account governed by the firm's own agreement. A brokerage account at a registered FCM is a real account with your own money, regulated segregation rules and real fills. Moving from one to the other is a meaningful step up in regulation and in risk: in a prop account your maximum loss is usually the fee; in a live account it is your capital.
For the firms, the logic is easy to see. Payout money that leaves for a bank account is gone. Payout money that moves into an in-house brokerage relationship can keep generating revenue through commissions and platform fees. The press releases frame it as a career path for traders; the business model frames it as retention.
The conflict-of-interest question
Here is where it gets uncomfortable. The same firms set the payout rules, the caps and the consistency tests that decide how much money you can withdraw, and now they also offer a place to put it. None of the sources we reviewed allege misconduct, and both firms are working with regulated clearing partners. But the incentive overlap is real and worth watching.
The platform layer is also consolidating. Finance Magnates reported that Kraken-owned NinjaTrader launched its own prop-focused platforms, NinjaTrader Prop and Tradovate Prop, used by firms including Take Profit Trader, Apex Trader Funding and My Funded Futures. In July 2026, NinjaTrader ended its agreement with Alpha Futures in a dispute Alpha linked to its launch of a competing platform, per Finance Magnates. The vendors, clearers and prop firms are becoming intertwined.
Both sides
The optimistic view: a regulated, documented path from simulated evaluation to a real, self-funded brokerage account is healthier than the current model, where many funded traders never touch live markets. Registered IBs and FCMs bring oversight that pure prop firms lack.
The skeptical view: firms that profit when traders fail evaluations are now positioned to profit again when successful traders go live. Traders should keep asking whether the path is designed for them or for the funnel.
What traders can do (general, not advice)
- Verify registrations yourself on the NFA's BASIC database before moving money.
- Compare total costs (commissions, platform fees, data fees) with independent brokers.
- Understand the risk change: live futures trading with your own capital can lose more than an evaluation fee.
- Keep payouts portable; do not let convenience decide where your capital lives.
Key takeaways
- Topstep unveiled Topstep Brokerage, an NFA-registered introducing broker cleared via Plus500, on 27 January 2026.
- Tradeify launched Slay Markets on 19 May 2026 with NinjaTrader Clearing LLC as its exclusive FCM.
- Both let prop traders move toward live, self-funded trading, and both keep that money close to the firm.
- Kraken-owned NinjaTrader is simultaneously a platform vendor, clearer and prop-tech provider.
- The trend is not a scandal, but it creates incentive overlaps traders should watch.
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FAQ
What is Slay Markets?
A retail futures brokerage launched by Tradeify on 19 May 2026, with NinjaTrader Clearing LLC as its exclusive CFTC-registered futures commission merchant.
What is Topstep Brokerage?
An NFA-registered introducing broker announced on 27 January 2026 that lets traders fund personal brokerage accounts by transferring Topstep prop payouts, with Plus500 providing clearing and technology.
Is a brokerage account the same as a funded prop account?
No. A prop account is typically simulated and governed by the firm's agreement; a brokerage account trades your own money in live markets, where losses can exceed an evaluation fee.
Loomi.Ai provides educational market research, not financial advice. Trading futures and options involves substantial risk of loss, and backtested results are historical and do not guarantee future returns.
Sources
- Tradeify Launches Slay Markets Brokerage, Signs Exclusive Clearing Agreement With NinjaTrader, GlobeNewswire
- Futures Prop Firm Tradeify Launches Retail Brokerage, Partners with Kraken's NinjaTrader, Finance Magnates
- Topstep Brokerage Unveils Industry's First Prop-to-Brokerage Funding Model, GlobeNewswire
- Topstep launches introducing broker through Plus500 partnership, TradeInformer
- Plus500 Becomes Tech Backbone For US Prop Firm Topstep, Finance Magnates
- Kraken-Owned NinjaTrader Jumps into Prop Trading with Two Tech Platforms, Finance Magnates
- NinjaTrader and Alpha Futures Breakup Turns Bitter, Finance Magnates