Key terms at a glance (as published 30 January 2026)

• Challenge fee: $35 for the $5,000 plan up to $2,400 for the $500,000 plan; $599 for $100,000 (OANDA Assessments Ltd, Program Rules, 30 Jan 2026)
• Account sizes: six plans, $5,000 to $500,000 in virtual funding; merged accounts capped at $200,000 (same source)
• Profit split: 80% to the trader on every plan, with no published scaling to 90% in the final rules document (same source)
• Profit target: 5% in Phase 1 and 5% in Phase 2 for the $5,000 to $200,000 plans; 8% then 5% on the $500,000 plan (same source)
• Maximum drawdown: 10% static from the initial balance on $5,000 to $200,000; 10% trailing on the realised high-water mark for $500,000, capped at the starting balance (same source)
• Daily loss limit: 5% fixed from the initial balance, tracked from 17:00 EST, a hard breach (same source)
• Payout terms: minimum $200 per request at the Signal Provider stage, paid into an OANDA Global Markets account; the fee refunded with the first profit share (same source)
• Closure dates: migration window 2 to 31 March 2026, refunds by 30 April 2026, portal offline after 30 April 2026 (OANDA press release, 2 March 2026; OANDA Prop Trader Help Center)

What OANDA Prop Trader was, and why it mattered

OANDA Prop Trader launched in 2024 as the funded-account arm of a broker that already held licences in eight jurisdictions. That combination was rare. Most firms in this cluster are unregulated companies selling simulated accounts through a white-label platform; OANDA’s programme sat inside a group whose broking entities answer to the CFTC, the FCA, ASIC and others, even if the prop entity itself did not. The programme was run by OANDA Assessments Ltd, registered in Valletta, Malta, under company number C 106331, and payouts were routed into a live OANDA Global Markets brokerage account rather than a third-party payment processor.

Two corporate events ended it. On 1 December 2025 FTMO completed its purchase of OANDA from CVC Capital, a sale The Industry Spread covered when CVC first put the broker on the block. Three months later, on 2 March 2026, OANDA announced that its prop trading business would be folded into the FTMO Group. FTMO already ran the largest evaluation programme in the industry; a second, smaller one under the OANDA brand made no strategic sense. FTMO’s own statement said the programme would “formally conclude” on 31 March 2026 and pointed clients to OANDA’s announcement for their options (FTMO press release, 2 March 2026).

“We are incredibly proud of the client value delivered by OANDA Prop Trader,” said Lucian Lauerman, Deputy Chief Operating Officer at OANDA, in the release. “The successful transition into the FTMO Group allows our prop trading clients to benefit from the world’s most advanced infrastructure and specialised expertise.”

The trader version, documented below, was a four-week window in which challenge accounts were terminated, funded traders were given a binary choice between a refund and FTMO loyalty points, and a verification backlog left some traders who had passed Phase 2 waiting for accounts that were never activated.

The rules as they stood at closure

The final rulebook is dated 30 January 2026 and is still hosted on OANDA’s legal portal. It is the only primary source left: the marketing site redirects to ftmo.com and the help centre has been stripped back to wind-down articles.

The structure was a two-phase challenge followed by a “Signal Provider” stage, OANDA’s term for a funded trader. The name was not cosmetic. The rules state that Signal Provider accounts “are subject to ongoing risk reviews” and that OANDA could “impose risk management restrictions (such as reduced leverage, position limits, best trading day rules) or terminate accounts if trading activity is deemed high-risk, or inconsistent with the program’s risk parameters, or produces signals of no value to OANDA.” A funded trader was, in contract terms, a signal source the broker could switch off.

The numbers were competitive for a broker-backed desk. Both phases carried a 5% target on every plan except the $500,000 tier. Daily loss was a fixed 5% of the initial balance, not of equity, so it did not shrink as a trader gave back gains. Maximum drawdown was 10% static on the standard plans. Leverage ran to 100:1 on forex and 50:1 on gold, indices and commodity CFDs under a tiered margin table. There was no minimum trading day requirement, no mandatory stop-loss and no requirement to flatten before the weekend.

Payouts: what was published, what traders reported, what cannot be verified

The payout record, not the feature list, decides whether a prop firm deserved a trader’s fee. For OANDA Prop Trader the record is closed, and it is mixed.

What the firm published. An 80% profit share on all six plans. A $200 minimum payout, paid into an OANDA Global Markets account and “adjusted by the profit share percentage”. A refund of the most recent challenge fee, paid with the first profit share; traders who never generated a payout never got the fee back. The 2% daily maximum-profit consistency rule applied only during the challenge and was removed at the funded stage. What the rules document does not state is a payout cycle. There is no 14-day, bi-weekly or monthly figure anywhere in the 30 January 2026 rules, and the original FAQ pages that may have carried one are gone. Third-party review sites quote a first payout at 80% rising to 90% thereafter; that language does not appear in OANDA’s own final rules, and we have not relied on it.

What traders reported. OANDA Prop Trader’s Trustpilot profile closed on 477 reviews and a 3.6 score, with 59% five-star and 23% one-star (Trustpilot, proptrader.oanda.com). Pre-closure reviews were largely positive on speed. “The payout process is impressively fast. My first request was approved within 2 days, and the funds reached my account just 4-5 hours after approval,” wrote Faza Muhammad Ilham on 21 February 2026. The tone changed in March. Wagner Queiroz Salazar, 10 March 2026: “It’s been six days since I passed the second phase. They sent credentials… but haven’t activated or approved my KYC… still waiting for them to release my funded account.” OANDA’s reply acknowledged a “backlog within our verification and activation systems as we migrate accounts over to the FTMO environment.” Walid KLM, 24 February 2026: “I had already signed the funded agreement… my account was concluded… Instead of honoring the funding process, I was offered either a refund or discount points toward another firm.”

What could not be verified. OANDA never published aggregate payout data, a pass rate or a total paid figure for the programme. We could not verify how many Signal Providers were active on 2 March 2026, how many reached the “payout goal” by 31 March, or how many took FTMO Points rather than a refund. The help centre says refunds for funded accounts that “did not meet the payout goal on March 31, 2026” were to be processed between 16 and 30 April; whether that goal was the $200 minimum or something else is not defined in any surviving document. Anyone who was mid-cycle on 31 March and did not receive either a profit share or a fee refund by 30 April has no OANDA Prop Trader support channel left to ask.

The rules that failed traders, and the wind-down rule that failed more

In normal operation the rule that voided most OANDA challenge accounts was the 2% daily maximum-profit cap. It was not a soft consistency ratio calculated at payout time; it was a hard intraday trigger. Once realised and unrealised profit reached 2% of the initial balance, “all open positions will be closed and trading will be disabled until the following day.” On a $100,000 plan that is $2,000, and a single well-placed index trade could hit it in minutes, forcing a close at OANDA’s chosen moment rather than the trader’s. On the $500,000 plan the cap was 5%.

The news rule was the second trap. For four minutes around high-impact releases across nine economies, no order could be opened or manually closed, stops and targets could not be modified, and any pending order that triggered was cancelled. The rules called this “no Soft or Hard Breaches imposed”, yet the same document listed news trading as “a forbidden practice” that “can result in profit removal and/or account termination.” Copy trading into an OANDA account from any external source, including the trader’s own second account, was a breach. Thirty days without a trade was a hard breach.

The wind-down created a rule none of those traders had signed up for. The help centre is explicit: “Once you opt-in for a Migration Incentive, you forfeit your right to a challenge fee refund.” Traders could not split the two. Those who chose FTMO Points gave up their cash; those who chose cash gave up the points; and the points themselves were “redeemable exclusively via www.ftmo.com”, subject to FTMO’s jurisdiction list, and carried “the forfeiture of any challenge fee refund” as a condition of application. Challenge accounts in progress were not migrated with their progress intact. They were closed, and the fee was refunded between 6 and 30 April 2026 to the original payment method. The time spent inside a Phase 1 or Phase 2 account was written off.

How OANDA Prop Trader compared with where its traders were sent

The table sets the final OANDA rules against FTMO’s current 2-Step Challenge, which is where migrating traders were directed, and against ICFunded, the closest surviving broker-owned programme. FTMO figures are from its Trading Objectives page and our own FTMO review; ICFunded figures are from its rules page as of 28 August 2026 and our ICFunded review.

Term	OANDA Prop Trader (closed)	FTMO 2-Step	ICFunded 2-Step
Fee, entry plan	$35 for $5,000	€79 for $10,000 (1-Step); up to €1,080 for $200,000	$74 for $5,000
Profit targets	5% / 5%	10% / 5%	10% / 5%
Daily loss	5% static, initial balance	5%, reset 00:00 CE(S)T	4% then 5%, end-of-day equity
Max drawdown	10% static	10% static	8% then 10% static
Minimum days	None stated	4 per phase	3 profitable per phase
Consistency rule	2% daily profit cap, intraday close-out	None on 2-Step	0.5% minimum for a “profitable day”
Profit split	80%	80%, to 90% via Scaling Plan	80% fixed
Payout cycle	Not stated; $200 minimum	On demand after 14 days; $20 minimum	14-day cycles; 5 profitable days first
Fee refund	With first payout	With first payout	After third payout
Leverage, FX	100:1	100:1	50:1

On paper OANDA was the gentlest of the three: the lowest targets, no minimum days, the highest leverage. The 2% intraday profit cap was the price of that leniency, and it is the one term FTMO’s 2-Step does not carry. Migrating traders swapped a 5% Phase 1 target for a 10% one and gained an on-demand payout with a published cycle.

Regulatory posture

OANDA Prop Trader was operated by OANDA Assessments Ltd, 171 Old Bakery Street, Valletta, Malta, company number C 106331. The entity was not licensed by the Malta Financial Services Authority or any other regulator for the prop activity, and did not need to be: every account was virtual, no client money was held, and the trader was paid a share of simulated profit under a services contract. The regulated parts of the group, OANDA Global Markets in the British Virgin Islands and the FCA, CFTC, ASIC and MAS entities, touched the programme only as the destination account for payouts. That is the same perimeter problem we set out in our analysis of where prop-firm regulation actually bites: a regulated parent does not make the challenge product a regulated product.

The wind-down shows why that matters. A regulated broker closing a product line owes clients a complaints and compensation route. OANDA Assessments Ltd owed its traders what its terms said: a refund “where applicable”, by a date it chose, through a support desk it shut on 30 April. Anyone disputing the outcome now faces a Maltese company with no consumer regulator attached, and the group’s broker-backed peers are structured the same way.

FAQ

Is OANDA Prop Trader still open?
No. The programme formally concluded on 31 March 2026 and the dashboard, login and support desk were removed after 30 April 2026. The proptrader.oanda.com domain now redirects to FTMO’s homepage. Any site still selling “OANDA Prop Trader” challenges or discount codes is trading on a brand that no longer exists.

What happened to funded traders’ money?
Signal Providers who completed a payout between 2 and 31 March 2026 received their 80% profit share and, if it was their first, the challenge fee refund. Active funded accounts that did not reach the payout goal by 31 March were refunded their fee between 16 and 30 April. Breached accounts received nothing. Nobody was paid out on open simulated profit that had not been requested by 31 March.

What were FTMO Points?
A migration incentive redeemable only on ftmo.com with the same email used at OANDA, restricted to FTMO’s serviced jurisdictions. Accepting them forfeited the fee refund; OANDA did not allow a partial refund plus partial points.

Can I still get a refund?
OANDA’s help centre says all eligible refunds were processed to the original payment method by 30 April 2026 and did not require a support request. If yours did not arrive, the Prop Trader support channels are closed; the remaining routes are OANDA’s main brokerage support and a chargeback through the card issuer or payment provider, which typically carries a 120-day window from the transaction.

Does OANDA still offer any funded-account product?
Not under its own brand. OANDA Global Markets continues as a self-funded brokerage, but FTMO rewards are paid through FTMO’s own payout methods, not into an OANDA account. The only prop product in the group is FTMO’s.

This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm’s capital, not the trader’s. Terms change frequently — always verify current rules directly with the firm before paying any fee.