A new prop firm needs four things running before it can sell its first challenge: a trading platform, a CRM to run challenges and payouts, a way to verify who its clients are, and a way to take their money and pay them back. Almost nobody builds all four from scratch. The question is which named vendors actually cover each piece, and which of them are built for a proprietary trading firm rather than bolted on from a different industry.
This is a by-name list of vendors prop firms use in each category, based on what each vendor publishes about itself. We build Launch your Prop Firm and eTrader, so we name ourselves in the categories where we compete, with the trade-offs stated plainly.
Trading platforms
Most FX and CFD prop firms run one or two of the following: MetaTrader 4 or MetaTrader 5 from MetaQuotes, still the platforms with the largest trader base and the biggest library of robots and indicators; cTrader from Spotware, known for depth of market and algo trading in C#; DXtrade from Devexperts, sold as a white-label terminal a firm brands as its own; Match-Trader from Match-Trade Technologies, sold as part of a B2B package with a client office, payments and prop tools; and TradeLocker, which builds its terminal around TradingView charts and its own risk calculator, and says by its own account that it is newer than MetaTrader and cTrader.
eTrader, which we build, is the platform we would put on this list too: one stack with the terminal, native apps, price feed, MAM / PAMM, copytrading and cloud robots built in, and nothing for the firm to host. Its honest trade-offs: it is the newest platform on this list, its third-party library of indicators and robots is smaller than MetaTrader's, and robots are written in Tide, eTrader's own language, so a robot built for another platform is rewritten rather than imported. A deeper comparison of all of these is in MetaTrader alternatives for brokers and prop firms.
Firms running futures challenges look at a different set of names: NinjaTrader, built around NinjaScript in C# and focused on futures, Tradovate, a futures platform in the NinjaTrader group, and Rithmic, which supplies futures data and order routing used by many futures prop firms. None of these fit an FX or CFD challenge business, and a firm should not force them into that model.
CRM and challenge software
The CRM is what actually runs a prop firm day to day: the challenge storefront, the rules engine that passes or breaches an evaluation, payouts and affiliate tracking. Skale, sold as SkaleCRM, is a client portal and back-office system for brokers and prop firms with a marketplace of pre-integrated third-party tools. Uptrader offers a forex CRM with a trader's room, back office and platform integrations, and lists prop trading support for its customers. FX Back Office, sold as FXBO, is a CRM and back-office platform built specifically for brokers, with a large list of payment integrations. B2Core, from B2Broker, is a traders room and CRM with affiliate tools, sold alongside B2Broker's own liquidity and platform products.
SGHK's Prop Firm CRM is built specifically around challenge mechanics: an automated rules engine that checks drawdown, profit targets, activity, risk and position sizing, holding and news windows, consistency and prohibited strategies such as high-frequency trading, grid, martingale and hedging, with pass or breach decided in real time. It comes with eTrader connected from day one, and also connects in one click to MetaTrader 4, MetaTrader 5, cTrader, DXtrade, NinjaTrader, Match-Trader and TradeLocker, so a firm is not locked into eTrader alone to use it. The trade-off is the same as eTrader's own: firms that want the biggest possible third-party ecosystem around their platform will find more of it around MetaTrader.
| Category | Vendor | Known for |
|---|---|---|
| Platform | eTrader | One bundle, price feed and dealing desk included, cloud robots |
| MetaTrader 4 / 5 | Largest trader base and robot library | |
| cTrader | Depth of market, algo trading in C# | |
| Match-Trader | Platform plus CRM and payments as one package | |
| CRM | eTrader Prop Firm CRM | Rules engine built for challenge mechanics |
| Skale | Client portal with a large third-party marketplace | |
| Uptrader | Trader's room, back office, platform integrations | |
| FXBO | CRM and back office with payment integrations | |
| KYC | Sumsub | ID and business verification, used across fintech and trading |
| Onfido | Identity verification, part of Entrust since 2024 | |
| Veriff | Identity verification and know-your-business checks | |
| Jumio | Identity verification and AML screening |
KYC and identity verification
Sumsub describes its platform as verification and compliance infrastructure and lists trading and fintech among the industries it serves, covering ID checks, proof of address, liveness detection and AML screening. Onfido, now part of Entrust following a 2024 acquisition, built its name on document and biometric identity verification. Veriff offers document and identity verification, database checks and know-your-business verification across a large number of countries. Jumio focuses on AI-driven identity verification, biometrics and AML screening against sanctions and watch lists. Most prop firms do not build identity checks themselves; they pick one of these and plug it into their CRM.
SGHK does not build its own KYC engine. The Prop Firm CRM integrates any KYC provider by API, including Sumsub, Onfido and Veriff, or supports manual review for firms that want a person checking documents by hand.
Payments and payouts
Payments are the category where naming names gets riskiest, because processor policies toward forex and trading businesses change often and vary by processor, by country and by time. A firm should check a provider's current policy directly rather than relying on a blog post, including this one, for what any card or crypto processor accepts today. What stays constant is the shape of the stack: a card processor for deposits, usually a separate crypto processor for deposits and payouts, and a payout process that is either staff-reviewed or automated once funds are held in custody by the processor.
SGHK is a software provider. It introduces firms to PSPs and fintechs it works with, and it does not process payments itself. The Prop Firm CRM connects to a firm's chosen processors by API once the firm has its own merchant relationships in place.
Putting a stack together
The fastest route for a new prop firm is one platform, one CRM already built for challenge rules, one KYC provider connected by API, and a payments relationship set up before the first challenge sells. The slower route is assembling a platform, a generic CRM, a KYC tool and a payment gateway from four separate contracts and hoping the integrations hold up under load. Ask any vendor on this list for a live demo before signing, and check what happens to your data if you leave.
"We would rather a firm knew exactly what Skale, Uptrader or B2Core does well before choosing us. Naming the other vendors by what they actually publish is the only honest way to make that comparison."
— The SGHK Team
Key Takeaways
- A prop firm stack has four parts: a platform, a CRM with a challenge rules engine, a KYC provider and a payments relationship.
- Platform names to know: eTrader, MetaTrader 4 / 5, cTrader, DXtrade, Match-Trader, TradeLocker, and for futures props, NinjaTrader, Tradovate and Rithmic.
- CRM names to know: eTrader Prop Firm CRM, Skale, Uptrader, FXBO and B2Core, each with a different balance of built-in rules versus third-party marketplace.
- KYC names to know: Sumsub, Onfido, Veriff and Jumio. For payments, check each processor's current policy directly rather than trusting a fixed list.
Frequently Asked Questions
What trading platform do most prop firms use?
MetaTrader 4 and MetaTrader 5 remain the most widely used, with cTrader, DXtrade, Match-Trader and TradeLocker as the platforms most firms add or switch to. eTrader is worth a demo for a firm that wants the platform, price feed and dealing desk in one bundle rather than assembled from separate vendors.
Is Skale, Uptrader or FXBO better for a prop firm?
Each publishes a different strength: Skale leans on a large third-party integration marketplace, Uptrader lists prop trading support directly in its trader's room, and FXBO lists a large number of payment integrations. Compare them on a live demo against what your firm's challenge rules actually need.
Which KYC provider should a new prop firm pick?
Sumsub, Onfido, Veriff and Jumio each publish similar core coverage: document checks, liveness detection and AML screening. The differences are in coverage by country, pricing and how each integrates with your CRM, so this is worth testing with your own client documents before committing.
Can a payment processor refuse a prop firm?
Yes, and policies change. Trading and prop firm businesses are treated as higher risk by many processors, so check the provider's current policy directly before assuming it will accept your business.
Does SGHK process payments for prop firms?
No. SGHK is a software provider. It introduces firms to PSPs and fintechs it works with and connects a firm's own processors to the Prop Firm CRM by API, but it does not process payments itself.
About SGHK
SGHK is a FinTech company that designs and builds its own software for the trading industry: the eTrader trading platform, Launch your Broker and Launch your Prop Firm. Every product is written, hosted and supported in-house and licensed to trading firms, with the CRMs branded to them, all hosted by us in the cloud, managed by each firm and built to scale across clustered servers as our clients grow. Everything is encrypted, and each firm is the only one with access to its data and its clients' data.