Proprietary trading grew up around forex and futures. The funded-account model that most traders know today – a one-time evaluation fee, a profit target, strict drawdown limits, and a majority share of profits – was originally built for currency pairs, indices, and futures contracts traded with familiar market structures. Crypto arrived later, and for years, the majority of firms treated it as an extra product rather than a core market.

But by 2026, this has changed. Traders are no longer choosing between two similar prop firms with slightly different crypto offerings. They are choosing between distinct models. One is the traditional forex-first prop firm that added crypto contracts to its existing contracts. The other is…