Seacrest Markets, formerly MyFundedFX, terminated all proprietary trading accounts on 6 February 2026. The firm gave traders just two days' notice before force-closing every open position and pivoting entirely to its CFD brokerage business.
If you were a MyFundedFX or SeacrestFunded trader, here is what happened, how to handle your refund, and where to go next.
Timeline of Events
- June 2022 — MyFundedFX founded by Matthew Leech in Dallas, Texas
- 2023 — Peak year with $22.7 million paid out across 32,842 transactions
- February 2025 — Rebranded to SeacrestFunded, restricted new US customers
- Late 2025 — Traders reported payout delays during the transition
- 4 February 2026 — Prop trading closure announced via email
- 6 February 2026 — All prop accounts force-closed
- 28 February 2026 — Deadline for refund and payout requests
The gap between announcement and closure was just two days. Traders with active funded accounts had almost no time to react.
Why They Shut Down
Seacrest Markets said it was "pivoting its entire focus back to its traditional Contract-for-Difference (CFD) brokerage business." No regulatory action triggered the move.
The reality is broader. Between 80 and 100 prop firms closed in 2024 alone, and the trend has continued into 2026. The challenge-fee model — where firms rely on failing traders to fund payouts to profitable ones — has proven unsustainable for many operators. Challenge pass rates have been declining across the industry and average trader investments have dropped by roughly 50%.
MyFundedFX paid out over $56 million to more than 500,000 traders in 190 countries during its 3.5 years of operation. That is a significant track record, but not enough to prevent the business model from breaking down.
The Refund Situation
The refund process has been mixed.
Traders with active, unbreached challenge accounts could request a full refund through an official form. Funded account holders could claim final payouts via the Seacrest dashboard. The deadline was 28 February 2026, with processing on a first-come, first-served basis within 30 days.
Some traders reported receiving refunds within one to four days. One described it as "an honourable end" after receiving a full refund on a nearly three-year-old evaluation.
Others had a worse experience. Reports include being redirected between departments, crypto-only refunds when the original deposit was by card, payout rejections citing alleged rule violations after multiple successful previous withdrawals, and funded traders with $100,000+ accounts reporting serious losses.
Notably, MyFundedFX's Trustpilot profile was removed entirely due to fake reviews being detected on the platform.
What Is Seacrest Markets Now?
Seacrest Markets continues operating as an FSCA-regulated CFD broker (licence FSP 53315). It offers forex, indices, crypto, and commodities on MetaTrader 5 with leverage up to 1:500 and spreads from 0.1 pips.
The prop trading division is permanently closed. There is no indication it will return.
5 Alternatives for Displaced Traders
If you need a new prop firm, these are the strongest options based on payout track record, Trustpilot ratings, and challenge terms.
1. FTMO
The industry benchmark. Founded in 2015 with a 4.8/5 Trustpilot rating across 40,000+ reviews and over $200 million paid out.
- Profit split: 80%, rising to 90% with scaling
- Challenge: 2-step (10% target, then 5%) or new 1-step option
- Cost (100K account): ~EUR 540
- Payout: Bi-weekly, challenge fee refunded with first payout
- Platforms: MT4, MT5, cTrader, DXTrade
FTMO recently launched a 1-Step Challenge with 90% profit split from the first payout — a direct response to competitive pressure.
2. FundedNext
The fastest-growing challenger to FTMO, with $261 million paid to 93,000+ traders and a 4.5/5 Trustpilot rating.
- Profit split: Up to 95%
- Challenge: 2-step or 1-step options
- Cost (100K account): ~$279
- Payout: Within 24 hours or $1,000 compensation
- Unique: 15% profit share during the challenge phase itself
3. E8 Markets
Dallas-based firm with $68 million paid across 18,900+ transactions.
- Profit split: Up to 100%
- Challenge: 2-step, from ~$88 for a $25K account
- Payout: On-demand after 14 days
- Max funding: $300,000
- Unique: Challenge fee refunded with first payout, E8X analytics dashboard
4. The5ers
Operating since 2016 with a 4.8/5 Trustpilot rating and $43 million paid out.
- Profit split: 80%, scaling to 100%
- Challenge: Bootcamp from $95 or High Stakes from ~$530
- Scaling: Path to $4 million funded account
- Unique: Most affordable entry at $39 minimum
5. Fintokei
Newer firm with a 4.8/5 Trustpilot rating and a unique gamified scaling system.
- Profit split: Up to 95-100% at top tier
- Challenge: From $99, fee refundable on pass
- Scaling: XP-based progression through levels
- Platforms: MT4, MT5, cTrader
- Unique: Reported payout of $5,000+ processed in under 2 hours
What to Look for in Your Next Prop Firm
The MyFundedFX closure is part of a pattern. Before committing to any prop firm, check these basics:
- Payout history — How much have they paid out, and over how long? Firms with less than a year of payouts carry higher risk
- Trustpilot trend — Not just the rating, but the trajectory. A score dropping fast is a warning sign
- Rule stability — Have they changed rules retroactively? This is the clearest red flag in the industry
- Challenge pricing — If it looks too cheap, the firm may be relying on volume over sustainability
- Regulatory status — Prop firms are largely unregulated, but those with parent companies holding broker licences offer marginally more accountability
For more on the prop firm market in 2026, see our coverage of the FundingTicks shutdown, the FTMO 1-Step Challenge launch, and the latest FCA warning list updates.
Frequently Asked Questions
What happened to MyFundedFX?
MyFundedFX rebranded to SeacrestFunded in February 2025, then shut down all prop trading on 6 February 2026. The parent company, Seacrest Markets, continues as a CFD broker.
Can I still get a refund from MyFundedFX?
The refund deadline was 28 February 2026. If you missed it, contact Seacrest Markets directly, though success is not guaranteed.
Why did MyFundedFX close?
The firm cited a strategic pivot to CFD brokerage. Industry analysts point to the broader unsustainability of the challenge-fee prop firm model, with 80-100 firms closing in 2024 alone.
Is Seacrest Markets still operating?
Yes, as an FSCA-regulated CFD broker offering forex, indices, crypto, and commodities on MT5. The prop trading division is permanently closed.
What is the best alternative to MyFundedFX?
FTMO and FundedNext are the safest options based on payout history and Trustpilot ratings. FTMO has paid $200M+ over 10 years; FundedNext has paid $261M+ with 24-hour payout processing.
Are prop firms safe to use in 2026?
The industry is consolidating. Stick with firms that have multi-year track records, transparent payout histories, and stable rules. Avoid firms offering unsustainably cheap challenges or changing terms retroactively.