I’ve spent the past two weeks digging into retail websites that call themselves prop or funded trading firms to report on a story about how HR startup Deel has quietly become the default payout provider for traders on these sites. I quickly discovered how much these websites, which proliferated after the meme stock trading craze of 2020-2021, were intertwined with social media, from the site’s Discord channels to the trader-influencers who share their tips on YouTube and Instagram. 

Websites such as The Funded Trader, Goat Trader and SurgeTrader entice retail investors to buy into virtual challenges with the promise that successful traders may win a chance to trade with the site’s money and get paid for those profits. But the Commodity Futures Trading Commission, in a suit against MyForexFunds, alleges traders don’t really get a chance to trade against outside investors and face intentional limitations that prevent them from making profits.