What Traders Should Watch Heading Into The Last Quarter Of 2025
The trading industry is evolving quickly in 2025. Retail-facing proprietary trading firms have opened doors for ambitious traders who want to access larger capital pools, while the cryptocurrency market appears to be gearing up for another potential bull run. These dynamics overlap in important ways: both rely on risk discipline, technological innovation, and the ability to capture momentum in fast-moving markets.
The Rise of Proprietary Trading Ecosystems
Proprietary trading is no longer a niche corner of finance. From legacy players like FTMO and Topstep to newer entrants such as NeomAAA, the sector is attracting a global wave of traders who want capital access without tying up their own savings.
This reflects a wider trend: prop firms are shifting from simple evaluation models into comprehensive trading ecosystems.
FTMO has become the benchmark in the space with its two-step “challenge” process and payouts that scale with consistency. Topstep, meanwhile, has carved out a strong niche in futures trading, offering exchange-traded contracts through its Trading Combine program. Other firms like The 5%ers, SurgeTrader, and Fidelcrest are experimenting with one-step challenges, instant funding options, or specialized asset coverage, making the market more competitive than ever.
Together, these players are shaping a multi-billion-dollar industry that is increasingly international and diverse in its offerings.
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