MyFundedFX, a popular prop trading brand, has dropped its legacy name and rebranded as SeacrestFunded. The new name aligns the prop platform with the newly launched forex and contracts for difference (CFD) broker, Seacrest Markets.

However, the prop brand is keeping MyFunded Futures intact, offering prop trading services with futures instruments, at least for now.

Creating Trust by Being Broker-Backed

The latest rebranding indicates the prop firm’s push to align its branding as a broker-backed prop platform. Interestingly, a survey by PipFarm, another prop brand, showed that about 60 per cent of traders trust broker-backed prop trading platforms.

broker-backed prop

Although prop trading has gained momentum over the past few years, some of the industry's brands have been operating for almost a decade. Brokers, however, only entered this niche yet booming sector in the past year.

Some established brokers offering prop trading include OANDA, Axi, Hantec Markets, IC Markets, and ThinkMarkets. Many other mid- and small-sized brokers have also started offering prop trading, following in the footsteps of the bigger ones.

Props Entering the Legacy Brokerage Industry

Meanwhile, prop trading brands are shifting towards the legacy brokerage industry. FTMO recently surprised the industry by acquiring OANDA, one of the big names in the FX and CFD brokerage sector. Although the deal's financial details remained undisclosed, it clearly showed how large the Czech prop trading platform has become.

Finance Magnates earlier reported that FTMO ended 2023 with a revenue of $213 million. It also had about $82 million in cash at the end of that year.

However, Seacrest Markets, the broker behind the now-SeacrestFunded (previously MyFundedFX), is a new entrant in the market. It only operates with a license from South Africa’s regulator, the Financial Sector Conduct Authority (FSCA), which it obtained in 2023. Currently, the broker encourages new clients to test its platform through demo accounts.

Last month, then-MyFundedFX allowed non-U.S. traders to migrate back to the MetaTrader 5 (MT5) platform through the newly established brokerage platform. This also shows how a brokerage license can help prop trading platforms streamline their operations.

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