India and the United States have emerged as the dominant traffic sources for prop trading firms worldwide, with each country accounting for roughly 40% of the highest organic traffic volumes among the sector's top 50 companies, according to new industry analysis.

The data, compiled by FYI from organic search traffic patterns across leading prop trading platforms, shows a clear geographic divide in how traders discover and engage with these firms online.

Traffic Patterns Reveal Market Preferences in Prop Trading

The organic search data paints a picture of two distinct trading cultures driving prop firm visibility. India's dominance in search traffic aligns with the country's rapidly expanding retail trading base, where millions of new traders have entered financial markets over the past several years.

Meanwhile, the US maintains its position as a key traffic source, reflecting the mature trading infrastructure and established prop trading culture in American markets. The roughly even split between these two countries highlights how prop firms must navigate vastly different regulatory environments, trading preferences, and market conditions.

“India and the U.S. dominate as the top traffic sources,” Christian Görgen from Marketing Agency FYI commented. “Out of 50 Prop Firms, ~40% see their highest organic traffic from India and ~40% from the U.S.”

FundedNext Leads Traffic Volumes

Among individual firms, FundedNext captured the highest estimated monthly organic traffic at 761,000 visits, with India serving as its primary traffic source. FTMO followed closely with 664,000 monthly visits, though its traffic comes predominantly from the UK market rather than India or the US.

TopStep rounded out the top three with 491,000 monthly visits, drawing most of its organic search traffic from US-based traders. The traffic figures suggest these firms have successfully optimized their content and marketing strategies for their respective primary markets.

I also refer interested readers to another market study by FYI, which found that chief marketing officers in the volatile trading industry remain in their positions for only about 18 months on average.

Large Market Despite Lack of Regulatory Green Light

India dominates the proprietary trading scene with the largest potential base of traders. However, local regulators remain skeptical of the industry. At the end of last year, the Indian regulator overseeing securities markets issued an advisory against “apps, web applications, or platforms” that provide “virtual trading services, paper trading, or fantasy games to the public based on stock price data of listed companies.”

While the notice did not explicitly mention “prop trading” or funded trading platforms, its language clearly refers to such services.

“Such activities are in violation of the Securities Contract (Regulation) Act, 1956 and SEBI Act, 1992, which are laws designed to protect investors,” the Securities and Exchange Board of India (SEBI) added.

In the meantime, The Reserve Bank of India updated its warning list adding two prop firms, FundedNext and Smart Prop Trader.