MT5 Back on Stage? The US Comeback of Two Prop Trading Giants

Over the past two years, the prop trading industry has gone through nothing short of a roller coaster. In early 2024, a wave of prop firms in the US that relied on grey-label versions of MetaTrader collapsed almost overnight after MetaQuotes took a heavy-handed approach to cut them off. The sector quickly slid into a downturn.

By the fall of 2025, however, two leading prop firms announced their return to the US market, once again drawing attention to a sector long viewed as regulatory grey and heavily dependent on technology. This brings forth an intriguing question: has MT5 really "come back"?

From Sudden Blow to the "February Diaspora"

In February 2024, MetaQuotes severed access to grey-label versions of MetaTrader for US-facing prop firms. Soon after, Fazzaco published a detailed timeline of events, calling it the "February Diaspora." At the time, many firms were forced to shut down overnight, traders found their accounts frozen, and partners were left scrambling.

According to Fazzaco's account, multiple well-known US-based and cross-border prop firms suspended services, shut down websites, or shifted to alternative third-party platforms within the same month. The disruption triggered a chain reaction across the industry: smaller firms saw funding lines break, while larger players explored technical alternatives—yet few were able to regain their prior momentum.

The blow wasn't just commercial. It also revealed structural weaknesses within the industry. The prop trading model—centered on challenges and profit-sharing—was meant to be supported by technology as a tool. Instead, MetaQuotes' market dominance made platform access a matter of survival.

Learn More: Everything You Want to Know about Prop Trading: 2024 and Beyond

Global Setbacks and Shifting Strategies

The fallout in the US cast a long shadow across the global prop trading sector. Many firms were forced to cut teams, halt expansion, or close altogether. Some pivoted toward education, software services, or broader financial communities, seeking survival in adjacent areas.

More Prop Firms Are Closing Down, When Will This Sh*tshow End?​

Meanwhile, others redirected their focus to Europe, Latin America, or the Middle East, where regulators largely remained on the sidelines, leaving prop trading in a persistent "grey zone." This regulatory ambiguity made it difficult to attract long-term capital or gain legitimacy within mainstream financial markets. Prop trading did not disappear, but its global visibility and influence clearly diminished.

The Return of Two Giants: Signal or Mirage?

In September 2025, two of the industry's leading firms announced their return to the US, reaffirming MT5 as their core trading platform. Their size, branding power, and funding capacity turned the move into a perceived "signal of recovery."

For brokers and potential partners, the news was uplifting. The very presence of these giants serves as a symbol of industry resilience. Their advantages in capital allocation, risk management, and marketing resources could reshape the US market landscape. Some industry voices suggest their return may inspire smaller prop firms to reconsider their own US strategies.

Still, this comeback does not mean the underlying problems have been resolved. Reliance on MetaQuotes remains a lingering risk. The "February Diaspora" made it clear that if MetaQuotes shifts strategy again, the industry could plunge back into chaos. As some analysts put it, "The survival capacity of the giants is unquestionable, but whether the industry as a whole can recover depends on its ability to reduce reliance on a single technology provider."

Uncertainty Ahead and Possible Paths Forward

Looking ahead, the future of the US market hinges on three variables:

First, whether regulators will step in. The US still lacks a unified framework for prop trading, but any forthcoming rules would directly determine whether the sector can integrate into the mainstream financial system.

Second, the diversification of technology providers. Should other trading software developers offer more open and transparent solutions, the industry could reduce its overreliance on MetaQuotes and lower systemic risks.

Finally, the ability of prop firms to evolve. Can the challenge model be optimized? Will profit-sharing mechanisms become more balanced? Can risk controls and trading transparency be enhanced? These questions will shape whether prop trading can move beyond short-term speculation and build a foundation for sustainable growth.