Does SpiceProp pay out?
The verdict, the risk score and the figures behind them.
We found something serious: a payout pattern, a severe clause, or regulator action.
Yes, SpiceProp pays, verifiably and at volume, but the pattern of who gets paid is the finding: small payouts flow daily while several large ones have been refused and the accounts closed.
- The firm publishes a payout ledger of 1,953 transfers to 558 accounts totalling about 2.19m USDT, each linked to a public blockchain record. We opened two at random on the chain and both matched exactly, including one dated 14 September 2026, the day before this review.
- The median payout is 610 USDT. Only 30 of 1,953 have ever exceeded 5,000 and only five exceeded 10,000.
- Against that, seven traders on Trustpilot between June and September 2026 describe large payouts (1,200 to 27,123 EUR) refused on consistency scores, shared-IP or device conflicts, or alleged copy trading, with balances forfeited.
- Ukraine's securities regulator, the NSSMC, named spiceprop.com on its list of dubious projects on 25 June 2025 and the firm still accepts Ukrainian traders.
- The terms are unusually numeric and fair in places, but they also allow amendment with immediate effect and a balance reset to zero at the firm's sole discretion.
Risk breakdown
Six axes, each scored 1-10. Higher means more risk.
Six axes, scored 1 to 10, where a higher number means more risk. Being unregulated is normal for a prop firm and is not scored against them.
- Identity & transparency6/10
Real active Czech company at the published address with a genuine named director, and no false licence claim; but the footer's headline entity does not exist on the register, the sole owner is disclosed nowhere, and the publicly presented Co-CEO holds no registered role.
- Payout7/10
A current, time-clustered pattern of large payouts refused with balance forfeiture, backed by account numbers and dates, set against an auditable on-chain ledger of 1,953 payouts still running the day before this review.
- Terms & rug-pull risk8/10
Amendments effective immediately on publication, sole-discretion violations, balance reset to zero and an undefined funded-stage style rule carrying profit forfeiture, partly offset by genuinely numeric thresholds elsewhere and a named appeals route.
- Trading conditions4/10
Simulated model stated plainly and repeatedly in the binding documents and MetaTrader 5 disclosed, but the About page markets institutional liquidity and ultra-low latency execution while the disclaimer denies any market access, and no liquidity partner is named.
- Reputation7/10
A regulator warning-list entry naming the exact domain, plus a polarised review profile of 68% five-star against 21% one-star over 604 reviews with the highest-value disputes unanswered.
- Operational & social4/10
Telegram and Facebook posting within the last four days, payouts processing daily and support channels published; offset by a community server rebuilt from scratch eight days ago, a payout channel not open to the public, a near-dormant video channel and weekday-only support hours.
Payout reality
Whether the money actually arrives, and what we could evidence.
This is the strongest payout evidence base we have seen from a firm of this size, and it sits beside a real and recent pattern of refusals. Both are true at once.
- What we could evidence. The firm publishes every payout as a blockchain transaction: 1,953 transfers to 558 distinct accounts, about 2.19m USDT, running from 13 May 2024 to 14 September 2026. We opened two at random and both reconciled exactly to the published row, including 553.21 USDT paid on 14 September 2026 and 1,655.52 USDT paid on 20 May 2026 to the trader named in the firm's own interview. The sending wallet shows over a thousand outbound transfers. Independent traders confirm this: one documented a 600 USD payout approved after exactly seven business days and wired the same day, updated 4 September 2026; another reported a first payout arriving on schedule around 7 August 2026.
- The size ceiling. The median payout is 610 USDT and the 90th percentile is 2,559. Only 30 payouts in the firm's entire history exceeded 5,000 and only five exceeded 10,000, the largest ever being 19,800 in August 2024.
- What sits above that ceiling. A trader on account 104783 documented 27,320 EUR of net profit, a first withdrawal of 7,954.58 EUR refused on 23 June 2026 because his consistency score read 105%, and then, after he brought that score to 30%, a 27,123.58 EUR request that ended with the account blocked and nothing paid. Another documented a 5,000 EUR request refused the next day, 13 August 2026, with both funded accounts closed over logins from a shared home computer in October 2025. A third was refused an 80% split on a copy-trading allegation the firm conceded in writing it could not technically substantiate, and was offered 20% instead under an explicit threat of full rejection.
- What we could not establish. Whether the 27,123 EUR case was ever resolved. Whether any of these accounts were genuinely in breach. Reddit discussion and the firm's Discord payout channel were not open to us.
- Volume is falling. Payout counts peaked at 188 in May 2025 and have run at 31 to 47 a month through 2026. That is a decline of roughly three quarters, steady at the lower level rather than stopping.
How the program works
The evaluation, the funded phase and what the firm keeps.
A buyer purchases a non-refundable evaluation. Nothing is deposited and nothing is returned as principal.
- Programmes: six families themed on chilli heat. One-step (10K to 75K), two-step (6K to 150K), a two-step Pro at 300K, three-step (15K to 120K), Instant funding (1K to 40K), Instant Pro (1K to 10K) and an Unlimited 15K.
- Price: from 40 to 45 EUR at the entry point up to 780 EUR at the top of the ladder.
- Targets and drawdown: programme specific and published. The one-step 10K shown on the homepage asks 10% profit against a 4% daily and 11% total static drawdown, then 4.5% daily and 11% total on the funded account.
- Leverage: fixed at 1:100. Platform is MetaTrader 5. Instruments are CFDs on forex, indices, metals, stocks, commodities and ETFs. No time limit on any programme.
- Profit split: 80% standard, rising to 90% on the top tier, with a paid add-on adding a further 5%. Instant Pro pays 50% until the first scaling milestone.
- Payout cadence: every 14 days, or every 7 days on the Pro 300K tier. To qualify the account must be 14 days old with at least 4 profitable days, each adding 0.5% or more, at least 100 EUR of realised profit and completed identity checks. Scaling runs to 1m EUR on some programmes and 2m EUR is advertised as the ceiling.
- Payment rail: USDT on Tron and Ethereum.
Who they are
The company behind the brand, and where it is registered.
- Brand: SpiceProp, trading under the strapline 'The flavor of money'.
- Legal entity: four are named across the firm's own pages. The Terms name SpiceProp SL LTD (Rodney Court Building, Rodney Bay, Gros Islet, Saint Lucia) as operator, with SpiceProp HK Limited (Hong Kong) and SpiceProp SRO (Prague) as payment affiliates. The footer additionally cites 'SPP Holdings s.r.o' at the Prague address.
- Registered: the Czech company that actually exists on the register is Spiceprop s.r.o., identification number 06314023, Bucharova 2657/12, Stodulky, 158 00 Prague 5. It is active and VAT registered. No company called SPP Holdings s.r.o. appears on the Czech register at all.
- Website: spiceprop.com, registered 25 October 2023. Dashboard at my.spiceprop.com.
- Founded: the Czech entity dates to 1 August 2017 but was called City Rentals Corp and then Riegrov Cap; it took the Spiceprop name on 13 December 2023, which is when the brand began.
- Team disclosed: Natalia Bojko is presented as Co-CEO and Founder, Tetiana Okunska as Head of Internal Audit, plus regional directors. The register shows Okunska as the sole statutory director and Dmitrijs Agafonovs as sole owner since 20 May 2024. Bojko holds no registered role and Agafonovs is named nowhere on the site.
- Where it accepts traders from: worldwide except the USA, Canada, Japan, Indonesia, Puerto Rico and nine sanctioned states. Vietnam and South Korea are accepted but under a much stricter annex.
Company on record
The legal entity named in the terms, as found on a public registry.
- Legal name
- Spiceprop s.r.o.
- Registration number
- 06314023
- Jurisdiction
- Czech Republic
- Incorporated
- 2017-08-01
- Registered address
- Bucharova 2657/12, Stodulky, 158 00 Prague 5, Czech Republic
- Registry
- ARES / Czech Commercial Register
Why this verdict
How the findings add up to this verdict.
HIGH_RISK, and the score is set by findings that are individually verifiable rather than by an overall impression.
- A regulator has acted. Ukraine's NSSMC resolved on 24 June 2025 to inform investors about dubious projects and published the notice the next day naming SpiceProp at spiceprop.com. The tie is the exact domain, not the brand name. The firm continues to accept Ukrainian clients; its own statutory director is a Ukrainian national.
- A payout-integrity pattern exists and is current. Seven traders between June and September 2026, across seven countries, describe the same sequence: a large payout is requested, a conduct rule is applied after the fact, the account is closed and the balance is lost. They give account numbers, request identifiers, amounts and dates.
- The terms authorise exactly that. Amendments take effect immediately on publication, a violation may be declared at the firm's sole discretion, and the stated remedy includes resetting a funded balance to its starting amount. The style-consistency requirement is written in words such as 'fundamentally match' with profit forfeiture attached.
- What holds the score at the bottom of the band rather than higher. Money demonstrably leaves, in volume, to hundreds of people, as recently as the day before this review, and it is published on a public ledger anyone can audit. There is no collapse signature.
Counterpoints
The strongest case in their favour, and what would change our mind.
The case in their favour
The case for SpiceProp is stronger than for most firms carrying a regulator listing, and it deserves to be stated properly.
- Radical payout transparency. Publishing every payout as a blockchain transaction is rare and it is the opposite of what a firm hiding non-payment would do. It is auditable by anyone, it cannot be curated after the fact, and it held up when we tested it.
- The terms are more numeric than the industry norm. The consistency threshold is published as a number, 30%, and a breach delays a payout until results normalise rather than voiding the account. Short-term trading is defined at three minutes and 5%. The risk rule is 2% with a three-strike allowance. Payout eligibility is fully specified. Manual review is capped at seven days with notice, and there is a named appeals address.
- Honest about what it is. The site states plainly and repeatedly that trading is simulated, that balances are not deposits and cannot be withdrawn, and that the company holds no licence and executes nothing in live markets. It claims no regulated status it does not have.
- Verifiable corporate substance. A real, active, VAT-registered Czech company at the address it publishes, with a genuine director who is named on the team page.
- It answers. Several critical reviews drew substantive public replies, including an offer to supply the exact metrics behind a breach, and at least one dispute was resolved after escalation.
What would change our mind
Specific and checkable, in both directions.
- Upward: a payout above 10,000 EUR appearing on the public ledger in the next quarter would break the size ceiling we measured and would be the single most persuasive datapoint available. Resolution of the 27,123.58 EUR case on account 104783, evidenced on chain. Removal of spiceprop.com from the NSSMC list, or the firm restricting Ukraine rather than continuing to sell there. A numeric definition of the funded-stage style-consistency rule. Replacing the immediate-effect amendment clause with a notice period for existing funded accounts.
- Downward: the published ledger going quiet for more than three weeks, or monthly counts falling below twenty. A second independent platform carrying the same refusal pattern with checkable specifics. Further regulator listings, particularly FSMA or CONSOB. The storefront continuing to promote heavily while payout counts keep contracting. Evidence that the shared-IP rule is being applied to traders who never shared an account.
Evidence ledger
Every finding behind the verdict, with its source.
- Against
E1Ukraine's securities regulator resolved on 24 June 2025 to inform investors about dubious investment projects and published the notice on 25 June 2025 naming SpiceProp at the exact address https://spiceprop.com/. Tied to the anchor by domain, not by brand name. The firm continues to accept Ukrainian traders.
- In favour
E2A payout of 553.21 USDT published by the firm for account 107223 on 14 September 2026 reconciles exactly to a successful on-chain transfer timestamped 14 September 2026 from the firm's payout wallet. A second published payout, 1,655.52 USDT on 20 May 2026, also reconciles exactly. Money is verifiably leaving, up to the day before this review.
- In favour
E3The firm's own payout ledger contains 1,953 dated payouts to 558 distinct accounts totalling about 2.19m USDT from 13 May 2024 to 14 September 2026, each linked to a public blockchain transaction. The median is 610 USDT and the 90th percentile is 2,559.
- Against
E4A trader on funded account 104783 (trader identifier 28301953) documents 27,320.78 EUR of net profit, a first withdrawal of 7,954.58 EUR refused on 23 June 2026 on a consistency score of 105%, and a follow-up request 21762155 for 27,123.58 EUR after bringing that score to 30%, ending with the account blocked and nothing paid.
- Against
E5A trader documents a 5,000 EUR withdrawal requested on 12 August 2026 and refused on 13 August 2026 with both funded accounts closed, on the basis of a device conflict recorded in October 2025 when a household member briefly used the same computer. He states 715 EUR of further challenge fees were taken in the intervening year before the violation was invoked.
- Against
E6A trader states the firm conceded in writing that it could not establish any technical mechanism behind an alleged copy-trading breach, yet offered 20% instead of the contractual 80% split as a goodwill resolution tied explicitly to a threat of full payout rejection, account reset or closure, and that the internal appeal route declined to re-examine the risk decision.
- Against
E7The Terms state that updates take effect immediately upon publication, that the company may act at its sole discretion on a detected violation, and that the remedies include cancelling all pending payout requests and reverting a funded balance to its starting amount. Section 6.4 additionally allows profit forfeiture where funded trading does not fundamentally match the evaluation style, a test stated in words rather than numbers.
- In favour
E8The same Terms publish numeric thresholds that most competitors leave vague: a 30% consistency limit whose consequence is a delay rather than forfeiture, a 2% risk rule with a three-strike allowance, short-term trades defined at three minutes and 5%, payout eligibility at 14 days, 4 profitable days and 100 EUR, manual review capped at seven days with notice, and a dedicated appeals address.
- Context
E9The Czech register shows Spiceprop s.r.o., number 06314023, active at the published Prague address, incorporated 1 August 2017 as City Rentals Corp, renamed Riegrov Cap in 2020 and Spiceprop on 13 December 2023. Sole director is Tetiana Okunska; sole owner since 20 May 2024 is Dmitrijs Agafonovs. No company named SPP Holdings s.r.o., as cited in the site footer, exists on the register.
ModerateARES, Czech Commercial Register - Context
E10Monthly payout counts in the firm's own ledger peaked at 188 in May 2025 and have run between 31 and 47 per month throughout 2026, with 35 in August 2026. Volume is down roughly three quarters from peak but has held steady at the lower level for seven months rather than stopping, and payments continued through 14 September 2026.
Official channels
Official accounts and the captures we archived.
Official channels
Audience size and the latest post we could see, captured on the review date. A prop firm usually goes quiet before it stops paying, so an inactive channel is worth noticing.
What we captured
Screenshots taken by WIKILIX on the review date. Pages change; these do not.
Questions about SpiceProp
The questions traders actually ask about this firm.
Yes, and it is one of the few firms where you can check this yourself. Every payout is published with a blockchain transaction link: 1,953 transfers to 558 accounts totalling roughly 2.19m USDT between May 2024 and 14 September 2026. We opened two at random and both matched the published row exactly.
The median payout in the firm's own ledger is 610 USDT. Only 30 of 1,953 payouts have ever exceeded 5,000 and the largest ever recorded is 19,800, in August 2024. Plan around regular small withdrawals rather than one big one.
There are two. The published consistency score is numeric: if more than 30% of profit comes from one day or one exposure your payout is delayed until results normalise, which is fairer than most firms. The second, in section 6.4, requires your funded trading to match the style, instruments and holding times you used to pass, and that one is written in words rather than numbers and carries profit forfeiture.
The Czech register shows Spiceprop s.r.o., number 06314023, with Tetiana Okunska as sole director and Dmitrijs Agafonovs as sole owner since May 2024. Natalia Bojko is presented publicly as Co-CEO and Founder but holds no registered role, and Agafonovs is not named on the site. The Terms name a Saint Lucia company as the contracting operator, with disputes going to Czech courts.
The terms say 24 business hours where everything is clean, and up to seven calendar days if the request goes to manual review. A trader documented exactly seven business days followed by same-day settlement in September 2026. Others report waits of two weeks or more, and one describes a payment split across tranches with the remainder still outstanding a month later.
Two reasons. Ukraine's securities regulator named spiceprop.com on its list of dubious projects on 25 June 2025. And between June and September 2026 seven traders documented large payouts refused after the fact on consistency, shared-IP or copy-trading grounds, with the balance lost. The small payouts flow; several of the large ones did not.
Simulated. The terms state that trading is conducted in a simulated environment with virtual funds, that balances are not deposits and cannot be withdrawn, and that the company does not execute trades in live markets. That is the industry norm and it is stated honestly here. The payouts themselves are real money in USDT.
Yes. Annex A, effective 20 March 2026, caps total funded capital at 75,000 EUR, restricts lot sizes to a 0.7 to 1.3 band of your challenge average, tightens the profit concentration limit to 25%, allows a mandatory video interview within 48 hours of a payout request, and permanently terminates the account after three rejected payout requests.
No. Programme fees are non-refundable once access is granted. The only refund contemplated is for unused fees where the firm itself ends your participation for style inconsistency.
What we would do
What we would do with our own money.
Treat this as a firm that pays reliably at small scale and becomes unpredictable above it.
- Size your expectations to the ledger. Payouts under about 2,500 EUR are well evidenced and routine. Above 5,000 EUR you are in the top 1.5% of everything this firm has ever paid, and that is precisely the band where the documented disputes sit. Withdraw early and often rather than compounding to a large single request.
- Trade from one device on one connection, always. The device and shared-IP rules are enforced retroactively and were cited in two of the most serious refusals, in one case over logins from a year earlier. Never let anyone else open an account from your machine or network, and do not use a VPN.
- Read section 6.4 before you buy. Your funded trading must match the style, instruments and holding times you used to pass. Switching approach after funding is grounds for profit forfeiture.
- Keep your consistency score under 30% from day one, and keep your own records: statements, request identifiers and correspondence. Every trader who got traction publicly had them.
- Complain within two days. The terms allow late complaints to be rejected outright.
- If you are in Ukraine, note that your own regulator has publicly listed this domain. If you are in Vietnam or South Korea, read Annex A first: it caps you at 75,000 EUR, imposes a lot-size band, and terminates the account after three rejected payout requests.