This new style of prop firm is nothing but a modern day bucket shop. When I started trading, a proprietary trading firm was a team of traders trading the firm's own money. Everyone showed up to the office and had a desk. Investment and commercial banks also had prop desks trading their own money for pure returns. You had to be the real deal to be on a prop desk! Now, a bunch of fraudsters have hijacked the term "prop trading" and turned into into glorified paper trading.