ProphetX Review: The Sports-First Exchange, Its Fees and Promo Code
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ProphetX’s Road to a CFTC License
ProphetX is the newest federally licensed exchange in this group, but not a new company. Founded in 2018 and based in New York, it says it was licensed in the United Kingdom that year as a peer-to-peer marketplace for sports event trading. Dean Sisun is chief executive and co-founder.
In the U.S., ProphetX originally built its business state by state. Bloomberg Law reported in November 2025 that the company operated in about 40 states under that approach, and quoted Sisun as saying the co-founders “realized the model wasn’t scalable.” That month, ProphetX applied to the Commodity Futures Trading Commission to run its own exchange and clearing house.
Approval arrived in June 2026. CFTC records show ProphetX LLC, a Delaware company headquartered in New York, registered as a derivatives clearing organization (DCO) on June 10 and designated as a contract market (DCM) on June 11. Holding both licenses means ProphetX lists, matches, clears and settles its own contracts, which the company calls a “direct-clearing” model.
The CFTC’s order carries a notable condition: ProphetX may not let any futures commission merchant intermediate trades or carry customer accounts unless the order is amended. In practice, users trade as direct members of the exchange rather than through a broker. A filing ProphetX made to the CFTC on June 12 describes a central limit order book with price-time priority, and contracts that are fully collateralized rather than traded on margin.
The app’s App Store listing dates back to August 13, 2024, before the federal license, and is published by ProphetX OpCo LLC. Today it bills ProphetX as “America’s first sports-native prediction market.”
Does ProphetX Have a Promo Code?
We found no new-user offer or promo code published in ProphetX’s official help center or in its App Store description. There is, therefore, no published new-user offer to set out here.
| Offer detail | ProphetX |
|---|---|
| New customer offer | None found on official pages |
| Promo Code | ProphetX has not published one |
| Commission | 2% of net winnings per market |
| Age rating of app | 18+ (App Store) |
Any promotion presented inside the app at sign-up would carry its own terms, which should be read before depositing.
Joining ProphetX
ProphetX is available through its iPhone and Android apps and its website, getprophetx.co. Because the CFTC order bars brokers from carrying customer accounts, each user’s account sits directly with the exchange.
The App Store listing describes deposits and withdrawals as part of the app but does not list payment methods, and ProphetX’s help center does not publish a deposit minimum.
How ProphetX Prices and Settles a Trade
ProphetX’s help center describes the mechanics in terms of liquidity. Under each price, the app displays “the total amount of cash available at a specific price in the market.” An order up to that amount fills immediately. A larger order is partially filled, and the remainder waits for another participant to take the other side.
A recent change affects how money moves. Funds are now deducted from a user’s balance only when a trade is matched, not when the order is placed, and unmatched orders do not reduce the available cash balance. If a resting order is matched while the user is away, the collateral is de