⚠️ Affiliate Disclosure: CoinCodeCap may earn a commission through links on this page. Read our full disclosure. Risk Disclaimer: Prop trading and CFD trading involve significant risk of loss. Lepus requires a real money deposit for evaluation — this is different from most prop firms where challenge fees are the only upfront cost.
📋 How We Review Prop Firms: CoinCodeCap evaluates prop trading firms across five weighted criteria: Payout Reliability (35%), Evaluation Fairness (25%), Pricing Value (20%), Platform & Tools (10%), and Support & Transparency (10%). We research payout histories, Trustpilot reviews, community feedback, and official rule documentation before scoring. All facts are verified at time of publication.
⚠️ Important Correction: Lepus Proprietary Trading does NOT offer crypto trading. It trades FX, indices, commodities, and E-mini futures via CFDs only — no crypto, no equities, no options. The previous article title “Crypto Prop Firm” was inaccurate. Lepus also uses a fundamentally different model from typical prop firms: it requires a real AUD $2,000 deposit (not a challenge fee for a simulated account) and offers a 50% profit split — well below the 80–90% industry standard.
Lepus Proprietary Trading is a Melbourne-based institutional prop trading firm founded in 2013 — one of the oldest prop firms in Australia. It operates under an Australian Financial Services License representative structure (Wolverton Investment Group Pty Ltd, AFSL Rep No. 1314535). The model is closer to a traditional prop desk than a retail challenge firm: traders deposit real money for a 3-month live evaluation, receive mentorship from Richard Jackson, and qualify for funded accounts with a 50% profit split. It’s designed for traders who want structured institutional training in Australia, not fast online challenge-to-funded pipelines.
⚡ TL;DR — Lepus Proprietary Trading
Melbourne-based Australian prop firm founded 2013. FX, indices, commodities, E-mini futures ONLY — no crypto. Requires real AUD $2,000 deposit for evaluation. 3-month qualification period. 50% profit split. MT4 via OX Securities (ASIC-regulated). Best for Australian traders who want structured mentorship.
- 📅 Founded: 2013, Melbourne, Australia — Founder: Richard Jackson
- 🏛️ Legal: Wolverton Investment Group Pty Ltd, AFSL Rep No. 1314535 under AFSL 460940
- 💰 Evaluation Cost: AUD $2,000 real money deposit (not a simulated challenge fee)
- 📊 Markets: FX, Indices, Commodities, E-mini Futures — ❌ No crypto, no equities
- 💸 Profit Split: 50% — well below industry standard of 80–90%
- 📈 Funded Accounts: AUD $10,000–$2,000,000
- ⏱️ Evaluation Period: 3 months live trading with real deposited capital
- 🖥️ Platform: MetaTrader 4 via OX Securities (ASIC-regulated broker)
- 🎓 Training: 16-module course, live sessions with Richard Jackson, mentoring included
- ✅ Best For: Australian-based FX/futures traders who want structured institutional mentorship
Lepus at a Glance
| 📊 Feature | Details |
|---|---|
| ⭐ CoinCodeCap Rating | 3.8 / 5 (niche institutional model — not comparable to retail prop firms) |
| Founded | 2013, Melbourne, Australia — Founder: Richard Jackson |
| Legal Entity | Wolverton Investment Group Pty Ltd — AFSL Rep No. 1314535 |
| Best For | Australian-based FX/futures traders wanting structured mentorship and live evaluation |
| Markets | FX, Indices, Commodities, E-mini Futures (CFDs) — ❌ No crypto |
| Evaluation Type | Real money — AUD $2,000 deposit required (not simulated challenge) |
| Evaluation Period | 3 months live trading |
| Profit Target | 4–6% monthly consistently |
| Profit Split | 50% — lower than retail prop firm standard (80–90%) |
| Funded Account Sizes | AUD $10,000–$2,000,000 |
| Leverage | 1:30 maximum |
| Platform | MetaTrader 4 via OX Securities (ASIC-regulated broker) |
| Prohibited Strategies | Grid trading, martingale — all other styles permitted |
| Training Included | ✅ 16-module course, live trading sessions, 1-on-1 mentoring |
| Trustpilot | 24 reviews — overwhelmingly positive about Richard Jackson’s mentoring |
| 👉 Learn More About Lepus Proprietary Trading → | |
⚡ Bottom Line (Up Top): Lepus Proprietary Trading is a legitimate, AFSL-registered Australian institutional prop firm with a 10+ year track record. It operates a real-money evaluation model — not a simulated challenge — which is fundamentally different from firms like FTMO or FundedNext. The 50% profit split and 3-month evaluation period are less attractive than retail prop firms. The structured mentorship from Richard Jackson and access to funded accounts up to AUD $2M are the main draws. Best suited for Australian FX/futures traders who want institutional training and a real-money evaluation pathway.
What Is Lepus Proprietary Trading?
Lepus Proprietary Trading is an Australian institutional prop trading firm established in 2013 by Richard Jackson, who brings 20+ years of financial markets experience. The firm is the trading name of Wolverton Investment Group Pty Ltd, which operates as a Corporate Authorised Representative (No. 1314535) under AFSL 460940 — giving it formal legal standing within Australia’s financial services framework. It is based at Level 2, 349 Collins Street, Melbourne.
Unlike retail prop firms that run simulated challenge accounts (FTMO, FundedNext, Apex), Lepus requires traders to open a real account with OX Securities (an ASIC-regulated broker) and deposit a minimum of AUD $2,000. This is real money evaluated over 3 months — not a challenge fee for simulated access. The model mirrors a traditional prop desk: demonstrate consistent profitability (4–6% monthly), receive mentoring, qualify for funded capital.
How the Lepus Model Works
| Step | Details |
|---|---|
| 1. Enrol | Complete the 16-module Lepus trading course covering CFDs and E-mini futures |
| 2. Open Real Account | Deposit AUD $2,000 minimum at OX Securities (ASIC-regulated) — this is real capital |
| 3. Live Evaluation | 3-month qualification period — account synced via FX Blue for performance tracking |
| 4. Qualify | Demonstrate 4–6% monthly profit with consistent risk management, no grid/martingale |
| 5. Get Funded | Access Lepus’s capital — AUD $10K to $2M funded accounts with 50% profit split |
| 6. Training Continues | Live sessions with Richard Jackson ongoing · 1-on-1 mentoring · community access |
⚡ Expert Tip: The AUD $2,000 deposit is your own real money — not a sunk cost like a challenge fee. If you don’t qualify, you retain any profits (or bear any losses) from your evaluation trading. This is more similar to opening a brokerage account than paying for a prop firm challenge. Factor this distinction into your decision, especially if you trade Forex at other brokers already.
How We Rate Lepus
| Criteria | Weight | Score | Notes |
|---|---|---|---|
| Payout Reliability | 35% | 3.5 / 5 | Real-money model with AFSL registration adds legitimacy. 50% split is lower than industry. Small Trustpilot review base (24 reviews) — mostly positive about mentoring quality. |
| Evaluation Fairness | 25% | 3.5 / 5 | 3-month live evaluation with 4–6% monthly target is achievable but slow. Real money deposit is a meaningful barrier vs simulated challenge models. |
| Pricing Value | 20% | 3.0 / 5 | AUD $2,000 real deposit + 50% split is less favorable than paying $183 for FTMO with 80–90% split. The mentorship package adds value not found in standard prop firms. |
| Platform & Tools | 10% | 3.5 / 5 | MT4 via OX Securities (ASIC-regulated). Standard platform. FX Blue tracking. No crypto, no equities — limited market access vs competitors. |
| Support & Transparency | 10% | 4.5 / 5 | AFSL representative structure with real regulatory standing. Richard Jackson personally engaged per Trustpilot reviews. 16-module course included. |
| Overall: 3.8 / 5 (institutional niche — not comparable to retail prop firms) | |||
Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
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Lepus vs Standard Retail Prop Firms
| Feature | Lepus | FTMO | FundedNext |
|---|---|---|---|
| Evaluation Type | Real money (AUD $2K deposit) | Simulated challenge ($183+) | Simulated challenge (~$99+) |
| Evaluation Period | 3 months | ~30 days (no time limit) | No time limit |
| Profit Split | 50% | Up to 90% | Up to 95% |
| Markets | FX, Indices, Commodities, Futures | FX, Indices, Crypto, Stocks | FX, Indices, Crypto |
| Mentorship | ✅ Included — 16 modules + live sessions | ❌ Not offered | ❌ Not offered |
| Max Funded Account | AUD $2,000,000 | USD $2,000,000 | USD $4,000,000 |
| Regulatory Standing | AFSL Representative (Australia) | No direct regulation | No direct regulation |
Who Should Use Lepus?
Lepus suits you if: You’re in Australia and want an AFSL-registered, institutionally structured prop desk with personal mentoring from an experienced trader. You trade FX, indices, or commodities (not crypto) and value real-money evaluation over simulated challenge accounts. You’re willing to accept a 50% split in exchange for structured training, regulatory standing, and access to up to AUD $2M in capital.
Look elsewhere if: You trade crypto — Lepus doesn’t support it. You need an 80%+ profit split — use FTMO (90%) or FundedNext (95%). You want fast funding in days rather than months. You prefer a simulated challenge account where only the challenge fee is at risk — Lepus’s AUD $2,000 is real capital.
⚡ Bottom Line: Lepus Proprietary Trading is a legitimate, long-established Australian prop firm with a real regulatory standing and a model built around mentorship and live-account evaluation. For Australian-based FX and futures traders who want structured training and an institutional prop desk pathway, Lepus is a credible option. The 50% profit split, 3-month evaluation period, and real AUD $2,000 deposit make it a materially worse deal on paper than FTMO or FundedNext for most traders globally. Crypto traders and anyone outside Australia should use a different firm.
📝 Reviewed by the CoinCodeCap Editorial Team — Our prop firm reviews are researched and written by analysts with direct experience evaluating funded trading programs, payout structures, and challenge rule sets across 20+ firms. All scores and comparisons are updated quarterly or when firms announce material changes.
FAQs
Does Lepus offer crypto trading?
No. Lepus trades FX, indices, commodities, and E-mini futures via CFDs only. Crypto, equities, options, and warrants are explicitly excluded. If you need crypto prop trading, consider HyroTrader (real Bybit execution) or BrightFunded (zero consistency rules, 24-hr payouts).
How is Lepus different from FTMO or FundedNext?
Lepus uses a real-money evaluation model — you deposit AUD $2,000 into an actual OX Securities brokerage account and trade live for 3 months. FTMO and FundedNext use simulated challenge accounts where only the challenge fee is at risk. Lepus offers a 50% profit split and personal mentorship; FTMO and FundedNext offer 80–90%+ splits with no mentoring. Lepus suits institutional-style training; retail prop firms suit fast, independent traders.
Is Lepus regulated?
Lepus operates through Wolverton Investment Group Pty Ltd, a Corporate Authorised Representative (No. 1314535) under Australian Financial Services Licence (AFSL) 460940. This gives it formal standing within Australia’s financial services framework — more regulatory accountability than most offshore-registered prop firms. The execution broker, OX Securities, is directly ASIC-regulated.
Related articles: HyroTrader Review | FTMO Review | FundedNext Review | BrightFunded Review
