Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.
Effective this Friday, ThinkMarkets will cease to provide services to prop firms’ clients in the United States, as requested by Instant Funding’s current trading platform provider. The decision has caught many in the industry off guard, prompting firms to seek alternatives as soon as possible.
Despite this change, Instant Funding reassures its clients that it has been preparing for such a scenario and has a plan in place to ensure minimal disruption to their trading experience. The firm’s plan includes the introduction of DXtrade as an alternative trading platform for US traders, with a possible transition period of up to three weeks. Active US traders will be able to keep their accounts, and Instant Funding will provide weekly updates on the transition process.
To compensate for any downtime, Instant Funding will offer active US traders a free $10,000 One-Phase Challenge and a 30% discount code when transitioning to DXtrade. Additionally, the firm plans to announce promotions for its entire community post the DXtrade integration, with more details to be shared in March.
Instant Funding advises all active account holders to close their positions before the end of the trading session on February 23. Accounts with open trades at market close will have their positions automatically closed.
Hey team,
We want to inform our American clients of an important change in our trading platform due to a recent decision by our partner broker, ThinkMarkets.
As of the end of the trading session on Friday, February 23, ThinkMarkets will cease to provide services to prop firms’… pic.twitter.com/51KwgYYjnk
— Instant Funding (@InstantFunding_) February 20, 2024
Interestingly, Matt Lark, CEO of prop Lark Funding, said last week that they received reassurances from ThinkMarkets about their operations and “solid relationship” with MetaQuotes.
Among those relying on ThinkMarkets are AquaFunded, Bespoke, Forex Capital Funds, Goat Funded Trader, Instant Funding, Lark Funding, Ment Funding, My Flash Funding, My Funded FX, Skilled Funded Traders, Swift Funding, The Funded Trader, and Traddoo.
ThinkMarkets has instructed evaluation firms to stop onboarding US customers
It’s Tuesday SOON, and we are getting more information. A few key communications are still pending.
Stay patient, understand the risks involved
___
Broker/MT events and skyrocketing expenses will… https://t.co/eqcHouV0cZ pic.twitter.com/my1Z3s3rnW— FundTraders (@FundTraders) February 19, 2024
MetaQuotes’ stricter approach has led to ceasing services by several prop firms. The community reaction has been a mix of concern and confusion. Discussions on X reflect a sense of urgency to adapt to these changes, with timelines for compliance varying according to different sources. Some speculate that all brokers in violation of jurisdictional regulations must rectify their status by as late as June 30.
