Prop firm Funded Trader to clear withdrawals ahead of relaunch

Prop trading firm The Funded Trader has announced a series of measures to address recent operational challenges and resume its services. The company detailed these plans in a series of tweets on X, outlining changes and updates “aimed at stabilizing and improving operations.”

Prop firm The Funded Trader to clear withdrawals ahead of relaunch

The Funded Trader highlighted claims that pending withdrawals will now be processed through Rise Works. Those owed withdrawals before March 28 will receive payments via the crypto addresses they submitted, with new cryptocurrency options, including TRC20, ERC20, and Polygon, being added to the firm’s dashboard.

Affiliate withdrawals are currently on hold as the company focuses on fulfilling requests made before March 28. Despite this pause, trader payouts remain active. The company stated that it is making gradual progress in rebuilding its operations.

The Funded Trader reported that it has processed 44% of affiliate payouts, 28% of trader payouts, and 52% of paused accounts since halting operations. The company acknowledged that the process is taking longer than expected but reiterated its promise to complete these tasks.

To improve customer support, The Funded Trader has launched a new support ticket system to provide users with relevant responses.

The firm also announced a transition to new ownership based in the Cayman Islands, and claims that future profits are intended to support operations or charitable causes.

Earlier in April, The Funded Trader updated its website with a few banners, nearly three weeks after it ceased all operations, with claims for a relaunch in the near future. However, there was no official statement on the relaunch on its website, Discord channel, or social media accounts yet.

Interestingly, this update came at a time when some users have been voicing concerns that The Funded Trader has ‘breached’ or shut down their accounts. Several users on X shared screenshots showing warnings or account closure notifications from the company, raising questions about what’s happening behind the scenes.

The firm halted payouts to clients earlier in the month, citing the need for a ‘self-imposed internal audit’ amid a series of challenges. The Funded Trader claims that the migration away from MetaTrader platforms, prompted by MetaQuotes’ crackdown on unlicensed services to U.S. retail clients, has been met with operational difficulties.

The firm’s website now displays a message to its visitors, asking for their patience and promising updates on the steps towards resuming operations. A countdown timer indicates a relaunch timeline of 21 days.

The Funded Trader promised additional compensation to affected traders and detailed updates on the relaunch process.

The Funded Trader, known for providing capital to traders willing to navigate “volatile markets” under its “stringent guidelines”, has been a key player in the prop trading industry. However, early signs of trouble began to surface in January when customers reported experiencing slippage in their trades, followed by a slew of complaints regarding payout denials and other operational issues on platforms such as Trustpilot. These incidents have raised alarms and questioned the firm’s reliability and transparency.

As the complaints mounted, PropFirmMatch, a website that rates and recommends proprietary trading firms, suspended The Funded Trader from its list of recommended firms. This suspension came after reports of account access issues, unwarranted drawdown violations, and severe delays in trade executions, leading to financial losses for its users.