Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.
This decision comes after 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.
Angelo Ciaramello, CEO of The Funded Trader, addressed their clients through a post on X. Ciaramello outlined plans to relaunch the brand with a new look and feel while addressing the main concerns of their community in the process.
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community.
Being in the…
— The Funded Trader (@thefundedtrader) March 28, 2024
The Funded Trader promised additional compensation to affected traders and detailed updates on the relaunch process.
The broader implications of MetaQuotes’ stricter enforcement actions have led to a suspension of 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.
Earleir this month, James Glyde, the former chief commercial officer of Spotware Systems, launched a new prop trading firm that will depend on the cTrader platform.
Operating under the brand name “PipFarm,” the venture emerges as a direct response to the industry’s recent challenges, notably MetaQuotes’ unexpected decision to discontinue support for its MetaTrader 4 and 5 platforms for funded trader firms.
Per an official statement, PipFarm aims to offer a stable and robust platform for traders affected by MetaQuotes’ decision. Glyde remarked that the choice of cTrader was driven by its comprehensive benefits, adding that the development and beta testing phases have ensured a reliable integration.
PipFarm not only addresses the immediate gap left by MetaQuotes but also introduces enhanced expertise into the funded trader space, the statement reads.
