A number of prop trading firms, including Swift Funding, Audacity Capital, and Bespoke, have announced a temporary suspension on onboarding US traders.
The move comes in line with a growing trend of caution among proprietary trading firms as MetaQuotes, the developer of the MT4 and MT5 trading platforms, continues to tighten its oversight, directly impacting brokers and platforms servicing US clients.
London-based Audacity Capital today followed suit, citing a thorough review of its services and policies as the rationale behind its decision to halt new registrations from the United States. This announcement aligns with similar actions taken by other firms in response to perceived pressures from MetaQuotes.
📢 Attention Traders! Due to regulatory standards, new registrations from the U.S. are on hold.
For our existing traders, access to our programs remains unchanged.
We’re committed to providing you with the best service possible.
Stay tuned for more upcoming updates. pic.twitter.com/yPNty2AVdf
— AudaCity Capital (@Audacitycap) February 19, 2024
Meanwhile, Funded Engineer has upgraded its infrastructure by adding extra servers to handle increased data loads and finalizing client-side functionality. The platform is also preparing to launch the initial phase of its migration process, with the first batch of 10,000 users expected to receive their login details soon.
Hello Everyone,
We are about to start out first phase of the migration process.
The first 10,000 people will start receiving emails shortly with their login etc. If you are not part of the first 10,000 don’t worry the next batch will come right behind the first one.
After…
— Funded Engineer (@fundedengineer) February 19, 2024
In the wake of FPFX Technologies, LLC’s (FPFX Tech) decision to terminate its licensing agreement with Funded Engineer earlier this month, the latter has issued a series of updates addressing the situation.
Funded Engineer said it was surprised and concerned over how their services were ended and how they were removed from all past communications by FPFX Tech. The firm criticized the lack of communication prior to the action and the negative PR campaign that followed, adding that they were not approached for comment on the allegations.
Regarding the allegations, Funded Engineer stated that the matter has become a legal case, limiting their ability to share further details publicly. However, the firm assured its community that it is treating the situation with the utmost seriousness.
The firm has also addressed concerns regarding account balances and compensations, floating profits and losses, and the broader implications of the allegations made by FPFX Tech. Funded Engineer highlighted the complexity of migrating over 40,000 accounts but reassured that it is working to ensure accuracy in the process.
Funded Engineer informed its clients about the suspension of MT4 and MT5 services for all prop firms by Purple Trading, noting that this change affects the entire prop firm community. The firm has already obtained licenses to continue offering MT5 services to clients outside the USA and is exploring solutions for USA-based clients in light of upcoming industry-wide changes.
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
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Broker/MT events and skyrocketing expenses will… https://t.co/eqcHouV0cZ pic.twitter.com/my1Z3s3rnW— FundTraders (@FundTraders) February 19, 2024
Earlier this week, retail prop trading tech provider FPFX Technologies, LLC (FPFX Tech), terminated its licensing agreement with the prop firm Funded Engineer following an internal audit.
The audit unveiled what the vendor alleges to be “a months-long scheme” by Funded Engineer to deceive both FPFX Tech and the public by inflating payout figures through illicit activities.
