“Prop firms will look for cheaper alternatives to MT5. Major trading platforms will ban US customers following the footsteps of MetaQuotes. CFD firms looking to maintain US market share will likely start futures firms.”
In the midst of quite uncertain times within the proprietary trading space, Dylan Worrall, co-Founder and CEO of Traddoo, has shared insights into the firm’s strategic responses to recent challenges.
This comes at a critical time when MetaQuotes, the developer behind the widely used trading platform MetaTrader, seems to be ending support for firms accepting US clients.
This decision has prompted a shift in the industry, with some brokerage firms, including Eightcap and ThinkMarkets, beginning to distance themselves from prop trading firms.
Traddoo, a proprietary trading firm based in Denver, is taking proactive measures to ensure continuity and stability for its traders. Worrall revealed on Twitter that the firm is prepared to migrate all trade data from ThinkMarkets to Trade Locker, a move that will allow operations to proceed without disruption.
CFD brokers to register with the CFTC. MT5 may lose US market to competition
Dylan Worrall then delved into the reason for all the MetaQuotes issues. “MQ wants their piece of the pie. Prop Firms operating without MQ licenses will be heavily impacted. Additionally, it’s very likely that the CFTC noticed MFF (My Forex Funds) servers on MT5 and as a precaution MT5 is now banning all US operators.
“How will Firms continue to Operate? Prop firms will look for cheaper alternatives to MT5. Major trading platforms will ban US customers following the footsteps of MetaQuotes. CFD firms looking to maintain US market share will likely start futures firms.”
“What does this mean for the consumer? US Citizens will need to explore alternative funding options with (Perpetual) futures firms and Non-US Citizens will have to adapt to new trading platforms while MetaQuotes works to create prop friendly license model. It’s a turbulent time in the industry right now. Many of you who are concerned for your capital, but fear not this to shall pass and the industry will prevail.”
