Proprietary trading firm True Forex Funds today celebrated that its business is finally “BACK in the game” after it switched its trading accounts to the cTrader platform.
The move comes more than two weeks after the firm announced a “temporary halt” to its services in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses.
Richard Nagy, CEO of True Forex Funds, explained earlier this month that the license termination by MetaQuotes stemmed from True Forex Funds’ use of a third-party provider for equity synchronization. The provider, whose services have been used since 2021, is alleged to have connected to MetaTrader’s client terminal in a manner not fully acceptable by MetaQuotes.
True Forex Funds is BACK in the game. 🎯 We are proud to announce that we are relaunching with one of the safest platforms for prop trading: our own-branded cTrader!🔝We’ve missed you as much as you missed us -now let’s shape the market together again!💸https://t.co/BopfAcAXGh pic.twitter.com/mEwAfog7Ku
— True Forex Funds (@trueforexfunds) February 21, 2024
Nagy expressed frustration over the abruptness of MetaQuotes’ decision, noting the absence of prior warnings or opportunities to replace the third-party provider. He highlighted the challenge of investigating a partner or supplier’s source code for legitimacy, which seems to be at the heart of MetaQuotes’ dispute.
True Forex Funds said it was actively seeking to convince MetaQuotes to reinstate its licenses. However, the company ultimately migrated trading accounts to a different technology provider as these efforts apparently failed.
Just yesterday, proprietary trading firm Lark Funding, based in Canada, announced that it would no longer onboard new US clients. Existing US clients, however, can continue trading as usual for now. At the end of the month, these clients will be migrated to DXTrade, though the specifics of this process are still being finalized. Lark Funding CEO Matt L said he hopes for allowing new US registrations in the future, pending regulatory developments and confirmed that this change does not impact clients outside of the US.
In a similar move, The Funded Trader, another retail prop platform, has also shifted its technology provider to Spotware Systems, the developer of the cTrader platform.
Elsewhere, Alpha Capital has confirmed its switch to the cTrader platform and has suspended sign-ups for US traders. The firm stated that it is seeking clarification on this matter to ensure certainty. However, operations in other jurisdictions remain unaffected by this change.
