Funds For Traders Shuts Down Prop Trading Operations
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The instability in proprietary trading has caused another setback. Funds For Traders has informed its users that it will stop operations. The firm attributed the service halt to Eightcap’s choice to end support for MetaTrader 5 and MetaTrader 4 platforms. The firm added that it will no longer make these platforms available to its users.
The company wrote on X that it is a privilege to be part of the journey with its amazing traders. The firm added that it had worked alongside the traders to change the lives of people around the world. Funds For Traders thanked its users and wished them success in their future goals.
The Firm Seeks To Help Users Dealing With Challenges
Even though the announcement was sudden, the company had promised that users with ongoing challenges would be reached out to and helped. This happened just a week after another trading company, Karma Capital, unexpectedly shut down.
The Founder of Karma Capital, Rajnish Girdhar, said that depending on a promised tech fix from an unnamed provider, which never came, helped lead to the decision to close the company. This delay supposedly caused expenses for around four months. He also said that the risk checks were not properly used in the company.
These policy changes have greatly affected several proprietary trading companies and their customers worldwide. For instance, Top Tier Trader has reportedly stopped traders from some countries like Germany, India, and the UK, offering refunds but holding back payments.
In July, another troubled prop trading company, Funded Engineer also shut down its business permanently and said it would file for bankruptcy. The firm informed its users that it had done everything in its power to stay in business, like raising capital, cost-cutting, and restructuring, but it didn’t work.
True Forex Funds Also Ceased Operations Due To Financial Issues
True Forex Funds also had to stop its services because it ran out of money. The trading company said it tried to fix its finances but couldn’t. Before this, the platform had said it planned to restart its operations. In its statement, it accused MetaQuotes of supposedly canceling its MT4 and MT5 licenses.
Impacted trading firms that rely on Eightcap and are searching for new broker services include The Funded Trader, Funded Trading Plus, and Blue Guardian.
Others depending on ThinkMarkets include Traddoo, The Funded Trader, Swift Funding, Skilled Funded Traders, My Funded FX, My Flash Funding, Ment Funding, Lark Funding, Instant Funding, Goat Funded Trader, Forex Capital Funds, Bespoke, and AquaFunded.
