AXE Takes Over The Forex Funder, Enters Prop Trading

AXE Securities, a Bahama-based contract for differences (CFDs) broker, has acquired The Forex Funder (TFF), becoming the latest firm to venture into the growing prop trading industry. The prop trading firm was previously managed by Tommy Cobain, a popular trader with over 148,000 followers on X.

The purchase will enable the broker to increase its service offerings. However, the broker did not disclose the exact financial terms of the deal, only noting “it’s a few million” dollars.

The Firm Wants To Give Traders Top Tools For Success

The Forex Funder is based in Dubai, and AXE Securities bought it through its Hong Kong-registered holding firm.

The Managing Director of AXE Securities, Tahsin Haykal gave his opinion concerning the acquisition. He stated that the purchase matches the firm’s mission to offer traders the best resources and tools to excel in the financial markets. He added that the team believes that the combined knowledge of the two firms will boost the trading experience for all TFF customers.

The purchase of The Forex Funder took place during an ongoing wave of purchasing troubled trading companies. Not long ago, Sway Funded purchased the defunct prop trading company, Karma Prop Traders.

However, there was a big surprise in the industry as Astra Capital also announced its intentions to buy any trading company that pauses operations or shuts down. The company said it would take all the traders of the acquired prop firms and bring them to its platform.

Many proprietary trading firms have recently suspended or ceased their operations, giving different reasons. True Forex Funds, Funded Engineer, Funds For Traders, and Indigo Trader Funding are just some of the proprietary trading brands that have shut down.

Domantas Mocevicius, another Managing Director at AXE Securities stated that by adding TFF to the firm’s portfolio, the team is broadening AXE’s footprints. He added that the purchase shows that the company is dedicated to helping traders at all levels.

The Purchase Led To A Change In Leadership

The Forex Funder has a strong presence on social media. It has over 5,000 followers on TikTok, 10,200 subscribers on YouTube, 10,500 subscribers on Telegram, more than 81,000 followers on Instagram, and 126,700 followers on X.

AXE shared that the prop trading firm boasts more than 600 funded accounts and 6,000 active traders. Despite that, it has a 2.7 rating on Trustpilot, which is considered as bad. The rating is calculated based on the feedback from 1,591 users as of the latest update.

Buying The Forex Funder also caused the prop trading firm to change its leadership, but it will still work as a separate brand. Mocevicius and Haykal have stepped in as the new management team.

According to AXE, Haykal will be in charge of the trading firm’s day-to-day activities. Haykal will also be responsible for growing the company’s market reach, developing it, and making sure the business can keep running well and successfully over many years.

Mocevicius will focus on upgrading the company’s infrastructure. He will also make sure there are strong ways to handle risks and improve the systems for following the rules