Gold Fund Trader Announces Permanent Closure After Five Months
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Gold Fund Trader, which operates as GFund Technologies in the UAE, has announced that it is closing permanently. The company said in an X post that it faced many major challenges since launching just five months ago. The firm revealed that these problems led to the decision to stop all business activities.
The company initially intended to launch its services on August 15. However, the firm noted that this launch was delayed due to issues with its web designer and technology provider. Gold FundTrader said these disruptions led to the withdrawal of a key investor. Despite these setbacks, the firm attempted to proceed with its launch but continued to face ongoing difficulties, it explained.
Gold Fund Trader Seeks To Continue Maintaining Ethical Business Practices
Gold Fund Trader handed out about 150 accounts through promotions. Despite this effort, the company reported just $600 in sales from these evaluation accounts. Of the 160 accounts created, 158 came from giveaways. At present, the firm has 90 active accounts, none of which have funds or pending payments.
According to the update, Gold Fund Trader’s total active evaluation size is still below $1 million. The firm said it faced difficulties when trying to earn substantial revenue due to the situation.
The company added that it faced other severe financial troubles, which were a major factor in its decision to close operations. One of these issues is persistent cash flow problems and a lack of liquidity. It revealed its commitment to ethical business practices by choosing not to use dishonest methods to keep the company running.
Gold Fund Trader Aims To Raise Awareness About Challenges For New Firms
In related news, Fundedlions, another trading firm, has also stopped its operations and is switching to a new trading platform. The Chief Executive Officer of Fundedlions advised users to temporarily stay away from their accounts during this change.
Gold Fund Trader’s shutdown is also due to problems with its technology provider, Dominion Markets. The company said Dominion Markets had several issues, according to messages on its official Discord channel.
The company added that Dominion Markets recently increased the price of setting up accounts four times and added new fees. The firm noted that these changes made Gold Fund Trader’s issues even worse and helped lead to the shutdown.
According to the update, the combination of launch delays, investor withdrawal, limited sales, and financial instability ultimately led to the firm’s closure. The company noted that these factors played a significant role in the decision to shut down.
The firm said the closure is a reminder of the challenges new firms face in staying stable. It added that it is hard to succeed for a long time in a competitive market.
