Recentdevelopments indicate that the turmoil within the proprietary trading sectormay be starting to subside. The prop firm MyFundedFX, which announced thesuspension of its services to US clients earlier this week, has now declaredthat it will migrate all accounts to the DXtrade platform. The migrationprocess is set to begin on Friday.
MyFundedFXannounced last night that on 23 February, at 9:00 AM CST, it will startmigrating all US client accounts from MetaQuotes platforms to DXtrade servers.
"Thisprocess will be handled for you but due to the volume of accounts, this willtake a few hours. During this time, you will not be able to trade at all,"the prop firm's CEO, Matt Leech, stated.
Heemphasized that all transactions must be closed before the migration begins, orthe system will automatically close them for traders. After the transfer iscomplete, users can use the same account on the new platform.
"Weare constantly working to provide solutions to all industry issues and this isjust the latest," assured Leech.
— Matt (@MattLeech) February 22, 2024Over 3,000 traders are now using DX trade at MyFundedFX. It’s been a massive success
Mobile app coming early next week
MetaQuotes,the company behind MetaTrader 4 and 5, is reportedly increasing control overthe platforms' use, particularly in terms of compliance with US regulations.This move has had significant repercussions within the proprietary tradingindustry, leading multiple firms to end their relationships with MetaQuotes dueto concerns over serving US clients.
This has causedconsiderable disruption in the industry and led to the suspension of servicesby some prop firms, including MyFundedFX, at the beginning of the week, whichannounced significant restrictions for its US clients. In fact, it completelysuspended trading on MetaQuotes platforms and the acceptance of new clientsfrom the region.
— MyFundedFX (@MyFundedFX) February 19, 2024Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
Prop Firms Making aComeback
MyFundedFXis only planning its migration, but other firms are already offering theirservices again. Among them is Funding Pips, which, as reported by FinanceMagnates on Wednesday, announced that it has successfully completed the transferof user accounts and transaction history to a competing platform offered byMatch-Trade Technologies.
On theofficial Discord channel, Khaled Ayesh, the company’s CEO, informed:"Match-Trader is 100% done, everything is migrated," and the platformis conducting additional stress tests of trading conditions and connectionswith liquidity .
True ForexFunds also announced its return, having implemented its own-branded cTraderplatform. Previously, it had suspended its operations after MetaQuotesdiscontinued its MT4 and MT5 services.
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
“We areproud to announce that we are relaunching with one of the safest platforms forprop trading: our own-branded cTrader!” The company shared on X.
Recentdevelopments indicate that the turmoil within the proprietary trading sectormay be starting to subside. The prop firm MyFundedFX, which announced thesuspension of its services to US clients earlier this week, has now declaredthat it will migrate all accounts to the DXtrade platform. The migrationprocess is set to begin on Friday.
MyFundedFXannounced last night that on 23 February, at 9:00 AM CST, it will startmigrating all US client accounts from MetaQuotes platforms to DXtrade servers.
"Thisprocess will be handled for you but due to the volume of accounts, this willtake a few hours. During this time, you will not be able to trade at all,"the prop firm's CEO, Matt Leech, stated.
Heemphasized that all transactions must be closed before the migration begins, orthe system will automatically close them for traders. After the transfer iscomplete, users can use the same account on the new platform.
"Weare constantly working to provide solutions to all industry issues and this isjust the latest," assured Leech.
— Matt (@MattLeech) February 22, 2024Over 3,000 traders are now using DX trade at MyFundedFX. It’s been a massive success
Mobile app coming early next week
MetaQuotes,the company behind MetaTrader 4 and 5, is reportedly increasing control overthe platforms' use, particularly in terms of compliance with US regulations.This move has had significant repercussions within the proprietary tradingindustry, leading multiple firms to end their relationships with MetaQuotes dueto concerns over serving US clients.
This has causedconsiderable disruption in the industry and led to the suspension of servicesby some prop firms, including MyFundedFX, at the beginning of the week, whichannounced significant restrictions for its US clients. In fact, it completelysuspended trading on MetaQuotes platforms and the acceptance of new clientsfrom the region.
— MyFundedFX (@MyFundedFX) February 19, 2024Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
Prop Firms Making aComeback
MyFundedFXis only planning its migration, but other firms are already offering theirservices again. Among them is Funding Pips, which, as reported by FinanceMagnates on Wednesday, announced that it has successfully completed the transferof user accounts and transaction history to a competing platform offered byMatch-Trade Technologies.
On theofficial Discord channel, Khaled Ayesh, the company’s CEO, informed:"Match-Trader is 100% done, everything is migrated," and the platformis conducting additional stress tests of trading conditions and connectionswith liquidity .
True ForexFunds also announced its return, having implemented its own-branded cTraderplatform. Previously, it had suspended its operations after MetaQuotesdiscontinued its MT4 and MT5 services.
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
“We areproud to announce that we are relaunching with one of the safest platforms forprop trading: our own-branded cTrader!” The company shared on X.
