SurgeTrader,
a Florida-based prop trading firm, has announced that trading platform provider
Match-Trade Technologies has terminated the company’s license. Match-Trader’s representatives confirmed this information in an emailed statement to Finance Magnates.
Since the
chaos in the industry related to the suspension of licenses by MetaQuotes, the
creator of MetaTrader 4 and 5, many companies have been migrating to the rival
platform Match-Trader to maintain their operations and keep their clients.
Now, we’re
seeing the first case of a license revocation on the platform that was supposed
to be a safe haven for prop firms.
Match-Trader Pulls the
Plug on SurgeTrader’s License
On SurgeTrader’s
website, a prompt with a large red “Attention SurgeTraders” message
informs visitors that the company has experienced an “unwarranted and harmful
Match-Trader license revocation.”
Consequently,
the company has suspended the sale of new “auditions” for the time
being, which allow traders to use the platform. The suspension will be lifted
once the issue with Match-Trader is resolved or an alternative trading platform
is secured.
Based on
the description above, Match-Trade Technologies seems to have terminated
SurgeTrader’s license. The company asserts that the provider had no
justification for such a move and speculates that “a well-known third
party” may have influenced the decision.
The US prop
trading firm further claims that it “fully cooperated with their legal
team, directors, and owners and went to great lengths to remedy any concerns
with our legal teams and address all unwarranted and unfounded accusations
against the Company and its founder.”
Currently,
SurgeTrader is reportedly exploring legal avenues to remedy the termination of
the agreement with Match-Trader.
“We
apologize for the significant and unnecessary disruption brought on by them to
the world-wide trading community,” SurgeTrader concluded in its statement.
Finance Magnates reached out to Match-Trade Technologies and SurgeTrader to learn more and uncover the details of this story. From the response received from the platform provider, it appears that the partnership’s termination did indeed occur due to SurgeTrader’s “failure to meet the formal requirements outlined in our agreement.”
At the time of publication, SurgeTrader had not yet responded to a request for comment.
“The
termination notice was issued on April 5 and will take effect on June 30,
allowing the company three months to migrate to a different platform, thereby
minimizing the impact on trading activities,” the Match Trade Tecnologies added. “In
light of justified compliance concerns and with the best interests of traders
in mind, we have decided to terminate the cooperation, extending the notice
period specified in the agreement.”
The company added that the decision resulted from a standard compliance procedure that every client undergoes. It did not address allegations that third parties might have influenced it.
Radio Silence on
SurgeTrader’s Discord
To gather more information about the reasons behind Match-Trader’s
decision, Finance Magnates stumbled upon the official channel of the
prop trading firm on Discord. Several users were hotly debating the issue of the allegedly revoked license.
When asked
how to contact the company’s representatives, one person said that
they “haven’t heard from anyone at Surge directly in months.” Another
user claimed that “the problem is they don’t communicate anymore.”
The Discord channel appears to have been inactive for some time, but other social
media channels seem to be up and running. On X (formerly Twitter), posts
continue to surface, including information about Match Trade Technologies’
latest decision.
Head to our website to read our most recent update below:https://t.co/e3WnQAxpD2#surgetrader #surgetraderupdate pic.twitter.com/NsMZewOBmT
— SurgeTrader (@SurgeTraderPro) May 19, 2024
SurgeTrader
was one of many American prop trading firms forced to ditch MetaTrader 4 and 5
due to the suspension of MetaQuotes licenses. Match-Trader was expected to
become a viable alternative for them, but in the case of SurgeTrader, something
apparently went awry.
This article was written by Damian Chmiel at www.financemagnates.com.
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