After a
week of turmoil and loss of access to popular trading platforms provided by
MetaQuotes, the prop firm Funding Pips announced that it has successfully completed
the migration of user accounts and transaction history to a competing platform
offered by Match-Trade Technologies.
Less than a
week after Funding Pips announced that MetaQuotes had terminated its
partnership with the prop trading firm due to serving clients from the USA without
necessary regulatory approvals, the company’s CEO confirmed that they have
achieved a 100% migration from the existing servers and switched the service
provider to Match-Trade Technologies, the creator of the Match-Trader platform.
Funding Pips confirmed the migration from MQ is finished
On the
official Discord channel, Khaled Ayesh, informed that “Match-Trader is
100% done, everything is migrated,” and the platform is conducting
additional stress tests of trading conditions and connections with liquidity
providers.
Ayesh further assured that the commissions and spreads previously available through Meta
Trader 4 and 5 platforms have been retained within Match-Trader and other
trading conditions. Meanwhile, the Funding Pips technical team is working on
implementing additional alternative platforms, including Dxtrade and Ctrader,
with TradeLocker being the final goal.
“Whatever
is done will be released directly, then TradeLocker, while we wait on MetaQuotes
response whether we are getting our own License or not,” added the CEO of
Funding Pips. He emphasized that the company is currently working on
obtaining cryptocurrency and futures licenses to avoid future service provision
issues to clients from the USA.
The Onset of Funding Pips’
Troubles
Funding
Pips abruptly halted trading and stopped services for all traders on February
14th. As exclusively reported by Finance Magnates, Funding Pips sent
notices to clients citing “unexpected urgent maintenance” as the
reason for the shutdown.
Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
— Khaled (@Khldfx) February 14, 2024
The
disruption of services occurred after Funding Pips’ only brokerage partner,
Blackbull Markets, terminated its partnership. A Blackbull representative
confirmed that MetaQuotes, forced the broker to stop providing services to
Funding Pips.
“We we’re unfortunately in breach of our grey label licence ability to offer this for prop firms so we’re forced to immediately shut down Funding Pips as a client and their server on our Demo environment. Note, they only ever operated on our Demo server via MT5,” a Blackbull Markets representative told Finance Magnates.
This
incident illustrates MetaQuotes’ crackdown on prop trading firms utilizing its
platforms. By compelling Blackbull Markets, which was grey-labeling its MT5
license to prop trading companies, to cut ties with Funding Pips, MetaQuotes
flexed its licensing power in the sector.
While the
MetaTrader platforms are widely used for leveraged forex and CFDs trading,
MetaQuotes’ licensing policies have been opaque and restrictive. However,
grey-labeling of licenses enables brokers to offer MT4 and MT5 to companies
that MetaQuotes itself would have rejected.
Metaquotes restricts access in the US.
While certain eval. firms exclude residents of the UK, Germany, India, the Czech Republic, and Turkey.
In these uncertain times, waiting for the storm to settle is advised.
Best of luck to traders affected, hoping for fair…
— S. BACH | Risk Manager (@TraderBach) February 15, 2024
US
regulators heavily control leveraged trading services for retail investors,
even banning CFDs. However, prop trading firms operate outside regulatory
oversight.
As
MetaQuotes forces brokers to cease services to prop trading platforms,
competitors seize opportunities from the fallout. For example, Devexperts
launched a dedicated prop trading platform solution and several other tech
firms have rolled out prop trading technologies.
After a
week of turmoil and loss of access to popular trading platforms provided by
MetaQuotes, the prop firm Funding Pips announced that it has successfully completed
the migration of user accounts and transaction history to a competing platform
offered by Match-Trade Technologies.
Less than a
week after Funding Pips announced that MetaQuotes had terminated its
partnership with the prop trading firm due to serving clients from the USA without
necessary regulatory approvals, the company’s CEO confirmed that they have
achieved a 100% migration from the existing servers and switched the service
provider to Match-Trade Technologies, the creator of the Match-Trader platform.
Funding Pips confirmed the migration from MQ is finished
On the
official Discord channel, Khaled Ayesh, informed that “Match-Trader is
100% done, everything is migrated,” and the platform is conducting
additional stress tests of trading conditions and connections with liquidity
providers.
Ayesh further assured that the commissions and spreads previously available through Meta
Trader 4 and 5 platforms have been retained within Match-Trader and other
trading conditions. Meanwhile, the Funding Pips technical team is working on
implementing additional alternative platforms, including Dxtrade and Ctrader,
with TradeLocker being the final goal.
“Whatever
is done will be released directly, then TradeLocker, while we wait on MetaQuotes
response whether we are getting our own License or not,” added the CEO of
Funding Pips. He emphasized that the company is currently working on
obtaining cryptocurrency and futures licenses to avoid future service provision
issues to clients from the USA.
The Onset of Funding Pips’
Troubles
Funding
Pips abruptly halted trading and stopped services for all traders on February
14th. As exclusively reported by Finance Magnates, Funding Pips sent
notices to clients citing “unexpected urgent maintenance” as the
reason for the shutdown.
Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
— Khaled (@Khldfx) February 14, 2024
The
disruption of services occurred after Funding Pips’ only brokerage partner,
Blackbull Markets, terminated its partnership. A Blackbull representative
confirmed that MetaQuotes, forced the broker to stop providing services to
Funding Pips.
“We we’re unfortunately in breach of our grey label licence ability to offer this for prop firms so we’re forced to immediately shut down Funding Pips as a client and their server on our Demo environment. Note, they only ever operated on our Demo server via MT5,” a Blackbull Markets representative told Finance Magnates.
This
incident illustrates MetaQuotes’ crackdown on prop trading firms utilizing its
platforms. By compelling Blackbull Markets, which was grey-labeling its MT5
license to prop trading companies, to cut ties with Funding Pips, MetaQuotes
flexed its licensing power in the sector.
While the
MetaTrader platforms are widely used for leveraged forex and CFDs trading,
MetaQuotes’ licensing policies have been opaque and restrictive. However,
grey-labeling of licenses enables brokers to offer MT4 and MT5 to companies
that MetaQuotes itself would have rejected.
Metaquotes restricts access in the US.
While certain eval. firms exclude residents of the UK, Germany, India, the Czech Republic, and Turkey.
In these uncertain times, waiting for the storm to settle is advised.
Best of luck to traders affected, hoping for fair…
— S. BACH | Risk Manager (@TraderBach) February 15, 2024
US
regulators heavily control leveraged trading services for retail investors,
even banning CFDs. However, prop trading firms operate outside regulatory
oversight.
As
MetaQuotes forces brokers to cease services to prop trading platforms,
competitors seize opportunities from the fallout. For example, Devexperts
launched a dedicated prop trading platform solution and several other tech
firms have rolled out prop trading technologies.
