The
unexpected decision by MetaQuotes to withdraw support for proprietary trading
landed on the industry like a bolt from the blue. It caused huge turmoil,
leaving many questions unanswered and truly dark clouds hanging over the future
of prop firms. Let’s say that the word “challenge” has, in the funded trading space, a whole new meaning.
The
situation is changing daily with new information about
subsequent prop firms unable to service US-based clients or desperately trying
to find alternative solutions.
To help you
stay up to date, Finance Magnates has gathered all the essential
information in one place.
As news comes day in and day out, Finance Magnates has gathered all the
information you need in one place. The table below is continuously updated with
new data.
|
Prop Firm |
Open for |
Available |
Servicing New |
Servicing |
|
Funded |
NO |
MT4 and MT5 |
NO |
NO |
|
Funding Pips |
YES |
MT4, MT5 and Match-Trader (migrating) |
NO |
NO |
|
Smart Prop |
YES |
MT4. MT5, cTrader |
NO |
YES |
|
The5ers |
YES |
MT5 |
NO |
NO |
|
Crypto Fund |
YES |
MT5, Crypto Fund Trader (CFT) |
YES (excluding MT5) |
YES (excluding MT5) |
|
Audacity |
YES |
MT4 and MT5 |
NO |
YES |
|
Blue Guardian |
YES |
MT4 and MT5, DXtrade (migrating) |
NO |
YES |
|
AquaFunded |
YES |
MT4 and MT5, DXTrade (migrating) |
NO |
YES |
|
Funding |
YES |
MT4 and MT5 |
YES |
YES |
|
Maven |
YES |
MT4 and MT5 |
YES |
YES |
|
Swift Funding |
YES |
MT4 |
YES |
YES |
|
Bespoke |
YES |
MT4 and MT5 |
YES |
YES |
|
Funded Next |
YES |
MT4 and MT5 |
YES |
YES |
|
Funded |
YES |
MT4 and MT5 |
YES |
YES |
|
FTMO |
YES |
MT4, MT5, DXtrade |
NO |
NO |
|
Alpha Capital |
YES |
MT5 |
NO |
NO |
|
MyFundedFX |
YES |
MT4, MT5, DXtrade (migrating) |
YES (excluding MT4/5) |
YES (excluding MT4/5) |
| The Funded Trader | YES | MT4, MT5, DXtrade (migrating) | YES (excluding MT4/5) | YES (excluding MT4/5) |
| City Traders Imperium | YES | MT5 | YES | YES |
| E8 Markets | YES | MT4, MT5, cTrader, DXTrade | YES | YES |
| Earn2Trade | YES | NinjaTrader, Finamark, R | Trader & R | Trader Pro, Overcharts | YES | YES |
| EliteTrader Funding | YES | NinjaTrader, TradingView | YES | YES |
| FXIFY | YES | MT4, MT5 | NO | NO |
| For Traders | YES | MT4, MT5 | NO | NO |
| Glow Node | YES | MT4, MT5 | YES | YES |
| Goat Funded Trader | YES | MT4, MT5, cTrader, DxTrade | YES | YES |
| Instant Funding | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
| Lark Funding | YES | MT4, MT5, DXtrade (soon), cTrader (soon) | YES | YES |
| Ment Funding | YES | MT4, MT5 | YES | YES |
| My Flash Funding | YES | MT4, MT5 | YES | YES |
| Apex Trader Funding | YES | NinjaTrader | YES | YES |
Have you
learned about a prop firm that suspended operations or stopped accepting
US-based clients? Feel free to let us know in the comments section below!
What Happened? Prop Turmoil, Explained
It all
started on February 14th when one of the popular trader funding firms (TFFs),
Funding Pips, abruptly closed trading and stopped services for all traders.
As
it turned out, MetaQuotes suddenly started cracking down on prop trading companies
that relied heavily on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5 )
platforms. The CEO of Funding Pips, Khaled Ayesh, issued the following statement:
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
As Finance
Magnates discovered, it’s about licensing issues. TFFs offer their services
to US-based clients, which requires additional authorization. As you might
guess, they usually don’t have them.
Some firms
circumvented this through an intelligent approach by using other entities’ licenses. An example
is Blackbull, which grey-labeled its own MetaTrader license to prop trading
companies like Funding Pips. Meanwhile FTMO, the “grandpa of prop trading” on Twitter, gained attention, but MetaQuotes eventually finally decided to curb this
process.
The whole
case is thoroughly explained in the video below by Boris Schlossberg, the Managing
Director at BK Asset Management. As he explains, MetaQuotes is not doing this
in bad faith but simply looking after its interests.
“They don’t want to
be in the prop space” because it carries the risk of violating the strict
US regulations that the company wants to a void. Especially, after its mobile
app was thrown out of the American Apple’s App Store over a year ago.
What was the effect? Mayhem. Within just one week, prop firms’ US-based clients (and sometimes other
jurisdictions too) lost access to their accounts, and the industry began a
panic attempt to migrate to alternative solutions offered by the likes of
Match-Trade Technologies (Match-Trader) and Spotware Systems (cTrader).
DXtrade’s Evgeny Sorokin has penned a thoughtful piece about the reasons other technology providers are after the funded trader business that MetaQuotes has abandoned. Some
companies, on the flip side, have predicted that this is the end of the current prop trading model that
worked for years.
Prop Firms FAQ
What Happened with
MetaQuotes and Prop Firms?
MetaQuotes,
the company behind the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
trading platforms, abruptly started cracking down on prop trading companies
that were using their platforms without proper licensing. Many of these prop
firms were servicing US-based clients without authorization from US regulators.
MetaQuotes decided to halt services to these companies to avoid potential legal
issues.
What Does MetaQuotes’ Decision Mean for Prop Traders Using MT4/MT5?
MetaQuotes’
recent policy changes mean that prop trading firms using MetaTrader 4 and
MetaTrader 5 platforms may have to halt operations or migrate to alternative
trading platforms if they service US clients.
Can US-Based Clients Still Participate in Prop Trading?
US-based
clients face restrictions from many prop trading firms due to regulatory
concerns and MetaQuotes’ crackdown, though some firms are finding alternative
platforms to continue servicing US clients.
What Alternative Platforms Are Prop Firms Moving To?
With
MetaQuotes pulling support, prop firms are migrating to alternative platforms
like cTrader from Spotware and Match-Trader from Match-Trade Technologies. Some
firms like Crypto Fund Trader have their own proprietary platforms as well.
How Can Traders Stay Updated on Which Prop Firms Are Still Operating?
Finance
Magnates continuously
updates a live table of prop firms, showing which ones are still in business
and their current platform availability. Checking with individual prop firm
websites is also recommended.
What Should I Do If My Prop Firm Account Was Suspended?
Check with
your prop firm directly for guidance. Many are working as quickly as possible
to migrate accounts to new platforms. You may need to complete new account
opening formalities. Ensure you withdraw any available account balance if
possible while waiting.
What Are the Implications for Non-US Traders?
Non-US
traders may see minimal immediate impact, though the platform changes and the
overall industry shift could influence the availability and terms of prop
trading opportunities worldwide.
The
unexpected decision by MetaQuotes to withdraw support for proprietary trading
landed on the industry like a bolt from the blue. It caused huge turmoil,
leaving many questions unanswered and truly dark clouds hanging over the future
of prop firms. Let’s say that the word “challenge” has, in the funded trading space, a whole new meaning.
The
situation is changing daily with new information about
subsequent prop firms unable to service US-based clients or desperately trying
to find alternative solutions.
To help you
stay up to date, Finance Magnates has gathered all the essential
information in one place.
As news comes day in and day out, Finance Magnates has gathered all the
information you need in one place. The table below is continuously updated with
new data.
|
Prop Firm |
Open for |
Available |
Servicing New |
Servicing |
|
Funded |
NO |
MT4 and MT5 |
NO |
NO |
|
Funding Pips |
YES |
MT4, MT5 and Match-Trader (migrating) |
NO |
NO |
|
Smart Prop |
YES |
MT4. MT5, cTrader |
NO |
YES |
|
The5ers |
YES |
MT5 |
NO |
NO |
|
Crypto Fund |
YES |
MT5, Crypto Fund Trader (CFT) |
YES (excluding MT5) |
YES (excluding MT5) |
|
Audacity |
YES |
MT4 and MT5 |
NO |
YES |
|
Blue Guardian |
YES |
MT4 and MT5, DXtrade (migrating) |
NO |
YES |
|
AquaFunded |
YES |
MT4 and MT5, DXTrade (migrating) |
NO |
YES |
|
Funding |
YES |
MT4 and MT5 |
YES |
YES |
|
Maven |
YES |
MT4 and MT5 |
YES |
YES |
|
Swift Funding |
YES |
MT4 |
YES |
YES |
|
Bespoke |
YES |
MT4 and MT5 |
YES |
YES |
|
Funded Next |
YES |
MT4 and MT5 |
YES |
YES |
|
Funded |
YES |
MT4 and MT5 |
YES |
YES |
|
FTMO |
YES |
MT4, MT5, DXtrade |
NO |
NO |
|
Alpha Capital |
YES |
MT5 |
NO |
NO |
|
MyFundedFX |
YES |
MT4, MT5, DXtrade (migrating) |
YES (excluding MT4/5) |
YES (excluding MT4/5) |
| The Funded Trader | YES | MT4, MT5, DXtrade (migrating) | YES (excluding MT4/5) | YES (excluding MT4/5) |
| City Traders Imperium | YES | MT5 | YES | YES |
| E8 Markets | YES | MT4, MT5, cTrader, DXTrade | YES | YES |
| Earn2Trade | YES | NinjaTrader, Finamark, R | Trader & R | Trader Pro, Overcharts | YES | YES |
| EliteTrader Funding | YES | NinjaTrader, TradingView | YES | YES |
| FXIFY | YES | MT4, MT5 | NO | NO |
| For Traders | YES | MT4, MT5 | NO | NO |
| Glow Node | YES | MT4, MT5 | YES | YES |
| Goat Funded Trader | YES | MT4, MT5, cTrader, DxTrade | YES | YES |
| Instant Funding | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
| Lark Funding | YES | MT4, MT5, DXtrade (soon), cTrader (soon) | YES | YES |
| Ment Funding | YES | MT4, MT5 | YES | YES |
| My Flash Funding | YES | MT4, MT5 | YES | YES |
| Apex Trader Funding | YES | NinjaTrader | YES | YES |
Have you
learned about a prop firm that suspended operations or stopped accepting
US-based clients? Feel free to let us know in the comments section below!
What Happened? Prop Turmoil, Explained
It all
started on February 14th when one of the popular trader funding firms (TFFs),
Funding Pips, abruptly closed trading and stopped services for all traders.
As
it turned out, MetaQuotes suddenly started cracking down on prop trading companies
that relied heavily on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5 )
platforms. The CEO of Funding Pips, Khaled Ayesh, issued the following statement:
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
As Finance
Magnates discovered, it’s about licensing issues. TFFs offer their services
to US-based clients, which requires additional authorization. As you might
guess, they usually don’t have them.
Some firms
circumvented this through an intelligent approach by using other entities’ licenses. An example
is Blackbull, which grey-labeled its own MetaTrader license to prop trading
companies like Funding Pips. Meanwhile FTMO, the “grandpa of prop trading” on Twitter, gained attention, but MetaQuotes eventually finally decided to curb this
process.
The whole
case is thoroughly explained in the video below by Boris Schlossberg, the Managing
Director at BK Asset Management. As he explains, MetaQuotes is not doing this
in bad faith but simply looking after its interests.
“They don’t want to
be in the prop space” because it carries the risk of violating the strict
US regulations that the company wants to a void. Especially, after its mobile
app was thrown out of the American Apple’s App Store over a year ago.
What was the effect? Mayhem. Within just one week, prop firms’ US-based clients (and sometimes other
jurisdictions too) lost access to their accounts, and the industry began a
panic attempt to migrate to alternative solutions offered by the likes of
Match-Trade Technologies (Match-Trader) and Spotware Systems (cTrader).
DXtrade’s Evgeny Sorokin has penned a thoughtful piece about the reasons other technology providers are after the funded trader business that MetaQuotes has abandoned. Some
companies, on the flip side, have predicted that this is the end of the current prop trading model that
worked for years.
Prop Firms FAQ
What Happened with
MetaQuotes and Prop Firms?
MetaQuotes,
the company behind the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
trading platforms, abruptly started cracking down on prop trading companies
that were using their platforms without proper licensing. Many of these prop
firms were servicing US-based clients without authorization from US regulators.
MetaQuotes decided to halt services to these companies to avoid potential legal
issues.
What Does MetaQuotes’ Decision Mean for Prop Traders Using MT4/MT5?
MetaQuotes’
recent policy changes mean that prop trading firms using MetaTrader 4 and
MetaTrader 5 platforms may have to halt operations or migrate to alternative
trading platforms if they service US clients.
Can US-Based Clients Still Participate in Prop Trading?
US-based
clients face restrictions from many prop trading firms due to regulatory
concerns and MetaQuotes’ crackdown, though some firms are finding alternative
platforms to continue servicing US clients.
What Alternative Platforms Are Prop Firms Moving To?
With
MetaQuotes pulling support, prop firms are migrating to alternative platforms
like cTrader from Spotware and Match-Trader from Match-Trade Technologies. Some
firms like Crypto Fund Trader have their own proprietary platforms as well.
How Can Traders Stay Updated on Which Prop Firms Are Still Operating?
Finance
Magnates continuously
updates a live table of prop firms, showing which ones are still in business
and their current platform availability. Checking with individual prop firm
websites is also recommended.
What Should I Do If My Prop Firm Account Was Suspended?
Check with
your prop firm directly for guidance. Many are working as quickly as possible
to migrate accounts to new platforms. You may need to complete new account
opening formalities. Ensure you withdraw any available account balance if
possible while waiting.
What Are the Implications for Non-US Traders?
Non-US
traders may see minimal immediate impact, though the platform changes and the
overall industry shift could influence the availability and terms of prop
trading opportunities worldwide.
