FXIFY, a proprietary trading firm, specializes in providing
trading capital to skilled individuals. However, it is facing regulatory
changes from MetaQuotes, the company behind the MetaTrader trading platform.
MetaQuotes has directed FXIFY to cease offering MetaTrader services to traders
located in the United States.
MetaTrader US Access Ends
As a result, FXIFY will migrate its US-based traders from
MetaTrader to the DX platform. This shift marks the end of the remaining major
combination of MetaTrader and US access in the industry.
The industry is also anticipating a clean-up of the
so-called “Platform5” gimmick. This change could affect several firms
employing similar strategies.
In addition to these regulatory shifts, FXIFY is preparing
to launch FXIFY Futures. This new product aims to expand its offerings and
attract more traders.
MetaQuotes forces FXIFY to stop offering MetaTrader to US traders / IPs.The last remaining major MT + USA combo will migrate traders to DX.The industry-wide “Platform5” gimmick is likely to be cleaned up next.FXIFY Futures launch is imminent.FXIFY recently joined $3M / mo… pic.twitter.com/X8D69VOInq
— FundTraders (@FundTraders) August 12, 2024
Earlier, On
May 1, 2024, FXIFY marked its first anniversary, as reported by Finance Magnates. During its
initial year, the firm reported payments exceeding $8,700,000 to funded
traders, handled over $1.7 trillion in trading volume across challenge and
funded accounts, and recorded more than 80,000 account signups.
Customer Management Challenge
According to the firm, it has recently joined the ranks of
firms with a $3 million monthly payout and has secured a position in the top
six of FX evaluation traffic. With its growth, payout volume, and increasing
presence in the US market, FXIFY may need to address and refine some of its
customer management practices to maintain its success and compliance.
Finance Magnates reached out to FXIFY via Discord for
comment on the recent development. FXIFY has not provided a response yet and deleted the inquiry.
This article was written by Tareq Sikder at www.financemagnates.com.
Source link
