Recent
developments indicate that the turmoil within the proprietary trading sector
may be starting to subside. The prop firm MyFundedFX, which announced the
suspension of its services to US clients earlier this week, has now declared
that it will migrate all accounts to the DXtrade platform. The migration
process is set to begin on Friday.
MyFundedFX
announced last night that on 23 February, at 9:00 AM CST, it will start
migrating all US client accounts from MetaQuotes platforms to DXtrade servers.
“This
process will be handled for you but due to the volume of accounts, this will
take a few hours. During this time, you will not be able to trade at all,”
stated the prop firm CEO, Matt Leech.
Source: MyFundedFX’s Discord
He
emphasized that all transactions must be closed before the migration begins, or
the system will automatically close them for traders. After the transfer is
complete, users can use the same account on the new platform.
“We
are constantly working to provide solutions to all industry issues and this is
just the latest,” assured Leech.
Over 3,000 traders are now using DX trade at MyFundedFX. It’s been a massive success
Mobile app coming early next week
— Matt (@MattLeech) February 22, 2024
MetaQuotes,
the company behind MetaTrader 4 and 5, is reportedly increasing control over
the platforms’ use, particularly in terms of compliance with US regulations.
This move has had significant repercussions within the proprietary trading
industry, leading multiple firms to end their relationships with MetaQuotes due
to concerns over serving US clients.
This caused
considerable disruption in the industry and led to the suspension of services
by some prop firms, including MyFundedFX, at the beginning of the week, which
announced significant restrictions for its US clients. In fact, it completely
suspended trading on MetaQuotes platforms and the acceptance of new clients
from the region.
Effectively 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…
— MyFundedFX (@MyFundedFX) February 19, 2024
Prop Firms Making a
Comeback
MyFundedFX
is only planning its migration, but other firms are already offering their
services again. Among them is Funding Pips, which, as reported by Finance
Magnates on Wednesday, announced that it has successfully completed the transfer
of user accounts and transaction history to a competing platform offered by
Match-Trade Technologies.
On the
official Discord channel, Khaled Ayesh, the company’s CEO, 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
True Forex
Funds also announced its return, having implemented its own-branded cTrader
platform. Previously, it had suspended its operations after MetaQuotes
discontinued 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 are
proud to announce that we are relaunching with one of the safest platforms for
prop trading: our own-branded cTrader!”, the company shared on X.
Recent
developments indicate that the turmoil within the proprietary trading sector
may be starting to subside. The prop firm MyFundedFX, which announced the
suspension of its services to US clients earlier this week, has now declared
that it will migrate all accounts to the DXtrade platform. The migration
process is set to begin on Friday.
MyFundedFX
announced last night that on 23 February, at 9:00 AM CST, it will start
migrating all US client accounts from MetaQuotes platforms to DXtrade servers.
“This
process will be handled for you but due to the volume of accounts, this will
take a few hours. During this time, you will not be able to trade at all,”
stated the prop firm CEO, Matt Leech.
Source: MyFundedFX’s Discord
He
emphasized that all transactions must be closed before the migration begins, or
the system will automatically close them for traders. After the transfer is
complete, users can use the same account on the new platform.
“We
are constantly working to provide solutions to all industry issues and this is
just the latest,” assured Leech.
Over 3,000 traders are now using DX trade at MyFundedFX. It’s been a massive success
Mobile app coming early next week
— Matt (@MattLeech) February 22, 2024
MetaQuotes,
the company behind MetaTrader 4 and 5, is reportedly increasing control over
the platforms’ use, particularly in terms of compliance with US regulations.
This move has had significant repercussions within the proprietary trading
industry, leading multiple firms to end their relationships with MetaQuotes due
to concerns over serving US clients.
This caused
considerable disruption in the industry and led to the suspension of services
by some prop firms, including MyFundedFX, at the beginning of the week, which
announced significant restrictions for its US clients. In fact, it completely
suspended trading on MetaQuotes platforms and the acceptance of new clients
from the region.
Effectively 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…
— MyFundedFX (@MyFundedFX) February 19, 2024
Prop Firms Making a
Comeback
MyFundedFX
is only planning its migration, but other firms are already offering their
services again. Among them is Funding Pips, which, as reported by Finance
Magnates on Wednesday, announced that it has successfully completed the transfer
of user accounts and transaction history to a competing platform offered by
Match-Trade Technologies.
On the
official Discord channel, Khaled Ayesh, the company’s CEO, 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
True Forex
Funds also announced its return, having implemented its own-branded cTrader
platform. Previously, it had suspended its operations after MetaQuotes
discontinued 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 are
proud to announce that we are relaunching with one of the safest platforms for
prop trading: our own-branded cTrader!”, the company shared on X.
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- Source: https://www.financemagnates.com//forex/myfundedfx-cements-dxtrade-as-metaquotes-alternative-for-us-traders/
