Prop firm The Funded Trader halts payouts amid ‘self imposed internal audit’

The Funded Trader, a leading Miami-based proprietary trading firm, has temporarily halted payouts to clients citing a ‘self-imposed internal audit’. This decision follows a series of complications encountered after the firm’s migration away from MetaTrader platforms, in response to a crackdown by MetaQuotes on unlicensed services to U.S. retail clients.

Facing a slew of complaints and payout denials reported on various platforms including Trustpilot and social media, The Funded Trader has been suspended from comparison service Propfirmmatch.com. The firm acknowledges the migration to new platforms and brokers has not been smooth, attributing delays in payouts to operational errors during the transition.

In a bid to address the backlog and reassure its clientele, The Funded Trader is conducting a thorough review of all payouts to ensure compliance with its terms of service and anti-gambling policies. The firm is committed to rectifying the migration issues, offering additional compensation to affected traders, and improving the overall client experience.

With over $150 million in payouts to date, The Funded Trader aims to resolve the current issues swiftly, stating, “Quick decisions don’t promote long term success. Our story will be told.”

The incident highlights the growing regulatory scrutiny facing prop trading firms, especially concerning their business models and the challenges associated with platform migration.

About The Funded Trader

The Funded Trader offers retail traders the opportunity to manage significant capital, emphasizing performance and adherence to strict trading guidelines. The firm is known for its competitive challenge model, which rewards successful traders with a profit share from funded accounts.

MyFundedFX Partners with Purple Trading to Launch cTrader Platform

MyFundedFX

In a significant move within the proprietary trading sector, Dallas-based MyFundedFX has officially launched its services on the cTrader trading platform, in partnership with Purple Trading Seychelles. This strategic pivot comes in response to the firm’s recent termination by its former broker, Blueberry Markets, and marks a new chapter for the retail prop trading firm with the Cyprus-based broker Purple Trading’s offshore division.

The shift to cTrader, facilitated by CFDs broker Purple Trading Seychelles, emerges amidst a broader industry trend where prop trading firms are actively seeking alternatives to MetaQuotes’ MT4 and MT5 platforms. These platforms have been the cornerstone of retail trading activity for numerous firms, including Blueberry Markets. However, MetaQuotes has pressured brokers to discontinue their prop trading services on these platforms, threatening the withdrawal of MT4/MT5 licenses.

MyFundedFX’s transition to cTrader is part of a larger movement among prop firms to adapt to these market changes. Competing platforms like Devexperts’ DXtrade and Match-Trade Technologies’ Match-Trader have also been considered by firms seeking new trading solutions. The firm also announced that all accounts previously under Blueberry Markets would be migrated to a new platform by Friday, March 8, away from the traditional MT4 and MT5 systems. MyFundedFX has indicated Match-Trader as the default migration platform, praising its performance in tests and its user-friendly interface, while also offering traders the option to switch to DXtrade or cTrader.

Established in June 2022 and led by CEO Matthew Leech, MyFundedFX stands out in the prop trading industry not only for its quick adaptation to regulatory and market shifts but also for its broad vision. Leech, who also helms MyFundedFutures and co-owns Swift Funding, has been proactive in ensuring that the firm remains at the forefront of trading technology and brokerage partnerships.

This move signals a significant realignment within the retail and proprietary trading spaces, as firms navigate the challenges and opportunities presented by regulatory pressures and platform limitations. MyFundedFX’s adoption of cTrader with Purple Trading Seychelles highlights the firm’s commitment to providing its traders with robust, versatile trading platforms that cater to their evolving needs in a dynamic market environment.

ThinkMarkets Expands Global Reach with New DFSA License in Dubai

ThinkMarkets

In a strategic move to broaden its market presence, Melbourne-based brokerage firm ThinkMarkets has successfully acquired a license from the Dubai Financial Services Authority (DFSA). This significant milestone, announced on March 1, 2024, marks the company’s latest expansion, positioning it within the prestigious Dubai International Financial Center (DIFC).

The newly obtained DFSA license paves the way for ThinkMarkets to offer its comprehensive suite of FX and CFDs products not only to clients in the UAE but also across the GCC states—including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia—and extend its services to North Africa. The DIFC, known for its independent legal system and financial autonomy within the UAE, provides an ideal backdrop for ThinkMarkets to extend its reach.

The move comes when the DFSA has reported a surge in interest from global brokers and authorized firms looking to cater to retail FX trading within the DIFC. ThinkMarkets co-founder Faizan Anees expressed enthusiasm about the acquisition, highlighting the UAE and wider MENA region’s potential for growth. Anees emphasized the company’s commitment to offering a secure, regulated trading environment, powered by its proprietary platform, ThinkTrader, and a vast selection of trading instruments.

Obtaining the DFSA license was no small feat, given the stringent guidelines set by the regulatory authority, especially concerning AML compliance and the prohibition of transactions in UAE Dirhams within the center. ThinkMarkets had to navigate through a complex legal framework, demonstrating its adherence to high standards of risk management and operational integrity.

This expansion follows ThinkMarkets’ recent decision to terminate its merger plans with Canada-listed FG Acquisition Corp, a move that had previously caught the industry’s attention. Despite this, ThinkMarkets continues to demonstrate robust financial health, with a reported revenue of $62 million in 2022.

As a globally recognized online forex brokerage, ThinkMarkets holds licenses from the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), among others. The firm has been on an expansion spree, extending its services to South Africa and Japan, further solidifying its position as a leading player in the forex trading industry.

The new DFSA license not only enables ThinkMarkets to enhance its service offerings in the MENA region but also sets a precedent for its continued growth and dedication to providing a premier trading experience to its clients worldwide.

Hantec Group Expands its Reach with the Launch of Hantec Trader, an Offshore Prop Trading Unit

Hantec Group

Hantec Group, a London and Hong Kong-based financial services provider, has entered the thriving world of proprietary trading with the introduction of Hantec Trader, a proprietary trading firm. Read our article about Prop Trading Firms

Hantec Trader, operating through Hantec Markets, a Mauritius-based brokerage firm, offers traders a unique opportunity. It provides proprietary trading accounts with initial capital, allowing traders to explore various asset classes without risking their funds.

The company is set to offer two certification courses: the “Enhanced Challenge” and the “Express Challenge.” Successful completion of either challenge grants traders access to a live trading account with up to $200,000 in balance.

Once certified, traders can enjoy trading with ultra-low commissions and spreads using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, retaining up to 90% of their profits. They will also access a comprehensive dashboard for data and actionable insights to enhance their trading strategies.

Andrew Speakman, Sales Director at Hantec Trader, expressed the company’s goal of offering financial freedom: “Our launch of Hantec Trader aims to provide a low-risk, low-cost way for individuals to participate in global financial markets.”

Hantec Markets, the parent company, is led by Bashir Nurmohamed, an industry veteran with a track record at ODL Securities and Rosenthal Collins. Founded in 2010 with backing from Hantec Group founder Tang Yu Lap in Hong Kong, this partnership has allowed Hantec Group to expand into proprietary trading.

Hantec Trader’s introduction marks a significant development in prop trading, offering traders a platform for skill development and profitable trading strategies. With its strong reputation and regulatory commitment, Hantec Group is poised for success in this dynamic sector.

MultiBank Group Launches MultiBank-Plus Trading Platform

MultiBank-Plus

In a groundbreaking move to start 2024, MultiBank Group, a renowned online financial derivatives company, has unveiled its state-of-the-art mobile application, MultiBank-Plus, along with a newly redesigned website. These launches are part of a comprehensive rebranding initiative, underscoring MultiBank Group’s dedication to enhancing customer experience.

The MultiBank-Plus app is a pivotal innovation in the world of online trading. Designed with a user-friendly interface, the app simplifies the trading process, enabling users to open an account in just three minutes. This all-encompassing platform is crafted to provide users with the necessary tools for making informed financial decisions, all from the convenience of their mobile devices.

Presently, MultiBank-Plus is exclusively available in selected countries, including Mexico, Colombia, Germany, Switzerland, the UK, Italy, and the Kingdom of Saudi Arabia.

In parallel with the app launch, MultiBank Group has also transformed its website, showcasing its commitment to a seamless, user-friendly online experience. The revamped website features modern design elements and enhanced navigation, allowing clients to effortlessly access a wide array of financial services and products offered by the company.

Marc Aspinall, the Chief Commercial Officer of MultiBank Group, expressed his excitement about the new offerings. “The introduction of MultiBank-Plus and our website’s transformation is a testament to our continuous effort to excel in the finance sector. We are confident that these advancements will significantly improve user experience and herald a new chapter for MultiBank Group in 2024,” he stated.

Significantly, MultiBank Group and its subsidiaries adhere to stringent regulatory standards, being regulated by over 14 authorities worldwide, including notable ones like SCA, MAS, CySEC, ASIC, CIMA, and more. This highlights the company’s dedication to maintaining the highest levels of security, transparency, and compliance in its global operations.

About MultiBank Group

Established in California, USA, in 2005, MultiBank Group has emerged as a leader in the online trading industry. It boasts a remarkable daily trading volume of over US $12.1 billion and serves a diverse clientele of more than 1,000,000 customers across 100 countries. MultiBank Group offers award-winning trading platforms, providing up to 500:1 leverage on products including Forex, Metals, Shares, Commodities, Indices, and Digital Assets. For further information, visit MultiBank Group’s website.

Interactive Brokers Launches New Tools to Enhance Trading Experience for Retail Traders

Interactive Brokers, a leading player in electronic trading, has announced the introduction of the Tax Loss Harvest (TLH) tool for its retail traders. This innovative feature aims to simplify the process of realizing tax benefits from both long- and short-term capital losses.

The TLH tool is seamlessly integrated into the trading platform. To activate it, traders need to right-click on a position and select ‘Tax Loss Harvest.’ For those interested in Multi-Stock harvesting, it’s accessible through the Classic Layout of the TWS (Trader Workstation) platform. Simply navigate to the Portfolio page and click on ‘Tax Loss Harvesting’ located at the top right corner. It’s important to note that Multi-Stock TLH is currently only available in the Beta version of TWS.

Furthermore, Interactive Brokers has introduced the Feature Suggestion tool within the TWS platform. This tool allows users to directly communicate their desired features to the developers and vote on suggestions made by other users. Accessing this tool is straightforward; users can click on the Feedback icon in the TWS title bar and select “I have a suggestion.”

In a move to enhance futures trading, the brokerage has also streamlined the process of rolling a futures position. This typically complex procedure, which involves closing one position and opening a new one in the same contract with a more distant expiration date, has been simplified into an easy-to-follow flow using the new Futures Roll feature.

These new tools and features reflect Interactive Brokers’ commitment to providing its users with a more efficient and user-friendly trading experience. By continually evolving its platform and incorporating feedback from its community, Interactive Brokers is setting a new standard in the world of electronic trading for retail investors.

FP Markets Enhances its Corporate Social Responsibility (CSR) Programme with Sponsorship of the Cricket Brasil Youth Development Programme

FP Markets, the worldwide multi-asset broker, has unveiled a sponsorship agreement with Cricket Brasil, an ICC associate member. This collaboration is designed to bolster the youth development program of Cricket Brasil, which offers young individuals an opportunity to complete their education, pursue higher studies, and forge a promising future. In its initial stages, this partnership will be dedicated to supporting three distinct areas:

  • Education – Contributing to the financial support of project leaders, also referred to as the “Black T-shirts,” through the Cricket Brasil University Scheme. This initiative grants young Brazilians access to higher education, offering transformative opportunities while instilling vital core values such as Respect, Leadership, and Community.
  • Infrastructure Enhancement – Aiming to finalize the construction of the Cricket Brasil indoor training facility and high-performance center in Poços de Caldas, Minas Gerais.
  • Community Empowerment – Assisting the advancement of local development officers, who play a crucial role in expanding the sport within their respective communities.

Craig Allison, CEO of FP Markets, stated, “FP Markets understands that true industry leadership goes beyond excelling solely within the trading sector. It entails actively connecting with communities and making meaningful contributions that can positively impact people’s lives. Through our support of Cricket Brasil, we are confident to effect genuine change in the lives of young Brazilians and leave a lasting, positive imprint on the local community.”

Matt Featherstone, President of Cricket Brasil, added, “Partnerships like this make an immense difference. The expansion of Cricket Brasil, directly resulting from this collaboration, will create more opportunities for young Brazilians to participate in this wonderful sport and to join our University Scheme, which educates additional Cricket Development officers. These officers, in turn, enhance local engagement and participation.”

Sergio Azevedo, the Mayor of Poços de Caldas, expressed, “Poços de Caldas is indeed fortunate to be recognized as the home of Cricket Brasil. In a country where football is given so much place, it’s truly exceptional that we have more children in our town playing cricket than football.”

Fara Gorsi, ICC Development Manager for the Americas, commented, “The newly established partnership between FP Markets, an Australian entity, and Cricket Brasil underscores their unwavering dedication to the sport and their positive influence on the lives of countless young children. This collaboration with FP Markets will significantly contribute to the growth and advancement of the cricket ecosystem. As pioneers in the region, Cricket Brasil continues to push for progress, and we are thrilled and proud to witness Cricket Brasil’s continued growth and success within ICC Americas.”

FP Markets’ sponsorship and donation initiatives are designed to empower both individuals and organizations dedicated to enhancing lives through community engagement, education, innovation, diversity and inclusion, ethical business practices, and sustainability. These collaborations are aimed at leaving a lasting and meaningful impact.

FP Markets is committed to making a positive contribution to society and the environment through its Corporate Social Responsibility (CSR) efforts. The commitment to CSR is deeply embedded in its core values, which is to create a positive influence on present and future generations by supporting projects that truly bring about positive change.

About FP Markets

Founded in 2005, FP Markets is a multi-regulated brand that offers clients access to an impressive array of over 10,000 tradable instruments spanning critical asset classes. The company provides aggregate pricing from several top-tier liquidity providers. Furthermore, FP Markets prides itself on delivering consistently tight spreads, lightning-fast execution, unparalleled 24/7 multilingual customer support, and a diverse range of account types tailored to accommodate various trading strategies and styles.

Spotware Introduces cTrader for macOS

Spotware Introduces cTrader for macOS

In an innovative move, Spotware has announced the launch of cTrader for MacOS. This native macOS application is specifically designed to cater to the needs of algorithmic traders using Apple’s platform. This launch comes at a crucial time, especially considering the recent removal of MetaTrader 4 and MetaTrader 5 trading apps from the Apple App Store.

The new application adheres strictly to the guidelines of the Mac operating system, maximizing hardware resources to ensure optimal performance. It delivers a seamless trading experience with its diverse trading options, including manual, copy, and automated trading. Manual trading on cTrader for MacOS is enhanced with versatile charting tools and various chart types, while the copy trading feature offers access to over 1,000 replicable strategies.

Illa Iarovitcyn, the CEO of Spotware, expressed his excitement about the launch: “cTrader for Mac is one of the most anticipated milestones that we are delighted to have achieved. This is an early Christmas present for all Apple aficionados! The application is a unique offering for Mac users, incorporating manual, copy, and automatic trading, and even includes familiar shortcuts for Mac users.”

With its continuous availability on the App Store and its advanced yet accessible features, cTrader for Mac is poised to solidify its position as a preferred alternative in the financial landscape. Spotware’s latest offering represents a significant step forward in the realm of algorithmic trading, especially for macOS users.

HFM Copy Trading Revolution: Breaking Barriers and Unleashing Global Opportunities

In a revolutionary development, the renowned global broker HFM has unveiled the expansion of their Copy Trading platform, breaking free from geographical constraints. This exciting advancement is a promise for a fresh era of trading opportunities for Followers and Strategy Providers alike, ushering in an era of enhanced connectivity within the global trading community.

Seamless Replication Across Varied Markets

Followers can now effortlessly mirror the strategic maneuvers of fellow traders across a wide range of markets and regions. This expansion offers unmatched access to diverse trading styles and expertise, enabling Followers to diversify their portfolios in unprecedented ways.

Expanding the Global Accessibility for Strategy Providers

This represents a noteworthy achievement for Strategy Providers, offering an expanded reach that transcends geographical boundaries. Now, strategies can enter previously unexplored markets, enabling providers to engage with a wider audience and demonstrate their expertise on a global scale.

Enhanced Platform for a Seamless User Experience

To guarantee a more straightforward and user-friendly experience, the HFM Copy Trading platform has undergone a complete makeover. The Strategy Provider List has been transformed into a sleek Card View, offering users quick and informative summaries for more efficient decision-making.

The Vision for 2024

A spokesperson from HFM expressed, “The global expansion of our Copy Trading platform signifies a revolutionary moment for our company and its community of traders, and it’s merely the inception of our reimagined Copy Trading platform. We are unwavering in our commitment to ongoing innovation, with a vision that includes the introduction of even more groundbreaking features and improvements throughout 2024.”

For additional details or to experience the enhanced Copy Trading platform you can visit www.hfm.com.

About HFM

HFM, formerly known as HotForex, is a brand name of HF Markets Group, an internationally acclaimed multi-asset broker of choice to over 3.5 million live accounts worldwide and over 60 coveted industry awards. The company offers a wide variety of account types, innovative products, platforms, tools, and educational resources besides outstanding customer service and unparalleled trading conditions to facilitate individuals and institutional customers to trade Forex and CFDs online.