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

March 15, 2024 at 09:42 PM

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 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.

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