Prop Trading Firm Goat Funded Trader Ditches MetaTrader (Again) and Introduces New Platform

Goat Funded Trader (GFT), a retail proprietary trading firm, has informed its clients of a notable shift in its trading platform offerings. This announcement includes the introduction of TradeLocker and the retraction of MetaTrader services, which has left traders both excited and disappointed.

Goat Funded Trader Introduces TradeLocker While Phasing Out MetaTrader

On July 17, 2024, GFT officially announced the addition of TradeLocker to its suite of trading platforms. The trading community initially met this news, shared on both X (formerly Twitter) and the company’s Discord, with enthusiasm. TradeLocker promises enhanced features and stability, positioning itself as a robust alternative to traditional platforms.

However, a more contentious announcement soon overshadowed this positive news. GFT revealed that it would once again be withdrawing MetaTrader services, specifically MetaTrader 4 (MT4). This decision came just a month after the firm had reintroduced the platform to its offerings following an earlier suspension in February 2024 due to licensing issues.

The CEO’s Announcement

In a statement on Discord, GFT’s CEO, Edoardo Dalla Torre, explained the rationale behind this decision: “Due to multiple outages of Platform4 and our continuous commitment to ensure our traders have a good trading experience, all Platform4 accounts will now be migrated to MatchTrader.” He reassured clients that they would close all open positions and transfer account balances seamlessly to new accounts within MatchTrader.

Dalla Torre further elaborated that GFT is actively working on integrating “better and more stable options for Platform4 and Platform5,” aiming to provide mobile versions once they become available again. This suggests ongoing efforts to enhance the firm’s platform offerings despite the setbacks with MetaTrader.

The Industry’s Ongoing Struggles with MetaTrader

GFT’s challenges with MetaTrader are not isolated. The proprietary trading industry has been grappling with issues surrounding MetaQuotes platforms for several months. The troubles began when Purple Trading, which provided a grey-labeled MetaTrader license to prop trading entities, withdrew its services. This action was in response to regulatory changes in the United States, which prompted MetaQuotes to clamp down on the prop trading industry. Consequently, many firms had to find alternative platforms.

Although some prop firms have managed to reintroduce MetaTrader to their clients, GFT’s experience highlights that the problems with MT4 and MT5 persist. The growing competition from regulated FX/CFD brokers, who offer prop trading challenges with the advantage of long-standing, direct agreements with MetaQuotes, compounds these challenges.These brokers can provide uninterrupted access to MetaTrader platforms, making them more appealing to retail traders.