Prop Trading Firm SurgeTrader Shuts Down Permanently

SurgeTrader, a prominent Florida-based proprietary trading firm, has announced the cessation of its operations. This decision follows the termination of its platform license by Match-Trade Technologies, effectively rendering SurgeTrader unable to continue its services to retail traders. The firm made this announcement via an official post on X (formerly known as Twitter) shortly before midnight on May 24, 2024.

Sudden Termination and Communication Breakdown

SurgeTrader’s official statement expressed deep regret over the closure, attributing it to unsuccessful attempts to resolve the termination issue with Match-Trade Technologies. 

https://x.com/SurgeTraderPro/status/1794124368248758608

The post indicated that despite numerous efforts to re-establish communication and address the termination, no progress was made. Consequently, visitors to the SurgeTrader website are now met with the same closure notice posted on social media, underscoring the definitive end of the firm’s operations.

The shutdown came as a shock to many users, particularly those active on SurgeTrader’s Discord channel, who reported a significant reduction in communication from the company representatives over an extended period. 

One user told Finance Magnates, “The problem is they don’t communicate anymore,” highlighting the growing frustration and uncertainty among the firm’s clientele.

Industry-Wide Licensing Issues

The downfall of ST is part of a broader crisis within the prop industry, which has been significantly impacted by recent licensing suspensions from MetaQuotes.

MetaQuotes began suspending licenses for U.S.-based prop firms using MetaTrader 4 and 5 platforms approximately three months ago. This led to widespread operational disruptions as firms scrambled to find alternative platforms.

In response to the MetaQuotes suspensions, SurgeTrader transitioned to Match-Trade Technologies’ platform, Match-Trader. However, this solution proved to be short-lived. Just seven days ago, Match-Trade Technologies also terminated its license with SurgeTrader, leaving the firm without a viable platform.

The Broader Impact

The situation with SurgeTrader reflects the ongoing volatility and challenges within the prop trading industry, particularly related to platform licensing and regulatory compliance.

Due to this turn of events we have removed SurgeTrader from our list of prop firms. Changes regarding this update can be seen at https://fxprop.com/prop-comparer/.