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Prop Trading Summary of the Month [MARCH]

As the calendar flips to a new month, it’s the perfect opportunity to reflect on the notable events from March in the prop trading world. The previous month brought us a mix of updates and in today’s roundup, we’ll touch on five of them – from The Funded Trader shutdown to a new prop firm coming your way. Let’s dive in!

The Funded Trader Shutdown

The Funded Trader (TFT), a Miami-based prop trading firm, has recently halted all operations amidst growing concerns and complaints from its clients regarding payout issues. The crisis unfolded after MetaQuotes, the developer behind MetaTrader platforms, cracked down on brokers servicing US retail clients without proper licensing, forcing TFT and others to switch platforms. This transition was rocky for TFT, leading to their suspension from the comparison service due to numerous reports of denied payouts.

In response to these allegations, Angelo Ciaramello, CEO of TFT, attempted to refute claims by stating that the firm had paid out over $17 million to clients in the early months of 2024, while only blocking a fraction of withdrawals due to KYC discrepancies and fraudulent activities.

Despite these efforts, backlash continued to mount against TFT on social media, and not long after, the firm decided to temporarily halt all activities. A statement on their website now indicates a pause in operations, with a promise to return with updates and a redefined approach. Ciaramello also hinted at a future relaunch of the company, suggesting a “slightly different look and feel” is on the horizon.

New Challenge Option at True Forex Funds

In March, True Forex Funds introduced traders to two new options for the Challenge phases – a 5K initial balance and the Swap Free account.

The new 5K Challenge, available for all accounts, allows you to access an account of 5,000 USD for an entry fee of just 49 Euros. This low-investment challenge is tailored to the needs of less advanced traders, providing the perfect way to enter, experience, and enjoy the benefits of prop trading at the lowest cost possible.

The Swap Free option is available for all USD accounts, now including the 1 Phase and the brand new 5K Challenges as well. Selecting this option means no fees will be paid or received for holding positions overnight – ever. Not only does this option cater to Islamic traders but also allows the whole TFF community of traders to follow new and unique strategy options and to manage their balance and equity with even more predictability.

Goat Funded Trader Reopens to U.S. Traders with New Platform

Due to Meta Quotes’ decision to limit access to U.S. traders, several prop firms have had to adapt to the changes by exploring alternative trading platforms. This has been a necessary adjustment to maintain business continuity and ensure that traders can continue to access reliable trading platforms.

Goat Funded Trader (GFT) has embraced this change by introducing ThinkTrader as their new platform. This strategic move has enabled GFT to reopen its doors to US-based traders, offering them the opportunity to engage in trading activities once more.

Blueberry Markets Terminates All MT4/MT5 Prop Firm Business 

Blueberry Markets, an Australia-based FX and CFDs broker, has recently announced the termination of its Data and Platform Service Offering aimed at the proprietary trading industry. This decision effectively ends Blueberry Markets’ support for prop trading businesses, including its notable client MyFundedFX, by discontinuing access to demo MetaQuotes servers and pricing data previously available through its service.

CEO Dean Hyde highlighted the company’s respect for the prop trading industry but noted the decision was influenced by concerns from a key infrastructure vendor and the recent pressure from MetaQuotes. This pressure is part of MetaQuotes’ broader efforts to prevent U.S. client business on its MT4 and MT5 platforms by brokers unlicensed in the U.S.

Despite this shift, Blueberry Markets is expected to continue serving prop firms through its offshore branch in Vanuatu, although on platforms other than MT4 and MT5. Meanwhile, MyFundedFX has adapted by completing its integration with the cTrader platform, signaling a move to continue its operations with support from Purple Trading SC in Seychelles.

Former cTrader Exec Launches a New Prop Trading Firm

James Glyde, a former senior executive at Spotware Systems, known for developing the cTrader trading platform, has ventured into the prop trading world with the launch of PipFarm – a new Singapore-based prop firm utilizing the cTrader platform.

PipFarm’s creation comes at a time when the retail prop trading industry is seeking stable alternatives following MetaQuotes’ decision. Glyde emphasizes that the choice of cTrader for PipFarm was driven by the platform’s inherent benefits and stability, rather than as a mere reaction to the industry’s challenges. 

After thorough development and beta testing, PipFarm is positioned to offer a strong and supportive environment for traders, leveraging Glyde’s deep industry knowledge and cTrader’s advanced capabilities.

Final Thoughts

As we close the “March” chapter, it’s clear that the prop trading industry is in a state of flux, with significant changes and new opportunities emerging. From firms pausing operations to new platforms and opportunities cropping up. 

As we move into the next month, we’ll keep an eye on how these developments play out. Stay connected with us for the most current updates and insights in prop trading!