The proprietary trading platform MyFundedFX has
announced a significant change affecting its clients in the US. Effective
immediately, US clients are restricted to purchasing new challenges exclusively
on DXtrade, the company mentioned in a statement on X (formerly Twitter).
Existing clients from the US, including residents and dual
citizens, must adhere to the new restrictions. This change limits their trading activities
solely to DXtrade challenges. However, current trades will proceed as usual for
the remainder of the week to give traders time to adjust to the upcoming
transition.
The company mentioned: “All existing US clients may continue trading
this week as normal. We are still coordinating with our tech team, but your
accounts will be migrated off MetaTrader and onto DXtrade later
this month.”
Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
— MyFundedFX (@MyFundedFX) February 19, 2024
Currently, the proprietary trading industry is
undergoing a significant shift as platforms grapple with regulatory pressures
and seek alternative solutions for their clients, Finance Magnates
reported.
MetaQuotes, the operator of MetaTrader 4 and 5, is
allegedly tightening its grip on the use of the platforms, particularly concerning US
regulatory compliance . This move has caused a ripple effect across the
proprietary trading sector, with several firms confirming the cessation of
their partnerships with MetaQuotes due to concerns over active US clients.
The MetaQuotes Challenge
Top brokerage firms like Blackbull Markets and
Purple Trading have been compelled to sever ties with proprietary trading platforms
following MetaQuotes’ actions. Blackbull Markets, for instance, cited
compliance issues as the reason for terminating services to Funding Pips, a
Dubai-based proprietary trading firm.
Source: X
In response to the crackdown, proprietary trading platforms
are diversifying their offerings by integrating alternative trading platforms
such as cTrader and Match-Trader. Some firms, like Funding Pips, are obtaining other licenses under their brokerage authorization to reduce reliance on
third-party providers.
Many proprietary trading platforms have ceased offering
services to US-based clients altogether, echoing the actions of firms like
The5ers and FTMO. Maven Prop Trading and FundedNext are among those pausing new
sign-ups from the US while exploring alternative solutions.
The proprietary trading platform MyFundedFX has
announced a significant change affecting its clients in the US. Effective
immediately, US clients are restricted to purchasing new challenges exclusively
on DXtrade, the company mentioned in a statement on X (formerly Twitter).
Existing clients from the US, including residents and dual
citizens, must adhere to the new restrictions. This change limits their trading activities
solely to DXtrade challenges. However, current trades will proceed as usual for
the remainder of the week to give traders time to adjust to the upcoming
transition.
The company mentioned: “All existing US clients may continue trading
this week as normal. We are still coordinating with our tech team, but your
accounts will be migrated off MetaTrader and onto DXtrade later
this month.”
Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
— MyFundedFX (@MyFundedFX) February 19, 2024
Currently, the proprietary trading industry is
undergoing a significant shift as platforms grapple with regulatory pressures
and seek alternative solutions for their clients, Finance Magnates
reported.
MetaQuotes, the operator of MetaTrader 4 and 5, is
allegedly tightening its grip on the use of the platforms, particularly concerning US
regulatory compliance . This move has caused a ripple effect across the
proprietary trading sector, with several firms confirming the cessation of
their partnerships with MetaQuotes due to concerns over active US clients.
The MetaQuotes Challenge
Top brokerage firms like Blackbull Markets and
Purple Trading have been compelled to sever ties with proprietary trading platforms
following MetaQuotes’ actions. Blackbull Markets, for instance, cited
compliance issues as the reason for terminating services to Funding Pips, a
Dubai-based proprietary trading firm.
Source: X
In response to the crackdown, proprietary trading platforms
are diversifying their offerings by integrating alternative trading platforms
such as cTrader and Match-Trader. Some firms, like Funding Pips, are obtaining other licenses under their brokerage authorization to reduce reliance on
third-party providers.
Many proprietary trading platforms have ceased offering
services to US-based clients altogether, echoing the actions of firms like
The5ers and FTMO. Maven Prop Trading and FundedNext are among those pausing new
sign-ups from the US while exploring alternative solutions.