FXIFY, a proprietary trading firm, specializes in providing trading capital to skilled individuals. However, it is facing regulatory changes from MetaQuotes, the company behind the MetaTrader trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. MetaQuotes has directed FXIFY to cease offering MetaTrader services to traders located in the United States.

MetaTrader US Access Ends

As a result, FXIFY will migrate its US-based traders from MetaTrader to the DX platform. This shift marks the end of the remaining major combination of MetaTrader and US access in the industry.

The industry is also anticipating a clean-up of the so-called "Platform5" gimmick. This change could affect several firms employing similar strategies.

In addition to these regulatory shifts, FXIFY is preparing to launch FXIFY Futures. This new product aims to expand its offerings and attract more traders.

MetaQuotes forces FXIFY to stop offering MetaTrader to US traders / IPs.

The last remaining major MT + USA combo will migrate traders to DX.

The industry-wide "Platform5" gimmick is likely to be cleaned up next.

FXIFY Futures launch is imminent.

FXIFY recently joined $3M / mo… pic.twitter.com/X8D69VOInq

— FundTraders (@FundTraders) August 12, 2024

Earlier, On May 1, 2024, FXIFY marked its first anniversary, as reported by Finance Magnates. During its initial year, the firm reported payments exceeding $8,700,000 to funded traders, handled over $1.7 trillion in trading volume across challenge and funded accounts, and recorded more than 80,000 account signups.

Customer Management Challenge

According to the firm, it has recently joined the ranks of firms with a $3 million monthly payout and has secured a position in the top six of FX evaluation traffic. With its growth, payout volume, and increasing presence in the US market, FXIFY may need to address and refine some of its customer management practices to maintain its success and compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term.

Finance Magnates reached out to FXIFY via Discord for comment on the recent development. FXIFY has not provided a response yet and deleted the inquiry.