FundYourFX has appointed Snir Ahiel, an experienced prop trading executive, as its new CEO. The firm is simultaneously expanding beyond its instant funding model to offer trading challenges to clients.
New Leadership at FundYourFX
Ahiel announced on social media last week his appointment as Chief Executive Officer (CEO) of FundYourFX, a Hong Kong-registered prop company. “I'm happy to share that I'm starting a new position as Chief Executive Officer at FundYourFX,” Ahiel stated on LinkedIn.
Before joining FundYourFX, he spent over six years with The5ers, one of the older and more popular prop trading firms, where he served as a Co-Founder and Chief Operating Officer (COO). He “directed operations, strategy, and community development over six years, contributing to the firm's strong reputation and success.”
This appointment follows another recent C-level move in the industry, with TradersYard announcing Manuel Sonnleithner, former COO of AgenaTrader for more than five years, as its new president.
These new appointments may prove crucial for smaller prop firms, especially amid increasing reports of failures and business closures, along with industry consolidation forecasts.
Over 50 Prop Firms Exit Market in 2024
According to industry sources, at least 50 prop trading firms have ceased operations this year. A recent example is Ascetic Capital, which lasted only a week in the market. The company spent more time teasing its market entry than actually operating, with its founders admitting to selling only four trading challenges.
Meanwhile, Funded Nation suspended operations for 45 days to implement a new dashboard. However, traders have commented about weeks-long delays in fund withdrawals, and the update timeline appears suspiciously long.
Smart Prop Trader has also recently exited the market, officially ending all operations by December's end. While they're no longer accepting new clients, they're reportedly working on a comeback with new products.
This wave of closures began when regulatory authorities in the US and Canada froze My Forex Funds, a major player in the industry. Following this, True Forex Funds, Surge Trader, and Skilled Funded Traders all shut down.
