After taking over MyFlashFunding in late July, Sway Funded has now purchased Karma Prop Traders.
The information has been unofficially shared on the prop trading firm's Discord channel.
According
to details provided by moderators on Sway Funded's Discord server, the company
has decided to acquire its struggling competitor, Karma Prop Traders, taking
over its clients and their active challenges. For Sway Funded, this marks
another acquisition of a prop firm facing liquidity issues within the past few
weeks.
Karma Prop
Traders Acquired by Sway Funded
Sway Funded
clients reportedly received emails yesterday evening (Wednesday) informing them
that the prop firm they use has purchased its competitor Karma Prop Traders,
which announced solvency and liquidity problems earlier this month.
“I
just got a mail from sway that Karma is acquired by Sway Funded,” wrote a
Discord user with the pseudonym Bunny on Sway Funded's server. Although the
information has not yet been officially confirmed by the prop firm, statements
from moderators on the company's official channel strongly suggest this.
Around
noon, a moderator using the pseudonym Cy stated that there was no official
information yet, but added, “You will hear from us for any update
regarding anything from Karma.”
Another
moderator, nicknamed Rodri, was more forthcoming, admitting that users should
“be hearing instructions and exact information very soon via email.”
“Sway
has come to the rescue for all those traders who had outstanding accounts and
outstanding payouts with Karma,” he added.
Although
Karma operated in the prop trading market for only a brief moment, it quickly
gained investors' sympathy, introducing
Match-Trader integrated with TradingView to its offering just a few months
after launch.
Karma's Quick Start and
Swift End in Prop Trading
The
company's troubles began
barely two weeks ago when Founder Eshan Balapatabendi announced liquidity
problems and the need to halt further operations.
“I
started Karma to build something transparent and sustainable,”
Balapatabendi commented on the official Discord channel. “Unfortunately,
there were a lot of roadblocks in the way which has caused us to be
unsustainable.”
Balapatabendi
blamed the failure on excessive spending on in-house tech and
“cheaters” exploiting loopholes in challenges, which allegedly drove
the company into financial trouble.
“KARMA
is currently in an advanced stage of negotiations with a leading Prop Firm in
the industry regarding a possible acquisition. The Company appreciates our
transparency and sees huge benefits to the community we have built,”
Balapatabendi commented on the firm's official Discord.
It's now
known that the company in question is Sway Funded.
Sway Funded Rescues
Another Prop Firm
As it turns
out, this isn't Sway Funded's first acquisition in recent weeks. As Finance
Magnates reported in late July, the company also reached
an agreement with MyFlashFunding, which had been struggling with platform
issues.
Information
provided by both companies indicated that MyFlashFunding clients were
transferred to Sway Funded.
“We
understand the importance of a smooth transition. MyFlashFunding traders will
be seamlessly migrated to the Sway Funded platform, ensuring they can continue
their trading journey without disruption,” stated the announcement
regarding the acquisition decision.
New prop
firms are emerging rapidly and failing just as quickly, with only the strongest
surviving in the market. Although some consolidation is taking place, data from
Devexperts shows no shortage of those willing to try their hand in this
industry. Over the past 12 months, the trading platform provider onboarded
over 40 prop firms to DXtrade, its own trading tool
According
to details provided by moderators on Sway Funded's Discord server, the company
has decided to acquire its struggling competitor, Karma Prop Traders, taking
over its clients and their active challenges. For Sway Funded, this marks
another acquisition of a prop firm facing liquidity issues within the past few
weeks.
Karma Prop
Traders Acquired by Sway Funded
Sway Funded
clients reportedly received emails yesterday evening (Wednesday) informing them
that the prop firm they use has purchased its competitor Karma Prop Traders,
which announced solvency and liquidity problems earlier this month.
“I
just got a mail from sway that Karma is acquired by Sway Funded,” wrote a
Discord user with the pseudonym Bunny on Sway Funded's server. Although the
information has not yet been officially confirmed by the prop firm, statements
from moderators on the company's official channel strongly suggest this.
Around
noon, a moderator using the pseudonym Cy stated that there was no official
information yet, but added, “You will hear from us for any update
regarding anything from Karma.”
Another
moderator, nicknamed Rodri, was more forthcoming, admitting that users should
“be hearing instructions and exact information very soon via email.”
“Sway
has come to the rescue for all those traders who had outstanding accounts and
outstanding payouts with Karma,” he added.
Although
Karma operated in the prop trading market for only a brief moment, it quickly
gained investors' sympathy, introducing
Match-Trader integrated with TradingView to its offering just a few months
after launch.
Karma's Quick Start and
Swift End in Prop Trading
The
company's troubles began
barely two weeks ago when Founder Eshan Balapatabendi announced liquidity
problems and the need to halt further operations.
“I
started Karma to build something transparent and sustainable,”
Balapatabendi commented on the official Discord channel. “Unfortunately,
there were a lot of roadblocks in the way which has caused us to be
unsustainable.”
Balapatabendi
blamed the failure on excessive spending on in-house tech and
“cheaters” exploiting loopholes in challenges, which allegedly drove
the company into financial trouble.
“KARMA
is currently in an advanced stage of negotiations with a leading Prop Firm in
the industry regarding a possible acquisition. The Company appreciates our
transparency and sees huge benefits to the community we have built,”
Balapatabendi commented on the firm's official Discord.
It's now
known that the company in question is Sway Funded.
Sway Funded Rescues
Another Prop Firm
As it turns
out, this isn't Sway Funded's first acquisition in recent weeks. As Finance
Magnates reported in late July, the company also reached
an agreement with MyFlashFunding, which had been struggling with platform
issues.
Information
provided by both companies indicated that MyFlashFunding clients were
transferred to Sway Funded.
“We
understand the importance of a smooth transition. MyFlashFunding traders will
be seamlessly migrated to the Sway Funded platform, ensuring they can continue
their trading journey without disruption,” stated the announcement
regarding the acquisition decision.
New prop
firms are emerging rapidly and failing just as quickly, with only the strongest
surviving in the market. Although some consolidation is taking place, data from
Devexperts shows no shortage of those willing to try their hand in this
industry. Over the past 12 months, the trading platform provider onboarded
over 40 prop firms to DXtrade, its own trading tool
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
ASIC Prohibits CFDs “Margin Discounts”: How Shall Brokers Prepare?
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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