The proprietary trading firm Funded Engineer will delay plans to relaunch its services. This followed the alleged termination of its software licenses by FPFX Technologies last week. Consequently, Funded Engineer has opted to switch its broker for all clients' trades to Blueberry Markets.
Refunds and Pending Payouts
According to a post on X, Funded Engineer mentioned: "Refunds will be provided to everyone who requests one and is eligible. The requirements for refunds are as follows: Your account must have no drawdown greater than 4%. If your account has less than a drawdown of 4% and you wish for a refund, it will be issued. Please note that by doing so, you will lose access to the account."
According to the beleaguered firm, there is a backlog of pending payouts from the 7th. The company will reportedly process these pending payouts starting today (Tuesday). In addition to the payouts, a substantial portion of refunds will reportedly be disbursed today.
Recently, Purple Trading suspended services for Funded Engineer and other proprietary trading firms. Purple Trading, the brokerage partner for Funded Engineer, announced the suspension of its MT4 and MT5 services effective immediately, affecting proprietary trading firms worldwide.
This move followed FPFX Technologies' sudden termination of its agreement with Funded Engineer. The step sparked a series of challenges for the Dubai-based platform. The suspension of services by Purple Trading, especially for US citizens and residents, underscored the volatility and regulatory complexities facing proprietary trading platforms globally.
Potential Brokerage Partners
Funded Engineer acknowledged the broader implications of Purple Trading's suspension, expressing concern for the prop trading community. In response to the crisis, the company revealed potential brokerage partners, such as Think Markets and Blueberry Markets. The platform's approach aims to mitigate the impact of Purple Trading's suspension on its operations and clientele.
Additionally, FPFX Technologies' abrupt termination has forced Funded Engineer to explore legal recourse while migrating clients to proprietary technologies.
