Funded Engineer, a Dubai-based prop trading platform, has confirmed that its brokerage partner, Purple Trading, will suspend MT4 and MT5 services for all prop trading firms on February 12. This came days after FPFX Technologies revoked the license of Funded Engineer.
Troubles for the Prop Trading Industry
“This affects not only us but the entire prop firm community,” a tweet from Funded Engineer on Friday mentioning the suspension of Purple Trading’s services noted. Purple Trading has been offering services to the prop trading firms under its Seychelles-based entity.
However, the prop trading firm ensured that it has “already obtained a forex license as well as a MetaQuotes license, which will allow us to continue offering MT5 services to all clients except USA citizens and residents.”
The company detailed that MT5 services for USA citizens and residents will soon be discontinued for all prop trading platforms within the next 2 to 8 weeks. However, it is “actively working on a solution for our USA-based clients as well.”
Potential Brokerage Partners
Elaborating on its partnership with brokerages, the prop trading platform stressed that it has “other options readily available” and even named two potential brokerage partners: Think Markets and Blueberry Markets.
“Our ability to offer multiple options is contingent upon cost considerations, but please know that we prioritize cost-efficiency to provide the best possible service to our clients,” the company added.
The troubles of Funded Engineer started last week when its technology partner, FPFX Technologies, terminated its agreement with the prop trading firm with immediate effect. According to the prop trading firm, the partnership was terminated “without warning or discussion.”
According to a statement issued on X, Funded Engineer has delayed its plans to relaunch services.
The termination of FPFX’s services forced Funded Engineer to migrate its clients to its proprietary technologies. In the latest update, Funded Engineer pointed out that its business termination with FPFX has “become a potential legal case.”
