The prop firm will begin US client account migration to DXtrade on 23 February.
The move follows MetaQuotes' tighter US compliance, disrupting the prop trading industry.
Recent
developments indicate that the turmoil within the proprietary trading sector
may be starting to subside. The prop firm MyFundedFX, which announced the
suspension of its services to US clients earlier this week, has now declared
that it will migrate all accounts to the DXtrade platform. The migration
process is set to begin on Friday.
MyFundedFX to Transition
Clients from MetaTrader to DXtrade
MyFundedFX
announced last night that on 23 February, at 9:00 AM CST, it will start
migrating all US client accounts from MetaQuotes platforms to DXtrade servers.
"This
process will be handled for you but due to the volume of accounts, this will
take a few hours. During this time, you will not be able to trade at all,"
the prop firm's CEO, Matt Leech, stated.
He
emphasized that all transactions must be closed before the migration begins, or
the system will automatically close them for traders. After the transfer is
complete, users can use the same account on the new platform.
"We
are constantly working to provide solutions to all industry issues and this is
just the latest," assured Leech.
MetaQuotes,
the company behind MetaTrader 4 and 5, is reportedly increasing control over
the platforms' use, particularly in terms of compliance with US regulations.
This move has had significant repercussions within the proprietary trading
industry, leading multiple firms to end their relationships with MetaQuotes due
to concerns over serving US clients.
This has caused
considerable disruption in the industry and led to the suspension of services
by some prop firms, including MyFundedFX, at the beginning of the week, which
announced significant restrictions for its US clients. In fact, it completely
suspended trading on MetaQuotes platforms and the acceptance of new clients
from the region.
Prop Firms Making a
Comeback
MyFundedFX
is only planning its migration, but other firms are already offering their
services again. Among them is Funding Pips, which, as reported by Finance
Magnates on Wednesday, announced that it has successfully completed the transfer
of user accounts and transaction history to a competing platform offered by
Match-Trade Technologies.
On the
official Discord channel, Khaled Ayesh, the company’s CEO, informed:
"Match-Trader is 100% done, everything is migrated," and the platform
is conducting additional stress tests of trading conditions and connections
with liquidity.
True Forex
Funds also announced its return, having implemented its own-branded cTrader
platform. Previously, it had suspended its operations after MetaQuotes
discontinued its MT4 and MT5 services.
“We are
proud to announce that we are relaunching with one of the safest platforms for
prop trading: our own-branded cTrader!” The company shared on X.
Recent
developments indicate that the turmoil within the proprietary trading sector
may be starting to subside. The prop firm MyFundedFX, which announced the
suspension of its services to US clients earlier this week, has now declared
that it will migrate all accounts to the DXtrade platform. The migration
process is set to begin on Friday.
MyFundedFX to Transition
Clients from MetaTrader to DXtrade
MyFundedFX
announced last night that on 23 February, at 9:00 AM CST, it will start
migrating all US client accounts from MetaQuotes platforms to DXtrade servers.
"This
process will be handled for you but due to the volume of accounts, this will
take a few hours. During this time, you will not be able to trade at all,"
the prop firm's CEO, Matt Leech, stated.
He
emphasized that all transactions must be closed before the migration begins, or
the system will automatically close them for traders. After the transfer is
complete, users can use the same account on the new platform.
"We
are constantly working to provide solutions to all industry issues and this is
just the latest," assured Leech.
MetaQuotes,
the company behind MetaTrader 4 and 5, is reportedly increasing control over
the platforms' use, particularly in terms of compliance with US regulations.
This move has had significant repercussions within the proprietary trading
industry, leading multiple firms to end their relationships with MetaQuotes due
to concerns over serving US clients.
This has caused
considerable disruption in the industry and led to the suspension of services
by some prop firms, including MyFundedFX, at the beginning of the week, which
announced significant restrictions for its US clients. In fact, it completely
suspended trading on MetaQuotes platforms and the acceptance of new clients
from the region.
Prop Firms Making a
Comeback
MyFundedFX
is only planning its migration, but other firms are already offering their
services again. Among them is Funding Pips, which, as reported by Finance
Magnates on Wednesday, announced that it has successfully completed the transfer
of user accounts and transaction history to a competing platform offered by
Match-Trade Technologies.
On the
official Discord channel, Khaled Ayesh, the company’s CEO, informed:
"Match-Trader is 100% done, everything is migrated," and the platform
is conducting additional stress tests of trading conditions and connections
with liquidity.
True Forex
Funds also announced its return, having implemented its own-branded cTrader
platform. Previously, it had suspended its operations after MetaQuotes
discontinued its MT4 and MT5 services.
“We are
proud to announce that we are relaunching with one of the safest platforms for
prop trading: our own-branded cTrader!” The company shared on X.
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.
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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