Gold Fund Trader, operating under the registered name GFund Technologies in the UAE, has announced its permanent closure. The firm, which commenced operations five months ago, encountered several challenges leading to this decision.

Launch Delays Prompt Investor Withdrawal

The company initially planned to launch on August 15. However, the launch was delayed due to issues with their web designer, and problems with their technology provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term. These delays resulted in the withdrawal of a major investor.

Despite these setbacks, Gold Fund Trader proceeded with the launch. The firm distributed approximately 150 accounts through giveaways but has since generated only $600 in sales from evaluation accounts.

Hello everyone,

This is a very tough conversation to have.

We been working in goldfundtrader for 5 months now ! UPS and down ! We have multiple experience before with this industry !

Big investor was ready to provide funding of 250k usd for 50% of stake in gold fund…

— Gold Fund Trader (@goldfundtrader) September 12, 2024

Cash Flow Issues Force Closure

Of the 160 accounts created, 158 were acquired through giveaways. The firm reports 90 active accounts with no funded accounts or pending payouts. The total active evaluation size is under $1 million.

Due to cash flow issues and a lack of liquidity, the firm has decided to cease operations. The founders stated that they chose not to engage in unethical practices to maintain the business. Gold Fund Trader has explored potential acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term offers from other proprietary trading firms but did not secure any agreements.

Meanwhile, another prop firm, Fundedlions, has ceased operations and is transitioning to MetaTrader 5, as reported by Finance Magnates. The CEO has advised users to avoid accessing their accounts temporarily during this period.

In a communication to clients, the issues are attributed to Dominion Markets, with claims that the company has faced challenges with this technology provider in the past. According to statements on the company’s official Discord, Dominion Markets has recently increased the cost of account creation fourfold and introduced additional fees.