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 . 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.
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 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.
