The volatility in proprietary trading has claimed another victim. Funds For Traders has announced to its users that it will be ceasing operations. The company blamed the suspension of services on Eightcap's decision to stop supporting MetaTrader 4 and MetaTrader 5 platforms for prop trading.
Suspension of MT4 and MT5 Platforms
“We regret to inform you that as of today, we will be ceasing all operations at Funds For Traders. This decision was made after receiving news from Eightcap that they would no longer be supporting the MetaTrader 4 and MetaTrader 5 platforms for prop trading. Unfortunately, this means that we can no longer offer these platforms to our users,” the company wrote on X.
The statement further said, “To all our incredible traders, it's been an honor to be part of your journey. Together, we've changed lives globally. Thank you for your trust during your adventure with us. Wishing you continued success in all your future endeavors.”
Despite the abrupt announcement, the company has assured users with active challenges that they will be contacted and supported accordingly. This action came barely a week after another prop trading firm, Karma Capital, unexpectedly closed its operations.
More Prop Firms Fall
According to the company's Founder, reliance on a promised tech solution from an unnamed provider that failed to materialize contributed to the decision to end the business. This delay reportedly drained costs for about four months. Karma also disclosed that their risk checks were not adequately implemented in the company.
Last month, Funded Engineer, another struggling prop trading firm, permanently closed its operations and announced plans to file for bankruptcy . In its announcement, the company told users that it had tried every possible option to remain in business, including restructuring, cost-cutting, and raising capital, but failed.
Similarly, True Forex Funds was forced to end its services due to insolvency. The prop trading company also cited efforts to improve its financial health but was unsuccessful. Earlier, the platform announced plans to relaunch operations. In its announcement, it blamed MetaQuotes for allegedly terminating its MT4 and MT5 licenses.
