Smart Prop Trader has announced its intention to migrateto several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown onproprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Tradermentioned that it will provide further information about its latest move.
The company said: "In an effort toprovide optimal transparency and the best customer experience for our users,Smart Prop Trader will be migrating over to multiple new brokers, includingcTrader. We have been planning this migration for sometime and have already made significant progress to ensure a seamless transitionfor our users. We will update you all with further details as soon as possible."
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: "Our team is actively engaged in resolving the ongoingissues and is diligently working towards incorporating a solution that ensuresa seamless transition for our traders. We appreciate your concern and want toassure you that we are carefully considering all options to make the bestdecision for our clients."
Last year, the emerging sector of proprietarytrading encountered a significant setback following a lawsuit against MyForex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operatedoutside the purview of stringent financial regulations due to theirnon-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders theopportunity to trade with company funds on live markets to reducethe risk of capital loss. These firms typically split trading profits withtraders, offering substantial profit shares up to 90 percent.
However, the operational models of prop tradingfirms vary significantly, with traders required to pay fees and fulfillspecific trading challenges to qualify for access to company funds. Regulatorsworldwide, including those in the UK and Europe, are contemplating potentialactions to address fraudulent practices and protect retail traders fromexploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in thesector, abruptly ceased trading operations and stopped services for all itstraders. This move sent shockwaves throughout the prop tradingcommunity, raising questions about the stability and future of such firms.
— PropSafe (@propsafeio) February 14, 2024Blackbull support:
"Kindly be advised that we only provide demo technology to FundingPips and our partnership ended today. Therefore, in regards to any issues related with your registered trading account with FundingPips you will need to reach out to them for further assistance"
Similarly, True Forex Funds, a onlineproprietary trading firm based in Hungary, is gearing up for a relaunch despite facingsetbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. Thecompany aims to integrate users' accounts and launch its cTrader platform aspart of its reopening strategy.
Smart Prop Trader has announced its intention to migrateto several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown onproprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Tradermentioned that it will provide further information about its latest move.
The company said: "In an effort toprovide optimal transparency and the best customer experience for our users,Smart Prop Trader will be migrating over to multiple new brokers, includingcTrader. We have been planning this migration for sometime and have already made significant progress to ensure a seamless transitionfor our users. We will update you all with further details as soon as possible."
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: "Our team is actively engaged in resolving the ongoingissues and is diligently working towards incorporating a solution that ensuresa seamless transition for our traders. We appreciate your concern and want toassure you that we are carefully considering all options to make the bestdecision for our clients."
Last year, the emerging sector of proprietarytrading encountered a significant setback following a lawsuit against MyForex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operatedoutside the purview of stringent financial regulations due to theirnon-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders theopportunity to trade with company funds on live markets to reducethe risk of capital loss. These firms typically split trading profits withtraders, offering substantial profit shares up to 90 percent.
However, the operational models of prop tradingfirms vary significantly, with traders required to pay fees and fulfillspecific trading challenges to qualify for access to company funds. Regulatorsworldwide, including those in the UK and Europe, are contemplating potentialactions to address fraudulent practices and protect retail traders fromexploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in thesector, abruptly ceased trading operations and stopped services for all itstraders. This move sent shockwaves throughout the prop tradingcommunity, raising questions about the stability and future of such firms.
— PropSafe (@propsafeio) February 14, 2024Blackbull support:
"Kindly be advised that we only provide demo technology to FundingPips and our partnership ended today. Therefore, in regards to any issues related with your registered trading account with FundingPips you will need to reach out to them for further assistance"
Similarly, True Forex Funds, a onlineproprietary trading firm based in Hungary, is gearing up for a relaunch despite facingsetbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. Thecompany aims to integrate users' accounts and launch its cTrader platform aspart of its reopening strategy.
