After aweek of turmoil and loss of access to popular trading platforms provided byMetaQuotes, the prop firm Funding Pips announced that it has successfully completedthe migration of user accounts and transaction history to a competing platformoffered by Match-Trade Technologies.
Less than aweek after Funding Pips announced that MetaQuotes had terminated itspartnership with the prop trading firm due to serving clients from the USA withoutnecessary regulatory approvals, the company's CEO confirmed that they haveachieved a 100% migration from the existing servers and switched the serviceprovider to Match-Trade Technologies, the creator of the Match-Trader platform.
On theofficial Discord channel, Khaled Ayesh, informed that "Match-Trader is100% done, everything is migrated," and the platform is conductingadditional stress tests of trading conditions and connections with liquidity providers.
Ayesh further assured that the commissions and spreads previously available through MetaTrader 4 and 5 platforms have been retained within Match-Trader and othertrading conditions. Meanwhile, the Funding Pips technical team is working onimplementing additional alternative platforms, including Dxtrade and Ctrader,with TradeLocker being the final goal.
"Whateveris done will be released directly, then TradeLocker, while we wait on MetaQuotesresponse whether we are getting our own License or not," added the CEO ofFunding Pips. He emphasized that the company is currently working onobtaining cryptocurrency and futures licenses to avoid future service provisionissues to clients from the USA.
The Onset of Funding Pips'Troubles
FundingPips abruptly halted trading and stopped services for all traders on February14th. As exclusively reported by Finance Magnates, Funding Pips sentnotices to clients citing "unexpected urgent maintenance" as thereason for the shutdown.
— Khaled (@Khldfx) February 14, 2024Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
Thedisruption of services occurred after Funding Pips' only brokerage partner,Blackbull Markets, terminated its partnership. A Blackbull representativeconfirmed that MetaQuotes, forced the broker to stop providing services toFunding Pips.
"We we’re unfortunately in breach of our grey label licence ability to offer this for prop firms so we’re forced to immediately shut down Funding Pips as a client and their server on our Demo environment. Note, they only ever operated on our Demo server via MT5," a Blackbull Markets representative told Finance Magnates.
Thisincident illustrates MetaQuotes' crackdown on prop trading firms utilizing itsplatforms. By compelling Blackbull Markets, which was grey-labeling its MT5license to prop trading companies, to cut ties with Funding Pips, MetaQuotesflexed its licensing power in the sector.
While theMetaTrader platforms are widely used for leveraged forex and CFDs trading,MetaQuotes' licensing policies have been opaque and restrictive. However,grey-labeling of licenses enables brokers to offer MT4 and MT5 to companiesthat MetaQuotes itself would have rejected.
— S. BACH | Risk Manager (@TraderBach) February 15, 2024Metaquotes restricts access in the US.
While certain eval. firms exclude residents of the UK, Germany, India, the Czech Republic, and Turkey.
In these uncertain times, waiting for the storm to settle is advised.
Best of luck to traders affected, hoping for fair…
USregulators heavily control leveraged trading services for retail investors,even banning CFDs. However, prop trading firms operate outside regulatoryoversight.
AsMetaQuotes forces brokers to cease services to prop trading platforms,competitors seize opportunities from the fallout. For example, Devexpertslaunched a dedicated prop trading platform solution and several other techfirms have rolled out prop trading technologies.
After aweek of turmoil and loss of access to popular trading platforms provided byMetaQuotes, the prop firm Funding Pips announced that it has successfully completedthe migration of user accounts and transaction history to a competing platformoffered by Match-Trade Technologies.
Less than aweek after Funding Pips announced that MetaQuotes had terminated itspartnership with the prop trading firm due to serving clients from the USA withoutnecessary regulatory approvals, the company's CEO confirmed that they haveachieved a 100% migration from the existing servers and switched the serviceprovider to Match-Trade Technologies, the creator of the Match-Trader platform.
On theofficial Discord channel, Khaled Ayesh, informed that "Match-Trader is100% done, everything is migrated," and the platform is conductingadditional stress tests of trading conditions and connections with liquidity providers.
Ayesh further assured that the commissions and spreads previously available through MetaTrader 4 and 5 platforms have been retained within Match-Trader and othertrading conditions. Meanwhile, the Funding Pips technical team is working onimplementing additional alternative platforms, including Dxtrade and Ctrader,with TradeLocker being the final goal.
"Whateveris done will be released directly, then TradeLocker, while we wait on MetaQuotesresponse whether we are getting our own License or not," added the CEO ofFunding Pips. He emphasized that the company is currently working onobtaining cryptocurrency and futures licenses to avoid future service provisionissues to clients from the USA.
The Onset of Funding Pips'Troubles
FundingPips abruptly halted trading and stopped services for all traders on February14th. As exclusively reported by Finance Magnates, Funding Pips sentnotices to clients citing "unexpected urgent maintenance" as thereason for the shutdown.
— Khaled (@Khldfx) February 14, 2024Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
Thedisruption of services occurred after Funding Pips' only brokerage partner,Blackbull Markets, terminated its partnership. A Blackbull representativeconfirmed that MetaQuotes, forced the broker to stop providing services toFunding Pips.
"We we’re unfortunately in breach of our grey label licence ability to offer this for prop firms so we’re forced to immediately shut down Funding Pips as a client and their server on our Demo environment. Note, they only ever operated on our Demo server via MT5," a Blackbull Markets representative told Finance Magnates.
Thisincident illustrates MetaQuotes' crackdown on prop trading firms utilizing itsplatforms. By compelling Blackbull Markets, which was grey-labeling its MT5license to prop trading companies, to cut ties with Funding Pips, MetaQuotesflexed its licensing power in the sector.
ADVERTIsem*nT
While theMetaTrader platforms are widely used for leveraged forex and CFDs trading,MetaQuotes' licensing policies have been opaque and restrictive. However,grey-labeling of licenses enables brokers to offer MT4 and MT5 to companiesthat MetaQuotes itself would have rejected.
— S. BACH | Risk Manager (@TraderBach) February 15, 2024Metaquotes restricts access in the US.
While certain eval. firms exclude residents of the UK, Germany, India, the Czech Republic, and Turkey.
In these uncertain times, waiting for the storm to settle is advised.
Best of luck to traders affected, hoping for fair…
USregulators heavily control leveraged trading services for retail investors,even banning CFDs. However, prop trading firms operate outside regulatoryoversight.
AsMetaQuotes forces brokers to cease services to prop trading platforms,competitors seize opportunities from the fallout. For example, Devexpertslaunched a dedicated prop trading platform solution and several other techfirms have rolled out prop trading technologies.
