Just seven
days after the Florida-based SurgeTrader announced that
Match-Trade Technologies had terminated its license, the prop trading firm has decided to cease operations. It appears that SurgeTrader was cut off from
alternative platforms that could have allowed it to continue serving retail traders.
SurgeTrader
announced that it has definitively ended all its operations through an official
post on Channel X (formerly Twitter) before midnight on May 24, 2024. “It
is with deep regret that we announce that as of today, Friday, May 24, 2024,
SurgeTrader has closed and ceased all operations,” the SurgeTrader X (formerly Twitter) account stated.
— SurgeTrader (@SurgeTraderPro) May 24, 2024
“Despite
all of our efforts this week to get Match Trade Technologies to further
communicate in an effort to resolve our trading platform termination, we have
been unsuccessful,” the post continued. Currently visiting the
surgetrader.com website, users find exactly the same information as that posted
on social media.
Although
the decision was announced recently, according to users of the official SurgeTraders Discord channel, contact with company representatives has been limited for a
long time. “The problem is they don’t communicate anymore,” one person
commented to Finance Magnates.
Source: SurgeTrader’s Discord Channel
The
cessation of operations is the aftermath of the chaos that erupted in the prop
trading industry in recent months due to license suspensions by MetaQuotes, a
provider of some of the most popular trading platforms, also among prop firms.
Without MetaTrader and
Match-Trader, SurgeTraders Was Left Platformless
Over three
months ago, MetaQuotes unexpectedly began suspending licenses for prop firms
servicing investors from the United States using MetaTrader 4 and 5 platforms. This triggered a massive suspension of operations, the acceptance of new clients,
and the search for new platforms. Like most firms in the industry, SurgeTrader
opted to migrate to a platform from Match-Trade Technologies, namely
Match-Trader.
However, just a week ago, the license for
this platform was also suspended.
The company
asserted that the provider had no justification for such a move and speculated
that “a well-known third party” may have influenced the decision.
Source: SurgeTrader
However,
according to the information provided by Match-Trade Technologies to
Finance Magnates, the termination of the partnership with SurgeTrader was due
to the firm’s “inability to fulfill the formal obligations specified in
our contract.”
“The
termination notice was issued on April 5 and will take effect on June 30,
allowing the company three months to migrate to a different platform, thereby
minimizing the impact on trading activities,” the Match Trade Tecnologies
added. “In light of justified compliance concerns and with the best
interests of traders in mind, we have decided to terminate the cooperation,
extending the notice period specified in the agreement.”
The
situation in the industry remains highly dynamic. On the same day, another
prop firm, The Funded Trader, announced that it had
reached a “pivotal moment” in its recovery and promised a comeback.
Just seven
days after the Florida-based SurgeTrader announced that
Match-Trade Technologies had terminated its license, the prop trading firm has decided to cease operations. It appears that SurgeTrader was cut off from
alternative platforms that could have allowed it to continue serving retail traders.
SurgeTrader
announced that it has definitively ended all its operations through an official
post on Channel X (formerly Twitter) before midnight on May 24, 2024. “It
is with deep regret that we announce that as of today, Friday, May 24, 2024,
SurgeTrader has closed and ceased all operations,” the SurgeTrader X (formerly Twitter) account stated.
— SurgeTrader (@SurgeTraderPro) May 24, 2024
“Despite
all of our efforts this week to get Match Trade Technologies to further
communicate in an effort to resolve our trading platform termination, we have
been unsuccessful,” the post continued. Currently visiting the
surgetrader.com website, users find exactly the same information as that posted
on social media.
Although
the decision was announced recently, according to users of the official SurgeTraders Discord channel, contact with company representatives has been limited for a
long time. “The problem is they don’t communicate anymore,” one person
commented to Finance Magnates.
Source: SurgeTrader’s Discord Channel
The
cessation of operations is the aftermath of the chaos that erupted in the prop
trading industry in recent months due to license suspensions by MetaQuotes, a
provider of some of the most popular trading platforms, also among prop firms.
Without MetaTrader and
Match-Trader, SurgeTraders Was Left Platformless
Over three
months ago, MetaQuotes unexpectedly began suspending licenses for prop firms
servicing investors from the United States using MetaTrader 4 and 5 platforms. This triggered a massive suspension of operations, the acceptance of new clients,
and the search for new platforms. Like most firms in the industry, SurgeTrader
opted to migrate to a platform from Match-Trade Technologies, namely
Match-Trader.
However, just a week ago, the license for
this platform was also suspended.
The company
asserted that the provider had no justification for such a move and speculated
that “a well-known third party” may have influenced the decision.
Source: SurgeTrader
However,
according to the information provided by Match-Trade Technologies to
Finance Magnates, the termination of the partnership with SurgeTrader was due
to the firm’s “inability to fulfill the formal obligations specified in
our contract.”
“The
termination notice was issued on April 5 and will take effect on June 30,
allowing the company three months to migrate to a different platform, thereby
minimizing the impact on trading activities,” the Match Trade Tecnologies
added. “In light of justified compliance concerns and with the best
interests of traders in mind, we have decided to terminate the cooperation,
extending the notice period specified in the agreement.”
The
situation in the industry remains highly dynamic. On the same day, another
prop firm, The Funded Trader, announced that it had
reached a “pivotal moment” in its recovery and promised a comeback.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.financemagnates.com//forex/prop-firm-surgetrader-shuts-down-a-week-after-losing-match-trader-license/
