Smart Prop Trader Shifts to New Brokers, cTrader
Smart Prop Trader has announced its intention to migrate
to several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown on
proprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Trader
mentioned that it will provide further information about its latest move.
The company said: “In an effort to
provide optimal transparency and the best customer experience for our users,
Smart Prop Trader will be migrating over to multiple new brokers, including
cTrader. We have been planning this migration for some
time and have already made significant progress to ensure a seamless transition
for our users. We will update you all with further details as soon as possible.”
Source: X
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: “Our team is actively engaged in resolving the ongoing
issues and is diligently working towards incorporating a solution that ensures
a seamless transition for our traders. We appreciate your concern and want to
assure you that we are carefully considering all options to make the best
decision for our clients.”
Last year, the emerging sector of proprietary
trading encountered a significant setback following a lawsuit against My
Forex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operated
outside the purview of stringent financial regulations due to their
non-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders the
opportunity to trade with company funds on live markets to reduce
the risk of capital loss. These firms typically split trading profits with
traders, offering substantial profit shares up to 90 percent.
However, the operational models of prop trading
firms vary significantly, with traders required to pay fees and fulfill
specific trading challenges to qualify for access to company funds. Regulators
worldwide, including those in the UK and Europe, are contemplating potential
actions to address fraudulent practices and protect retail traders from
exploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in the
sector, abruptly ceased trading operations and stopped services for all its
traders. This move sent shockwaves throughout the prop trading
community, raising questions about the stability and future of such firms.
Blackbull 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”
— PropSafe (@propsafeio) February 14, 2024
Similarly, True Forex Funds, a online
proprietary trading firm based in Hungary, is gearing up for a relaunch despite facing
setbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. The
company aims to integrate users’ accounts and launch its cTrader platform as
part of its reopening strategy.
Smart Prop Trader has announced its intention to migrate
to several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown on
proprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Trader
mentioned that it will provide further information about its latest move.
The company said: “In an effort to
provide optimal transparency and the best customer experience for our users,
Smart Prop Trader will be migrating over to multiple new brokers, including
cTrader. We have been planning this migration for some
time and have already made significant progress to ensure a seamless transition
for our users. We will update you all with further details as soon as possible.”
Source: X
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: “Our team is actively engaged in resolving the ongoing
issues and is diligently working towards incorporating a solution that ensures
a seamless transition for our traders. We appreciate your concern and want to
assure you that we are carefully considering all options to make the best
decision for our clients.”
Last year, the emerging sector of proprietary
trading encountered a significant setback following a lawsuit against My
Forex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operated
outside the purview of stringent financial regulations due to their
non-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders the
opportunity to trade with company funds on live markets to reduce
the risk of capital loss. These firms typically split trading profits with
traders, offering substantial profit shares up to 90 percent.
However, the operational models of prop trading
firms vary significantly, with traders required to pay fees and fulfill
specific trading challenges to qualify for access to company funds. Regulators
worldwide, including those in the UK and Europe, are contemplating potential
actions to address fraudulent practices and protect retail traders from
exploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in the
sector, abruptly ceased trading operations and stopped services for all its
traders. This move sent shockwaves throughout the prop trading
community, raising questions about the stability and future of such firms.
Blackbull 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”
— PropSafe (@propsafeio) February 14, 2024
Similarly, True Forex Funds, a online
proprietary trading firm based in Hungary, is gearing up for a relaunch despite facing
setbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. The
company aims to integrate users’ accounts and launch its cTrader platform as
part of its reopening strategy.
