Theunexpected decision by MetaQuotes to withdraw support for proprietary tradinglanded on the industry like a bolt from the blue. It caused huge turmoil,leaving many questions unanswered and truly dark clouds hanging over the futureof prop firms. Let's say that the word "challenge" has, in the funded trading space, a whole new meaning.
Thesituation is changing daily with new information aboutsubsequent prop firms unable to service US-based clients or desperately tryingto find alternative solutions.
To help youstay up to date, Finance Magnates has gathered all the essentialinformation in one place.
In the table below, you will find information about which prop firms are currently operational, which are suspended, and which accept clients from the USA. The information is updated regularly.
Prop Firm | Open for Business | Available Platforms | Servicing New US Clients | Servicing Existing US Clients |
Funded Engineer | Yes (Partially) | MT4 and MT5 | YES | YES |
Funding Pips | YES | MT4, MT5 and Match-Trader (migrating) | NO | NO |
Smart Prop Trader | YES | MT4. MT5, cTrader (migrating) | NO | YES |
The5ers | YES | MT5, Match-Trader (migrating) | NO | NO |
Crypto Fund Trader | YES | MT5, Crypto Fund Trader (CFT) Platform, Match-Trader | YES (excluding MT5) | YES (excluding MT5) |
Audacity Capital | YES | MT4 and MT5 | NO | YES |
Blue Guardian | YES | MT4 and MT5, DXtrade (migrating), Match-Trader (migrating) | NO | YES |
AquaFunded | YES | MT4 and MT5, DXTrade (migrating) | NO | YES |
Funding Traders | YES | MT4 and MT5 | YES | YES |
Maven | YES | MT4 and MT5, Match-Trader (migrating) | YES | YES |
Swift Funding | YES | MT4 | YES | YES |
Bespoke | YES | MT4 and MT5 | YES | YES |
Funded Next | YES | MT4 and MT5 | YES | YES |
Funded Trading Plus (FT+) | YES | MT4 and MT5 | YES | YES |
FTMO | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
Alpha Capital Group | YES | MT5 | NO | NO |
MyFundedFX | YES | MT4, MT5, DXtrade (migrating) | YES (excluding MT4/5) | YES (excluding MT4/5) |
| The Funded Trader | YES | MT4, MT5, DXtrade (migrating), cTrader | YES (excluding MT4/5) | YES (excluding MT4/5) |
| City Traders Imperium | YES | MT5 | YES | YES |
| E8 Markets | YES | MT4, MT5, cTrader, DXTrade, Match-Trader | YES | YES |
| Earn2Trade | YES | NinjaTrader, Finamark, R | Trader & R | Trader Pro, Overcharts | YES | YES |
| EliteTrader Funding | YES | NinjaTrader, TradingView | YES | YES |
| FXIFY | YES | MT4, MT5 | NO | NO |
| For Traders | YES | MT4, MT5, DXTrade (migrating) | NO | NO |
| Glow Node | YES | MT4, MT5 | YES | YES |
| Goat Funded Trader | YES | MT4, MT5, cTrader, DxTrade | YES | YES |
| Instant Funding | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
| Lark Funding | YES | MT4, MT5, DXtrade (soon), cTrader | YES | YES |
| Ment Funding | YES | MT4, MT5 | YES | YES |
| My Flash Funding | YES | MT4, MT5 | YES | YES |
| Apex Trader Funding | YES | NinjaTrader | YES | YES |
| UWM | YES | MT4, MT5, DXtrade (migrating) | YES | YES |
| True Forex Funds | YES | cTrader | NO | NO |
| Traders Launch | YES | Proprietary Web Platform, Interactive Brokers IBKR Pro, Sterling Trader Pro | YES | YES |
| TradeDay | YES | Tradovate, NinjaTrader, TradingView, Jigsaw | YES | YES |
| The Trading Pit | YES | MT4, MT5, StereoTrader | YES (futures challenges) | YES (futures challenges) |
| Traddoo | YES | MT5, TradeLocker (migrating) | NO | NO |
| Topstep | YES | NinjaTrader, Quantower | YES | YES |
| Trade The Pool | YES | Trader Evolution | YES | YES |
Have youlearned about a prop firm that suspended operations or stopped acceptingUS-based clients? Feel free to let us know in the comments section below!
What Happened? Prop Turmoil, Explained
It allstarted on February 14th when one of the popular trader funding firms (TFFs),Funding Pips, abruptly closed trading and stopped services for all traders.
Asit turned out, MetaQuotes suddenly started cracking down on prop trading companiesthat relied heavily on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5 )platforms. The CEO of Funding Pips, Khaled Ayesh, issued the following statement:
— 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…
As FinanceMagnates discovered, it's about licensing issues. TFFs offer their servicesto US-based clients, which requires additional authorization. As you mightguess, they usually don't have them.
Some firmscircumvented this through an intelligent approach by using other entities' licenses. An exampleis Blackbull, which grey-labeled its own MetaTrader license to prop tradingcompanies like Funding Pips. Meanwhile FTMO, the "grandpa of prop trading" on Twitter, gained attention, but MetaQuotes eventually finally decided to curb thisprocess.
The wholecase is thoroughly explained in the video below by Boris Schlossberg, the ManagingDirector at BK Asset Management. As he explains, MetaQuotes is not doing thisin bad faith but simply looking after its interests.
"They don't want tobe in the prop space" because it carries the risk of violating the strictUS regulations that the company wants to a void. Especially, after its mobileapp was thrown out of the American Apple's App Store over a year ago.
What was the effect? Mayhem. Within just one week, prop firms' US-based clients (and sometimes otherjurisdictions too) lost access to their accounts, and the industry began apanic attempt to migrate to alternative solutions offered by the likes ofMatch-Trade Technologies (Match-Trader) and Spotware Systems (cTrader).
DXtrade's Evgeny Sorokin has penned a thoughtful piece about the reasons other technology providers are after the funded trader business that MetaQuotes has abandoned. Somecompanies, on the flip side, have predicted that this is the end of the current prop trading model thatworked for years.
Prop Firms FAQ
What Happened withMetaQuotes and Prop Firms?
MetaQuotes,the company behind the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5)trading platforms, abruptly started cracking down on prop trading companiesthat were using their platforms without proper licensing. Many of these propfirms were servicing US-based clients without authorization from US regulators.MetaQuotes decided to halt services to these companies to avoid potential legalissues.
What Does MetaQuotes’ Decision Mean for Prop Traders Using MT4/MT5?
MetaQuotes'recent policy changes mean that prop trading firms using MetaTrader 4 andMetaTrader 5 platforms may have to halt operations or migrate to alternativetrading platforms if they service US clients.
Can US-Based Clients Still Participate in Prop Trading?
US-basedclients face restrictions from many prop trading firms due to regulatoryconcerns and MetaQuotes' crackdown, though some firms are finding alternativeplatforms to continue servicing US clients.
What Alternative Platforms Are Prop Firms Moving To?
WithMetaQuotes pulling support, prop firms are migrating to alternative platformslike cTrader from Spotware and Match-Trader from Match-Trade Technologies. Somefirms like Crypto Fund Trader have their own proprietary platforms as well.
How Can Traders Stay Updated on Which Prop Firms Are Still Operating?
FinanceMagnates continuouslyupdates a live table of prop firms, showing which ones are still in businessand their current platform availability. Checking with individual prop firmwebsites is also recommended.
What Should I Do If My Prop Firm Account Was Suspended?
Check withyour prop firm directly for guidance. Many are working as quickly as possibleto migrate accounts to new platforms. You may need to complete new accountopening formalities. Ensure you withdraw any available account balance ifpossible while waiting.
What Are the Implications for Non-US Traders?
Non-UStraders may see minimal immediate impact, though the platform changes and theoverall industry shift could influence the availability and terms of proptrading opportunities worldwide.
Theunexpected decision by MetaQuotes to withdraw support for proprietary tradinglanded on the industry like a bolt from the blue. It caused huge turmoil,leaving many questions unanswered and truly dark clouds hanging over the futureof prop firms. Let's say that the word "challenge" has, in the funded trading space, a whole new meaning.
Thesituation is changing daily with new information aboutsubsequent prop firms unable to service US-based clients or desperately tryingto find alternative solutions.
To help youstay up to date, Finance Magnates has gathered all the essentialinformation in one place.
In the table below, you will find information about which prop firms are currently operational, which are suspended, and which accept clients from the USA. The information is updated regularly.
Prop Firm | Open for Business | Available Platforms | Servicing New US Clients | Servicing Existing US Clients |
Funded Engineer | Yes (Partially) | MT4 and MT5 | YES | YES |
Funding Pips | YES | MT4, MT5 and Match-Trader (migrating) | NO | NO |
Smart Prop Trader | YES | MT4. MT5, cTrader (migrating) | NO | YES |
The5ers | YES | MT5, Match-Trader (migrating) | NO | NO |
Crypto Fund Trader | YES | MT5, Crypto Fund Trader (CFT) Platform, Match-Trader | YES (excluding MT5) | YES (excluding MT5) |
Audacity Capital | YES | MT4 and MT5 | NO | YES |
Blue Guardian | YES | MT4 and MT5, DXtrade (migrating), Match-Trader (migrating) | NO | YES |
AquaFunded | YES | MT4 and MT5, DXTrade (migrating) | NO | YES |
Funding Traders | YES | MT4 and MT5 | YES | YES |
Maven | YES | MT4 and MT5, Match-Trader (migrating) | YES | YES |
Swift Funding | YES | MT4 | YES | YES |
Bespoke | YES | MT4 and MT5 | YES | YES |
Funded Next | YES | MT4 and MT5 | YES | YES |
Funded Trading Plus (FT+) | YES | MT4 and MT5 | YES | YES |
FTMO | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
Alpha Capital Group | YES | MT5 | NO | NO |
MyFundedFX | YES | MT4, MT5, DXtrade (migrating) | YES (excluding MT4/5) | YES (excluding MT4/5) |
| The Funded Trader | YES | MT4, MT5, DXtrade (migrating), cTrader | YES (excluding MT4/5) | YES (excluding MT4/5) |
| City Traders Imperium | YES | MT5 | YES | YES |
| E8 Markets | YES | MT4, MT5, cTrader, DXTrade, Match-Trader | YES | YES |
| Earn2Trade | YES | NinjaTrader, Finamark, R | Trader & R | Trader Pro, Overcharts | YES | YES |
| EliteTrader Funding | YES | NinjaTrader, TradingView | YES | YES |
| FXIFY | YES | MT4, MT5 | NO | NO |
| For Traders | YES | MT4, MT5, DXTrade (migrating) | NO | NO |
| Glow Node | YES | MT4, MT5 | YES | YES |
| Goat Funded Trader | YES | MT4, MT5, cTrader, DxTrade | YES | YES |
| Instant Funding | YES | MT4, MT5, DXtrade (migrating) | NO | NO |
| Lark Funding | YES | MT4, MT5, DXtrade (soon), cTrader | YES | YES |
| Ment Funding | YES | MT4, MT5 | YES | YES |
| My Flash Funding | YES | MT4, MT5 | YES | YES |
| Apex Trader Funding | YES | NinjaTrader | YES | YES |
| UWM | YES | MT4, MT5, DXtrade (migrating) | YES | YES |
| True Forex Funds | YES | cTrader | NO | NO |
| Traders Launch | YES | Proprietary Web Platform, Interactive Brokers IBKR Pro, Sterling Trader Pro | YES | YES |
| TradeDay | YES | Tradovate, NinjaTrader, TradingView, Jigsaw | YES | YES |
| The Trading Pit | YES | MT4, MT5, StereoTrader | YES (futures challenges) | YES (futures challenges) |
| Traddoo | YES | MT5, TradeLocker (migrating) | NO | NO |
| Topstep | YES | NinjaTrader, Quantower | YES | YES |
| Trade The Pool | YES | Trader Evolution | YES | YES |
Have youlearned about a prop firm that suspended operations or stopped acceptingUS-based clients? Feel free to let us know in the comments section below!
What Happened? Prop Turmoil, Explained
It allstarted on February 14th when one of the popular trader funding firms (TFFs),Funding Pips, abruptly closed trading and stopped services for all traders.
Asit turned out, MetaQuotes suddenly started cracking down on prop trading companiesthat relied heavily on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5 )platforms. The CEO of Funding Pips, Khaled Ayesh, issued the following statement:
— 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…
As FinanceMagnates discovered, it's about licensing issues. TFFs offer their servicesto US-based clients, which requires additional authorization. As you mightguess, they usually don't have them.
Some firmscircumvented this through an intelligent approach by using other entities' licenses. An exampleis Blackbull, which grey-labeled its own MetaTrader license to prop tradingcompanies like Funding Pips. Meanwhile FTMO, the "grandpa of prop trading" on Twitter, gained attention, but MetaQuotes eventually finally decided to curb thisprocess.
ADVERTIsem*nT
The wholecase is thoroughly explained in the video below by Boris Schlossberg, the ManagingDirector at BK Asset Management. As he explains, MetaQuotes is not doing thisin bad faith but simply looking after its interests.
"They don't want tobe in the prop space" because it carries the risk of violating the strictUS regulations that the company wants to a void. Especially, after its mobileapp was thrown out of the American Apple's App Store over a year ago.
What was the effect? Mayhem. Within just one week, prop firms' US-based clients (and sometimes otherjurisdictions too) lost access to their accounts, and the industry began apanic attempt to migrate to alternative solutions offered by the likes ofMatch-Trade Technologies (Match-Trader) and Spotware Systems (cTrader).
DXtrade's Evgeny Sorokin has penned a thoughtful piece about the reasons other technology providers are after the funded trader business that MetaQuotes has abandoned. Somecompanies, on the flip side, have predicted that this is the end of the current prop trading model thatworked for years.
Prop Firms FAQ
What Happened withMetaQuotes and Prop Firms?
MetaQuotes,the company behind the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5)trading platforms, abruptly started cracking down on prop trading companiesthat were using their platforms without proper licensing. Many of these propfirms were servicing US-based clients without authorization from US regulators.MetaQuotes decided to halt services to these companies to avoid potential legalissues.
What Does MetaQuotes’ Decision Mean for Prop Traders Using MT4/MT5?
MetaQuotes'recent policy changes mean that prop trading firms using MetaTrader 4 andMetaTrader 5 platforms may have to halt operations or migrate to alternativetrading platforms if they service US clients.
Can US-Based Clients Still Participate in Prop Trading?
US-basedclients face restrictions from many prop trading firms due to regulatoryconcerns and MetaQuotes' crackdown, though some firms are finding alternativeplatforms to continue servicing US clients.
What Alternative Platforms Are Prop Firms Moving To?
WithMetaQuotes pulling support, prop firms are migrating to alternative platformslike cTrader from Spotware and Match-Trader from Match-Trade Technologies. Somefirms like Crypto Fund Trader have their own proprietary platforms as well.
How Can Traders Stay Updated on Which Prop Firms Are Still Operating?
FinanceMagnates continuouslyupdates a live table of prop firms, showing which ones are still in businessand their current platform availability. Checking with individual prop firmwebsites is also recommended.
What Should I Do If My Prop Firm Account Was Suspended?
Check withyour prop firm directly for guidance. Many are working as quickly as possibleto migrate accounts to new platforms. You may need to complete new accountopening formalities. Ensure you withdraw any available account balance ifpossible while waiting.
What Are the Implications for Non-US Traders?
Non-UStraders may see minimal immediate impact, though the platform changes and theoverall industry shift could influence the availability and terms of proptrading opportunities worldwide.
