Funded Engineer copes with brokerage challenges and USA service suspension. Navigate the latest updates and potential legal concerns.
Funded Engineer copes with brokerage challenges and USA service suspension. Navigate the latest updates and potential legal concerns.
Funded Engineer confronts brokerage challenges as Purple Trading suspends MT4 and MT5 services, affecting prop trading firms on February 12. This development follows FPFX Technologies’ abrupt revocation of the Funded Engineer’s license a few days ago, sparking concerns within the prop firm community.
In a tweet on Friday, Funded Engineer expressed the widespread impact of Purple Trading’s service suspension, noting, “This affects not only us but the entire prop firm community.” Purple Trading, operating under its Seychelles-based entity, has been a key service provider to prop trading firms.
Funded Engineer reassured its clients that it has already obtained a forex license and a MetaQuotes license, enabling the continuation of MT5 services for clients globally, except for U.S. citizens and residents. However, it disclosed that MT5 services for U.S.-based clients will be discontinued within the next 2 to 8 weeks. Despite this setback, the prop trading platform emphasized that it is actively working on a solution for its U.S. clients.
Addressing the challenges, Funded Engineer detailed its ongoing efforts to secure alternative brokerage partnerships. The company named Think Markets and Blueberry Markets as potential brokerage partners, highlighting its commitment to providing multiple options for clients. It emphasized that the choice of brokerages is subject to cost considerations, with a focus on ensuring cost-efficiency while delivering top-notch services.
The troubles for Funded Engineer began when FPFX Technologies abruptly terminated its agreement with the prop trading firm. The partnership termination forced Funded Engineer to migrate its clients to proprietary technologies. In the latest update, the company revealed that the termination with FPFX has evolved into a potential legal case, adding another layer of complexity to its current challenges.
As Funded Engineer navigates these obstacles, its clients await a resolution while the prop firm community grapples with the broader implications of Purple Trading’s service suspension and the ongoing legal developments with FPFX Technologies.
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