Funding Pips halts operations due to MetaQuotes service shutdown. Updates on account safety, trade reimbursement, and future plans.
Funding Pips halts operations due to MetaQuotes service shutdown. Updates on account safety, trade reimbursement, and future plans.
The shutdown of Funding Pips, attributed to MetaQuotes, marks the latest blow in a series of closures impacting retail trading firms. In an unexpected turn of events, the Cyprus-based MetaQuotes, developer of popular trading platforms MT4 and MT5, abruptly halted its services for Funding Pips, citing active US accounts.
This development follows similar service disruptions experienced by other prop trading firms, including Funded Engineer and True Forex Funds, raising concerns about the impact on the retail trading community.
In an official notice posted on its website, Funding Pips revealed that its partnered broker, BlackBull Markets, did not voluntarily terminate the partnership but was compelled to do so by MetaQuotes. The decision is believed to be part of MetaQuotes’ efforts to prevent illegal or improper use of its software by brokers operating in jurisdictions where they are not licensed.
Funding Pips CEO Khaled Ayesh expressed defiance on social media, stating that the move by MetaQuotes is an attempt to undermine the entire industry. Ayesh assured the community that despite the challenges, the firm is resilient and remains dedicated to its traders.
Ayesh took to X saying, “Taking us down means taking the industry down, destroying faith in the industry. Don’t worry; nothing can break me. A trader for traders, this is just a whole new level of learning curve. Love me or hate, since day one, I’ve done nothing but what’s best for the community and my traders.”
Ayesh addressed concerns about the impact of the shutdown on open client trades by clarifying that when forced to shut down, they successfully migrated everything. They closed all trades, counting profitable ones and committing to reimburse losses. Bear with us while we navigate through this hardship. What doesn’t kill you makes you stronger.”
Funding Pips reassured its community in an official statement, stating, “Your accounts are safe. We were able to transfer all your trading data to our database. The team is working tirelessly to organize this and get us back online.”
The company also acknowledged the frustration caused by the situation and pledged to process every payout once operational. Despite the circumstances beyond their control, Funding Pips expressed a commitment to compensating for any lost trades, emphasizing their clients’ significance as a part of the trading family.
As Funding Pips works to overcome this setback, urge traders to stay updated through official channels for announcements and information.
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