- March 1, 2024
- Posted by: AliensFaith
- Category: OBJECTIVE PRESS
MyFundedFX has completed integrating cTrader following weeks of turmoil in the industry. According to a statement on X, the proprietary trading platform will be “stress testing it and ensuring it is bug free.”
MyFundedFX mentioned: “Later next week, we aim to go live with CTrader powered by Purple Trading SC. We have also been handed over our MatchTrader server license and have begun the integration work for that. Thank you for your patience as we provide more options for everyone!”
Our Integration of CTrader has been complete.Over the weekend and early next week we will be stress testing it and ensuring it is bug free.Later next week we aim to go live with CTrader powered by Purple Trading SC.We have also been handed over our MatchTrader server… https://t.co/D9Tcl3Nilf
— MyFundedFX (@MyFundedFX) March 1, 2024
Adjusting to the Transition
On February 19, MyFundedFX, announced that it was restricting US traders effective immediately. The platform exclusively restricted users in this region to trading DXtrade challenges.
Besides that, the firm asked US traders to prepare for a migration of their accounts from MetaTrader to DXtrade. This migration marked a response to ongoing regulatory pressures and industry shifts.
Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship. All existing US clients may continue trading this week as normal. We are still coordinating with…
— MyFundedFX (@MyFundedFX) February 19, 2024
Currently, most proprietary trading platforms are completing their migration to new platforms driven by MetaQuotes’ tightening regulations, especially concerning US compliance.
These changes affecting the industry began when major brokerage firms like Blackbull Markets and Purple Trading terminated partnerships with proprietary trading platforms due to compliance concerns.
Blackbull Markets’ decision to sever ties with Funding Pips, a Dubai-based trading firm, underscored the severity of the regulatory challenges faced by the industry. MetaQuotes’ actions have resulted in a broader diversification trend among proprietary trading platforms, as they integrate alternative trading platforms such as cTrader and Match-Trader.
Adapting to Regulatory Pressures
Some platforms, including The5ers and FTMO, have halted services to US-based clients altogether, reflecting the broader industry response to regulatory shifts.
Currently, many firms are dealing with the aftermath, either ceasing operations or scrambling to find alternative solutions. At Finance Magnates, we have created a live table to track the changes by major proprietary trading companies.
This article was written by Jared Kirui at http://www.financemagnates.com.
