FNG Exclusive… FNG has learned that Netherlands based retail prop trading firm Funds for Traders (at website fundsfortraders.com) is shutting down.
The company’s website is now showing a message (see full text below) stating that the company’s executing broker, Eightcap, have informed Funds for Traders that Eightcap will no longer be supporting the MT4 and MT5 trading platforms for prop trading. Funds for Traders explained that this means that the company can no longer offer these platforms to its users. With the MetaTrader based platforms being a cornerstone of its services, Funds for Traders said that they now cannot continue to operate effectively.
Apparently, MT4 and MT5 developer MetaQuotes has been putting more pressure on brokers which license its platforms (such as Eightcap) to ensure that they are used only as allowed by regulators. Their main concern seems to be keeping US based traders off of their platform, if used by a broker not licensed in the US. With many prop firms not so careful at avoiding deep pocketed US based clients, this move by MetaQuotes was inevitable.
With Eightcap supporting a number of retail prop firms, industry observers are expecting a number of other prop firms to follow suit and shut down in the coming days, or else quickly add and integrate alternative trading platforms.
The full message appearing now on the Funds for Traders website reads as follows.
Official Closure of Funds For Traders
We regret to inform you that as of today, we will be ceasing all operations at Funds For Traders. This decision comes after receiving news from Eightcap that they will no longer be supporting the MetaTrader 4 and MetaTrader 5 platforms for prop trading. Unfortunately, this means that we can no longer offer these platforms to our users.
MetaTrader has been a cornerstone of our services, and without it, we cannot continue to operate effectively. We understand that this is sudden and disappointing news, especially given the hard work and commitment from everyone involved.
We have had the privilege of changing lives globally—this was, after all, our mission. We are incredibly proud of the positive impact we’ve made and the successes we’ve shared with our traders.
As we close this chapter, we wish all traders success in their future endeavors and sincerely hope that our paths cross again one day.
Please be assured that everyone with active challenges will be contacted and handled properly. We will work to minimize any disruption during this transition.
We sincerely thank you for your support and trust in us. If you have any questions or concerns, please do not hesitate to reach out to our support team at support@fundsfortraders.com.
Thank you for your understanding.
