Ex-cTrader CCO James Glyde launches prop firm PipFarm
James Glyde, the former chief commercial officer of Spotware Systems, has announced the launch of a new prop trading firm that will depend on the cTrader platform.
Operating under the brand name “PipFarm,” the venture emerges as a direct response to the industry’s recent challenges, notably MetaQuotes’ unexpected decision to discontinue support for its MetaTrader 4 and 5 platforms for funded trader firms.
Per an official statement, PipFarm aims to offer a stable and robust platform for traders affected by MetaQuotes’ decision. Glyde remarked that the choice of cTrader was driven by its comprehensive benefits, adding that the development and beta testing phases have ensured a reliable integration.
PipFarm not only addresses the immediate gap left by MetaQuotes but also introduces enhanced expertise into the funded trader space, the statement reads.
To mark its launch, PipFarm is rolling out a series of special promotions and offers available until the end of April to welcome new traders to the platform.
“With James Glyde at the helm, PipFarm benefits immensely from his experience in the fintech and online trading industries but also signals a positive turn for the funded trader niche. Our deep understanding of the funded trader space and state-of-the-art proprietary technology, combined with the exceptional capabilities of cTrader, equips us to offer a supportive environment where traders can thrive,” Glyde noted.
The broader implications of MetaQuotes’ stricter enforcement actions have led to a suspension of services by several prop firms. The community reaction has been a mix of concern and confusion. Discussions on X reflect a sense of urgency to adapt to these changes, with timelines for compliance varying according to different sources. Some speculate that all brokers in violation of jurisdictional regulations must rectify their status by as late as June 30.
cTrader’s focus in 2024 would be on developing new tools for Introducing Brokers (IBs) and partners, particularly those related to algorithmic (algo) trading, the company’s head of growth told FinanceFeed in an exclusive interview at the Finance Magnates London Summit 2023.
Nikolai Isayev, editor-in-chief of FinanceFeeds, asked Andrew Mreana about his comments at the FX Expo International in Cyprus regarding My Forex Funds’ collapse and the fragility of the prop trading industry. He also inquired whether its implosion could trigger a domino effect, and how the industry might be preserved.
Mreana clarified that his comments at the FX Expo were based on the hype in the market and concerns about the professionalism and regulation within the prop trading industry. He observed that many individuals involved in prop trading lack professional market knowledge and that the industry is largely unregulated.
The key issue, according to Mreana, is trust. If retail traders lose trust in the prop trading ecosystem or if regulators step in and regulate it as they did with CFDs, it could negatively impact the business. He noted that the risk on the client side in prop trading is relatively low, but the industry’s lack of transparency and uncertainty about the ability of companies to support large liquidity pools are concerning.
Mreana suggested that implementing stringent professional standards within the industry might incentivize Forex brokers to incorporate proprietary trading into their existing businesses. He believes that as long as prop trading is treated with a regulatory mindset, it doesn’t pose a massive problem.
