Prop firm The Funded Trader shuts down, claims relaunch in April

abdelaziz Fathi

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

This decision comes after the firm halted payouts to clients earlier in the month, citing the need for a ‘self-imposed internal audit’ amid a series of challenges. The Funded Trader claims that the migration away from MetaTrader platforms, prompted by MetaQuotes’ crackdown on unlicensed services to U.S. retail clients, has been met with operational difficulties.

The firm’s website now displays a message to its visitors, asking for their patience and promising updates on the steps towards resuming operations. A countdown timer indicates a relaunch timeline of 21 days.

Angelo Ciaramello, CEO of The Funded Trader, addressed their clients through a post on X. Ciaramello outlined plans to relaunch the brand with a new look and feel while addressing the main concerns of their community in the process.

The Funded Trader promised additional compensation to affected traders and detailed updates on the relaunch process.

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.

Earleir this month, James Glyde, the former chief commercial officer of Spotware Systems, launched 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.

Read this next


Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”


Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.