The Funded Trader is back? Traders report account closures
Prop trading firm The Funded Trader has updated its website with a few banners, nearly three weeks after it ceased all operations, with claims for a relaunch in the near future. However, there was no official statement on the relaunch on its website, Discord channel, or social media accounts yet.
Interestingly, this update comes at a time when some users have been voicing concerns that The Funded Trader has ‘breached’ or shut down their accounts. Several users on X (formerly Twitter) shared screenshots showing warnings or account closure notifications from the company, raising questions about what’s happening behind the scenes.
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 Funded Trader, known for providing capital to traders willing to navigate “volatile markets” under its “stringent guidelines”, has been a key player in the prop trading industry. However, early signs of trouble began to surface in January when customers reported experiencing slippage in their trades, followed by a slew of complaints regarding payout denials and other operational issues on platforms such as Trustpilot. These incidents have raised alarms and questioned the firm’s reliability and transparency.
As the complaints mounted, PropFirmMatch, a website that rates and recommends proprietary trading firms, suspended The Funded Trader from its list of recommended firms. This suspension came after reports of account access issues, unwarranted drawdown violations, and severe delays in trade executions, leading to financial losses for its users.
The Funded Trader founder Angelo Ciaramello issued a statement on the platform X, appealing to the community’s trust and promising a rebranding and operational overhaul in the near future. However, traders remain highly skeptical due to the company’s abrupt closure without any warning, putting their investments at risk and casting uncertainty over the likelihood of receiving refunds or profit payouts.
