Traddoo CEO on how US prop trading chaos will play out

Rick Steves

“Prop firms will look for cheaper alternatives to MT5. Major trading platforms will ban US customers following the footsteps of MetaQuotes. CFD firms looking to maintain US market share will likely start futures firms.”

In the midst of quite uncertain times within the proprietary trading space, Dylan Worrall, co-Founder and CEO of Traddoo, has shared insights into the firm’s strategic responses to recent challenges.

This comes at a critical time when MetaQuotes, the developer behind the widely used trading platform MetaTrader, seems to be ending support for firms accepting US clients.

This decision has prompted a shift in the industry, with some brokerage firms, including Eightcap and ThinkMarkets, beginning to distance themselves from prop trading firms.

Traddoo, a proprietary trading firm based in Denver, is taking proactive measures to ensure continuity and stability for its traders. Worrall revealed on Twitter that the firm is prepared to migrate all trade data from ThinkMarkets to Trade Locker, a move that will allow operations to proceed without disruption.

CFD brokers to register with the CFTC

Dylan Worrall then delved into the reason for all the MetaQuotes issues. “MQ wants their piece of the pie. Prop Firms operating without MQ licenses will be heavily impacted. Additionally, it’s very likely that the CFTC noticed MFF (My Forex Funds) servers on MT5 and as a precaution MT5 is now banning all US operators.

“How will Firms continue to Operate? Prop firms will look for cheaper alternatives to MT5. Major trading platforms will ban US customers following the footsteps of MetaQuotes. CFD firms looking to maintain US market share will likely start futures firms.”

“What does this mean for the consumer? US Citizens will need to explore alternative funding options with (Perpetual) futures firms and Non-US Citizens will have to adapt to new trading platforms while MetaQuotes works to create prop friendly license model. It’s a turbulent time in the industry right now. Many of you who are concerned for your capital, but fear not this to shall pass and the industry will prevail.”

cTrader, Match-Trader, DXtrade as alternatives to MT5

These developments are prompting a shift towards alternatives to MetaTrader 5 such as DXtrade by Devexperts, Match-Trader by Match-Trade Technologies, and cTrader by Spotware Systems.

The latest to join the party was Match-Trade Technologies which partnered with proprietary trading technology provider FPFX Technologies, LLC to integrate its advanced Customer Relationship Management (CRM) system with the Match-Trader platform. A notable technological feature is the real-time data streaming from Match-Trader to FPFX Tech Prop Trading licensee dashboards, providing instant access to live trading account data and a stable data transmission through a specially designed streaming API. Match-Trader, distinguished by its trader-centered design and mobile-first approach using progressive web app (PWA) technology, is offered as a full license or White Label solution, emphasizing flexibility, high security, and high processing capacity.

FinanceFeeds recently spoke with Andrew Mreana from Spotware Systems about prop trading in the aftermath of the CFTC lawsuit against My Forex Funds.

Mreana addressed concerns about the collapse of My Forex Funds and the potential fragility of the prop trading sector and criticized the lack of professional market knowledge among participants, and regulatory gaps. Mreana pointed out trust as a critical issue, highlighting the risks of reduced trust among retail traders and the potential negative impacts of regulatory intervention.

The Spotware executive proposed that introducing professional standards could benefit the industry, possibly encouraging Forex brokers to integrate prop trading into their operations. He noted the minimal risk for clients in prop trading and suggested that addressing current issues could elevate prop trading to a significant element of the brokerage industry, driven by the universal desire to increase wealth.

Additionally, Mreana discussed the importance of technology and innovation in trading platforms, like cTrader, in supporting and advancing trends within the brokerage industry, including prop trading. He highlighted the role of AI and machine learning in marketing and other fields, indicating a focus on leveraging technology to enhance the brokerage industry’s offerings.

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