The proprietary trading firm, Funds For Traders, has announced that it will be closing its doors, citing the withdrawal of support for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms by Eightcap as the primary reason. The firm informed its users that the decision to cease operations was unavoidable due to the loss of these crucial trading platforms.
MT4 and MT5 Platform Withdrawal
In a statement shared on social media platform X, Funds For Traders expressed their regret: “As of today, we will be ceasing all operations at Funds For Traders. This decision follows the recent notification from Eightcap that they will no longer be supporting the MetaTrader 4 and MetaTrader 5 platforms for proprietary trading. Without these platforms, we are unable to continue our services.”
The company also conveyed its gratitude to its community of traders, stating, “To all our incredible traders, it has been an honor to be part of your journey. Together, we’ve made a global impact. Thank you for placing your trust in us, and we wish you continued success in your future endeavors.”
Despite the sudden closure, Funds For Traders has reassured its users who have active challenges that they will receive appropriate support during this transition. This development comes shortly after another proprietary trading firm, Karma Capital, also announced its closure under similar circumstances.
A Wave of Prop Trading Firm Closures
The founder of Karma Capital revealed that their reliance on a promised technological solution from a third-party provider, which never materialized, contributed significantly to their decision to close. This delay incurred significant costs over several months, and the company acknowledged that their risk management checks were insufficiently implemented.
This trend of prop trading firm closures continues, with Funded Engineer shutting down last month and filing for bankruptcy. The firm reported that despite efforts to restructure, reduce costs, and raise capital, it was unable to sustain its operations. Likewise, True Forex Funds recently ceased operations due to financial insolvency, after failing to secure the necessary improvements to its financial health. The company had previously blamed MetaQuotes for terminating its MT4 and MT5 licenses, which led to its downfall.
