SurgeTrader, a Florida-based trading company, announced that trading platform provider Match-Trade Technologies has terminated the company's license. Match-Trader representatives confirmed this information in a statement emailed to Finance Magnates.
Since the chaos in the industry related to the suspension of licenses by MetaQuotes, the creator of MetaTrader 4 and MetaTrader 5, many companies have moved to the competing Match-Trader platform to maintain their operations and keep their clients.
We are now witnessing the first case of license revocation on the platform that was supposed to be a safe haven for support companies.
Match-Trader is revoking the license of SurgeTrader
On the SurgeTrader website, there is a big red message prompt “Attention SurgeTraders” informing visitors that the company has been subjected to “unjustified and malicious revocation of its Match-Trader license.”
Therefore, the company has suspended the sale of new “tests” for the time being, which allow traders to use the platform. The suspension will be lifted once the Match-Trader issue is resolved or an alternative trading platform is secured.
Based on the above description, it appears that Match-Trade Technologies has terminated the SurgeTrader license. The company maintains that the provider had no justification for such a move and speculates that a “known third party” may have influenced the decision.
US Support Trading also claims that it has “fully cooperated with its legal team, directors, and owners and has made every effort to address any concerns with our legal teams and address all unwarranted and baseless accusations against the company and its founder.”
Currently, SurgeTrader is said to be exploring legal avenues to address the termination of the agreement with Match-Trader.
“We apologize for the significant and unnecessary disruption they have caused to the global trading community,” SurgeTrader concluded in its statement.
Finance Magnates has reached out to Match-Trade Technologies and SurgeTrader to learn more and reveal the details of this story. From the response received from the platform provider, it appears that the termination of the partnership actually occurred due to “SurgeTrader’s failure to meet the formal requirements outlined in our agreement.”
At the time of publication, SurgeTrader had not yet responded to a request for comment.
Match Trade Tecnologies added: “The termination notice was issued on April 5 and will take effect on June 30, allowing the company to move to a different platform for three months, thus minimizing the impact on trading activities.” “In light of well-founded compliance concerns and with the interests of merchants in mind, we have decided to terminate the cooperation, extending the notice period specified in the agreement.”
The company added that the decision came as a result of the standard compliance procedures to which every client is subject. He did not address allegations that third parties may have influenced him.
Radio silence unlike SurgeTrader
To gather more information about the reasons behind Match-Trader's decision, Finance Magnates found the official channel of the supporting trading company on Discord. Many users were hotly discussing the issue of the allegedly revoked license.
When asked how to contact company representatives, one person said they “haven't heard from anyone at Surge directly in months.” “The problem is they don't communicate anymore,” another user claimed.
The Discord channel appears to have been inactive for some time, but other social media channels appear to be working. On X (formerly Twitter), posts continue to appear, including information about Match Trade Technologies' recent decision.
Head to our website to read our latest update below:https://t.co/e3WnQAxpD2#surgetrader #surgetraderupdate pic.twitter.com/NsMZewOBmT
— SurgeTrader (@SurgeTraderPro) May 19, 2024
SurgeTrader was one of several US trading companies that had to divest MetaTrader 4 and 5 due to the suspension of MetaQuotes licenses. It was expected that Match-Trader would become a viable alternative for them, but in the case of SurgeTrader, something seems to have gone wrong.
This article was written by Damian Schmil at www.financemagnates.com.