Just seven days after Florida-based SurgeTrader announced that Match-Trade Technologies had terminated its license, the trading company decided to cease operations. SurgeTrader appears to have been cut off from alternative platforms that could have allowed it to continue serving retail traders.
SurgeTrader announced that it had permanently terminated all operations through an official post on Channel As stated by the SurgeTrader X account (formerly Twitter).
— SurgeTrader (@SurgeTraderPro) May 24, 2024
“Despite all our efforts this week to have Match Trade Technologies communicate further in an attempt to resolve the termination of our trading platform, we have been unsuccessful,” the post continued. While visiting the surgetrader.com website, users find exactly the same information being posted on social media.
Although the decision was announced recently, according to users of the official SurgeTraders Discord channel, contact with company representatives was limited for a long time. “The problem is they don't communicate anymore,” one person commented Finance poles.
Source: SurgeTrader's Discord channel
The cessation of operations follows the chaos that has erupted in the prop trading industry in recent months due to the suspension of licenses by MetaQuotes, the provider of some of the most popular trading platforms, as well as among prop companies.
Without MetaTrader and Match-Trader, SurgeTraders is platformless
More than three months ago, MetaQuotes unexpectedly began suspending the licenses of support companies serving investors from the United States using the MetaTrader 4 and 5 platforms. This led to a significant suspension of operations, accepting new clients, and searching for new platforms. Like most companies in the industry, SurgeTrader has chosen to move to a platform from Match-Trade Technologies, Match-Trader.
However, just a week ago, this platform's license was also suspended.
The company stressed that the provider had no justification for such a move and speculated that a “known third party” may have influenced the decision.
Source: Serge Trader
However, according to information provided by Match-Trade Technologies to Finance Magnates, the termination of the partnership with SurgeTrader was due to the company’s “inability to meet official requirements.” Commitments
Commitments
In finance, a liability is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
In finance, a liability is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
Read this term specified in our contract.”
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 what is justified compliance
compliance
In finance, banking, investment, and insurance, compliance refers to following rules or orders set by a government regulatory authority, either to provide a service or process a transaction. Compliance with regard to financing will also be a case of following established guidelines or specifications. This classification can also include efforts to ensure organizations comply with industry regulations and government legislation. Understanding ComplianceCompliance is
In finance, banking, investment, and insurance, compliance refers to following rules or orders set by a government regulatory authority, either to provide a service or process a transaction. Compliance with regard to financing will also be a case of following established guidelines or specifications. This classification can also include efforts to ensure organizations comply with industry regulations and government legislation. Understanding ComplianceCompliance is
Read this term Taking into account the best interests of merchants, we have decided to terminate the cooperation and extend the notice period specified in the agreement.”
The situation in the industry remains very dynamic. On the same day, another support firm, The Funded Trader, announced that it had reached a “pivotal moment” in its recovery and promised to return.
Just seven days after Florida-based SurgeTrader announced that Match-Trade Technologies had terminated its license, the trading company decided to cease operations. SurgeTrader appears to have been cut off from alternative platforms that could have allowed it to continue serving retail traders.
SurgeTrader announced that it had permanently terminated all operations through an official post on Channel As stated by the SurgeTrader X account (formerly Twitter).
— SurgeTrader (@SurgeTraderPro) May 24, 2024
“Despite all our efforts this week to have Match Trade Technologies communicate further in an attempt to resolve the termination of our trading platform, we have been unsuccessful,” the post continued. While visiting the surgetrader.com website, users find exactly the same information being posted on social media.
Although the decision was announced recently, according to users of the official SurgeTraders Discord channel, contact with company representatives was limited for a long time. “The problem is they don't communicate anymore,” one person commented Finance poles.
Source: SurgeTrader's Discord channel
The cessation of operations follows the chaos that has erupted in the prop trading industry in recent months due to the suspension of licenses by MetaQuotes, the provider of some of the most popular trading platforms, as well as among prop companies.
Without MetaTrader and Match-Trader, SurgeTraders is platformless
More than three months ago, MetaQuotes unexpectedly began suspending the licenses of support companies serving investors from the United States using the MetaTrader 4 and 5 platforms. This led to a significant suspension of operations, accepting new clients, and searching for new platforms. Like most companies in the industry, SurgeTrader has chosen to move to a platform from Match-Trade Technologies, Match-Trader.
However, just a week ago, this platform's license was also suspended.
The company stressed that the provider had no justification for such a move and speculated that a “known third party” may have influenced the decision.
Source: Serge Trader
However, according to information provided by Match-Trade Technologies to Finance Magnates, the termination of the partnership with SurgeTrader was due to the company’s “inability to meet official requirements.” Commitments
Commitments
In finance, a liability is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
In finance, a commitment is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
Read this term specified in our contract.”
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 what is justified compliance
compliance
In finance, banking, investment, and insurance, compliance refers to following rules or orders set by a government regulatory authority, either to provide a service or process a transaction. Compliance with regard to financing will also be a case of following established guidelines or specifications. This classification can also include efforts to ensure organizations comply with industry regulations and government legislation. Understanding ComplianceCompliance is
In finance, banking, investment, and insurance, compliance refers to following rules or orders set by a government regulatory body, either to provide a service or process a transaction. Compliance with regard to financing will also be a case of following established guidelines or specifications. This classification can also include efforts to ensure organizations comply with industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this term Taking into account the best interests of merchants, we have decided to terminate the cooperation and extend the notice period specified in the agreement.”
The situation in the industry remains very dynamic. On the same day, another support firm, The Funded Trader, announced that it had reached a “pivotal moment” in its recovery and promised to return.