Prop Trading Firms MyFundedFX Gears Up for cTrader Platform Launch (2024)
MyFundedFX has completed integrating cTrader followingweeks of turmoil in the industry. According to a statement on X, the proprietarytrading platform will be "stress testing it and ensuring it is bug-free."
MyFundedFX mentioned: "Later next week, we aimto go live with CTrader powered by Purple Trading SC. We have also been handedover our MatchTrader server license and have begun the integration work forthat. Thank you for your patience as we provide more options for everyone!"
Our Integration of CTrader has been complete.
Over the weekend and early next week we will be stress testing it and ensuring it is bug free.
Later next week we aim to go live with CTrader powered by Purple Trading SC.
On February 19, MyFundedFX announced that it wasrestricting US traders effective immediately. The platform exclusively restrictedusers in this region to trading DXtrade challenges.
Besides that, the firm asked US traders to preparefor a migration of their accounts from MetaTrader to DXtrade. This migrationwas a response to ongoing regulatory pressures and a shift in the industry.
Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
Currently, most proprietary trading firms arecompleting their migration to new platforms driven by MetaQuotes' tighteningregulations, especially concerning US compliance.
These changes affecting the industry began whenmajor brokerage firms like Blackbull Markets and Purple Trading terminatedpartnerships with proprietary trading platforms due to compliance concerns.
Blackbull Markets' decision to sever ties withFunding Pips, a Dubai-based trading firm, underscored the severity of theregulatory challenges faced in the industry. MetaQuotes' actions have resultedin a broader diversification trend among proprietary trading platforms, as theyintegrate alternative trading platforms, such as cTrader and Match-Trader.
Adapting to Regulatory Pressure
Some platforms, including The5ers and FTMO, havehalted services to US-based clients altogether, reflecting the broader industryresponse to the restrictions.
Currently, many firms are dealing with this challenge, either ceasing operations or finding an alternativesolution. At Finance Magnates, we have created a live table to track thechanges by major proprietary trading companies.
MyFundedFX has completed integrating cTrader followingweeks of turmoil in the industry. According to a statement on X, the proprietarytrading platform will be "stress testing it and ensuring it is bug-free."
MyFundedFX mentioned: "Later next week, we aimto go live with CTrader powered by Purple Trading SC. We have also been handedover our MatchTrader server license and have begun the integration work forthat. Thank you for your patience as we provide more options for everyone!"
Our Integration of CTrader has been complete.
Over the weekend and early next week we will be stress testing it and ensuring it is bug free.
Later next week we aim to go live with CTrader powered by Purple Trading SC.
On February 19, MyFundedFX announced that it wasrestricting US traders effective immediately. The platform exclusively restrictedusers in this region to trading DXtrade challenges.
Besides that, the firm asked US traders to preparefor a migration of their accounts from MetaTrader to DXtrade. This migrationwas a response to ongoing regulatory pressures and a shift in the industry.
Effectively immediately, US clients are restricted to only purchasing new challenges on DXtrade. This includes residents of the US and those living in the US with dual citizenship.
All existing US clients may continue trading this week as normal. We are still coordinating with…
Currently, most proprietary trading firms arecompleting their migration to new platforms driven by MetaQuotes' tighteningregulations, especially concerning US compliance.
These changes affecting the industry began whenmajor brokerage firms like Blackbull Markets and Purple Trading terminatedpartnerships with proprietary trading platforms due to compliance concerns.
Blackbull Markets' decision to sever ties withFunding Pips, a Dubai-based trading firm, underscored the severity of theregulatory challenges faced in the industry. MetaQuotes' actions have resultedin a broader diversification trend among proprietary trading platforms, as theyintegrate alternative trading platforms, such as cTrader and Match-Trader.
Adapting to Regulatory Pressure
Some platforms, including The5ers and FTMO, havehalted services to US-based clients altogether, reflecting the broader industryresponse to the restrictions.
Currently, many firms are dealing with this challenge, either ceasing operations or finding an alternativesolution. At Finance Magnates, we have created a live table to track thechanges by major proprietary trading companies.
Prop Trading Firm MyFundedFX Gears Up for cTrader Platform Launch. MyFundedFX has completed integrating cTrader following weeks of turmoil in the industry. According to a statement on X, the proprietary trading platform will be "stress testing it and ensuring it is bug-free."
The default platform for migration is Match-Trader which, the company said, has been working well in testing and has a great UI. MyFundedFX said it is providing traders the option to choose between DXtrade and cTrader, if a client would like to migrate to one of those platforms as well.
In the United States, the SEC requires prop trading firms to maintain a minimum net capital of $100,000. However, this amount can increase significantly depending on the type of securities you trade in.
{quote} FTMO (unless you are a US citizen), The5ers, and City Traders Imperium are the three oldest prop firms, and probably the only ones with 5+yrs reputable history of reliable payouts. I'd start with those three.
Consistency Rule: We do not enforce any consistency rule related to the tradable assets in any phase of trading. This means that traders have the flexibility to switch between different asset classes or focus their simulated trading on specific instruments based on their trading strategies and market outlook.
The platform provides a maximum leverage of 1:100, which means that for every $1 in a trader's account, they can control a position worth up to $100. This leverage allows traders to amplify their trading capital and potentially magnify their profits in the market.
Also known as “prop trading,” it offers higher earnings potential much earlier in your career than jobs like investment banking or private equity. It's arguably the most merit-based industry within finance: if you make millions of dollars for your firm, you'll earn some percentage of it.
Prop trading firms are less heavily regulated than regular brokerages and broker-dealers. However, if such laws apply, you must still properly register your business and get licensed.
A prop trading firm looks to recruit talented traders and fund them with the company's capital. The funds that a trader makes, is then split between the trader and the company. The profit share is between 50 – 95%, with the trader taking the lion's share.
While FTMO stands out as the best overall prop firm, other options such as Fidelcrest, 5%ers, BluFX, Glow Node, Smart Prop Trader, FTUK, Instant Funding, and SurgeTrader also offer attractive features and benefits.
Fastest Industry Payouts – MyFundedFutures has the fastest payouts in the futures prop trading space which has become more and more important with some of the other futures prop trading firms taking weeks to payout.
The Volcker Rule is one of the more controversial pieces of legislation to emerge from the financial crisis. Attached to the Dodd-Frank Act, the rule was intended to limit banks' ability to make speculative investments that do not benefit their customers.
FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.
FTUK is a reputable prop firm with instant funding accounts, which attracts seasoned traders who want to access large trading capital without a lengthy evaluation process. The funding range is from 14k to 5 million USD with a profit share of 80% and maximum leverage of 1:100.
MyFundedFx offers a unique approach to prop trading by providing traders with access to a wide range of markets, including forex, stocks, commodities, and cryptocurrencies. The firm offers a variety of account types to suit different trading styles and experience levels.
In accordance with our policy to restrict new purchases and trading activities originating from within the US, individuals residing in the US who are not citizens of the country are presently unable to engage in trading with us.
To access your DXtrade account, please visit this link: https://webtrader.myfundedfx.com/. Then, you enter the username and password provided to you when you purchase your DXtrade account. The username always begins with MFFX.
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