The company is the latest victim of a recent crackdown against proprietary trading firms.
Smart Prop Trader mentioned that plans for the migration are underway.
Smart Prop Trader has announced its intention to migrate
to several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown on
proprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Trader
mentioned that it will provide further information about its latest move.
The company said: "In an effort to
provide optimal transparency and the best customer experience for our users,
Smart Prop Trader will be migrating over to multiple new brokers, including
cTrader. We have been planning this migration for some
time and have already made significant progress to ensure a seamless transition
for our users. We will update you all with further details as soon as possible."
Prop Trading under Regulatory Scrutiny
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: "Our team is actively engaged in resolving the ongoing
issues and is diligently working towards incorporating a solution that ensures
a seamless transition for our traders. We appreciate your concern and want to
assure you that we are carefully considering all options to make the best
decision for our clients."
Last year, the emerging sector of proprietary
trading encountered a significant setback following a lawsuit against My
Forex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operated
outside the purview of stringent financial regulations due to their
non-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders the
opportunity to trade with company funds on live markets to reduce
the risk of capital loss. These firms typically split trading profits with
traders, offering substantial profit shares up to 90 percent.
However, the operational models of prop trading
firms vary significantly, with traders required to pay fees and fulfill
specific trading challenges to qualify for access to company funds. Regulators
worldwide, including those in the UK and Europe, are contemplating potential
actions to address fraudulent practices and protect retail traders from
exploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in the
sector, abruptly ceased trading operations and stopped services for all its
traders. This move sent shockwaves throughout the prop trading
community, raising questions about the stability and future of such firms.
Similarly, True Forex Funds, a online
proprietary trading firm based in Hungary, is gearing up for a relaunch despite facing
setbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. The
company aims to integrate users' accounts and launch its cTrader platform as
part of its reopening strategy.
Smart Prop Trader has announced its intention to migrate
to several new brokers and will also integrate cTrader trading platform. This followed the latest crackdown on
proprietary trading companies by their technology providers. According to an announcement on X, Smart Prop Trader
mentioned that it will provide further information about its latest move.
The company said: "In an effort to
provide optimal transparency and the best customer experience for our users,
Smart Prop Trader will be migrating over to multiple new brokers, including
cTrader. We have been planning this migration for some
time and have already made significant progress to ensure a seamless transition
for our users. We will update you all with further details as soon as possible."
Prop Trading under Regulatory Scrutiny
In an email sent to Finance Magnates, a representative from Smart Prop Trader wrote: "Our team is actively engaged in resolving the ongoing
issues and is diligently working towards incorporating a solution that ensures
a seamless transition for our traders. We appreciate your concern and want to
assure you that we are carefully considering all options to make the best
decision for our clients."
Last year, the emerging sector of proprietary
trading encountered a significant setback following a lawsuit against My
Forex Funds by the US commodities regulator, Finance Magnates reported. While proprietary trading firms have traditionally operated
outside the purview of stringent financial regulations due to their
non-involvement in handling client funds, the scandal involving My Forex Funds brought the sector under the regulatory spotlight.
Proprietary trading firms offer traders the
opportunity to trade with company funds on live markets to reduce
the risk of capital loss. These firms typically split trading profits with
traders, offering substantial profit shares up to 90 percent.
However, the operational models of prop trading
firms vary significantly, with traders required to pay fees and fulfill
specific trading challenges to qualify for access to company funds. Regulators
worldwide, including those in the UK and Europe, are contemplating potential
actions to address fraudulent practices and protect retail traders from
exploitation.
Shockwaves in Prop Trading
Recently, Funding Pips, a prominent player in the
sector, abruptly ceased trading operations and stopped services for all its
traders. This move sent shockwaves throughout the prop trading
community, raising questions about the stability and future of such firms.
Similarly, True Forex Funds, a online
proprietary trading firm based in Hungary, is gearing up for a relaunch despite facing
setbacks due to the termination of its MT4 and MT5 licenses by MetaQuotes. The
company aims to integrate users' accounts and launch its cTrader platform as
part of its reopening strategy.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
π Facebook: https://www.facebook.com/financemagnates/
πΈ Instagram: https://www.instagram.com/financemagnates_official
π¦ X (Twitter): https://twitter.com/financemagnates/
π‘ RSS Feed: https://www.financemagnates.com/feed/
βΆοΈ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa