Bahamas-based CFD broker AXE Securities has become the latest company to enter the rapidly growing prop trading industry by acquiring The Forex Funder (TFF).

The prop firm was previously owned by Tommy Cobain, an influencer trader with 148.1K followers on X (formerly Twitter).

The strategically significant acquisition, announced on August 27, will enable the broker to expand its range of services. However, the broker declined to disclose the exact financial details of the deal, only mentioning that it was "in the millions of dollars."

The Forex Funder is registered in Dubai, and AXE Securities made the acquisition through its Hong Kong-registered holding company. Tahsin Haykal, Managing Director of AXE Securities, stated: "This acquisition aligns with our goal of providing traders with the best tools and resources to succeed in the financial markets. We believe that our combined expertise will enhance the trading experience for all TFF clients."

Acquiring Prop Firms Becoming a Trend?

The acquisition of The Forex Funder is part of a trend of prop trading firms being acquired under continued acquisition pressure. Recently, Sway Funded acquired the now-closed prop firm Karma Prop Traders. Astra Capital Group also revealed plans to "acquire any closed or suspended prop firms, taking over all traders" and incorporate them into their platform.

Meanwhile, several prop firms have recently closed or suspended operations for various reasons. Indigo Trader Funding, Funds For Traders, Funded Engineer, and True Forex Funds are among the prop trading brands that have ceased operations.

Domantas Mocevicius, Managing Director of AXE Securities, added: "By integrating TFF into our portfolio, we're not only expanding our reach but also reinforcing our commitment to supporting traders at all levels."

The Forex Funder Has Over 6,000 Active Traders

For The Forex Funder, they have a strong social media presence with 126.7K followers on X (formerly Twitter), 81.6K followers on Instagram, 10.5K subscribers on Telegram, 10.2K subscribers on YouTube, and over 5.4K followers on TikTok. However, the Discord link on their website is invalid, showing "This invite may be expired, or you might not have permission to join."

AXE revealed that the prop firm has over 6,000 active traders and 600 funded accounts. However, it has a rating of 2.7 on Trustpilot, categorized as "Poor." As of the time of writing, this rating is based on reviews from 1,599 users.

The acquisition of The Forex Funder has also led to a change in the prop firm's management, but it will continue to operate as an independent brand. Haykal and Mocevicius have taken over as the new management.

AXE told Finance Magnates that Haykal will oversee the prop firm's daily operations and focus on expanding its market presence, driving growth, and ensuring long-term business sustainability. On the other hand, Mocevicius will be responsible for improving the company's infrastructure, ensuring robust risk management practices, and strengthening the compliance framework.

Reference：Offshore CFDs Broker AXE Enters Prop Trading: Acquires The Forex Funder