Termination of MetaTrader Usage Rights in the US
FXIFY, a prop firm that provides funding to skilled traders, is now facing regulatory changes from MetaQuotes, the company behind the MetaTrader trading platform.
MetaQuotes has requested FXIFY to cease providing MetaTrader services to traders within the United States.
In response to this situation, FXIFY will transition US traders from the MetaTrader platform to the DXtrade platform. This change marks the end of the last major MetaTrader usage rights in the United States for the industry.
Key points:
- Closing positions: Due to notification from our current platform developer, FXIFY traders need to close all current positions on the MetaTrader platform by August 16, 2024, at 23:59 EDT.
- Account transfer: Your account equity and balance will be automatically transferred to the new DXtrade platform. You don't need to take any action for this transfer.
- Platform usage: In the coming days, you will be able to use the new DXtrade platform. We will send a separate email providing login credentials and instructions for using the new platform.
"Please note that positions not closed by the specified deadline will be automatically closed by our risk management team. We strongly recommend that you actively manage your positions to avoid any potential disruption to your trading activities."
The industry also expects that the so-called "Platform5" hype will no longer be accepted, which may affect some companies using similar marketing strategies.
In addition to these regulatory changes, FXIFY is preparing to launch FXIFY Futures products, aimed at expanding their service range and attracting more traders.
FXIFY celebrated its first anniversary on May 1, 2024. In its first year, the company reported paying over $8.7 million to funded traders, processing over $1.7 trillion in trading volume in challenges and funded accounts, and recording over 80,000 account registrations.
Customer Management Challenges
According to the company, they have recently joined the ranks of firms paying traders $3 million monthly and have risen to the top six in forex evaluation traffic rankings.
As the company grows, increases payouts, and strengthens its influence in the US market, FXIFY may need to improve its customer management to maintain its success and compliance.
Reference：Prop Firm FXIFY Faces MetaQuotes Ban: US MetaTrader Access Ending
