SurgeTrader Prop Firm Goes Under
SurgeTrader threw in the towel just a week after Match-Trade Technologies pulled the plug on their license. Looks like they couldn't rustle up another platform to keep their retail traders in the game.
SurgeTrader dropped the bombshell on Channel X (that's Twitter for you oldies) right before the clock struck midnight on May 24, 2024. They didn't mince words: "We're gutted to announce that as of today, Friday, May 24, 2024, SurgeTrader has shut its doors and ceased all operations," their X account blared.
"We busted our chops this week trying to smooth things over with Match Trade Technologies about the trading platform getting axed, but no dice." Pop over to surgetrader.com now, and you'll see the same spiel they've plastered all over social media.
Even though they've only just let the cat out of the bag, word on the street (aka SurgeTraders' official Discord channel) is that getting hold of anyone important at the company has been like pulling teeth for ages. Folks reckon the bigwigs ghosted their customers long ago.
This shutdown is just the latest domino to fall in the prop trading world, which has been in a tizzy for months thanks to MetaQuotes (the folks behind some of the hottest trading platforms, prop firms included) suddenly yanking licenses left and right.
SurgeTraders Is Toast Without MetaTrader and Match-Trader Backing
About three months back, MetaQuotes started pulling the rug out from under prop firms using MetaTrader 4 and 5 to cater to U.S. investors. This sparked a mad scramble, with operations grinding to a halt, new sign-ups frozen, and everyone and their dog hunting for new platforms. SurgeTrader, like most in the biz, jumped ship to Match-Trade Technologies' platform, Match-Trader.
But wouldn't you know it, just last week, that platform's license got the chop too.
The company cried foul, saying the provider had no good reason for this curveball and hinted that "a big shot third party" might've been pulling strings behind the scenes.
Match-Trade Technologies, however, sang a different tune. They claim they gave SurgeTrader the boot because the company "couldn't keep up with the formal obligations laid out in our contract."
Match Trade Technologies said: "We fired off the termination notice on April 5, set to kick in on June 30, giving them three months to find new digs and keep the trading wheels turning. Given the compliance headaches and looking out for the traders, we decided to cut ties but even gave them more notice than the contract required."
SurgeTraders' Downfall: The Cliff Notes
- SurgeTrader had to pack it in after losing their trading platform lifeline
- The final nail in the coffin was Match-Trade Technologies giving them the boot
- The prop trading world's been in a tailspin since MetaQuotes started playing license roulette
- SurgeTrader's radio silence with customers only added fuel to the fire
- Match-Trade Technologies claims they showed SurgeTrader the door for not holding up their end of the bargain
Reference：Prop Firm SurgeTrader Shuts Down a Week after Losing Match-Trader License
