SurgeTrader, a proprietary trading firm based in Florida, recently experienced the termination of its license by Match-Trade Technologies, a prominent trading platform provider. This development was confirmed by Match-Trade Technologies in a statement to Finance Magnates.
The disruption stems from the earlier chaos in the trading industry caused by the suspension of licenses by MetaQuotes, the creator of MetaTrader 4 and 5. Many firms, including SurgeTrader, had migrated to Match-Trader to continue their operations. However, SurgeTrader now faces the revocation of its license on this platform, which was seen as a stable alternative.
License Revocation and Its Impact
SurgeTrader’s website now bears a stark message, alerting users to the ‘unwarranted and harmful Match-Trader license revocation.’ This unexpected turn of events has forced the company to temporarily halt the sale of new ‘auditions,’ a move that has left the trading community in a state of uncertainty. This suspension will persist until the issue with Match-Trader is resolved or an alternative platform is secured, adding to the unease.
SurgeTrader claims the termination was unjustified and speculates that a “well-known third party” may have influenced the decision. The company asserts that it has fully cooperated with Match-Trader’s legal team and has gone to great lengths to address any concerns. SurgeTrader is now exploring legal options to challenge the termination.
In a statement, SurgeTrader expressed regret for the disruption caused to the trading community. However, they also underlined their proactive approach and the extensive efforts they are making to resolve the situation, aiming to reassure the audience of their commitment and resilience.
Match-Trade Technologies’ Response
Finance Magnates contacted Match-Trade Technologies for more details. The platform provider stated that the termination was due to SurgeTrader’s failure to meet the formal requirements outlined in their agreement. The termination notice was issued on April 5 and will take effect on June 30, giving SurgeTrader three months to transition to a new platform to minimize trading disruptions.
Match-Trade Technologies added that the decision was based on compliance concerns and aimed to protect traders’ interests. They did not address allegations of third-party influence.
Communication Issues on SurgeTrader’s Discord
Finance Magnates also reviewed SurgeTrader‘s official Discord channel, where users were discussing the license revocation. Some users mentioned a lack of communication from SurgeTrader’s representatives, with one noting they had been waiting to hear from the company for months. Despite the inactivity on Discord, SurgeTrader’s other social media channels, such as X (formerly Twitter), remain active with updates.
Industry Context
Head to our website to read our most recent update below:https://t.co/e3WnQAxpD2#surgetrader #surgetraderupdate pic.twitter.com/NsMZewOBmT
— SurgeTrader (@SurgeTraderPro) May 19, 2024
SurgeTrader’s case is not an isolated incident. It is part of a larger trend where several American prop trading firms, including SurgeTrader, had to abandon MetaTrader 4 and 5 due to the MetaQuotes license suspension. The revocation of SurgeTrader’s license, despite Match-Trader being considered a reliable alternative, raises questions about the platform’s compliance procedures and the potential implications for the trading industry at large.
This incident highlights the ongoing adjustments and challenges prop trading firms face in the evolving trading platform landscape.
