The integration of DXTrade with the proprietary trading platform For Traders is nearing completion amidst unfolding developments in the proprietary trading arena.
This move reflects a trend in the sector, where companies are forming new partnerships to navigate regulatory challenges.
Formerly known as Billions Club, For Traders, helmed by CEO Jakub Roz, is headquartered in the United Arab Emirates.
As per propfirmmatch.com, the company has collaborated with Purple Trading and offers account sizes ranging from $5,000 to $200,000.
On February 14, Funding Pips, a prominent trader funding firm, suddenly halted its operations, sparking uncertainty across the proprietary trading sector.
MetaQuotes’ crackdown on proprietary trading companies utilising its platforms, MetaTrader 4 and 5, left many firms in disarray.
The crux of the issue revolves around licensing disparities, particularly for firms serving US clients without appropriate authorisation.
MetaQuotes’ action underscored its reluctance to grapple with the regulatory intricacies of the US market, with a view to safeguarding its interests.
Likewise, proprietary trading firm Lark Funding recently suspended acquisitions for US clients due to regulatory alterations affecting the industry.
The company intends to transition existing US traders to the DXTrade platform, a decision confirmed by Lark Funding’s CEO, Matt L., in response to the crackdown impacting US-based traders.
MetaQuotes’ unexpected move to withdraw support for proprietary trading firms sent shockwaves throughout the industry, prompting many prop firms to seek solutions.
As the dust settles, it is evident that the landscape of proprietary trading is undergoing a significant transformation.
According to propfirmmatch.com, For Traders implements a two-step evaluation process.
In Phase 1, traders must achieve a profit target of 8%, followed by a 5% target in Phase 2.
The company offers a variety of trading instruments, including forex pairs, commodities, equities, indices, and cryptocurrencies.
During the Challenge Phase, For Traders users have access to increased leverage, with forex trading offering a leverage of 1:125, while indices, stocks, and commodities provide a leverage of 1:20.
As traders progress to the Funded Phase, leverage ratios are adjusted, with forex trading leverage decreasing to 1:40, while indices, stocks, and commodities maintain a leverage of 1:20.