Hello blog readers in today's article we are going to talk about the issue that funded traders are currently facing over meta quotes stepping back away from supporting prop firm trading. Prop firm trading has been one of the most efficient ways to get more trading capital easily even when you don't have access to such huge amounts of cash but still prop firms are still the best way to get funded.
So, what happened?
First of all we have to understand that it's not the propfirms that are closing , it's the brokers that the prop firms use that have decided to signout. Most brokers have been forced to logout all the propfirms accounts, you'd be asking yourself why though? , brokers have decided to do this in order to save their licences with meta quotes due to the tensions of USA traders that have continued to do transactions with Russian traders and in this way the only way they could be stopped was reaching out to brokers.
Another issue that is being speculated is that meta quotes itself wants to introduce it's own service of funding traders hence creating it's own prop firm though this is not yet confirmed.
The third issue on the table is that meta quotes and brokers have been no longer benefiting from the business as they've been turned into a fourth party sort of, traders were nolonger depositing funds to brokers , with all the money going to prop firms hence the prop firms were to decide which percentage cut they had to give to the broker.
However, with all this prop firm traders ought to keep calm as most propfirms are currently devising other means for their clients to resume trading shortly , there are other many other options such as C Trader, DX trader and so on for traders to use so there is no need to panic.
Hope this article was helpful to you. Thanks for reading.
In trading and investing, patience is a virtue, panic is not.” – Peter Lynch
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