FTMO Hits Pause on US Client Acquisition Due to MetaQuotes

FTMO, a proprietary trading firm, has suspended the onboarding of new clients from the United States in response to recent regulatory actions taken by MetaQuotes in the proprietary trading sector.

Observations indicate that prospective traders attempting registration from U.S. IP addresses have encountered difficulties, while existing accounts for U.S. clients remain open without refunds. The client base has been duly informed of this development by FTMO's support team, with an emphasis on transitioning to the new DXtrade platform.

This adjustment impacts both U.S. nationals and non-U.S. nationals residing in the U.S., across all trading platforms. A recent communication has urged clients to conclude all active positions by the upcoming market closure on Friday, clarifying that any remaining positions will be automatically closed thereafter. Additionally, details regarding the migration of accounts to the new DXtrade platform have been provided, including relevant links for client orientation.

Over the weekend, industry reports and social media discussions surfaced indicating a lack of visibility of FTMO servers on both MT4 and MT5 platforms. Speculation within the proprietary trading community suggests a potential correlation with the migration of U.S. traders to DXtrade, reflecting broader industry turmoil following MetaQuotes' decision to terminate funded trading services for U.S. clients, citing regulatory considerations. Finance Magnates has initiated contact with FTMO for commentary and will disseminate updates accordingly.

An industry expert, Anya Aratovskaya, shared insights in a recent LinkedIn post, revealing that, of the 122 Trader Trader Funded Firms examined, merely three had integrated cTrader or DXTrader as of last week. Aratovskaya underscored the prevalent hesitance among trading firms to depart from the widely utilized MT4/MT5 platforms.

Concurrently, MetaQuotes compelled Blackbull Markets, a Limassol-based technology company, to terminate its services to Funding Pips, a prop trading entity utilizing its MT5 license.

Although MetaQuotes has not publicly acknowledged its actions against proprietary trading firms, Blackbulls Chief Business Development Officer, Anish Lal, disclosed to Finance Magnates that the broker was compelled to immediately cease services to Funding Pips as a client.

The CEO of Funding Pips, identified as “Khaled” on X (formerly Twitter), confirmed that MetaQuotes' directive led to Blackbull severing ties with the prop trading firm, specifically citing concerns related to active U.S. accounts. The CEO expressed optimism for the eventual reinstatement of Blackbull Markets.