Internet Desk : Only one week after it lost its Match-Trader license, Florida-based leading proprietary trading firm SurgeTrader officially announced the permanent shutdown of its operation. Coming after a series of unfortunate events, starting with the MetaQuotes platform loss earlier this year, the firm had already been under so much duress that such a sudden collapse was hardly expected. First, SurgeTrader attempted to migrate the operations to Match-Trader Technologies. Failure to keep up with contractual obligations resulted in the revocation of the company’s license with Match-Trader on May 24, 2024.
SurgeTrader trading platform
This thereby made it impossible for SurgeTrader to find any other trading platform, and thus actually forced the firm to stop all operations. It was announced on the firm’s social media handles where they expressed how sad it was that they couldn’t get issues surrounding the license with Match-Trader resolved, which led to the abrupt end of their services.
Such a shutdown places many of the traders dependent on its service in limbo, as many rush for fund withdrawals and subsequently begin their search for alternative trading platforms. The incident exposes certain risks and vulnerabilities associated with proprietary trading firms, especially regarding their heavy reliance on licensing agreements as the key to continuing business.
