Prop Firm SurgeTrader Ceases Operations

Fazzaco has learned that SurgeTrader, a prop trading firm based in Florida, has ceased its operations after its license for the Match-Trader platform, provided by Match-Trade Technologies, was suspended a week ago​.

SurgeTrader made an announcement on its official website stating, "It is with deep regret that we announce that as of today, Friday, May 24, 2024, SurgeTrader has closed and ceased all operations. Despite all of our efforts this week to get Match Trade Technologies to further communicate in an effort to resolve our trading platform termination, we have been unsuccessful."

In February​, SurgeTrader, along with other proprietary trading companies, faced challenges from MetaQuotes, the technology developer behind the popular trading platforms MT4/MT5. To continue their operations, these prop trading firms decided to switch to other platforms, including Match-Trader. However, SurgeTrader encountered another setback last week when Match-Trade Technologies suddenly revoked its license. Match-Trade Technologies stated that its decision was based on SurgeTrader's "inability to fulfill the formal obligations specified in our contract," without providing further details.

Several prop trading platforms have recently withdrawn from the competition, including True Forex Funds​, Skilled Funded Traders, and The Funded Trader. However, it is worth noting that on the same day that SurgeTrader ceased operations, The Funded Trader, which had been inactive for several months, hinted at the possibility of resuming operations.

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The firm posted on X on May 24, "We're thrilled to announce a significant milestone in our journey! We've secured new partnerships, unlocking access to our funds and paving the way to clear our backlog of payouts and accounts owed. This does not mean it will happen tomorrow, but is an important step towards our future."

Fazzaco will closely monitor the future development of these prop trading companies.