On Friday 24, SurgeTrader shut down and suspended prop firm operations for all traders. The Florida-based prop trading company terminated all FX trading services three years after their launch in 2021. SurgeTrader’s shutdown follows the closure of major prop firms – including TrueForex Funds shutdown, The Funded Trader, and FTMO’s account suspension for US traders.
According to SurgeTrader’s recent updates, the prop firm ceased all operations after failing to resolve a licensing dispute with Match-Trade. A week ago, Match-Trade revoked SurgeTrader’s license – forcing the prop firm to suspend the sale of new auditions. As a serious retail trader yourself, follow the latest updates on prop firm shutdowns to work with legitimate partners in the industry. Read on for a complete SurgeTrader’s shutdown overview that led to the prop firm suspending all operations.
SurgeTrader Announces Permanent Shutdown
According to SurgeTrader’s recent update on X (formerly Twitter), the prop firm announced the closure of all operations. The prop firm’s official statement stated:
“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.”
SurgeTrader’s official website highlights the same statement with no recent updates after Friday 24, 2024. While the prop firm released an official statement last week, many associated traders complained about limited trading support from the SurgeTrader team.
SurgeTrader and MetaQuotes Dispute Explained
Notably, SurgeTrader’s shutdown comes after MetaQuotes’ ban on multiple prop firms earlier in February 2024. As a result, prop firms stopped accepting new clients, paused services for existing traders, and even terminated operations permanently.
These prop firms started searching for other trading platforms to continue their operations. After MetaQuotes revoked SurgeTrader’s license, the prop firm promised platform migration to Match-Trade – a leading FX trading platform. Surprisingly, Match-Trade also terminated SurgeTrader’s license – resulting in multiple complaints from the prop firm’s existing clients.
Why Match-Trade Technologies Suspended SurgeTrader’s License?
According to an official statement, Match-Trade Technologies terminated SurgeTrader’s license after the prop firm failed to follow formal contractual obligations. Meanwhile, SurgeTrader considers MatchTrade’s decision biased – with the trading platform refusing to resolve licensing issues.
SurgeTrader stated that the prop firm remained unsuccessful in communicating with MatchTrade – despite multiple efforts over a week. Match-Trade issued the termination notice on April 5, 2024, with a three-month notice to migrate to another trading platform.
How SurgeTrader Suspension Impacts Traders?
After the prop firm’s termination, many clients are wondering about the next steps. SurgeTrader’s shutdown may impact associated traders who relied on prop firm’s payouts. As the first key step, you should reach out to the prop firm’s support staff to withdraw any profits, funds, or recent earnings. Next, take your time to research legitimate SurgeTrader alternatives suitable for your trading style, needs, and goals.
Of course, these recent shutdowns raise concerns about stability, reliability, and future of prop trading firms. Similar to SurgeTrader’s clients, many traders are concerned about how prop firms work and their vulnerability to unexpected shutdowns. Notably, traders must carefully assess the risk-to-reward ratio for various prop firms and work with legitimate partners.
