Proprietary Trading Firm SurgeTrade Announces Shutdown

The proprietary trading firm SurgeTrade has announced to closed and ceased all operations as of May 24, 2024. This follows the termination of the company's license by financial technology provider Match Trade Technologies.

SurgeTrade said that after "all of efforts this week to get Match Trade Technologies", the issue of the trading platform termination remained unresolved.

SurgeTrade was not happy with Match-Trader's "unilateral" decision to terminate, and believed that the decision was influenced by a powerful third party, while Match Trade Technologies stated that the termination was due to the company's Match Trade Technologies said the termination was due to the company's "inability to fulfill the formal obligations specified in our contract", but gave no details.

In recent months, several proprietary trading firms have received restrictions from MetaQuotes and their licenses have been terminated. As a result, these proprietary trading firms had to migrate their data to alternative platforms like Match-Trader. However, that path may not that smooth now either.

The termination of the Match-Trader license is certainly a blow to SurgeTrade. Even before SurgeTrade, other proprietary trading firms True Forex Funds, Skilled Funded Trader and The Funded Trader exited the trading market.

Notably, The Funded Trader suddenly revealed on the day of SurgeTrade's shutdown that it might resume operations.

"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. "