True Forex Funds, a proprietary trading firm based in Hungary, is preparing to restart its operations next week following a sudden halt caused by the termination of its MT4 and MT5 licenses by MetaQuotes. The firm faced an unexpected disruption in services, leading to a temporary closure earlier this month.
CEO Richard Nagy shared the firm’s plan to resume operations by February 19, despite the challenges posed by the license termination. Nagy voiced his frustration over the situation, particularly the lack of advance notice from MetaQuotes and the difficulties arising from the use of a third-party provider for equity synchronization. This provider, engaged since 2021, is alleged to have interacted with MetaTrader’s client terminal in a way that MetaQuotes found unacceptable.
The issue at the center of the license termination revolves around True Forex Funds’ utilization of technology that MetaQuotes claims did not comply with their standards. Nagy lamented the complexity of verifying the legitimacy of a partner’s source code, which appears to be a key factor in MetaQuotes’ decision.
In response to the predicament, True Forex Funds is exploring avenues to regain its licenses from MetaQuotes. Nevertheless, Nagy has acknowledged the possibility of transferring trading accounts to an alternative broker should these efforts prove unsuccessful. He has advised traders to brace for any potential changes, including the need to close positions before market close to avoid issues related to discrepancies in available trading symbols.
This development underscores the challenges proprietary trading firms face in navigating licensing and technology partnerships. Dave Finance reported earlier today that Funded Engineer, a Dubai-based proprietary trading firm, is facing a hiccup in its plans to relaunch services after its software licenses were axed by tech provider FPFX Technologies last week. The firm is not only moving its operations to in-house technology but also changing its brokerage partner from Purple Trading Seychelles to the Australian broker Blueberry Markets.
