The Funded Trader (TFT), a company that gave money to aspiring traders to trade with, has shut down. They sent emails saying that everyone’s accounts are closed and trading is stopped. This happened on March 28, 2024 with no warning.
A lot of traders are confused and upset. Apparently, some had trouble getting their money out before the shutdown, and others weren’t sure why their accounts got closed.
Since the sudden closure, there has been no update on the company’s future or the status of outstanding payouts to traders. The future of The Funded Trader might be after 15 days.
Their problems were a long time coming; actually, long time means short in prop. It began in early January when customers began to report slippage problems. Then, in February or March, many complaints started to appear on Trustpilot, and worse, reported payout denials, which we all know is bad news. At one time, the funded trader was one of the most famous prop firms in the world, but there were reports of not being able to access it.
Funded accounts after passing the challenge, triggers of drawdown violations without it even happening, not being able to log in, enter, or exit trades for hours on end, causing stops to be hit, were suspended and no longer recommended by prop firm match. They denied all of the wrongdoing at the time. The funded trader shut down their website and trading platform and said they are working diligently on steps to resume their operations and services.
They’ll have a long road to building back trust and credibility if they ever come back.
What it means for traders:
Account access: If you have a TFT account, you can’t use it anymore.
Payouts: It’s unclear if you’ll get any money you earned while trading for TFT.
Moving Forward: If you’re looking to get funded to trade, you’ll need to find another company.
So what you can do to protect yourself is reduce the risk of trading with a firm that could go under and take all of your capital and hard-earned work. Trade with a firm that has been in existence for more than a few years, with management that has experience. Try to get funded by more than one company.
Prop firms can be a good way for new traders to get started. Before signing any agreement, read all the rules carefully so you know what you’re getting into.
We’ll keep you updated on what happens next! (social media link, email signup)
