Crypto Fund Trader has joined the ranks of prop trading firms offering futures contracts to their clients. The crypto-focused investing service provider revealed that it will launch its “Crypto Futures Platform” on August 1.
Crypto Fund Trader announced on social media that its new crypto futures platform will debut this week. The offering will include 120 leveraged pairs for digital assets. Moreover, the prop firm promises that the new service will be available to all “with no country restrictions.”
The lack of restrictions is particularly significant, as five months ago, the firm suspended its services for US clients on MetaTrader 5 due to the regulatory crackdown by MetaQuotes.
Crypto Futures Platform This Week 🚨
Launch on Thursday, August 1st at 16:00 UTC with no country restrictions and +120 Crypto Pairs available!
Ready to revolutionize the crypto space? 👇 pic.twitter.com/snlwvI12tf
— Crypto Fund Trader (@CFTradercom) July 30, 2024
This is another TFF this month that has decided to take such a step. Last week, Finance Magnates reported that The Funded Trader is also launching a new firm. The Futures Trader will focus, as the name suggests, on serving the futures market.
While Crypto Fund Trader’s decision was enthusiastically received by the industry and clients, The Funded Trader’s case was not without outrage from the community. Many comments suggested that the prop firm has been behind on paying out its due funds for months. They see the creation of a new entity as an attempt to execute a “rug pull.”
Significant Movement in the Prop Trading Industry
Retail prop trading is an industry full of controversies on the one hand while attracting a huge number of traders (and their money) on the other. Finance Magnates regularly reports on movements taking place in prop firms, and lately, there’s been a lot happening.
For example, this week, Bullo, which offered prop trading services, decided to suspend this part of its business due to regulatory concerns and rebrand as a brokerage firm. The launch of the new platform is scheduled for August 5.
MyFlashFunding, which has been struggling with fund payout issues, fortunately for clients, decided not to file for bankruptcy but instead to be acquired by the better-positioned Sway Funded. The condition for the takeover is the immediate repayment of all arrears to current clients.
At the end of July, another CFD broker, namely Blueberry Markets, joined the industry. Prop trading has become popular among firms in the contracts for difference sector, and currently, big brands like OANDA, Hantec, and Axi offer their own challenges for prop traders.
There’s also a lot happening at MyFundedFX, which introduced a “consistency rule” in early July to limit traders’ illegal trading practices. Two weeks later, however, it retracted this decision due to very negative feedback from its clients.
