Key Insights
- Instant Funding switching US trading platform due to partner ThinkMarkets stopping services.
- Move aligns with guidance from current platform provider, speculated to be MetaQuotes.
- Alternative platform DXtrade to be launched globally to minimize disruption.
NEW YORK (MarketsXplora) – Instant Funding, a prop trading firm, said significant alterations to trading platforms are underway for its American clients, stemming from partner broker ThinkMarkets’ decision to halt services to proprietary traders in the United States.
In a post on social media platform X, Instant Funding said ThinkMarkets will stop offering market access to prop firms’ U.S. traders after the trading session closes on Feb. 23. Instant Funding said this aligns with guidance from its current platform provider.
Hey team,
We want to inform our American clients of an important change in our trading platform due to a recent decision by our partner broker, ThinkMarkets.
As of the end of the trading session on Friday, February 23, ThinkMarkets will cease to provide services to prop firms’… pic.twitter.com/51KwgYYjnk
— Instant Funding (@InstantFunding_) February 20, 2024
The firm looks to reassure traders that measures are being implemented to minimize potential disruptions, including introducing alternative platform DXtrade for global use.
While a transition period of up to three weeks is expected, Instant Funding said work is being done to quicken the process. Existing U.S. traders will maintain accounts during platform migration.
The move comes amid a slew of restrictions on services for American prop firm traders. Earlier, Purple Trading and Blackbull Markets fully terminated prop offerings, though ThinkMarkets will continue non-U.S. operations.
Industry speculation points to pressure from MetaQuotes to curb usage of its MT4/MT5 platforms by U.S. merchants. Though not confirmed officially, various prop firms have suggested MetaQuotes compelled them to cut American offerings.
A host of big-name prop trading outfits have implemented similar U.S. restrictions in tandem, including The5ers, FTMO, Blue Guardian, Audacity Capital and others.