MyFundedFX Goes Live on cTrader After Losing MT4 Access

Prop trading firm MyFundedFX goes live on cTrader platform after being forced to ditch MT4/MT5 over regulatory concerns.

Key Insights

  • Prop trading firm MyFundedFX goes live with cTrader platform after losing MT4/MT5 access
  • Follows termination by broker Blueberry Markets under pressure from MetaQuotes over regulatory concerns
  • Other prop firms also migrating from MetaQuotes platforms like DXtrade and Match-Trader

DALLAS (MarketsXplora) – Retail proprietary trading firm MyFundedFX said on Wednesday it has gone live with the cTrader platform through an offshore brokerage after losing access to MetaQuotes’ MT4 and MT5 systems amid an industry crackdown.

The Dallas-based prop firm has integrated cTrader from CFDs broker Purple Trading Seychelles to power its trading challenges and funded accounts following its fallout with former provider Blueberry Markets.

Blueberry was among several brokers forced to terminate prop trading businesses transacted via MT4 and MT5 after coming under pressure from platform vendor MetaQuotes Software Corp over regulatory concerns.

MetaQuotes has been clamping down on brokers facilitating prop firms like MyFundedFX amid fears they could allow unlicensed U.S. traders to improperly access its trading systems.

With MT4 and MT5 off the table, MyFundedFX and others have scrambled to replace MetaQuotes’ ubiquitous platforms with alternatives like cTrader, DXtrade and Match-Trader to keep their prop operations afloat.

In a tweet, MyFundedFX said all accounts hosted by the now-severed Blueberry Markets relationship will migrate to the Match-Trader platform by Friday.

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But it is offering traders the option to switch to cTrader or Russia’s DXtrade if preferred after going live with cTrader this week.

“We’re providing clients choice over which platform to migrate to away from Blueberry’s MT4/MT5,” CEO Matthew Leech told MarketsXplora.

The turmoil underscores mounting industry tensions around regulatory responsibilities in the loosely-governed prop trading segment, which has boomed by offering aspiring traders a capital-light path to potential money management careers.

Unlike traditional brokers taking client money, prop firms provide traders with funded accounts, splitting any profits earned.

The model has proven a powerful client acquisition tool and revenue stream for brokers. But it also straddles a regulatory gray zone, prompting crackdowns from compliance-wary trading infrastructure providers.

“We’ve lost access to MT4/MT5 but secured new platforms so traders can keep pursuing their goals,” said Leech, whose firm was set up in mid-2022.

The process has been disruptive though, requiring new integrations and migrations at a time when funded accounts and capital allocations remain frozen amid the platform shifts.

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Leech said MyFundedFX would soon compensate clients impacted by downtime or losses during the transition and did not rule out pursuing legal action against Blueberry.

Blueberry Markets declined to comment.

A spokesperson for MetaQuotes, whose trading systems power the overwhelming majority of retail forex activity worldwide, said it does not discuss specific cases, citing confidentiality.

“We are building technologies to facilitate compliant trading by licensed brokers in permitted jurisdictions,” the spokesperson added.

Industry participants said the ongoing turbulence showed regulators need to formulate clearer standards for balancing innovation and market integrity in the freewheeling prop trading space.

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