Florida-based SurgeTrader has announced that Match-Trade Technologies has terminated its license, just seven days after the proprietary trading firm decided to cease operations. It appears that SurgeTrader has severed ties with other platforms that would have allowed it to continue serving retail traders.

SurgeTrader disappears from proprietary trading firm Horizon

SurgeTrader announced just before midnight on May 24, 2024, via an official post on Channel X (formerly Twitter), that it had completely ended all operations. The SurgeTrader X (formerly Twitter) account stated: “It is with great regret that we are announcing that as of today, Friday, May 24, 2024, SurgeTrader has ceased all operations. Friday, May 24, SurgeTrader has closed and ceased all operations.”

The post continued, “Despite all of our efforts this week to try and get Match Trade Technologies to communicate further to address the termination of our trading platform, we have been unsuccessful.” Users currently visiting the urgetrader.com website have found the message to be identical to the one posted on social media.

Although the decision was only recently announced, contact with company representatives has long been limited, according to users of SurgeTraders' official Discord channel. “The problem is that they don't communicate anymore.” One user commented to Finance Magnates.

The halt in operations is a consequence of the chaos that has erupted in the proprietary trading industry in recent months as a result of the suspension of its license by MetaQuotes, a provider of some of the most popular trading platforms, but the proprietary company has also suspended its license.

Without MetaTrader and Match-Trader, SurgeTraders Loses Platforms

A little over three months ago, MetaQuotes unexpectedly began suspending the licenses of proprietary firms that use the MetaTrader 4 and 5 platforms to serve U.S. investors. This triggered a massive suspension of operations, a pause in new client acceptance, and a wave of searches for new platforms. Like most firms in the industry, SurgeTrader chose to migrate to Match-Trade Technologies' platform, Match-Trader.

Just a week ago, however, the platform's license was also suspended.

The company maintains that there was no reason for the provider to make the move, and speculates that a “well-known third party” may have influenced the decision.

However, according to information provided to Finance Magnates by Match-Trade Technologies, the reason for the termination of the partnership with SurgeTrader was the company's “inability to fulfill the formal obligations specified in our contract.”

Match Trade Tecnologies added: “The termination notice was issued on April 5 and will be effective June 30, allowing the company three months to migrate to an alternative platform that will minimize the impact on trading activity.” “Considering reasonable compliance taking into account the concerns of all parties and the best interests of the traders, we have decided to terminate the cooperation and extend the notice period specified in the agreement.”

The industry situation remains highly dynamic. On the same day, another proprietary firm, The Funded Trader, announced that it had reached a “critical juncture” in its recovery and was on track for a comeback.