Florida-based proprietary trading firm SurgeTrader has officially shut down all operations as of May 24, 2024, following a series of platform license terminations that left the company unable to provide trading services to its clients.
SurgeTrader’s troubles began several months ago when MetaQuotes, provider of the popular MetaTrader 4 and 5 platforms, began suspending licenses for prop firms serving US investors. Like many firms in the industry, SurgeTrader attempted to migrate to Match-Trade Technologies’ Match-Trader platform as an alternative solution.
However, this lifeline was cut short when Match-Trade terminated SurgeTrader’s license. According to information provided to Finance Magnates, the termination was due to “inability to fulfill the formal obligations specified in our contract.” Match-Trade claims they issued the termination notice on April 5, allowing SurgeTrader three months to migrate to a different platform.
SurgeTrader announced its closure through social media and its website, stating: “It is with deep regret that we announce that as of today, Friday, May 24, 2024, SurgeTrader has closed and ceased all operations.”
The company further explained: “Despite all of our efforts this week to get Match Trade Technologies to further communicate in an effort to resolve our trading platform termination, we have been unsuccessful.”
According to users in SurgeTrader’s Discord channel, communication with company representatives had been limited for some time before the shutdown. As one person commented to Finance Magnates: “The problem is they don’t communicate anymore.”
SurgeTrader’s shutdown is part of a larger disruption in the prop trading industry that has seen multiple firms close or suspend operations following MetaQuotes’ licensing changes. The firm had been operating since 2021 before its abrupt closure.
Clients affected by the shutdown are advised to contact support to withdraw any profits or funds, and to research alternative prop trading firms that remain operational in the current environment.
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