The Funded Trader's Withdrawal Update and New Ownership Announced

Prominent prop trading company The Funded Trader has released a detailed strategy to resolve recent operational issues and be ready for a relaunch. The corporation provided methods to improve and stabilize its services in a series of tweets on X.

The company said that outstanding withdrawals will now be processed by Rise Works after acknowledging the delays in processing them. Payments will be made to clients whose withdrawal requests were filed before March 28 using the cryptocurrency addresses they originally provided. To help with transactions, the company's interface has also been updated with additional cryptocurrency alternatives, including TRC20, ERC20, and Polygon.

Trader payments are still being made, however, affiliate withdrawals have been put on hold as the company concentrates on processing requests submitted before March 28. Noting that 44% of affiliate payments, 28% of trader payouts, and 52% of stopped accounts had been handled since operations were suspended, The Funded Trader underlined its dedication to resuming operations.

To enhance customer assistance and provide users with more pertinent answers to their questions, The Funded Trader has also put in place a new help ticket system. This action is a component of a larger initiative to improve user experience generally and win back consumer confidence.

The business revealed a big development: a change in ownership headquartered in the Cayman Islands. The new owners' dedication to corporate responsibility and sustainability is shown by their intention to utilize future revenues to fund philanthropic endeavors and operational enhancements.

The Funded Trader made multiple banner updates to their website earlier in April, indicating that a relaunch was on the horizon. Nevertheless, the company's social media accounts, Discord channel, and website have not yet received official word about the relaunch. Users' concerns and conjecture have been heightened by this silence; some have even alleged account hacks or shutdowns. Screenshots of X that were circulated raised concerns about the company's internal workings as they revealed alerts and cautions for account deletion.

Payouts were suspended earlier in the month, and the reason given was a “self-imposed internal audit” meant to resolve several issues. Due to MetaQuotes' enforcement of unauthorized services to retail customers in the United States, the company has faced operational difficulties as a result of the shift away from MetaTrader platforms.

The Funded Trader feels positive about the future despite these problems. A notice requesting patience from clients and offering updates on the company's progress toward resuming operations is now posted on the website. A countdown counter shows a 21-day window for the relaunch, during which the business pledges to compensate impacted traders further.

A prominent figure in the prop trading sector, The Funded Trader is renowned for lending money to traders managing erratic markets under strict regulations. But when consumers began reporting trade slippage in January, and complaints about payment rejections and other operational problems proliferated on sites such as Trustpilot, there were warning indications of disaster. These occurrences have raised questions about the company's dependability and openness.

PropFirmMatch, a website that assesses and promotes proprietary trading businesses, suspended The Funded Trader from its list of recommended firms due to an increasing number of complaints. complaints of improper drawdowns, issues with account access, and significant transaction execution delays that cost consumers money led to this ban.

The future of The Funded Trader is still unknown as it attempts to resolve these issues and be ready for a relaunch. However, the actions being taken to handle outstanding withdrawals, enhance customer service, and hand over control show a determined attempt to rebuild confidence and stability in its business practices.

Access the latest news in the financial market here.