In a move that caught many off guard, FPFX has terminated its partnership with Funded Engineer, pointing to fraud allegations as the cause. This abrupt decision has put Funded Engineer in a difficult position, as it works to support its trading community while facing a sudden wave of negative publicity.
Immediate Actions by Funded Engineer:
- Expedited Technology Transition: Forced to accelerate the move to proprietary technology with trading activities currently suspended.
- Trader Account Support: Commitment to maintaining traders’ account statuses and ensuring a smooth transition.
Support Measures for Traders:
- Compensation and Refunds: Offering refunds for those opting out and implementing strategies to compensate affected accounts.
- Adjustments for Trading Accounts:
- Resetting challenge accounts in drawdown.
- Adding an additional 1% drawdown to funded accounts for extra support.
Moving Forward:
- Technology Platform Launch: On track to unveil a new technology platform within a week, promising advanced infrastructure and tailored solutions.
- Legal Approach: Taking serious steps to address FPFX’s fraud allegations and committed to keeping traders updated.
Collaborative Efforts and Future Directions:
- MT5 Services Continuation: Secured licenses to keep offering MT5 services, excluding U.S. citizens and residents.
- Adaptable Solutions: Exploring alternatives for U.S.-based clients and considering the reintegration of additional brokers to serve traders effectively.
Conclusion:
The sudden termination by FPFX has undoubtedly placed Funded Engineer in a challenging situation. However, the firm’s immediate response, dedication to transparency, and support for its traders highlight its determination to overcome this setback. As Funded Engineer navigates through these turbulent times, its focus remains on delivering robust trading solutions and upholding trust within its trading community.
