Funded Engineer, a growing trading platform, has faced significant operational challenges in its first year, culminating in a dramatic decision to reset all funded accounts and a suspension from the prominent industry listing site, PropFirmMatch.
Suspension from PropFirmMatch
PropFirmMatch has suspended Funded Engineer following the platform’s announcement to reset all funded accounts to Phase 1, a decision deemed non-compliant with the standards expected by the listing site. This suspension highlights concerns regarding Funded Engineer’s adherence to industry norms, especially in terms of transparency and trader support.
Reset of Funded Accounts
Funded Engineer announced that all accounts from challenges purchased before the platform migration on February 7 will be reset, with traders only being offered a return to Phase 1. This reset does not affect new accounts established after February 7. The firm has taken this step to stabilize operations and ensure fairness across its trading community. This decision, while drastic, is viewed by the company as essential to maintain its viability and operational integrity in the long term.
Impact of FPFX Tech Contract Termination
The decision to reset accounts follows the unexpected termination of a technology contract by FPFX, which severely disrupted Funded Engineer’s operations. The loss of this partnership affected not only the platform’s functionality but also its relationships with vendors and brokers, leading to increased financial strain and necessitating a temporary shutdown.
Financial Implications and Future Payouts
Funded Engineer is committed to processing all pending payouts as the business regains stability. The firm has assured its traders that:
- Accounts with negative balances will be reset at no additional cost.
- Profits in positive balance accounts will be protected and disbursed when the platform is fully stabilized.
Funded Engineer’s current predicament and its steps to address these issues underscore a pivotal moment for the platform, as it seeks to rebuild trust and stabilize its operations amidst growing scrutiny and operational challenges.
