FundedLions, a Dubai-based prop firm, has temporarily suspended its services. The decision, made public on September 9, 2024, stems from a significant disagreement with its brokerage partner, Dominion Markets. This development has raised concerns within the trading community about the stability and reliability of proprietary trading firms.
FundedLions Announces Temporary Suspension
FundedLions officially communicated the halt of its services through an announcement on their website and social media platforms, including a post on X (formerly Twitter) by CEO Noman Iqbal. In his message, Iqbal expressed regret over the sudden interruption and assured traders that their accounts and data remain secure despite the operational pause.
About FundedLions
FundedLions operates as a proprietary trading firm, providing traders with access to capital to trade without risking their own funds. The firm has built a strong reputation, particularly for its instant funding accounts, which allow traders to begin trading immediately without the lengthy evaluation processes typical of other firms. This approach has attracted both professional and retail traders seeking quick entry into the markets.
Under the leadership of CEO Noman Iqbal, FundedLions experienced rapid growth and became a trusted name in the prop trading sector. The firm’s focus on providing immediate access to trading capital helped it gain a loyal client base and a solid market presence.
Instant Funding Accounts: A Key Feature
One of the distinguishing features of FundedLions is its instant funding accounts. Unlike traditional prop firms that require traders to undergo evaluations, FundedLions enables traders to access funds immediately. This feature particularly appeals to those who want to start trading without delays, offering a straightforward path to utilizing trading capital.
The simplicity and speed of this process have been major factors in FundedLions’ popularity. By eliminating lengthy evaluations, the firm has made trading more accessible to a wider range of individuals, fostering a more inclusive trading environment.
Partnership with Dominion Markets
To support its operations, FundedLions partnered with Dominion Markets, a brokerage firm founded by Raja Banks in 2021 and based in the Comoros Union. Dominion Markets provided the trading infrastructure, including trading platforms and fund management, which were essential for FundedLions’ instant funding services.
This partnership was crucial for FundedLions’ ability to offer seamless trading experiences. Dominion Markets managed the technical aspects of trading, ensuring that FundedLions could deliver on its promise of instant capital access to its clients.
Dispute Leads to Temporary Shutdown
The temporary suspension of FundedLions’ services is primarily due to a disagreement with Dominion Markets. According to CEO Noman Iqbal, Dominion Markets unexpectedly increased their fees by four times the original amount without prior notice. This sudden fee hike placed FundedLions in a difficult financial position, making it unsustainable to continue operations under the new terms.
Retroactive Fee Increases
Adding to the challenge, Dominion Markets demanded retroactive payments for accounts created in the past month. This meant that FundedLions was required to pay four times the original fee for already active accounts, significantly straining the firm’s finances. The unexpected financial burden left FundedLions with limited options, leading to a temporary service halt as they sought a resolution.
CEO Noman Iqbal’s Public Statement
In his September 6, 2024 public statement, Noman Iqbal detailed the reasons behind the suspension. He accused Dominion Markets of unfair practices, stating that the brokerage had taken control of FundedLions’ data and imposed exorbitant fees without proper communication. Iqbal emphasized that FundedLions was not informed about these changes until discrepancies became evident, leaving the firm with no choice but to pause operations temporarily.
FundedLions’ Response to Traders
Despite the suspension, FundedLions reassured its traders that their accounts and data are secure. In a statement, CEO Iqbal advised traders to pause their trading activities for a week while the firm transitions to a new trading platform. He emphasized that the migration process is underway and aims to minimize any disruption to traders.
Migration to a New Platform
Following the temporary suspension, FundedLions migrated to a new trading platform to resolve the dispute with Dominion Markets. This migration process has now been completed successfully. FundedLions has informed its traders to finalize the transition by providing the necessary details to activate their accounts on the new platform.
Finalizing the Migration
Traders with live funded or evaluation accounts were instructed to email FundedLions the following details to complete the migration:
- A screenshot of their cTrader and dashboard.
- Their cTrader trading history.
- Their registered email address.
- Their account number.
Once FundedLions received this information, they were able to set up the accounts on the new platform, allowing traders to resume their activities without further interruptions.
Conclusion
FundedLions’ temporary suspension and subsequent migration to a new platform highlight the importance of reliable partnerships and clear communication in the prop trading industry. While the dispute with Dominion Markets posed significant challenges, FundedLions has taken effective steps to protect its traders and ensure a smooth transition to new operations.
This incident reminds us of the critical need for strong partnerships and transparent practices within the proprietary trading sector. As FundedLions resumes its services on the new platform, the trading community will monitor how the firm navigates its operations and maintains trust among its clients.
