MyFundedFX Responds to ThinkMarkets MetaTrader Decision

In a significant industry update, MyFundedFX has announced a strategic shift in response to ThinkMarkets‘ recent decision to discontinue offering MetaTrader products to the evaluation services industry. This move by ThinkMarkets affects numerous companies that have relied on ThinkMarkets as a provider for MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

Continued Support for DXtrade Users

Traders currently using DXtrade will not be impacted by this change and can continue their trading activities without interruption. This stability ensures that a segment of MyFundedFX’s clientele remains unaffected by the broader industry shifts.

Transition Plans for MT4 and MT5 Users

For traders utilizing MT4 and MT5 platforms, there is an immediate assurance of continuity. Trading can proceed as usual for the time being. However, MyFundedFX has outlined a transition plan that requires any new challenges purchased on these platforms to be migrated to a new platform by February 29th. Subsequently, all accounts on ThinkMarkets MT4 and MT5 will be transitioned to DXtrade later this month.

Introduction of ThinkTrader

thinktrader by thinkmarkets

Instead of MetaQuotes platforms, ThinkMarkets has developed its proprietary trading platform, ThinkTrader. This innovative platform, compatible with a range of trading tools including DXtrade, is designed to offer traders an advanced, flexible trading experience. MyFundedFX is exploring integration opportunities with ThinkTrader, alongside cTrader and Match Trader, offering its traders the option to switch to these platforms in the future. Efforts to obtain MyFundedFX’s own license for MT4 and MT5 further reflect a commitment to providing versatile and reliable trading solutions.

Analysis of the Impact

The decision by ThinkMarkets to cease support for MetaTrader products in the prop firm sector has raised concerns about the potential impacts on both evaluation prop firms and their customers. However, the anticipated impact on evaluation prop firms is considered negligible to very low. Many firms, including MyFundedFX, have already planned migrations to alternative platforms such as DXtrade, mitigating potential disruptions.

For customers accustomed to MetaTrader platforms, the transition may present initial challenges, including adaptation to new interfaces and functionalities. Despite potential teething troubles due to the short testing period at many firms, the industry is expected to adapt swiftly, maintaining the continuity of trading activities.

Leave a Reply

Your email address will not be published.

You Might Interested
Viva Funders offer 1-Step and 2-Step Evaluation Plans that allow traders to manage up to $500,000 in a Viva Funders Account and earn up to 100% of the profits.
DeiFunded is a proprietary trading firm offering a structured evaluation to fund skilled traders, with flexible trading challenges and a high profit-sharing ratio.
Windlu, based in Rosebank, South Africa, offers a unique 2 Phase Challenge for Forex traders. With flexible funding options and a refundable fee policy, it emphasizes education and practical experience.
Hydra Funding is a US-based prop trading firm offering customizable funded accounts, 24/7 support, and a trader-first approach, with competitive fees and a variety of tradable assets.
Express Funded: A dynamic prop trading firm offering flexible challenges, educational support, and a partnership with Purple Trading.