CFDs Broker AXE Acquires The Forex Funder

Contracts for differences broker (CFDs) AXE Securities has announced the acquisition of The Forex Funder, making the firm the latest to enter the fast-growing prop trading industry.

Before its acquisition, The Forex Funder was owned by an X influencer trader, Tommy Gobain, with 148,100 followers. In an X post, Forex Funder stated that the acquisition will expand its global reach within the trading world.

According to AXE Securities, the latest acquisition aligns with the company’s expansion goal into the prop trading industry. It will enable the broker to expand its operations and gain new users. However, the firm did not disclose the financial details of the deal.

AXE Says The Acquisition Aligns With The Firm’s Goals

AXE shared that the prop trading firm boasts more than 600 funded accounts and 6,000 active traders. Despite that, it has a 2.7 rating on Trustpilot, which is considered as bad. The rating is calculated based on the feedback from 1,591 users as of the latest update.

The Forex Funder has a strong presence on social media. It has over 5,000 followers on TikTok, 10,200 subscribers on YouTube, 10,500 subscribers on Telegram, more than 81,000 followers on Instagram, and 126,700 followers on X.

The Managing Director of AXE Securities, Tahsin Haykal, commented on the acquisition. He stated that the acquisition matches the firm’s mission to offer traders the best resources and tools to excel in the financial markets. He added that the team believes that the combined knowledge of the two firms will boost the trading experience for all TFF customers.

The purchase of The Forex Funder is coming during an ongoing wave of buying troubled trading companies. Not long ago, Sway Funded purchased the defunct prop trading company, Karma Prop Traders.

However, there was a big surprise in the industry as Astra Capital also announced its intentions to buy any trading company that pauses operations or shuts down. The company said it would take all the traders of the acquired prop firms and bring them to its platform.

The Forex Funder Will Still Remain A Separate Entity

Following the acquisition, the management of the prop trading firm was also changed to reflect AXE Securities’ strategic goals. Mocevicius and Haykai will be taking over as the firm’s new management. However, the company will continue to operate as an independent entity,

AXE stated that Mocevicius will be in charge of the improvement of the company’s infrastructure. He will help to enhance compliance frameworks and ensure comprehensive risk management practices. Kaykal will also oversee the company’s day-to-day operations as it focuses on driving growth and expanding its market presence.