Fundedlions Suspends Operations Amid Platform Transition To MetaTrader 5

Fundedlions, a prop trading firm, has shut down its operations unexpectedly. The Chief Executive Officer, Noman Iqbal, told users not to log into their accounts for a few days because the company was switching to MetaTrader 5.

In a letter to clients, Iqbal said the company’s issues were caused by its technology partner, Dominion Markets. Iqbal claimed that Fundedlions had been “attacked and blackmailed” by Dominion before.

Fundedlions Seeks To Continue Providing Trading Services To Its Clients

On the company’s Discord server, explanations were posted saying that Dominion Markets had recently raised the cost of opening accounts four times and added “unreasonable” extra fees. Iqbal reported that Dominion Markets overstepped by billing them again for accounts they had already paid for, which made it extremely difficult for Fundedlions to continue using their platform.

Dominion Markets, known for its FX/CFD brokerage services and its cTrader platform, has offices in Dubai, Cyprus, and India. The firm’s sudden changes led Fundedlions to decide on a platform switch, with MetaTrader 5 being the new choice.

Iqbal advised traders to halt their activities temporarily while the migration is underway, promising to complete the transition within seven working days. The announcement was made on September 6, giving Fundedlions until the following Monday to meet their deadline.

Fundedlions Aim To Resolve Issues Related To Increased Costs

The prop trading industry is changing quickly, with some firms closing and new ones opening up almost immediately. For instance, UK-based Indigo Trader Funding recently stopped its operations and applied for a strike-off from the company registry on August 12, citing failure in its business.

A few days after Indigo Trader Funding’s closure, broker AXE bought Forex Funder, a firm with 6,000 clients and 600 funded accounts, in a deal worth several million dollars. This acquisition is part of a trend where distressed prop firms are being bought out.

Sway Funded also acquired the now-closed Karma Prop Traders, and Astra Capital announced it plans to buy every prop firm that closes or stops operations, bringing all their traders onto its platform.

There has also been talk about Apex Traded Funding’s new rule changes for client withdrawals. The firm reportedly started requiring traders to record their screens and have a camera constantly on them, which raised concerns about privacy and whether it violated traders’ strategic confidentiality.

Fundedlions, a prop trading firm based in the UAE, specializes in trading evaluations. The company offers simulated funding to skilled traders who successfully complete their evaluation challenges. Traders can receive up to $300,000 in simulated funds and benefit from payouts within 7 days, with a 100% profit share. Fundedlions is owned by Limitless Nouman, a well-known figure in the prop trading community.