Prop Trading Firm Funded Engineer Distributes MT5 Accounts amid Regulatory Challenges

After FPFX Technologies terminated the software licenses of Funded Engineer last month, the proprietary trading platform is distributing accounts to users, with 95% of accounts already sent out. According to a post on X, the company plans to dispatch the remaining 300k accounts today (Monday), along with other 500k accounts. However, as Funded Engineer no longer offers 500k accounts, users will be issued 300k and 200k accounts based on their preferences.Funded Engineer's Payout UpdatesFunded Engineer has opted to issue MT5 accounts for the time being due to bugs in MT4. Once the bugs are fixed, users will have the option to switch back to MT4. The company is reportedly processing customers' refunds daily.In the upcoming week, Funded Engineer plans to finalize the payout portal, which will be integrated into its dashboard. This will allow users to request payouts directly from the dashboard. The company mentioned: "Updates to come this week, we are finalizing the payout portal, which will be added into the dashboard so you can request payouts inside the dashboard like before, as well as checkout, and making some changes to how the daily and max drawdown is displayed to avoid further confusion."However, Funded Engineer is not onboarding US citizens. The company has urged users who encounter the "You cannot place a trade right now, please contact your broker" message to complete their KYC verification.Last month, Funded Engineer announced that it was postponing its relaunch and the transition to Blueberry Markets following the termination of its software licenses by FPFX Technologies.Funded Engineer Grapples with Regulatory ChallengesIn response to this challenge, Funded Engineer offered refunds to eligible clients with drawdowns not exceeding 4%. In a statement on X, the firm acknowledged a backlog of pending payouts and committed to promptly processing them, aiming to alleviate concerns among its clients. Hello everyone,With the ongoing issues regarding Purple not issuing new accounts to the prop space, we have experienced some slight delays in migration. Moving forward, we will be issuing all new accounts on Blueberry markets.Refunds will be provided to everyone who requests…— Funded Engineer (@fundedengineer) February 13, 2024The suspension of services by Purple Trading, coupled with FPFX Technologies' abrupt termination of services to Funded Engineer, underscored the volatile landscape facing proprietary trading platforms. These challenges prompted Funded Engineer to consider shifting to alternative brokerage partners like Think Markets and Blueberry Markets to safeguard its operations and client relationships.Last month, FPFX Technologies ceased its collaboration with Funded Engineer. The termination of services encompassed the license agreement and all related services provided to Funded Engineer. FPFX Technologies offers software-as-a-service solutions to trading and brokerage firms. This article was written by Jared Kirui at www.financemagnates.com.