Source: financemagnates, 21/1/2024
MyFundedFX (MFFX) has revealed plans to allow traders from outside the US to return to the Meta Trader 5 (MT5) platform through the newly created Seacrest Markets platform.
MyFundedFX regains access to Meta Trader 5
The voluntary migration process starts immediately through an online submission form. The actual transition to the platform is set for January 24, 2025, between 9:00 a.m. and 5:00 p.m. EST. Traders must close all positions and ensure no pending orders before migrating.
We’ve worked hard to bring this feature back to you, and we hope this shows our commitment to providing our customers with what they want,” MFFX management stated in its announcement to traders via Discord. We would like to thank you for your time and wish you the best on your business trip.
The company confirmed that traders satisfied with their current platform can maintain their rankings on the Match Trade and DXtrade platforms. However, those opting for migration must carefully manage their positions, as the system will automatically close any open trades during the transition at prevailing market prices without compensation.
MFFX added, “If you fill out the submission form, ensure that you have fixed all your positions and have no pending orders. If you submit the form and your account transfers to migration with open positions, the system will close them at a loss or profit, but it will not offer compensation.”
MyFundedFX was among the companies that found themselves a year ago amid regulatory and platform-related turmoil related to Meta Quotes, the provider of the Meta Trader platform.At that time, the company acknowledged the start of its clients’ migration to the DXtrade platform as a primary alternative to MT.
Seacrest Markets
Access to Meta Trader will be provided to MyFundedFX clients by the Forex/CFD broker Seacrest Markets. If you’ve never heard of it before, it’s because it was only officially launched recently.
The platform has operated for a few days and received official licensing from the South African Financial Services Authority in September 2023. Currently, the company encourages new customers to test its platform through demo accounts.
Meanwhile, MFFX clients on Discord ask if this partner is trustworthy and whether it is safe to transfer their money from other accounts to Seacrest Markets.
“Hello, is Seacrest Markets reliable in the long run with your team? I’m thinking of buying a $50,000 account for MT5,” wrote the user nicknamed Neptic.
“Consistency rule” and comment from more than 20 countries Finance Magnates last reported MyFundedFX in October 2024, when its sister company, MyFundedFutures (MFF), announced updates to its affiliate program. Under the revised terms, affiliates who fail to generate enough “individual purchases” will exit the program.
MFF has also introduced compliance in finance, banking, investment and insurance Compliance refers to the following changes.
related to changes requiring direct cooperation with U.S. registered futures commission traders (FCMs). As a result, the proprietary trading firm stopped providing services to residents of 21 countries. While these individuals can no longer purchase new assessments or challenges, existing account holders in these countries remain unaffected.
Earlier, in July, the US-based trading firm scrapped its recently implemented consistency rule after backlash from clients. The rule, which aims to discourage high-risk trading strategies, lasted only two weeks before traders widely criticized it, leading to its halt.
