SurgeTrader Faces License Termination by Match-Trade Technologies
SurgeTrader, a Florida-based proprietary trading firm, recently faced a major setback when their trading platform provider, Match-Trade Technologies, terminated their license. This action was confirmed by Match-Trade's representatives, marking the second significant suspension SurgeTrader has encountered, following the prior loss of access to MetaTrader 4 and 5 platforms.
Match-Trade License Termination: A Critical Moment
Many companies previously migrated to the Match-Trader platform to avoid operational disruptions and continue supporting their clients. SurgeTrader sought stability on this platform as well. However, Match-Trade’s decision to revoke SurgeTrader’s license is unprecedented, especially since the platform was viewed as a safe haven for many prop firms.
SurgeTrader responded to the license revocation with a red alert message on their website, calling the termination "unwarranted and harmful." As a result, the firm has temporarily halted new trader auditions until the issue with Match-Trader is resolved or a new platform is found.
Reasons Behind the Termination
According to SurgeTrader, the termination was unjustified, and they hinted at potential third-party interference influencing Match-Trade's decision. Despite this, SurgeTrader claims to have cooperated fully with legal teams to address and rectify any concerns. They are now exploring legal options to challenge the termination and are working to mitigate the impact on the global trading community.
Match-Trade, however, stated that the license was revoked due to SurgeTrader's "failure to meet the formal requirements" outlined in their agreement. The official termination notice was issued on April 5, with a final effective date set for June 30, giving SurgeTrader three months to transition to a different platform.
Impact on SurgeTrader's Users and Community
The situation has caused disruptions for SurgeTrader's traders, with some users reporting a lack of communication from the firm over recent months. Despite inactivity on Discord, SurgeTrader's social media presence on X (formerly Twitter) remains active, where updates on the issue are being discussed.
On May 24th, SurgeTrader announced that they are closing and ceasing all operations, signaling the end of their services after months of uncertainty.