In an unexpected development, FPFX has ended its partnership with Funded Engineer, citing fraud allegations as the primary reason. This sudden decision has left Funded Engineer scrambling to address the repercussions and support its trading community amidst growing concerns.
Immediate Response from Funded Engineer
Faced with this unforeseen challenge, Funded Engineer has taken swift action to ensure the continuity of its services:
- Expedited Technology Transition: The firm is accelerating its shift to proprietary technology, with trading activities currently on hold to safeguard trader interests.
- Trader Account Support: A strong commitment has been made to preserve the status of traders’ accounts and facilitate a seamless transition during this period.
Support Measures for Affected Traders
Funded Engineer is actively working on measures to support its traders:
- Providing refunds to those who choose to opt out of the platform.
- Implementing compensation strategies for affected accounts, including resetting challenge accounts in drawdown and granting an additional 1% drawdown for funded accounts.
Moving Forward with Resilience
Despite the setback, Funded Engineer is focused on advancing its platform:
- Technology Platform Launch: The firm is on track to launch its new technology platform within the next week, promising enhanced infrastructure and tailored trading solutions.
- Legal Strategy: Serious steps are being taken to address the fraud allegations by FPFX, with a commitment to keeping traders informed.
Collaborative Efforts and Adaptable Solutions
Funded Engineer is exploring various avenues to ensure uninterrupted service:
- Continuation of MT5 services has been secured, with certain restrictions for U.S. citizens and residents.
- The firm is investigating alternative solutions for U.S.-based clients and considering the integration of additional brokers to better serve its trading community.
Conclusion
The abrupt termination of the partnership by FPFX has undoubtedly placed Funded Engineer in a challenging predicament. However, the firm’s proactive measures, transparency, and unwavering support for its traders underline its resolve to navigate these turbulent times successfully. Funded Engineer remains dedicated to providing robust trading solutions and maintaining the trust and confidence of its trading community.
