Exclusive FNG… FNG has learned that Florida-based retail commodity trading company SurgeTrader has closed, following a decision earlier this week by trading platform operator Match-Trade Technologies to revoke SurgeTrader’s license to use the Match-Trader platform .
A note on the SurgeTrader website now says:
ATTENTION SURGEONS
It is with deep regret that we announce that as of today, Friday, May 24, 2024, SurgeTrader has closed and ceased all operations. Despite all our efforts this week to get Match Trade Technologies to reach out further in an attempt to resolve the termination of our trading platform, we have been unsuccessful.
SurgeTrader first entered the retail/funded trader space, launched in 2021. The company was managed by Valo Holdings Group, which is controlled by Naples, Florida-based entrepreneur and internet personality Jana Seaman.
The collapse of SurgeTrader follows the recent closure of other trading firms True Forex Funds, Skilled Funded Traders and The Funded Trader.
Belgium’s FSMA recently became the first major EU regulator to issue a warning against prop trading companies, warning retailers that prop companies are there to make money by selling Challenges to retailers, with the potential “reward” of a profit share from a funded transaction the account is not always implemented.