US Prop Firm Equity Edge loses MetaTrader 5 Access, Shifts to Match-Trade

Story Highlights

• UK prop firmEquity Edge loses MetaTrader 5 Access due to brokerage issues.
• They quickly switch to the Match-Trade platform and assure traders of account transfers and payouts.
• Equity Edge’s situation highlights ongoing volatility in prop trading as platforms and regulators tighten control.

UK prop trading firm Equity Edge faced a rude awakening on Monday when their traders were abruptly shut out of the MetaTrader 5 (MT5) platform. The disruption, caused by issues with their brokerage partner, halted all trading activity.

“We experienced complications with the broker server within our platform, and all trading has been stopped,” Equity Edge announced on social media, without disclosing the brokerage or the nature of the problem.

Deja Vu for Equity Edge Traders

The service disruption, which began Monday morning UK time, sent a wave of concern through Equity Edge’s trader community. Berkay, the platform’s CEO, released a video apology on social media, acknowledging the inconvenience.

🚨 IMPORTANT ANNOUNCEMENT

Please watch this video from Moe Trades regarding our current broker server issue.
We are working on a fix and will keep you informed.

Thank you for your patience and ongoing support. pic.twitter.com/lPQaJuINKl

— Equity Edge (@EquityEdgeUK) May 27, 2024

Fortunately, a resolution came swiftly. Within hours, Equity Edge announced they had secured a new platform – Match-Trade. Existing customers would be migrated and trading would resume on Wednesday.

“All accounts will be merged to Match-Trade on Wednesday…with all balances accurately transferred,” the company assured.

This swift action couldn’t completely quell trader anxieties. Many voiced concerns about payout delays, a common fear in prop firm platform changes. The company responded through its Discord server moderator, Tris.

“20-30 prop firms have faced similar issues in the past and have NOT issued accounts with the same previous balances or even processed previous payouts—we are doing both,” Tris wrote.

Tris also hinted at a potential return of MT5, stating the company is “working on bringing platform 5 back within the next couple of weeks.”

📣 Apology and Important Update Announcement📣

Dear Equity Edge Traders,

We deeply apologize for the downtime you have experienced. Our broker has been facing issues with Platform 5, which has caused all accounts to be invalid.

We are pleased to inform you that we have…

— Equity Edge (@EquityEdgeUK) May 27, 2024

Is Another Prop Trading Platform Crackdown Looming?

Equity Edge’s situation highlights the ongoing volatility within the prop trading industry. Earlier this year, MetaQuotes, the developer behind the MetaTrader platforms, restricted brokers from offering MT4 and MT5 to prop firms serving US clients. This move, coupled with a crackdown on demo platform usage, sent shockwaves through the industry. Prop firms scrambled for alternatives, with Match-Trade emerging as a popular choice.

However, the Match-Trade haven may not be entirely safe. Recently, SurgeTrader, another prop firm, lost its Match-Trade license and was forced to shut down after failing to meet “formal requirements,” according to Match-Trade Technologies.

Equity Edge’s situation underscores the challenges faced by prop trading firms and their traders in today’s regulatory environment. As both platforms and regulators tighten their grip, prop traders may need to brace for further disruptions on the path to market access.