Funded
Nation prop firm traders hoping for a St. Nicholas Day gift on December 6
received coal instead. In a letter signed by CEO and founder Karthik S. Rajanna,
they learned that operations would be suspended for the next 45 days.
While the
official reason given for halting “all sales and trading activities”
is “a major upgrade” to the company’s dashboard, some customers
suggest this is a smoke screen.
Prop Firm Announces 45-Day
Maintenance Period
“At
Funded Nation, we are constantly striving to provide the best possible
experience for our traders,” Rajanna wrote to customers. “To achieve
this, we are excited to announce a major upgrade to our dashboard, designed to
bring you enhanced features, improved usability, and a seamless trading
experience.”
The firm is
suspending operations for 45 days to implement these changes. They claim
pending payouts will be processed within one week. Traders unwilling to wait
through the lengthy transition period can request refunds.
“We
deeply appreciate your patience and understanding as we take this step to
improve your trading experience,” added the Funded Nation CEO. “We
are confident that the new dashboard will elevate your journey with us.”
Traders’
reactions to the announcement were, however, far from positive. Several
comments indicated investors have been waiting for their money, some for nearly
a month. Others used stronger language, suggesting that “this fake firm
isn’t working for months.”
Finance
Magnates last
covered Funded Nation in early March when BlueBerry Markets decided to restrict
grey-labeling its MetaTrader licenses to prop trading firms. Funded Nation was
among those unexpectedly cut off from the popular platform. While the firm
overcame that challenge, time will tell if they’ll deliver on their promise of
returning next year with a new dashboard.
St. Nicholas Proves Unkind
to Prop Traders This Year
While our
US-based readers may associate Santa Claus mainly with Christmas, in many parts
of the world this Christian-tradition saint brings gifts on December 6, his
feast day.
Retail
traders must have been naughty this year, as many received the traditional
disciplinary rod (or a piece of coal) instead of presents. Besides Funded
Nation clients, The Funded Trader (TFT) customers were also affected.
On December
6, TFT published a community letter announcing their new (once again)
resolution plans. The firm indicated investors would finally learn about their
funds’ status by the end of January. As a reminder, they’ve been waiting for
payouts since April, some even longer.
“Some
traders who were owed accounts or payouts during our pause in operations have
been informed by support that they are banned from the platform,” TFT
stated in an official announcement this week. “By January 2025, all
eligible traders will receive a definite update on whether they will receive
their account, payout, or a refund for the original purchase.”
Nearly
three months have passed since the firm’s last promise regarding funds frozen
since March 28. During this time, the company indicated its priority was
unlocking the largest accounts with balances exceeding $100,000. The document
also suggested that payouts for suspended traders likely won’t be processed
before 2025.
Funded
Nation prop firm traders hoping for a St. Nicholas Day gift on December 6
received coal instead. In a letter signed by CEO and founder Karthik S. Rajanna,
they learned that operations would be suspended for the next 45 days.
While the
official reason given for halting “all sales and trading activities”
is “a major upgrade” to the company’s dashboard, some customers
suggest this is a smoke screen.
Prop Firm Announces 45-Day
Maintenance Period
“At
Funded Nation, we are constantly striving to provide the best possible
experience for our traders,” Rajanna wrote to customers. “To achieve
this, we are excited to announce a major upgrade to our dashboard, designed to
bring you enhanced features, improved usability, and a seamless trading
experience.”
The firm is
suspending operations for 45 days to implement these changes. They claim
pending payouts will be processed within one week. Traders unwilling to wait
through the lengthy transition period can request refunds.
“We
deeply appreciate your patience and understanding as we take this step to
improve your trading experience,” added the Funded Nation CEO. “We
are confident that the new dashboard will elevate your journey with us.”
Traders’
reactions to the announcement were, however, far from positive. Several
comments indicated investors have been waiting for their money, some for nearly
a month. Others used stronger language, suggesting that “this fake firm
isn’t working for months.”
Finance
Magnates last
covered Funded Nation in early March when BlueBerry Markets decided to restrict
grey-labeling its MetaTrader licenses to prop trading firms. Funded Nation was
among those unexpectedly cut off from the popular platform. While the firm
overcame that challenge, time will tell if they’ll deliver on their promise of
returning next year with a new dashboard.
St. Nicholas Proves Unkind
to Prop Traders This Year
While our
US-based readers may associate Santa Claus mainly with Christmas, in many parts
of the world this Christian-tradition saint brings gifts on December 6, his
feast day.
Retail
traders must have been naughty this year, as many received the traditional
disciplinary rod (or a piece of coal) instead of presents. Besides Funded
Nation clients, The Funded Trader (TFT) customers were also affected.
On December
6, TFT published a community letter announcing their new (once again)
resolution plans. The firm indicated investors would finally learn about their
funds’ status by the end of January. As a reminder, they’ve been waiting for
payouts since April, some even longer.
“Some
traders who were owed accounts or payouts during our pause in operations have
been informed by support that they are banned from the platform,” TFT
stated in an official announcement this week. “By January 2025, all
eligible traders will receive a definite update on whether they will receive
their account, payout, or a refund for the original purchase.”
Nearly
three months have passed since the firm’s last promise regarding funds frozen
since March 28. During this time, the company indicated its priority was
unlocking the largest accounts with balances exceeding $100,000. The document
also suggested that payouts for suspended traders likely won’t be processed
before 2025.
This post is originally published on FINANCEMAGNATES.
