FNG Exclusive… FNG has learned that Florida based retail prop trading firm SurgeTrader has shut, following a decision made earlier in the week by trading platform operator Match-Trade Technologies to revoke the license it granted to SurgeTrader to use its Match-Trader platform.

A note on SurgeTrader’s website now reads:

ATTENTION SURGETRADERS

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 of our efforts this week to get Match Trade Technologies to further communicate in an effort to resolve our trading platform termination, we have been unsuccessful.

SurgeTrader was an early entrant in the retail prop trading / funded trader space, launching in 2021. The company was operated by Valo Holdings Group, controlled by Naples, Florida based entrepreneur and Internet personality Jana Seaman.

SurgeTrader’s demise follows the recent closure of other prop trading firms True Forex Funds, Skilled Funded Traders, and The Funded Trader.

Belgium’s FSMA recently became the first major EU regulator to warn against the prop trading firms, warning retail traders that prop firms are there to make money by selling Challenges to retail traders, with the possible ‘reward’ of a profit-share from a funded trading account not always materializing.