Dubai based prop trading firm Funded Engineer issued a number of updates over the weekend to its client base (and to the public at large), following reports last week that Funded Engineer was cut off by its main technology provider, FPFX Technologies.
The updates, issued on X (formerly Twitter), also shed light on some other issues that Funded Engineer is having beyond FPFX canceling the license for its tech that was (previously) provided to the prop trading outfit, and the fraud scheme allegations made by FPFX against the company.
Funded Engineer reported that its broker, Purple Trading Seychelles (the offshore arm of Cyprus based, CySEC licensed broker Purple Trading), was also suspending MT4 and MT5 services for the company (reportedly alongside all props) as of today, February 12. The company noted that it has other broker options “readily available”. To date Funded Engineer only worked with the one broker (supposedly to reduce costs), but said it can “easily reintegrate” additional brokers, specifically naming brokers ThinkMarkets and Blueberry.
Regarding a replacement for the FPFX technology backbone, Funded Engineer stated that it was already working on its own technology and was in any event at the end of its contract with FPFX, but that it was going to migrate over in a few months’ time. With FPFX’s move, Funded Engineer reported that it will be ready with it (i.e. its own technology) in approximately one week.
In later tweets, Funded Engineer said that it is working diligently to get things up and running as fast as possible, and is on schedule to “be sorted” by Tuesday (Wednesday after testing). Pending any significant disaster the company said it should be within its original one week prediction on how long it will take.
Regarding the fraud allegations made by FPFX, Funded Engineer stated that it wants to assure its clients that it is treating this matter with the utmost seriousness. The company said that while it has become a “potential legal case”, the company is unable to disclose further details publicly at this time.
Funded Engineer also provided a number of specific updates for clients that had open positions, and floating profits and losses.
The tweets issued by Funded Engineer have included the following:
February 8 2:26am (Dubai time). Today, without warning or discussion, our dashboard provider for Funded Engineer decided to terminate our services, remove us from all of our historical chats and conversations and turn the technology lights off from our business. On top of this, again without communication, it was decided a negative PR campaign would be set out – of which no one has reached out to us for comment. We are working diligently to resolve this matter and will take all necessary steps to bring our business back to its success. In the mean time please be patient and we will keep everyone updated as more information becomes available on how wewillproceed.
February 8 2:53am. Hello everyone, Thank you for your patience with us during this troublesome time. As you know, we were already working with our own technology and at the end of our contract with FPFX we were going to migrate over (this was going to occur in a few short months time). Our technology for Funded Engineer was not quite ready, we were putting the final touches on it. We will be ready with it in approximately one weeks time. In the mean time, as there is no means for us to analyze trading accounts and their rules we unfortunately have to close all existing trades and disable trading. Preserving the accounts status as is. We will be making sure we make this up to our existing traders as we get you guys set up on the new dashboard as we truly appreciate your support and patience on this matter. We will keep communication lines open and continuously update everyone as more information becomes available. Once again thank you for your support, patience and kindness. And finally we have requested a list of the pending payouts from FPFX so that we can pay them. Once we have that list payouts will go out to everyone.
February 8 3:46am. Hello Everybody, Thank you again for your patience and understanding. We have been working diligently to get things up and running as fast as possible. Currently, we are on schedule to be sorted by Tuesday next week (Wednesday after testing). Pending any significant disaster we should be within our original week long prediction on how long it will take. During this process you might see some strange things as we migrate the databases. Please ignore them. Once we are back operating and live should anything be out of place, we will rectify it. We also will have a surprise when things are sorted which is something positive to give back to the community. We are looking forward to proving to you just how far we have come with our new robust infrastructure and our ability to fully customize it and push forward with advancesgoingforward.
February 9 7:05pm. Firstly, I am pleased to inform you that everything is proceeding as planned, and we are on track to commence full services by next week. I want to express my sincere gratitude to each one of our team for the hard work and dedication during this busy period. I also want to thank everyone that have been supportive with us. Your patience and supportive words have not gone unnoticed. I’ve been truly encouraged by the overwhelming amount of positive feedback we’ve received in our communications thus far. Your input is invaluable, and we are committed to maintaining open and transparent communication channels going forward. Therefore, we will continue to provide daily announcements to keep everyone informed of our progress.
BALANCE AND COMPENSATIONS
Regarding the matter of balances and compensations, please rest assured that we are actively working on finding the best solutions. Our development team is working tirelessly, around the clock, to address the complexities involved in migrating over 40,000 accounts with balances, emails, and names. While this is indeed a significant undertaking with many moving parts, we are dedicated to ensuring that everything is handled efficiently and accurately.
FLOATING PROFITS
As for concerns regarding floating profits and losses, we understand the importance of resolving these issues promptly. We are currently strategizing on the logistics involved and will provide updates over the weekend.
ALLEGATIONS MADE
Regarding accusations, I want to assure you that we are treating this matter with the utmost seriousness. While it has become a potential legal case, we are unable to disclose further details publicly at this time. Updates regarding various matters will be forthcoming, but I kindly ask for your continued patience as we navigate through our current workload. Your understanding and support are greatly appreciated.
PURPLE TRADING
Regarding Purple Trading, please note that they will be suspending MT4 and MT5 services for all props as of February 12th. This affects not only us but the entire prop firm community. However, we have already obtained a forex license as well as a MetaQuotes license, which will allow us to continue offering MT5 services to all clients except USA citizens and residents. Rest assured, we are actively working on a solution for our USA-based clients as well.
USA CITIZENS
In regard to USA citizens, it’s important to be transparent. MT5 services for USA citizens and residents will soon be discontinued, not only for us but for the entire prop industry within the next 2 to 8 weeks.
BROKER OPTIONS
Regarding our broker options, please remember that we have other options readily available. While we currently operate with one broker to reduce costs, we can easily reintegrate additional brokers such as Think Markets and Blueberry as needed. Our ability to offer multiple options is contingent upon cost considerations, but please know that we prioritize cost-efficiency to provide the best possible service to our clients. Thank you once again for your hard work and dedication. I look forward to sharing more updates with you soon.
February 10, 9:32pm. Daily check-in to keep everyone updated. The migration of accounts has started and will continue throughout the weekend. We are currently crunching the numbers to determine compensation. A comprehensive update on this matter will be announced tomorrow. Anyone with a pending payout will receive the full payout, and those with upcoming payouts will still be honored on the scheduled day. We remain on track to launch between Tuesday and Wednesday. If anyone feels uncomfortable with the situation and prefers a refund, we can issue one to you. Thank you, everyone, for your ongoing patience.
February 10, 11:13pm. I would like to inform you that if your account is in drawdown, both phase 1, and phase 2, it will be reset to the initial account balance once we are back this coming week. If your trading account is in profit, it will carry over to the new dashboard and will be retained. However, if you choose a refund now, the account will be breached. If you decide to purchase again in the future, it will revert back to the initial balance If you are already decided with the refund, please send the following to livesupport@fundedengineer.com Full Name Email Address: Account number : Order Id of the account number : Crypto Address If you paid via Crypto (USDT-TRC20 or USDT-ERC20 Only) The Refund process on our end will be 24-72 hour business days and may take up to 3-10 Days before it will reflect your bank. If you paid via crypto, we will refund you via crypto as well which will take about 24-72 business hours. Thanks, Funded Engineer Team.
February 11, 6:43pm. Alright, here’s an update on account migration: All active Challenge accounts in phases 1 and phase 2, if in Drawdown, will be reset to the original starting balance at the time of purchase. All FUNDED accounts will receive an additional 1% Drawdown added to the parameters of whatever account they have purchased. There is only one requirement needed in order to be eligible. To qualify for the reset and added drawdown, you need to have placed at least 1 trade in the month of February. Thank you, everyone. We are still on track for early this week. It’s been a very eventful weekend. I’ll update everyone again on Monday.
