Mon, April 15, 2024

Funding Pips Operation Halt – Blackbull Cuts Ties

Broker News

Prop trading has taken yet another hit as Funding Pips unexpectedly ceased operations, a development revealed to clients as “imperative immediate maintenance.” The company halted trading abruptly and severed services.

Blackbull’s Influence in the Mix

Blackbull Markets, the sole broker for Funding Pips, ended its association abruptly. A Blackbull spokesperson stated they had to stop service to prop trading entities because of a grey label license agreement breach with MetaQuotes. The representative elaborated that they had to close the Funding Pips account immediately and remove their server access from their Demo platform on MT5. However, they were exclusively using our Demo platform. 

He also stated that their license with MetaQuotes was intact, and their operations continued as usual. Meanwhile, we are addressing issues with our mobile app so service can resume.

Blackbull, based in Auckland, New Zealand, conducts retail trading operations under licenses from New Zealand, Seychelles, and the UK. It has made strides into the European market through a partnership with Cyprus’s HokoCloud for copy trading and after it acquired research firm ATM Strategy. According to its website, Blackbull provides trading opportunities via third-party platforms such as the MetaTrader 4 and MetaTrader 5, owned by MetaQuotes and cTrader. The service utilization by other prop trading platforms with Blackbull remains to be discovered.

Prop Firm Grounded in Dubai

According to its online presence, Funding Pips operates from Dubai but excludes UAE, US, and Vietnam residents from its services, citing these as “excluded countries.

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