Crypto prop trading firm My Crypto Funding has become the latest prop firm to get access to a MetaQuotes license.
The company has set up an entity in St Lucia called MCF Markets to access the MetaTrader 5 platform.
Currently the company offers its own branded platform, which is presumably just a white label from a third-party provider.
My Crypto Funding was only launched last year. The prop firm is run by UK-based Vitor Alcalde and another executive based in Brazil.
The company is also interesting in that it has branded itself as a pure play crypto trading firm, although the actual product people are trading is still a CFD.
St Lucia making life easy for props
As TradeInformer has reported on before, props are finding it increasingly easy to access MetaQuotes products by setting up an entity in St Lucia.
In the past, the company banned props from using its products. The main fear appears to have been that companies were accepting US clients on the platform.
However, over the last few months we’ve seen the company ease up on the industry, presumably because they were losing so much business as a result of the policy.
St Lucia does not have a regulatory regime for CFD trading, meaning there is no actual license from the country – you just have to set up a company there.
As this does not take very long to do, you can theoretically get fast access to MetaQuotes products by doing it.
Several props have now done this to get MetaTrader as a platform. For example, GoatFunded Trader, Maven, and Funded Trading Plus have all got entities in St Lucia now, presumably just so they can offer MT5.
