Prop trading company FundingPips announced on Monday that it has regained access to MetaTrader 5 (MT5) and can now provide the platform to its clients.
Like many other prop firms, FundingPips used to have a third-party agreement with a broker that would give it access to MetaTrader products.
In FundingPips’ case, they used BlackBull Markets. The set up was like a gray label, meaning the client would sign up via FundingPips but all the branding on the end platform was BlackBull’s.
About 12 months ago, MetaQuotes, the company behind MT5, stopped allowing brokers to provide this service to props. FundingPips was one of several props impacted by this and had to stop onboarding clients.
The result of this has been to push firms into getting regulated, so that they can then get back access to MetaQuotes products.
FTMO, for example, has been attempting to get licensed for years and recently acquired OANDA, which will give it global regulatory coverage if the deal goes through.
FundedNext has also acquired a Comoros license and says it is in the process of getting more. It has already hired executives in Cyprus, for example.
FundingPips has done the same thing and bought a license in the Comoros. As we have discussed before, the primary goal for most people getting this license appears to just be access to MetaQuotes products.
