FundYourFX
has appointed Snir Ahiel, an experienced prop trading executive, as its new CEO.
The firm is simultaneously expanding beyond its instant funding model to offer
trading challenges to clients.
New Leadership at
FundYourFX
Ahiel
announced on social media last week his appointment as Chief Executive Officer
(CEO) of FundYourFX, a Hong Kong-registered prop company. “I’m happy to
share that I’m starting a new position as Chief Executive Officer at
FundYourFX,” Ahiel stated on LinkedIn.
Before
joining FundYourFX, he spent over six years with The5ers, one of the older and
more popular prop trading firms, where he served as a Co-Founder and Chief
Operating Officer (COO). He “Directed operations, strategy, and community
development over six years, contributing to the firm’s strong reputation and
success.”
This
appointment follows another recent C-level move in the industry, with
TradersYard announcing Manuel Sonnleithner, former COO of AgenaTrader for more
than five years, as their new president.
These new
appointments may prove crucial for smaller prop firms, especially amid
increasing reports of failures and business closures, along with industry
consolidation forecasts.
Over 50 Prop Firms Exit
Market in 2024
According
to industry sources, at least 50 prop trading firms have ceased operations this
year. A recent example is Ascetic Capital, which lasted only a week in the
market. The company spent more time teasing its market entry than actually
operating, with its founders admitting to selling only four trading challenges.
Meanwhile,
Funded Nation suspended operations for 45 days to implement a new dashboard.
However, traders have commented about weeks-long delays in fund withdrawals,
and the update timeline appears suspiciously long.
Smart Prop
Trader has also recently exited the market, officially ending all operations by
December’s end. While they’re no longer accepting new clients, they’re
reportedly working on a comeback with new products.
“This
wave of closures began when regulatory authorities in the US and Canada froze
My Forex Funds, a major player in the industry. Following this, True Forex
Funds, Surge Trader, and Skilled Funded Traders all shut down.”
This article was written by Damian Chmiel at www.financemagnates.com.
