FNG Exclusive… FNG has learned that Dubai based prop trading firm Funded Engineer is delaying the relaunch of its services, after its software licenses were terminated by its tech provider FPFX Technologies last week.
FNG has also learned that Funded Engineer – in addition to reportedly switching to its own in-house tech and platform – is switching the broker that it uses for all client trades, from Purple Trading Seychelles to Australia based broker Blueberry Markets.
We had reported earlier this week that Funded Engineer was aiming for a mid week (i.e. Tuesday / Wednesday) restart, amid a switch to its own in house technology which was supposedly months away from a planned implementation. We also reported that beyond its issues with FPFX (which alleges that Funded Engineer ran a scheme to defraud it), Funded Engineer was being dropped by its broker, Purple Trading Seychelles (i.e. the offshore arm of Cyprus based, CySEC licensed broker Purple Trading), and was in need of a new brokerage arrangement for its clients.
In an updated tweet on X (formerly Twitter), Funded Engineer is reporting that it has experienced “slight delays” in migrating accounts as part of the switch to Blueberry Markets, and that service will resume “very soon”. Funded Engineer also reported that it has a backlog of pending payouts (from clients which have already requested a payout) from the 7th of February until today, and that a “large chunk” of payouts will be going out today, along with refunds.
The tweet issued earlier today by Funded Engineer reads as follows:
Funded Engineer @fundedengineer Feb 13 3:40pm Dubai time. Hello everyone. With the ongoing issues regarding Purple not issuing new accounts to the prop space, we have experienced some slight delays in migration. Moving forward, we will be issuing all new accounts on Blueberry markets. Refunds will be provided to everyone who requests one and is eligible. The requirements for refunds are as follows: Your account must have no greater than a 4% drawdown. If your account has less than a 4% drawdown and you wish for a refund, it will be issued. Please note that by doing so, you will lose access to the account. For those who prefer to wait, their challenge account in DD will be reset to the original starting balance at the time of purchase upon launch. We have a backlog of pending payouts from the 7th until today, which will start being processed today. Additionally, a large chunk of payouts will be going out today, along with refunds. Thank you, everyone, for your patience. Service will resume very soon.