Gold Fund Trader, a company operating under the registered name GFund Technologies in the UAE, recently announced that it will shut down operations permanently. The firm has only been operating for five months, but due to numerous challenges, it found that the best course of action is to shut down.

Gold Fund Trader Ceases Operations

Gold Fund Trader is a relatively new company that was initially supposed to go live on August 15. However, due to certain issues with their web designer, followed by problems with their technology provider, the launch was delayed. The delays had a negative consequence, as the company’s major investor decided to withdraw their support, which was yet another problem for the company.

However, the firm decided to proceed with the launch despite the setbacks. It decided to hold giveaways, through which it distributed around 150 accounts, but since then, it generated only $600 in sales from evaluation accounts due to two paid customers.

In its announcement on X, the firm explained that the setbacks and lack of users caused cashflow issues, which have left the company with no liquidity. “We could have continued the operation with fishy behavior and run 50-60% off when there’s not enough funds, just like many firms were and are doing. But, we don’t want to sell our soul and, as trader, we do not wanna scam anyone!”

Shutdown Was The Only Remaining Option

The announcement added that the founders reached out to several prop firms for potential selling of business, offering them to run Gold Fund Trader as a different company while keeping the original team a part of the firm, but this solution did not work out either.

As a result, the only remaining solution for the firm is to permanently shut down. The firm also noted that out of its 160 existing accounts, 158 were acquired through giveaways. It has 90 active accounts, but none of them are funded. As for the $600 that the company managed to earn from 2 sales of evaluation, the announcement said that the money would be refunded.

Gold Fund Trader is not the only firm to shut down recently, as a prop firm Fundedlions also ceased operations, and is reportedly transitioning to MetaTrader 5. The company’s CEO advised users to avoid accessing their accounts during the transition period. Interestingly, the issues were attributed to Dominion Markets, with claims that the company experienced challenges with this technology provider, both now and in the past.