Prop trading firm Propel Capital has shut down just 14 months after its launch, saying competition in the industry has made operations unsustainable. The company’s website has also gone offline.

Fierce Competition Cited

In an announcement posted on X, the company’s Founder and CEO Mitchell Ali said the decision followed months of mounting pressure as rival prop firms cut prices and loosened trading rules to attract clients. The company has promised more updates on Discord Channel, X Page, and through email.

“The sheer volume of competition in the market has led us to a position where I believe that scaling the business would go against our goal of sustainability,” Ali said. “As you have probably noticed, firms across the industry have significantly increased their offerings, with higher discounts and relaxed rules. I do not believe we can compete with these offers without selling evaluations at a loss, which we refuse to do.”

The company has promised refunds to clients “who qualify,” saying it will wait for a few weeks to see if another individual or corporation will continue with the brand. “We will no longer be processing any payments, and all trading activity will be halted,” the announcement mentioned.

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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