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 went offline as the firm confirmed the immediate halt.

Fierce Competition Cited

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 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.”

Expect ongoing updates as this story evolves.

Source: Finance Magnates