Indigo Dealer Funding, a prop buying and selling agency that had earlier gone silent on its social media channels, immediately (Wednesday) confirmed the closure of its operations because it “failed on this enterprise endeavour.” Finance Magnates earlier reported that the corporate had even utilized for its identify to be struck off the UK’s official register.
“Indigo Dealer Funding ceased buying and selling and, as of immediately, has ended any agreements/partnerships attributed to the operation of the analysis mannequin prop agency,” famous the announcement launched immediately by the prop buying and selling agency.
Announcement
Official Assertion pic.twitter.com/G166F7IRVy
— Indigo Dealer Funding (@IndigoFundingUK) August 20, 2024
The official announcement got here solely a day after the corporate’s identify was formally faraway from the corporate registry. It utilized for the strike-off on August 12.
The disappearance of the prop buying and selling agency from Discord and different social media channels solely fuelled nervousness amongst its clients. One dealer even claimed on social media that he had made $27,000 in income along with his Indigo Dealer Funding account and was perplexed by the strike-off determination and the shortage of communication.
I’m up $27,000 on my $500k @IndigoFundingUK prop account, however obtained an letter that they submitted AN APPLICATION TO STRIKE OFF!
I’d require an official assertion! Does the group know extra?
Is that this one other prop agency taking place the drain…? pic.twitter.com/aF8rhew3RP
— Bernd Skorupinski (@BerndSko) August 14, 2024
“We want to sincerely apologise for the shortage of communication over the previous few weeks,” the official announcement added. “We recognise that this has led to a scarcity of readability relating to the standing of energetic accounts and has fuelled inaccurate hypothesis.”
The announcement additional said that “if it had been potential, this assertion would have been made sooner.” Nevertheless, it stays unclear what prevented the corporate from correctly speaking with its purchasers.
Moreover, the most recent assertion detailed that “any remaining out there funds which can be managed by our working companions will probably be allotted to refunding any energetic (paid-for) accounts.”
Selling the Companies of Eightcap
Indigo Dealer Funding started operations earlier this yr. It was selling the challenges organised by Eightcap, a contracts-for-difference dealer providing companies to prop buying and selling corporations.
“A mix of a local advertising and marketing technique, excessive competitors, and a quickly rising failure charge of corporations contributing to potential gross sales consolidating across the market leaders has meant that our continued development as a promoter and referrer couldn’t be sustained,” the fallen prop buying and selling agency added.
As Finance Magnates reported earlier, Lucas Thomas headed the now-closed prop buying and selling agency because the President. He had additionally launched two different corporations earlier: Thomas Foreign exchange Buying and selling in 2021 and Woofly and L&N in 2022. Nevertheless, Woofly and L&N disappeared from the market as rapidly as Indigo.
In the meantime, a number of different prop buying and selling corporations have additionally ceased operations not too long ago. In line with some estimations on social media, the way forward for over twenty such platforms is in jeopardy. Curiously, Astra Capital Group has come ahead with a willingness to accumulate the shuttered prop corporations.
