Proprietary trading firm Propel Capital Group has announced its immediate closure, halting all operations. The firm’s CEO, Mitchell Ali, attributed the decision to an overcrowded market and aggressive competition that made sustainable growth impossible.
In a public statement released on social media platform X, Ali explained that the company is winding down just 14 months after its inception. The firm, which initially aimed at building a sustainable, long-lasting operation, found itself unable to compete with rivals who were offering higher discounts and relaxed rules.
“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 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 wrote.
Potential Brand Sale Followed by Refunds
As a result, Propel Capital has paused all operations effective immediately. This includes halting all trading activity and ceasing to process any payments. The company has committed to not simply disappearing: The next steps involve a brief waiting period to see if another entity is interested in acquiring the Propel Capital brand.
Following that, the firm will begin issuing refunds to eligible clients. Customers are advised to await further updates via the company’s social media channels and email.
Ali concluded the message by thanking the support staff, influencers, tech team and traders who had been part of the firm’s journey, while expressing regret for not achieving the goal of becoming an industry leader.
The company’s official website (propelcapitalgroup.co.uk) is now inaccessible, returning an error to visitors.
