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  • #19,441
  • Sep 1, 2023 2:14am Sep 1, 2023 2:14am
Just passed phase 2 yesterday and freez this morning
End of prop firm
  • #19,442
  • Sep 1, 2023 2:27am Sep 1, 2023 2:27am
Hello peeps...i got my funded account through mff on moday..is it advisable to still go for challenges through other firms or stay away untill its all settled down?
  • #19,443
  • Sep 1, 2023 2:30am Sep 1, 2023 2:30am
Quoting karankeni
Hello peeps...i got my funded account through mff on moday..is it advisable to still go for challenges through other firms or stay away untill its all settled down?

Stay away.
  • #19,444
  • Sep 1, 2023 2:34am Sep 1, 2023 2:34am
my prediction were right
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  • #19,445
  • Sep 1, 2023 2:56am Sep 1, 2023 2:56am
Quoting HengkiTjen
Just passed phase 2 yesterday and freez this morning End of prop firm
do you think ur funds are frozen forever?
IgorFX
  • #19,446
  • Sep 1, 2023 3:18am Sep 1, 2023 3:18am
Quoting Capablanca
I see people in telegram saying that companies from Canada and US should be avoided. This means that they may not be impacted by regulation but hey will suffer a hit on revenue stream. And revenue stream is essential to keep payouts...
Looks like traders are so much confused probably because MFF did not clear in air.

But, i would wait for 2 weeks to say anything.

what we all know, I know. I am not able to confirm MFF as firm is dumped.

It is regulatory issue for MFF as broker i guess. Let us wait and see.

Nothing we can do about it.
Intraday only.
  • #19,447
  • Sep 1, 2023 3:20am Sep 1, 2023 3:20am
These kind of announcement have zero legal value but I'm leaving here the official statement from 5ers:

Quote
Hey 5ers,
We are aware of the recent event involving another company in our industry. We understand that this has caused a lot of discussion and questions about the consequences for our industry.
We want to assure our traders that The5ers is operating in accordance with strict legal guidelines. We have comprehensive legal opinions in place to ensure that we comply with all applicable regulations in the United States, United Kingdom, and Europe.
We have been aware of the risks posed by regulatory action for some time. That is why we have taken steps...
  • #19,448
  • Sep 1, 2023 3:23am Sep 1, 2023 3:23am
Quoting Capablanca
These kind of announcement have zero legal value but I'm leaving here the official statement from 5ers: {quote}
is 5ers based in which country, I would just rather avoid firms based in us and ca at this point.
  • #19,449
  • Sep 1, 2023 3:24am Sep 1, 2023 3:24am
Is there here someone from Canada that can call police?

At least police can ask them where the money is.
  • #19,450
  • Sep 1, 2023 3:26am Sep 1, 2023 3:26am
Quoting navk
Nothing we can do about it.
I was precisely thinking if there is anything we can do about this...

My line of thought, right now, is that some props will try to respect payouts, while they can, despite financial stress, trying to survive this mess and build trust to keep the revenue stream and avoid bankruptcy.
That said, probably the best short term approach is to be more aggressive and try to have bigger payouts than usual, before some of them go under and stop paying.
  • #19,451
  • Sep 1, 2023 3:27am Sep 1, 2023 3:27am
Quoting KoyaAndy18
{quote} is 5ers based in which country, I would just rather avoid firms based in us and ca at this point.
Apparently Israel. That's what my contract says.

Quote
The private liability company (LTD FIVE PERCENT ONLINE LTD, having its principal place of business at 14 Haroshet, Raanana, Israel, 4356674, email address: [email protected], registered in Israel under the number 515864007 (“Cl ient”),
  • #19,452
  • Sep 1, 2023 3:30am Sep 1, 2023 3:30am
Quoting OutThere
You guys think in terms of conspiracy to withhold wealth from the regular joe or to implement fees and collect taxes and so on. I have asked a very aggressive enforcement officer basically why are you doing what you do? She basically said they are enforcing the law. The gov has mandated the regulatory agency regarding all financial transactions conducted in the country and they will find and investigate any firm or individual breaking those laws. Think of FBI or equivalent in the pursuit of financial crimes. Would you tell a law enforcement officer...
This isn't wrong. There's no conspiracy - evil intent or stupidity, etc. But nitpicking the analogy: The way the regulatory system is set up, the FBI in your example would be Congress, the president, and SCOTUS all in one. The agencies make the rules (as vaguely directed to by Congress), enforce them, and adjudicate them. No one's out to get you, but the process leaves much to be desired.
  • #19,453
  • Sep 1, 2023 3:35am Sep 1, 2023 3:35am
Quoting navk
{quote} Looks like traders are so much confused probably because MFF did not clear in air. But, i would wait for 2 weeks to say anything. what we all know, I know. I am not able to confirm MFF as firm is dumped. It is regulatory issue for MFF as broker i guess. Let us wait and see. Nothing we can do about it.
These questions are copy paste from another thread, where you avoided to answer them. Or maybe you didnt see them. So:

- are you getting paid by them in any form (of course, beside the regular "profit split")?

- tell us please, why are you so confident that mff will come back? what are you relying on?

I think it is important for those who follow you.
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #19,454
  • Sep 1, 2023 3:40am Sep 1, 2023 3:40am
This didn't age well:
https://twitter.com/MyForexFunds/sta...08556080542169
  • #19,455
  • Sep 1, 2023 3:45am Sep 1, 2023 3:45am
Quoting pipmaster77
New strat is probably do 50-100K with 15-20 different firms. Do not max out with any one firm. As an individual, you'll stay in business longer. One goes down, replace with another. Ironically, I have been touting ONLY use the firms with their own server/LPs.....quite possibly, it may be the exact opposite, as this may qualify the firm as a broker. Just speculating, but I believe that is the issue MFF is facing.
Been my strategy all along as it was quite evident that this was coming sooner or later. Running now some 20 accounts with 12 different props. Max exposure less than 100k on any one. Hopefully most of the props will stay afloat.

The end result of this will be all US, CA, UK, AU and EU located props moving off shore, especially to Dubai. Those already located off shore will be able to generate huge amount of new business as clients flee from risky props. EU and UK companies should be able to transfer operations smoothly to off shore locations if they react fast as regulators are slower in those jurisdictions. Some props might not accept US clients in the future and payments will mostly become crypto based.
  • #19,456
  • Sep 1, 2023 3:50am Sep 1, 2023 3:50am
Quoting Capablanca
{quote} I was precisely thinking if there is anything we can do about this... My line of thought, right now, is that some props will try to respect payouts, while they can, despite financial stress, trying to survive this mess and build trust to keep the revenue stream and avoid bankruptcy. That said, probably the best short term approach is to be more aggressive and try to have bigger payouts than usual, before some of them go under and stop paying.
I have now improved to 100 th place.

Will they pay me the share ?

I am trading with them since 25 th august. six trading days
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Intraday only.
  • #19,457
  • Sep 1, 2023 3:50am Sep 1, 2023 3:50am
Besides MFF who else is based in Canada ?
  • #19,458
  • Sep 1, 2023 3:55am Sep 1, 2023 3:55am
Quoting Capablanca
Besides MFF who else is based in Canada ?
Aqre at least and they have already been payment problems. Unrelated probably though.
  • #19,459
  • Sep 1, 2023 3:55am Sep 1, 2023 3:55am
Quoting Capablanca
These kind of announcement have zero legal value but I'm leaving here the official statement from 5ers: {quote}
Please keep spending on challenges during this period of uncertainty around MFF or we are all dead.
  • #19,460
  • Sep 1, 2023 3:58am Sep 1, 2023 3:58am
Suggestion for people who are affected by the current status of MFF. Contact the regulators in Canada and USA as both have been cited by MFF as being involved in their situation. As customers of MFF you should be entitled to an official explanation by the appropriate authorities, you should not just be relying on statements made by MFF or indeed any other prop firm.
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