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  • #19,581
  • Sep 1, 2023 11:29am Sep 1, 2023 11:29am
Quoting fxpider
It's really sad to see that MFF is down ( hopefully temporarily). Please share your thoughts/inputs on the alternatives based on the following MFF features. One step evaluation No time limit Profit sharing from the evaluation phase. Daily DD 6% Max DD 12% No restrictions on News trading, EA, Overnight and weekend holding. Leverage 1:100 Max profit split (live account)
One of the prop firms that have conditions almost that good is FundedNext. I struggle between choosing MFF and FundedNext for 2nd Prop account. No other Prop Firm have 12% drawdown (except if you pay extra $ for increase max. drawdown). But as I been there before with Online Poker operator based in US shutdown (Full Tilt), I decided to go with FundedNext.

FundedNext have 2 major differences from all other major Prop firms:
1) is based in Dubai, out of reach for European and American regulators.
2) 15% payout from Challenge phase also turn it very attractive.

As I post yesterday, my only issue with FundedNext is the very restricted rules regarding Copy Trading. But support yesterday already told me that is OK to use Social Trader Tools to copy trades between the accounts I own.
  • #19,582
  • Sep 1, 2023 11:29am Sep 1, 2023 11:29am
Quoting Takisd
A public person doing a rug pull of this size would get life in prison and be found really easily. MFF is/was a 400m + company.
Do you believe The Prop Trader .au was legit shut down by ASIC or did he flee with the cash?... The CEO there was pretty public.
  • #19,583
  • Sep 1, 2023 11:31am Sep 1, 2023 11:31am
Quoting Vitore
{image}
This looks desperate behaviour for me
  • #19,584
  • Sep 1, 2023 11:33am Sep 1, 2023 11:33am
Quoting Infinity-War
{quote} One of the prop firms that have conditions almost that good is FundedNext. I struggle between choosing MFF and FundedNext for 2nd Prop account. No other Prop Firm have 12% drawdown (except if you pay extra $ for increase max. drawdown). But as I been there before with Online Poker operator based in US shutdown (Full Tilt), I decided to go with FundedNext. FundedNext have 2 major differences from all other major Prop firms: 1) is based in Dubai, out of reach for European and American regulators. 2) 15% payout from Challenge phase also turn...
Funded Next is probably one of the most dangerous props out there with their stupid IP rules.
  • #19,585
  • Sep 1, 2023 11:34am Sep 1, 2023 11:34am
Quoting Vitore
{image}
My email today is being bombarded with discounts. Even TFF, who doesn't have that often, already sent me a discount.
  • #19,586
  • Sep 1, 2023 11:35am Sep 1, 2023 11:35am
I've been looking into Israel based 5%ers since I think I'll avoid any NA, UK and EU based props for the time being
from what I've seen the reviews is good, spread is amazing
T&C not as loose as MFF but I think I can get by, since I manual trade, don't copy trade, arbitrage, VPNing or anything like that
I think I'll drop 39$ for the 5K High Stakes account next week to play around
what do you guys think about 5%ers?

that and maybe Dubai based Funded Engineer
In the end its just a stupid numbers game
  • #19,587
  • Sep 1, 2023 11:37am Sep 1, 2023 11:37am
Quoting Infinity-War
{quote} One of the prop firms that have conditions almost that good is FundedNext. I struggle between choosing MFF and FundedNext for 2nd Prop account. No other Prop Firm have 12% drawdown (except if you pay extra $ for increase max. drawdown). But as I been there before with Online Poker operator based in US shutdown (Full Tilt), I decided to go with FundedNext. FundedNext have 2 major differences from all other major Prop firms: 1) is based in Dubai, out of reach for European and American regulators. 2) 15% payout from Challenge phase also turn...
They told me the same yet they still owe me 5-figure payout
Money is made by sitting, not trading
  • #19,588
  • Sep 1, 2023 11:37am Sep 1, 2023 11:37am
Quoting MwlRCT
msg from Dylan E8 = {quote} To address these queries, let me begin by emphasizing that E8 remains exceptionally stable. According to our perspective and the extensive research and opinions of our legal advisors (some of the most reputable in the nation), our actions are fully compliant with the law. We refrain from making predictions about the situation with MFF. Our firm is entirely distinct, and the circumstances involving MFF hold no relevance to our operations. It's noteworthy that MFF is based in Canada, while TPT was Australian, and Funding...
Got a similar email from City Traders Imperium.

I mean you can't blame them.

Basically saying: Don't worry we are on top of it, just keep those fees coming. No need to panic.
Pride always comes before destruction.... -Proverbs 16:18
  • #19,589
  • Sep 1, 2023 11:37am Sep 1, 2023 11:37am
Quoting CableJ
{quote} Do you believe The Prop Trader .au was legit shut down by ASIC or did he flee with the cash?... The CEO there was pretty public.
I really don't understand how does it make difference? Anyone can go public but shit goes down nothing can help. If government froze company's bank account how does a pubic or private thing matters. I think ASIC was just bluff as they had issues before like once they removed lot size restrictions they went downhill like Funding Talent. One thing that bothers me about MyFF is lack of transparency they should have receive some notice why not make it public also this issue is not going to be resolved soon in near future.
  • #19,590
  • Sep 1, 2023 11:42am Sep 1, 2023 11:42am
Quoting Capablanca
{quote} My email today is being bombarded with discounts. Even TFF, who doesn't have that often, already sent me a discount.
Well they want to capture market like when Funding Talent went down MyFF got most of their clients. Somebody's loss is somebody's gain.
  • #19,591
  • Sep 1, 2023 11:43am Sep 1, 2023 11:43am
Did some digging around and found case info on the Myforexfunds suspension here:

https://www.capitalmarketstribunal.c...-murtuza-kazmi

Its a genuine suspension but temporary for 15 days from 29th August.
Your worst drawdown is yet to come
  • #19,592
  • Sep 1, 2023 11:46am Sep 1, 2023 11:46am
Quoting sampat
{quote} I really don't understand how does it make difference? Anyone can go public but shit goes down nothing can help. If government froze company's bank account how does a pubic or private thing matters. I think ASIC was just bluff as they had issues before like once they removed lot size restrictions they went downhill like Funding Talent. One thing that bothers me about MyFF is lack of transparency they should have receive some notice why not make it public also this issue is not going to be resolved soon in near future.
Yes, for all intent and purpose, consider your pending payout and funded account gone. It will be a pleasant surprise if/when you get it back. It is replacement mode time.
They are not going to walk into court, explain how they operate and the judge is going to say, "Oh, OK, all looks good, lift the freeze". That is not at all how this works. That hearing on the 11th is preliminary simply to determine next steps.
  • #19,593
  • Sep 1, 2023 11:48am Sep 1, 2023 11:48am
Quoting Eren10
{quote} mff placed a message on 25 august about cheaters active with oil trading. And due that mff lost its good position with their liquidity provider (claim of mff). Because this message is couple of days ago it could be related to what is now happening. And what are "cheaters"? Apparently something went on that caused mff to loose trades.
I just read their statement from August 25th now. It doesn't seem very logical why they would think of anything else when they can block the cheaters. It's like killing the goose that lays the golden eggs. Moreover, the part at the end of the statement that says, "To the cheaters, expect an email shortly." I wonder if the emails were sent and if they achieved their purpose. How relevant could it be to today's situation if they were sent?
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  • #19,594
  • Sep 1, 2023 11:55am Sep 1, 2023 11:55am
Quoting pipmaster77
{quote} Yes, for all intent and purpose, consider your pending payout and funded account gone. It will be a pleasant surprise if/when you get it back. It is replacement mode time. They are not going to walk into court, explain how they operate and the judge is going to say, "Oh, OK, all looks good, lift the freeze". That is not at all how this works. That hearing on the 11th is preliminary simply to determine next steps.
On positive side if they come out clean (most probably chance are dim...North American traders will will have some shit conditions like 30:1 leverage and No CFD etc) they will rise more....
  • #19,595
  • Sep 1, 2023 12:04pm Sep 1, 2023 12:04pm
Quoting sampat
{quote} On positive side if they come out clean (most probably chance are dim...North American traders will will have some shit conditions like 30:1 leverage and No CFD etc) they will rise more....
I am based in the UK. Spread Betting/CFD brokers were regulated back in 2018. I only trade indices, leverage for those instruments was lowered to 20:1. Major forex pairs lowered to 30:1 I believe, never traded them.
  • #19,596
  • Sep 1, 2023 12:05pm Sep 1, 2023 12:05pm
Quoting nebby
Did some digging around and found case info on the Myforexfunds suspension here: https://www.capitalmarketstribunal.c...-murtuza-kazmi Its a genuine suspension but temporary for 15 days from 29th August.
hmmmm....dated the 29th, yet they were taking $$$$ through the 31st.
Big takeaway....the order expires in 15 days, unless they extend it. So, if they prove no wrong doing, they will be back up rather quickly. However, reading the accusations, they are pretty much guilty of ALL of them.
Another takeaway....atleast we know it's legit and not fabricated by MFF.
  • #19,597
  • Sep 1, 2023 12:06pm Sep 1, 2023 12:06pm
Quoting tue5
{quote} I just read their statement from August 25th now. It doesn't seem very logical why they would think of anything else when they can block the cheaters. It's like killing the goose that lays the golden eggs. Moreover, the part at the end of the statement that says, "To the cheaters, expect an email shortly." I wonder if the emails were sent and if they achieved their purpose. How relevant could it be to today's situation if they were sent? {image}
I say not related at all. They don't pay cheaters and the LP didn't even pull out, just took them off of preferred pricing.
  • #19,598
  • Sep 1, 2023 12:09pm Sep 1, 2023 12:09pm
Quoting pipmaster77
{quote} hmmmm....dated the 29th, yet they were taking $$$$ through the 31st. Big takeaway....the order expires in 15 days, unless they extend it. So, if they prove no wrong doing, they will be back up rather quickly. However, reading the accusations, they are pretty much guilty of ALL of them. Another takeaway....atleast we know it's legit and not fabricated by MFF.
Agreed and the key thing for me is that its not a fabricated lie / exit scam and yes this will likely take a long time to resolve due to the charges ....
Your worst drawdown is yet to come
  • #19,599
  • Sep 1, 2023 12:18pm Sep 1, 2023 12:18pm
Quoting pipmaster77
{quote} hmmmm....dated the 29th, yet they were taking $$$$ through the 31st. Big takeaway....the order expires in 15 days, unless they extend it. So, if they prove no wrong doing, they will be back up rather quickly. However, reading the accusations, they are pretty much guilty of ALL of them. Another takeaway....atleast we know it's legit and not fabricated by MFF.
Curious to what the SEC has to say. Need to find their notice as well.

Pretty much every prop firm could be guilty of what they are stating in that notice. MFF got hit because they are within their jurisdiction.

US authorities don't give a shit if they have jurisdiction or not. They just seize shit and let the people try to recover.

At least the Canadian tool got his pronouns squared away.

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Trade with confidence, trade without fear.
  • #19,600
  • Sep 1, 2023 12:18pm Sep 1, 2023 12:18pm
Quoting pipmaster77
{quote} I say not related at all. They don't pay cheaters and the LP didn't even pull out, just took them off of preferred pricing.
Yes, it would be even worse if that were the case. I hope they can get out of the scenarios listed in the court report as soon as possible.
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