Prop Firm Hub

From my Oanda account:

Is CFD trading allowed in the USA?
Part of the reason why a CFD is illegal in the U.S. is that it is an over-the-counter (OTC) product, which means that it doesn't pass through regulated exchanges. Using leverage also allows for the possibility of larger losses and is a concern for regulators.

Sorry, you are right. They do not offer CFDs in the USA. Just seen they have different entities.

Firm’s customer business
Types of customers: institutional, ECP and retail.
Markets and currencies traded: Foreign exchange currencies select spot cryptocurrencies. Contracts for Difference, including index, bond and commodity-based CFDs and Precious Metals are not available for trading to residents of the United States.
International business: OANDA operates in eight regulated markets including:
OANDA Corporation – operating in US (regulated by CFTC/NFA),
OANDA Europe Limited – operating in the UK and Europe (regulated by the FCA),
OANDA TMS Brokers S.A. – operating under KNF (PFSA),
OANDA Asia Pacific Pte Ltd – operating in Singapore (regulated by the MAS),
OANDA (Canada) Corporation ULC – operating in Canada (regulated by IIROC),
OANDA Australia Pty Ltd – operating in Australia (regulated by ASIC),
OANDA Japan Inc – operating in Japan (regulated by FSA),
OANDA Global Markets Ltd - operating in the emerging markets (regulated by the FSC in the BVI).

in america you cant go around the middleman...in this case its the exchanges

So no way that MFF can get out of this on 9/11. They are offering clearly CFDs on their own server for trading.

oh hell no...MFF people going to jail LOL

It also puts suspicion on every other prop firm.

In this topic we knew and dicussed many times about all what is mentioned in the fraud section (with the exception of what exact % of traders were indeed in live market). But out there most people really believe that they are allocated like 100K real money and that they are trading the real thing.

And, yes, this is the same in every prop so now people really know what the modus operandi is behind walls. If they want to believe otherwise they are simply fools.

he finally passed a live account then this happens. Couldve been with ftmo or 5 ers. There is story of one guy just purchased the challenge just 1 day before mff got freeze. If MFF bank was frozen, how can they refund those people. There is still no update if MFF was able to win over us and ca regulators.

My payout is gone....mff is gone
https://www.cftc.gov/PressRoom/PressReleases/8771-23

Will there be a mass exodus to UAE, Dubai, etc?

Galib | Chief Strategy Officer — Today at 10:35 AM
https://cdn.discordapp.com/emojis/10...ality=lossless Announcement: Stability in Uncertain Times @everyone Hello FundedNext Community, Recent events have shaken the prop trading world, with MyForexFunds facing regulatory freeze orders in Canada and the U.S. While this has led to uncertainty, it also highlights the importance of strategic foresight. FundedNext is incorporated in the UAE, a jurisdiction that fosters innovation and growth. This was a deliberate choice, allowing us to operate in a stable, business-friendly environment. As a result, we can focus on delivering high-quality trading opportunities without the regulatory hurdles faced by firms in North America and the UK. The overall security and reliability of our platform are paramount. This aligns perfectly with one of our core brand promises: to be the 'World's Most Reliable Prop Firm.' Our commitment to operational excellence and platform security sets the industry standard, making us not just a prop firm but your most reliable trading partner. Thank you for being a part of FundedNext. Our strategic positioning, unwavering reliability, and focus on overall security make us more than just a prop firm; they make us your go-to platform for prop trading. We're here for the long run, we have always focused on sustainability & longevity over hype..and we're thrilled you're with us. Best regards, The FundedNext Team

News & Events

1. Press Releases
2. Public Statements & Remarks
3. Events

Release Number 8771-23
CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders
Court Issues Restraining Order Instituting Asset Freeze
September 01, 2023
Washington, D.C. — The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the District of New Jersey against Murtuza Kazmi, formerly of Phillipsburg, New Jersey, and his companies, Traders Global Group Inc., a New Jersey corporation and Traders Global Group Inc., a Canadian business organization, all doing business as “My Forex Funds.” The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
On August 29, U.S. District Court Judge Robert B. Kugler signed a statutory restraining order freezing the defendants’ assets; requiring the defendants to submit their books and records to examination by the CFTC; and appointing a temporary receiver. A hearing on the CFTC’s motion for preliminary injunction is scheduled for September 11 before Judge Zahid N. Quraishi in Trenton, N.J.
In its continuing litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA).
“The CFTC’s case against the ‘My Forex Funds’ defendants is emblematic of our commitment to stamping out retail fraud in our markets,” said Director of Enforcement Ian McGinley. “Anyone offering or entering into leveraged retail forex contracts without registration, or offering or entering into leveraged retail commodity contracts off-exchange, is acting in clear violation of the law.”
Case Background
According to the complaint, the defendants, doing business as “My Forex Funds,” supposedly offered retail customers the opportunity to become “professional traders” by using Traders Global’s money to trade against third-party “liquidity providers” and share in any trading profits. They assured customers that “your success is our business,” and “we only make money when you do.” But, in reality, Traders Global—not a third-party “liquidity provider”—is the counterparty to substantially all customer trades.
The complaint also alleges that Traders Global actively minimizes the likelihood that customers trade profitably by using pretexts to terminate customer accounts, misleadingly assessing commissions that reduce customer account equity, secretly using specialized software to cause customer orders to be executed at worse prices than appeared to the customer at the time an order was sent, and handicapping the extremely small number of successful customers to decrease customer profits and increase customer losses.

Only 300 mil?

Not even close to the king of all ponzies.

How many millions did Bernie Madoff steal?
His Ponzi scheme is often referred to as a $65 billion crime. In fact, he actually stole $20 billion in principal funds that were invested with him. His firm generated account statements telling investors that they earned returns worth a total of $65 billion, but those returns never existed.

even in UAE people go to jail for ponzi schemes..

Why aren't they doing anything with b book brokers. I think all of them are b booking me but why just MFF. This would be a different case if MFF doesn't pay but they pay traders.

-Because they pay to play.

No doubt. I would hope prospective firms discuss their business model with relevant government dept. before setting up shop, i.e. we slip b-book traders (to simulate live trading conditions) and don't pay US exchange fees. Basically get green lighted.

hivemind indicator

Why aren't they doing anything with b book brokers. I think all of them are b booking me but why just MFF. This would be a different case if MFF doesn't pay but they pay traders.