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  • #22,521
  • Sep 22, 2023 9:36am Sep 22, 2023 9:36am
Quoting Cryptosurf
{quote} Deel has also dumped some of the futures prop firms as well. But yeah, if the regulators think CFD prop is sketchy money grab, how can they overlook futures prop?
such as ?
  • #22,522
  • Sep 22, 2023 9:37am Sep 22, 2023 9:37am
Quoting TraderTero
{quote} There are plenty of other options than Coinbase. Most brokers use other crypto payment services as Coinbase is just a bad company.
I agree. Coinbase closed my account when I had an incoming payment from an offshore broker. What I am stating is....Deel, Coinbase, just the tip of the iceberg. The avalanche is just beginning.......like I stated earleir, here is the playbook......CFTC contacts the payment processor (Deel, Coinbase obv already been contacted), they say, "see what we did to MFF, well you are doing business with X Y and Z and they are exactly the same as MFF......."would you like us to investigate you further OR would you prefer to cease doing business with X Y and Z". You have no idea how these scumbags work, they do not need evidence, they simply threaten and freezing MFF now becomes part of their threat to others......If you had a business and 5% of it was this segment, would you risk the other 95% of your business to continue with the 5%?
  • #22,523
  • Sep 22, 2023 9:38am Sep 22, 2023 9:38am
Quoting Boulder
{quote} Coinbase set limit on Nova, its $5000 total per week,, not per day.. how the prop firm can payout on time? I have $100k live account with them. They only have crypto payment option at the present time. I hope they find other payment method
By changing to another crypto exchange or payment service.
  • #22,524
  • Sep 22, 2023 9:41am Sep 22, 2023 9:41am
Quoting Capablanca
Because I’m new relatively in 5ers and I didn’t know how they work, I did a mistake. Let me just share with you. It’s useful to know if you’re considering them. Let’s say you have a 100K account (High stakes, which is the 2 steps challenge) They have a scaling program. If we make 10% they will upgrade the account to 125K. And they have 14 days payout. Now, if you’re in day 13 with 109.950 USD the best is to stop trading to avoid going to 110.000. Why ? Because if you close that at 110.000 USD on day 13, they immediately scale you to 125.000 and...
FTMO seems to be more straightforward in their overall rules and conditions compared to the ones of 5ers.

I was also looking at 5ers but their programs aren’t as clear to me.

MFF did sound as a good alternative to FTMO I considered giving a try but now that’s history.

I’ve bought a 100k challenge with FTMO but I haven’t yet started it.

My sister a lawyer quickly glanced at their terms and conditions told me you basically have no rights but good luck…

Anyhow will see.
  • #22,525
  • Sep 22, 2023 9:46am Sep 22, 2023 9:46am
Quoting TraderTero
{quote} By changing to another crypto exchange or payment service.
Right, but trading is emotionally and psychologically draining as it is. So now, we need in the back of our minds....... will I be paid? what payment processor will they shut down this week? will they freeze my prop account?
It's just absolutely absurd the shit we must go through now. I mean TFTP, the third largest (well now 2nd largest) is 9-10 days behind on payments. Writing is on the wall here.
  • #22,526
  • Sep 22, 2023 9:48am Sep 22, 2023 9:48am
Quoting pipmaster77
{quote} I agree. Coinbase closed my account when I had an incoming payment from an offshore broker. What I am stating is....Deel, Coinbase, just the tip of the iceberg. The avalanche is just beginning.......like I stated earleir, here is the playbook......CFTC contacts the payment processor (Deel, Coinbase obv already been contacted), they say, "see what we did to MFF, well you are doing business with X Y and Z and they are exactly the same as MFF......."would you like us to investigate you further OR would you prefer to cease doing business with...
I know quite well how they work as I have been involved in forex broker business for over 10 years. It's a cat and mouse game and right now we are far away from a situation where CFTC would try to stop payments. Before that they will try to stop non US props taking US clients and of course ban US based props. All this will take some time. Right now we don't even know what the outcome of the MFF case will be.
  • #22,527
  • Sep 22, 2023 9:51am Sep 22, 2023 9:51am
Quoting pipmaster77
{quote} Right, but trading is emotionally and psychologically draining as it is. So now, we need in the back of our minds....... will I be paid? what payment processor will they shut down this week? will they freeze my prop account? It's just absolutely absurd the shit we must go through now. I mean TFTP, the third largest (well now 2nd largest) is 9-10 days behind on payments. Writing is on the wall here.
Much bigger risk atm for not being paid by the prop than payment gateway issues. E8 is probably running out of funds currently as there has been signs of than for the past 3-4 months and they are using the deel issue as an excuse for delaying payments.
  • #22,528
  • Sep 22, 2023 9:54am Sep 22, 2023 9:54am
Another good point & that is why it seems I will be much less stressed with what little aggravation trading futures has been so far. I became very spoiled in the beginning trading with FXCM & we all know what happened there. We were all saved by the regulators. NOT.
  • #22,529
  • Sep 22, 2023 10:04am Sep 22, 2023 10:04am
If prop firms are having trouble paying trader's, how will they be financially able to mount a strong legal defense? Always thought the promised payout numbers were lofty expectation for a trader to expect to be paid. In the beginning of trading forex, I had an investor & she was only willing to do a 50 50% split. Within 3 months she extended 60% to me. Her only requirement was to make money. A nice keep it simple concept that even I could follow.
Ah for the good ole days.
  • #22,530
  • Edited 10:30am Sep 22, 2023 10:18am | Edited 10:30am
Quoting Boulder
{quote} Since MFFX is on your top bad lists. Just be fair to tell about my experience - they just approved my 2 payouts today. I have gotten 15 payouts from them since 5/15/2023. I have never experienced any issues in my trading ( EurUsd) and payouts, which went in my bank within 3 days
I absolutely LOVE MFFX, I just got my two wire payments in 2 days,, even faster than Deel.
Their instant account reset after payout, no need waiting,,I traded two days and made enough , stopped trading and wait for my payouts coming from them next week, and the week after.

I just saw they start futures, I will give them a try,, never trade Futures before,,
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  • #22,531
  • Sep 22, 2023 10:26am Sep 22, 2023 10:26am
Quoting Boulder
Funded Engineer I got phase II account today and passed in one hour for phase II. Now 30 mins passed, still no live account info.. strange. {image}
43 hours passed, I am still waiting for my live account login from Funded Engineer. I don't like this at all.
  • #22,532
  • Sep 22, 2023 10:32am Sep 22, 2023 10:32am
Quoting Stoneyrocks
{quote} such as ?
Earn2Trade announced on 9/15

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Trade with confidence, trade without fear.
  • #22,533
  • Sep 22, 2023 10:38am Sep 22, 2023 10:38am
Quoting Boulder
{quote} I absolutely LOVE MFFX, I just got my two wire payments in 2 days,, even faster than Deel. Their instant account reset after payout, no need waiting,,I traded two days and made enough , stopped trading and wait for my payouts coming from them next week, and the week after. I just saw they start futures, I will give them a try,, never trade Futures before,, {image}
Don't, their futures offerings are absolute dogshit.

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There's better, much better for futures prop.
Trade with confidence, trade without fear.
  • #22,534
  • Sep 22, 2023 10:52am Sep 22, 2023 10:52am
Quoting pipmaster77
I would not recommend anyone purchasing new challenges from any firm at this point. Especially if you reside in the USA. You are more than likely simply lighting your money on fire.
-One of the charges that is being brought against Murtuza is misappropriation of funds. I would have to think, that, in order for this to be applicable in this case, that he would have had to have been using funds from challenge fees, where challenges were not yet completed. Because it was clearly understood that if the challenge was failed, then the money was forfeited to the company.

Otherwise, I cannot see how any argument could be made regarding what the company elected to allocate for various purposes in order to make such charges stick. Unless, of course, someone from the company said "yes, he was misusing company funds for personal purchases, which was prohibited per company guidelines" or some nonsense. But, it really does not seem likely.

That being said, I wonder if having some kind of 3rd-party escrow would not only mitigate this problem, but also satisfy regulators as well as traders because then all funds could be returned, even in a black-swan-type event. I do not know how practical it would be, though. Certainly, I have always advocated for an insurance fund, regardless.
  • #22,535
  • Sep 22, 2023 10:52am Sep 22, 2023 10:52am
Quoting Takisd
There is clearly an issue with paying for "sim" trading in terms of what the CFTC is looking at.
-Yes. This has been the issue all along... how to define this. Either it is, or it isn't. If it is, well, then licensing, fees, reporting, compliance et al. are all going to be required. If it isn't, then it's just gambling, which is a whole different list of requirements.

Even though these firms may be operating in a sort of gray area in some respects, regulators will not accept that. They likely see it as circumvention and will look to punish.
  • #22,536
  • Sep 22, 2023 10:53am Sep 22, 2023 10:53am
Quoting Takisd
I promise I will have coupons.
-We already know your opinion about scalpers.
  • #22,537
  • Sep 22, 2023 10:53am Sep 22, 2023 10:53am
Quoting pipmaster77
I would not recommend anyone purchasing new challenges from any firm at this point.
-While I do agree with you 100%, this would undoubtedly lead to all remaining props drying up and shuttering. Of course, I do not expect that to happen, because the temptation is too strong for some.
  • #22,538
  • Sep 22, 2023 10:53am Sep 22, 2023 10:53am
Quoting pipmaster77
CFTC contacts the payment processor ... If you had a business and 5% of it was this segment, would you risk the other 95% of your business to continue with the 5%?
-Exactly right. All regulators need to do is say "You are aiding this company (and companies X, Y and Z) in activity that may be considered illegal. It is advisable that you cease all activity, else you could be considered as an accomplice and may face criminal charges, heavy fines, loss of licenses, closure of business etc..". Done 'deel'.
  • #22,539
  • Sep 22, 2023 11:00am Sep 22, 2023 11:00am
The regulators haven't even develop a proposal to regulate this business model, unless more scandals of this magnitude arise, that will take at least 1-2 years to be regulated or banned. The fact that the signal itself sent to the master account is not consider a trade, make it very difficult. Look at the copy-trading model, some kiddos without any qualification or risk management still managing hundreds of thousands of funds through signals as strategy providers or EAs in their computers or phones while at the same time they are watching Netflix or P$%#nhub, and the only reason they can do that is because the signal itself is not considered a trade. In a real Prop firm, the owners have the authority to decide whether to place the signals sent from their traders in the Master account or not, and this new wave of pseudopropfirms are adopting this benefit. We are not waking up tomorrow and the whole prop firm industry will be gone. It is most likely that the Payment providers specially the ones arranging the contractor side stop ceasing providing service to prop firms, as they don't want to compromise their business relations with their partners, the medium and small firms will have serious problems to pay their traders or found alternatives as payment providers will only take the risk if the volume is justified. and small and medium size firms will be out of the game. I'm sure still plenty of prop firms without broker agreements, and those ones should be the ones should be worried, specially if based or targeting US.
  • #22,540
  • Sep 22, 2023 11:01am Sep 22, 2023 11:01am
so I was about to register with fundingtraders and checked their FAQs and looks like they are blocking grid trading. So had to clarify and ended up talking to Rob CFO himself, and looks like their finance team defines any additions to your positions or subtractions as grid trading. You know... same thing that in futures you would simply consider netting, unfortunately in fundintraders its not allowed. So something like this for example, is confirmed to be not allowed by their team (watch image attached)

I guess if you are a simple SL and TP guy, ICT guy or whatever, considering that firm might be a good option otherwise its unfortunately another funded next.
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