Prop Firm Hub | Page 1133 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

  • #22,641
  • Sep 23, 2023 10:31am Sep 23, 2023 10:31am
Quoting Boulder
Anyone here thought about Darwinexzero when the prop firms all go down? Has anyone even tried it?
Yep. Ok as a meta trader broker for private account.

Waste of time to earn from. They publish an earnings league but don't make it clear these are earnings are over SEVERAL years. Only their top trader earns anything worthwhile and even that is a team of three.

They pay far less than the minimum wage..... may have changed but it used to be 15% at a high water mark and on month four after a 3 month high water mark for any allocation, max 6% no matter if you put in 100%. Clever marketing but most figure it out after awhile.
  • #22,642
  • Sep 23, 2023 10:32am Sep 23, 2023 10:32am
Quoting DeltaCapital
{quote} You are crazy for thinking that bespoke or maven is a booking traders ahaha
...at least they are testing the waters with bigger accounts and more max. capital allocation per trader WITHOUT scaling. Over time they will learn to A-book more or they can disappear or worse they won't do legit payouts and deny them. But then again they will disappear too. So this thing will be sorted out over time themselves!
  • #22,643
  • Sep 23, 2023 10:32am Sep 23, 2023 10:32am
The funniest thing about all this drama is that if people start migrating to non fpfx from fpfx firms then the fpfx firms go bust, people will think the non fpfx ones are going to go bust and then withdraw in the sense of no rebuys and they will go bust too lol .
  • #22,644
  • Sep 23, 2023 10:33am Sep 23, 2023 10:33am
Quoting Vitore
{quote} Bigger accounts and more capital allocation also means much higher % of scammed traders. Not all of course as they need some payouts to show off on X and IG. You are a clever person. We may have different opinions on Bespoke and maybe some other topics lately but I'm sure you can understand quite well how this business operates. You cannot believe that the companies who offer 1M accounts expect experienced traders to come and start milking them by regular 6-figure payouts. NO. They expect many will be amazed and rush to BUY the challenges...
Exactly my point. Didn't feel like writing much more than I did. Thank You.
  • #22,645
  • Sep 23, 2023 10:34am Sep 23, 2023 10:34am
They changed it to $1 million without scaling. Bespoke CEO feared less turnover sales, as he got too many requests to lower max. capital allocation. As his potential customers might think otherwise that business model cannot be sustainable for the longer run on those higher payouts, if there are too many $2 million traders, he said.
  • #22,646
  • Sep 23, 2023 10:54am Sep 23, 2023 10:54am
Quoting pipmaster77
{quote} Exactly my point. Didn't feel like writing much more than I did. Thank You.
It all depends on risk appetite one is willing.

If you wish... 2k earning on a 100k funding for 12 months

Or

20k earning on a 1 million funding for 6 months.

or

200k earning on a 1 million funding for 1 month.
Intraday only.
  • #22,647
  • Sep 23, 2023 10:57am Sep 23, 2023 10:57am
With Bespoke, higher payouts possible for good traders for a short to medium term

With so called good firms ( yeah after MFF issues I would call it this way ), earning small payouts for 1 year may be ok.

This is just plan only until regulations come in full force.
Intraday only.
  • #22,648
  • Sep 23, 2023 11:05am Sep 23, 2023 11:05am
I spoke with Kaler, CEO in Discord.

My question and his answer :


hi, my trading method involves placing many trades in same direction in order to make better average entry price. Is this acceptable ? If so, please advise me. I am hesitating to sign up with you only because of this reason

Yes it is acceptable.
Are you new to trading generally?
Intraday only.
  • #22,649
  • Sep 23, 2023 11:12am Sep 23, 2023 11:12am
Bespoke are awful. Better go with Maven Tate and eat raw liver and bulls testicles for breakfast. Be a real man or high value woman and trade at Maven.
  • #22,650
  • Sep 23, 2023 11:15am Sep 23, 2023 11:15am
Quoting Takisd
Bespoke are awful. Better go with Maven Tate and eat raw liver and bulls testicles for breakfast. Be a real man or high value woman and trade at Maven.
I take your advice as you been in this for long.

With disclaimer of couse.
Intraday only.
  • #22,651
  • Sep 23, 2023 11:18am Sep 23, 2023 11:18am
Looking into the regulator in US what kind of cases they actually won in history against individuals and such using GPT4.

 

  1. In the case of McDonnell, the CFT.C won a trial against a virtual currency fraudster who misappropriated customer funds.
  2. The CFT.C charged Binance and its founder, Changpeng Zhao, with violating C.FTC rules. The enforcement action against Binance demonstrates that the CFT.C will use all of its authority to find and stop misconduct in the digital asset market 1.
  3. The .CFT.C ordered 11 financial institutions to pay over $710 million for recordkeeping and supervision failures, specifically for the widespread use of unapproved communication methods 2.
  4. Panther Energy Trading LLC and its principal, Michael J. Coscia, were charged by the CFT.C for engaging in the disruptive practice of spoofing. The CFT.C ordered them to pay a civil monetary penalty and disgorgement, and banned them from trading on any C.FTC-registered entity for one year 3.


Then if those they settled with

Yes, the Commodity Futures Trading Commission (CF.TC) has settled with various individuals and entities in the past. Here are a few examples:

  1. The C.FTC settled with Merrill Lynch, Pierce, Fenner & Smith Incorporated for supervision and recordkeeping failures related to the bank's trading activity 1.
  2. BitMEX, one of the oldest and largest convertible virtual currency derivatives exchanges, settled with the C.FTC for violations of the Bank Secrecy Act (BSA) and FinCEN's implementing regulations. BitMEX agreed to pay a civil money penalty and additional equitable relief 2.
  3. The CFT.C settled charges with bZeroX, LLC, the creator and operator of the bZx Protocol (now known as the Ooki Protocol), and its two founders, Tom Bean and Kyle Kistner. The settlement was related to various violations of the Commodity Exchange Act and CF.TC Regulations. The settlement required payment of a civil monetary penalty and other obligations 3.

So from that little info. The only hope for mild fees and penalty is if MFF did some minor mistake of reporting to BSA. Which as I understand it isnt.
That leaves us with In the case of McDonnell, "the CF.TC won a trial against a virtual currency fraudster who misappropriated customer funds." I'm guessing they are trying to use a similar angle in this case. The simulated cash approach not being honest on the webpage that it was simulated and how and what went on behind the scenes. If its true that CT.FC got logs of them cancelling profitable traders by artificially making it harder for them and being smirky about it and thus eventually lose the account. Then MFF is over. Same with rest of prop firms who act similar ofc. Even if it might take some year.
Then they will just use this as the final nail in coffin to get what it wants.

  • #22,652
  • Sep 23, 2023 11:19am Sep 23, 2023 11:19am
Quoting navk
I spoke with Kaler, CEO in Discord. My question and his answer : hi, my trading method involves placing many trades in same direction in order to make better average entry price. Is this acceptable ? If so, please advise me. I am hesitating to sign up with you only because of this reason Yes it is acceptable. Are you new to trading generally?
yeah, it changed totally. NOW they are accepting DCA (= Dollar Cost Averaging), so you can place as many trades as you wish as long you do not do martingale. And I do not think so this will be changed again. Changes are usually made to serve the customer and not going back, that would harm reputation and business. My two cents.
  • #22,653
  • Sep 23, 2023 11:23am Sep 23, 2023 11:23am
Quoting navk
I spoke with Kaler, CEO in Discord. My question and his answer : hi, my trading method involves placing many trades in same direction in order to make better average entry price. Is this acceptable ? If so, please advise me. I am hesitating to sign up with you only because of this reason Yes it is acceptable. Are you new to trading generally?
hmmmm....wouldn't that violate one of their grid, martingale or dca rules? Sure sounds like it.
  • #22,654
  • Sep 23, 2023 11:37am Sep 23, 2023 11:37am
I would advice any US American and Canadian to register with every better prop firm NOW as fast as you can to have an email contact to them and Discord access (if they have). That would increases your chances dramatically if the MFF with CFTC will settle down that no US people cannot be accepted anymore. Because then it is clear that no new US customers will or can be served from any prop firm worldwide (very soon then if not immediate (on 11th of October or so)).

Second, if you have the chance then buy a challenge NOW as US American or Canadian, because being an active Challenge customer should give you more rights to get your payout then (even it could be only in crypto then). Because after the CFTC settlement it also could be that some or most props will not allow NEW Challenges anymore for any US based or Canada based traders.

So there might be one or two solutions that you could escape from that danger on the next time, within a few weeks. So if you American or Canadian you should think about this....just my opinion on this. Of course there is no guarantee or whatsoever....but this might be a workaround for the now, I am guessing. My two cents here.
  • #22,655
  • Sep 23, 2023 11:42am Sep 23, 2023 11:42am
Quoting pipmaster77
{quote} hmmmm....wouldn't that violate one of their grid, martingale or dca rules? Sure sounds like it.
yes,

But that is what he says.

Conflict.

I would give more weightage to website and terms & conditions. That is legal.

I would avoid Bespoke ....

Might be I try Maven in the future.

Currently i am happy with FXIFY, MFFX, Funded engineer.

Have more options to try. TFF too + Maven
Intraday only.
  • #22,656
  • Sep 23, 2023 11:45am Sep 23, 2023 11:45am
Quoting TrAndy1
I would advice any US American and Canadian to register with every better prop firm NOW as fast as you can to have an email contact to them and Discord access (if they have). That would increases your chances dramatically if the MFF with CFTC will settle down that no US people cannot be accepted anymore. Because then it is clear that no new US customers will or can be served from any prop firm worldwide (very soon then if not immediate (on 11th of October or so)). Second, if you have the chance then buy a challenge NOW as US American or Canadian,...
I think that is bad advice. If there is a ruling then they will not be able to make payments as well as take payments from US customers.

So you've not only wasted your fee, you've also wasted your time as well.

The psychological fallout of not getting a big payout due to you will do much more damage than losing your fee.
  • #22,657
  • Sep 23, 2023 11:49am Sep 23, 2023 11:49am
Quoting Fagin
{quote} I think that is bad advice. If there is a ruling then they will not be able to make payments as well as take payments from US customers. So you've not only wasted your fee, you've also wasted your time as well. The psychological fallout of not getting a big payout due to you will do much more damage than losing your fee.
when MFFX banned canadian residents, I was told that existing challenge as well as funded accounts can be traded.

That time they said I can not buy new challenge.

It does not affect new accounts with anyfirm if you have challenge or funded accounts already
Intraday only.
  • #22,658
  • Sep 23, 2023 11:55am Sep 23, 2023 11:55am
Quoting navk
{quote} when MFFX banned canadian residents, I was told that existing challenge as well as funded accounts can be traded. That time they said I can not buy new challenge. It does not affect new accounts with anyfirm if you have challenge or funded accounts already
I suppose we'll have to see what happens.... it will be a state decision though not the firms that affects everyone.

Long term view is I hope MFF pay the squeeze and relocate out of the US and continue to trade.
  • #22,659
  • Sep 23, 2023 11:57am Sep 23, 2023 11:57am
Quoting Fagin
{quote} I suppose we'll have to see what happens.... it will be a state decision though not the firms that affects everyone. Long term view is I hope MFF pay the squeeze and relocate out of the US and continue to trade.
State will not say to firms to abandon existing clients and their money.

If says so, stupidity.
Intraday only.
  • #22,660
  • Sep 23, 2023 11:58am Sep 23, 2023 11:58am
Quoting labu
Looking into the regulator in US what kind of cases they actually won in history against individuals and such using GPT4. In the case of McDonnell, the CFT.C won a trial against a virtual currency fraudster who misappropriated customer funds. The CFT.C charged Binance and its founder, Changpeng Zhao, with violating C.FTC rules. The enforcement action against Binance demonstrates that the CFT.C will use all of its authority to find and stop misconduct in the digital asset market 1. The .CFT.C ordered 11 financial institutions to pay over $710 million...
Interesting insight.

I dont see how someone can misappropriate customer funds, if the funds technically do not belong to the customer after purchase. There are sooooooooooo many variables here I think the CFTC doesnt even know them. If they use misappropriation it will need to be of company funds far lesser charge than customer funds but still annoying.
82 traders viewing now