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  • #26,201
  • Nov 14, 2023 4:44pm Nov 14, 2023 4:44pm
When will my MFF accounts be active again?
  • #26,202
  • Nov 14, 2023 4:45pm Nov 14, 2023 4:45pm
Quoting pipmaster77
Industry Implication - Court validated @CFTC jurisdiction. WIll be posting in detail shortly. This order will make all the propfirms operating from US requiring RFED license.
TBH not sure how RFED license would be applicable to any future props. None are running their own feed or servers.
Trade with confidence, trade without fear.
  • #26,203
  • Nov 14, 2023 4:48pm Nov 14, 2023 4:48pm
Quoting Cryptosurf
{quote} TBH not sure how RFED license would be applicable to any future props. None are running their own feed or servers.
I just grabbed that from TraderNOK....not sure who will be impacted. My initial thought is forex only and with a presence in the US only....but then why would MFF require registration with a Canadian presence?
  • #26,204
  • Nov 14, 2023 4:55pm Nov 14, 2023 4:55pm
Quoting pipmaster77
{quote} I just grabbed that from TraderNOK....not sure who will be impacted. My initial thought is forex only and with a presence in the US only....but then why would MFF require registration with a Canadian presence?
I think thats where some FX Prop firms will get stung. https://www.nfa.futures.org/registra...ster/rfed.html

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Trade with confidence, trade without fear.
  • #26,205
  • Nov 14, 2023 5:00pm Nov 14, 2023 5:00pm
Quoting Cryptosurf
{quote} TBH not sure how RFED license would be applicable to any future props. None are running their own feed or servers.
Registration does not have to be as an RFED, if you are not "STP"ing futures, you are a futures dealer. You need registration for this. Thats my interpretation. If you are sending orders to a second counterparty, you are an introducing broker, which also needs registration.
  • #26,206
  • Nov 14, 2023 5:01pm Nov 14, 2023 5:01pm
Quoting Cryptosurf
{quote} I think thats where some FX Prop firms will get stung. https://www.nfa.futures.org/registra...ster/rfed.html {image}
Shouldn't apply to futures at all, as it is not "off-exchange"
  • #26,207
  • Nov 14, 2023 5:04pm Nov 14, 2023 5:04pm
Quoting pipmaster77
{quote} Shouldn't apply to futures at all, as it is not "off-exchange"
If it is not executed, it is off exchange.
  • #26,208
  • Nov 14, 2023 5:07pm Nov 14, 2023 5:07pm
Quoting Takisd
{quote} Registration does not have to be as an RFED, if you are not "STP"ing futures, you are a futures dealer. You need registration for this. Thats my interpretation. If you are sending orders to a second counterparty, you are an introducing broker, which also needs registration.
Yeah who knows, the more I read into the future props space there’s night and day difference between what FX props have been doing. All under the nose of US regulators as well.

TopStep being the oldest. It wouldn’t surprise me at all if they had their hand in MFF’s CFTC action. For the longest time the CEO had been trolling a lot of the FX Prop firms social media baiting people how bad it is.
Trade with confidence, trade without fear.
  • #26,209
  • Nov 14, 2023 5:10pm Nov 14, 2023 5:10pm
Quoting Cryptosurf
{quote} Yeah who knows, the more I read into the future props space there’s night and day difference between what FX props have been doing. All under the nose of US regulators as well. TopStep being the oldest. It wouldn’t surprise me at all if they had their hand in MFF’s CFTC action. For the longest time the CEO had been trolling a lot of the FX Prop firms social media baiting people how bad it is.
Maybe, I tried top step many moons ago and it was dogshit. I havent touched the online futures props since. To me they are all pretty much the same just different offerings, if you are not executing futures or spot fx is irrelevant the conflict of interest always remains and the traders remain awful.
  • #26,210
  • Nov 14, 2023 5:21pm Nov 14, 2023 5:21pm
Quoting Takisd
{quote} Maybe, I tried top step many moons ago and it was dogshit. I havent touched the online futures props since. To me they are all pretty much the same just different offerings, if you are not executing futures or spot fx is irrelevant the conflict of interest always remains and the traders remain awful.
I think where these FX Props went south is the image never lived up to the reality. We all knew how their income was generated (wink, wink) and went along as long as the money kept flowing. Their advertising and comments on social media were just fluff. Some worse then others.
Trade with confidence, trade without fear.
  • #26,211
  • Nov 14, 2023 5:23pm Nov 14, 2023 5:23pm
Quoting Takisd
{quote} If it is not executed, it is off exchange.
True. Missed that common sense point. So, basically any prop firm where orders do not get executed on an exchange (this would include ALL FOREX PROPS as even if they are putting it to market, forex is off exchange)
  • #26,212
  • Nov 14, 2023 5:40pm Nov 14, 2023 5:40pm
Quoting Cryptosurf
{quote} I think where these FX Props went south is the image never lived up to the reality. We all knew how their income was generated (wink, wink) and went along as long as the money kept flowing. Their advertising and comments on social media were just fluff. Some worse then others.
True. But as we come full circle from a couple of years back, who do we view as professionally run with professional CEOs....FTMO, 5%ers, MFF, always seems to take us back to the same companies. Even E8 seems professional. They all atleast portray a professional image....not spouting off on social media, posting pics of the fishing trip in Mexico, attacking each other, etc....this space has become the absolute pond scum of the financial industry now, with Angelo as the King. Matt, the clown from Bespoke, Maven, Lark .....I can't even keep up with all of them.
  • #26,213
  • Nov 14, 2023 6:00pm Nov 14, 2023 6:00pm
Quoting pipmaster77
{quote} Just read through......I like it, get a free challenge of the szie of your account on prime....up to 1 million allocation on supreme and then third level is where the new merger with the traditional prop comes in.......this looks really good and it's a unique offer. I think they have just separted themselves from the herd of bullshit that has popped up in the past 12-18 months. Didn't see if any of this is retroactive to those of us with them.
  • #26,214
  • Nov 14, 2023 6:36pm Nov 14, 2023 6:36pm
Quoting pipmaster77
{quote} Man, this forum would not be the same without you. Your posts always make me laugh.
Thanks. I work harder on my comedy routine than I do on my trading.

Which reminds me I just blew up my Topstep account. $11 investment up in flames

I opened up 5 contracts on the Tradovate phone app but forgot that the default instrument was set as ES which is the mini or the $50 per point dealy thingy. I forgot that I wasn't on my desktop where I set my template up with the Micro mini symbol thingy. So a 4 dollar move cost me $1000, rut roh spaghetti.
Pride always comes before destruction.... -Proverbs 16:18
  • #26,215
  • Edited 7:57pm Nov 14, 2023 7:37pm | Edited 7:57pm
So now that the CFTC completely struck out with their rediculous monetary demands, what happens now?

CFTC takes it to trial or do we get a settlement?

MFF has no direct control over their servers & website, and they still have Canadian regulators to deal with in Jan.

CFTC registration + 10-20M capital requirements would very likely eliminate every prop located in the US & Canada other than MFF, Topstep + Apex

I don't see how the CFTC allows MFF to register offering CFD's which are banned in the US, if they were 100% simulated with no stp (no counterparty) I wonder if that would be able to slide?
  • #26,216
  • Nov 14, 2023 7:41pm Nov 14, 2023 7:41pm
Quoting CableJ
So now that the CFTC struck out on their monetary demands what happens now? CFTC takes it to trial or do we get a settlement? MFF still has no direct control their servers & website CFTC registration + 10-20M capital requirements would very likely eliminate every prop available in the US to just MFF, FTMO, Topstep & Apex I don't see how the CFTC allows MFF to register offering CFD's which are banned in the US.
I'd be 100% satisfied with that outcome.....MFF and FTMO for forex/CFDs, APEX/Topstep for futures........It would be good to see the rest of the garbage go.
  • #26,217
  • Nov 14, 2023 7:54pm Nov 14, 2023 7:54pm
Quoting CableJ
So now that the CFTC completely stuck out with their rediculous monetary demands, what happens now? CFTC takes it to trial or do we get a settlement? MFF still has no direct control over their servers & website CFTC registration + 10-20M capital requirements would very likely eliminate every prop available inside the US other than MFF, Topstep & Apex. I don't see how the CFTC allows MFF to register offering CFD's which are banned in the US.
Yes, no way they allow CFDs, it will be forex only I'm sure, just like the brokers. It still blows my mind how the CFTC thinks they regulate the world. Just move shop to St. Vincent, Dominica, Marshall Isalnds and let's carry on. This is where all of my brokers are, Thank God I haven't "needed" regulation in the past 7 years. I cannot believe I've survived without it.
  • #26,218
  • Nov 14, 2023 7:58pm Nov 14, 2023 7:58pm
Quoting Expo33
{quote}Thanks. I work harder on my comedy routine than I do on my trading. Which reminds me I just blew up my Topstep account. $11 investment up in flames I opened up 5 contracts on the Tradovate phone app but forgot that the default instrument was set as ES which is the mini or the $50 per point dealy thingy. I forgot that I wasn't on my desktop where I set my template up with the Micro mini symbol thingy. So a 4 dollar move cost me $1000, rut roh spaghetti.
Yes, the good news is you can do that 150 more times and get just 1 $2K payout and you are positive on the venture.
  • #26,219
  • Nov 14, 2023 9:19pm Nov 14, 2023 9:19pm
Quoting TrAndy1
{quote} So great. They have won. Court partially granted, but what is partially here ? What drawbacks do exist now ? Murtuza Kazmi will receive approximately $100 million, but $12 million remains frozen. The New Jersey court, tonight (Tuesday), partially granted My Forex Fund's request in the lawsuit filed by the CFTC against the company. The court ordered the release and return of most of the assets belonging to founder and CEO Murtuza Kazmi, valued at approximately $100 million. However, $12.08 million of these assets will remain frozen. Additionally,...
Very good news.

Let us hope they finalize registration and re activate our trading accounts.

Good news at last.

My money and most of people money should be released.

Let them take another 2 weeks, no problem.
Intraday only.
  • #26,220
  • Nov 14, 2023 9:40pm Nov 14, 2023 9:40pm
Day 1 of 200k funded account on skilled….
forgot their metals leverage so low they closed my gold longs .. reentered and recovered n change. My payout date is 30th. So probably try to gain 2 or 3% then stop trading…..
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