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  • #27,881
  • Jan 8, 2024 5:34am Jan 8, 2024 5:34am
I knew that FXIFY had a 25% scaling program but what I never realized is that the following scales, after the first, is DOUBLING the account. This is brutal.
From their Discord.
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  • #27,882
  • Jan 8, 2024 7:35am Jan 8, 2024 7:35am
Quoting Nsak3y
To all of the snowflakes complaining about MFF's misleading marketing, were you ever denied a payout from MFF that you rightfully deserved before the CFTC forced them to shutter? Most of the traders here do not care about the misleading marketing nonsense because it just didn't matter. Traders were still getting paid, and most of us already knew what was really going on behind the scenes and we were okay with it. Is it right to mislead consumers? No. But does it mean that MFF were frauds? No. For all we know, the whole idea of 'we win, you win'...
MFF was by far, the best prop firm on ALL criteria that matter.....for THOSE OF US FUNDED AND MAKING MONEY. You know, actual customers using the product.
This counterparty to your trade horseshit can be said of 99% of ALL forex brokers, despite how one wants to spin it....it is buried in the T's & C's.
95% of ALL traders lose, personal account, prop firm, doesn't matter. TBH, the prop firm challenges probably have saved more traders than harmed simply because of the low cost of entry......they lose $500 vs. 10K getting eaten up on their own account.
If one doesn't have an edge, doesn't undertstand risk management, doesn't understand spreads at rollover, slippage at news, etc.........WHO'S FAULT IS THAT?????
  • #27,883
  • Jan 8, 2024 9:25am Jan 8, 2024 9:25am
Quoting pipmaster77
If one doesn't have an edge, doesn't undertstand risk management, doesn't understand spreads at rollover, slippage at news, etc.........WHO'S FAULT IS THAT?????

I agree completely, on that point.


Quoting pipmaster77
for THOSE OF US FUNDED AND MAKING MONEY. You know, actual customers using the product.

You seem somehow, somewhere along the line, strangely, to have lost sight of the irrefutable fact that the people whose money you were making were ALSO "actual customers", to use your words, and that they had been lied to about the operation of the service provided.
  • #27,884
  • Jan 8, 2024 10:51am Jan 8, 2024 10:51am
Which prop has the lowest spread and commission on Forex ? (except the5ers)
  • #27,885
  • Jan 8, 2024 11:06am Jan 8, 2024 11:06am
Quoting Nehemah
{quote} Possible to get your review regarding this prop please ? (we are talking about Alpha Capital Group if I followed correctly) They have 7% one star on Truspilot and the reviews are scary
I forgot to do the review about Alpha Capital Group.

During several months I hesitated to purchase an Alpha challenge, mainly because they bough TCF which was a mix of shady and incompetence. Their system was terrible, always suffering from glitches, and Alpha bough precisely the intellectual property (WTF ?!).

Anyway, after some time watching people being paid I gave them a shot.

Credentials phase 1 are immediate.

For phase 2 I can’t remember but I think it was fast, though not immediate.

For funded credentials it’s a joke. They took 5 working days to deliver it so clearly the worse prop around, as bad as TFT in the old day. The funny is that they really take the whole time for everyone, even if people that only have a few trades. It’s clearly something to delay the first payout.
They say that’s because they have to analyze our trades and setup up risk parameters accordingly. I prefer when people call me stupid directly.

Trading conditions are good. Zero commission in forex, decent spreads (not the tightest around but OK) and never felt anything special in slippage (I use to trade below 5 lots).

They have some rules that don’t bother me but may be bad for someone.

Trading minimum average of 2 minutes (not a problem if one does a mistake and closes in a couple of seconds, provided that the whole average is above 2m – my trades last hours or days so I would never fail there).

Martingale is not allowed but it’s well defined. Doesn’t bother me because I never open second bigger positions than previous one. There’s a count of martingale in the dashboard. Something I think they had was some sort of weekly reset but I don't see it written there anymore. Maybe they removed that and terminate the account after 3 martingales.

Grid (stacking) is allowed though they ask some consistency in lot size.

For news they seem to void trades with unrealistic fills, but just is the trade started and closed just before and after the news. I had already some trades running for hours or days that were TP during the news and never lost my profits.

They also have some rule about multiple account which I never understood. Better read it.

Scalling is very bad, the worse around (if I remember well only Finotive is worse).
They scale 10% at 10% profit but we need to have the 10% profit in the account at the moment of scaling.
Then they scale and we can withdraw it, but they don’t allow that we complete the 10% in several payouts like the other props (so we can't have like 5%+3%+2%). Very bad.

Their dashboard has a lot of trading information. A pity that it has a lot errors. It was a nightmare, for example, setup the payout method and to make the ID verification. Errors after errors and support not very useful.

For payments, I had a lot of problems in the beginning with Wise so I gave up and used another bank. Since then I have been receiving the payout in a couple of hours, except the last one that took 1.5 business days. During the payout process the account is disactivated.

Unfortunately no crypto payouts.
  • #27,886
  • Jan 8, 2024 11:24am Jan 8, 2024 11:24am
Quoting Capablanca
{quote} I forgot to do the review about Alpha Capital Group. During several months I hesitated to purchase an Alpha challenge, mainly because they bough TCF which was a mix of shady and incompetence. Their system was terrible, always suffering from glitches, and Alpha bough precisely the intellectual property (WTF ?!). Anyway, after some time watching people being paid I gave them a shot. Credentials phase 1 are immediate. For phase 2 I can’t remember but I think it was fast, though not immediate. For funded credentials it’s a joke. They took 5...
Many thanks about the review.

What you say fits with the general spirit of Kimmel's review. Except for having to wait 5 days to get your funded (the kind of thing an affiliate doesn't say) For payouts, they added Rise. What problem did you have with Wise? I use it sometimes and I've never had any problems.
  • #27,887
  • Jan 8, 2024 11:50am Jan 8, 2024 11:50am
Quoting Nehemah
{quote} Many thanks about the review. What you say fits with the general spirit of Kimmel's review. Except for having to wait 5 days to get your funded (the kind of thing an affiliate doesn't say) For payouts, they added Rise. What problem did you have with Wise? I use it sometimes and I've never had any problems.
I haven't watched the video.
I didn't realize that they added Rise. I wonder if that was the reason for the last payout being so slow compared with previous ones because I use dircet wire.

For Wise it was difficult because they have (or had) several payout setup screens, depending if people use IBANs, ACH, etc.
I filled all Wise details there but for some reason the money was always returned by Wise. Maybe it was just bad luck but since I used another bank I didn't have any problems.

Something funny they have in the payout request screen is a field for Reason. WTF ?! Reason for the payout ? I could understand if they had a Notes field.
I was tempted to write "Reason: I had profits".

Also they don't say in the request form if we should insert the gross of net amount (after the 80% cut). It's the net btw.
It's stupid because if we insert the gross amount and submit the dashboard returns an error and then we have to fill in all again.

It's a bad dashboard. I think they develop that inhouse (plus what they bought from TCF) but it's not good.
  • #27,888
  • Jan 8, 2024 12:14pm Jan 8, 2024 12:14pm
Quoting KarlKraus
You seem somehow, somewhere along the line, strangely, to have lost sight of the irrefutable fact that the people whose money you were making were ALSO "actual customers", to use your words, and that they had been lied to about the operation of the service provided.
-This is how trading works. When you win, others are losing. The money is coming from the pockets of other traders. Most brokers operate as B-book, and not all of them disclose that to their clients or are honest about what they are doing. Most traders, based on my observation, understood what these props were doing and didn't care. The only people that seemed to care were the losers, but everyone has a choice about what they do. For those that found out 'the truth' after the fact, then probably a good lesson for them to learn.
  • #27,889
  • Jan 8, 2024 12:39pm Jan 8, 2024 12:39pm
Quoting Boulder
{quote} you know nothing about what I talked about , plus the post was not for you , it was a reply to others inquiry.
So what were you talking about?
  • #27,890
  • Jan 8, 2024 1:07pm Jan 8, 2024 1:07pm
Quoting Nsak3y
Most brokers operate as B-book, and not all of them disclose that to their clients or are honest about what they are doing.

Sure, of course.

Sometimes they’re just "misleading" about it.

Sometimes they’re blatantly dishonest and say something totally untrue like "We win when you win," when it’s the exact opposite of the truth, and they even use that as a specific sales claim, as MFF did.

I’m not suggesting it was the crime of the century or even that anyone should be prosecuted (and I don’t think they will be, and as I said long ago I think it may well even be settled out of court anyway, and I’d welcome that), but at the same time let’s be clear that multiple laws were broken here, and if you want the regulator just to ignore that when approached by an internal whistleblower, well, you want to live in different sort of society from me. Just remember that the regulators didn't start this all off - someone inside MFF did.
  • #27,891
  • Edited 1:58pm Jan 8, 2024 1:23pm | Edited 1:58pm
Quoting labu
{quote} Ive been here for some years now lurking. One thing ive noticed about forexfactory and this thread in particular. Is that its like a gang mentality here if you will of older traders. Im guessing most here are above 50 or even 60. As I recall this forum became less popular with the years but the old dogs kept around since they knew each other since long time as I understand even decades. This and that they are used to talk about forex here makes anything but forex go out of their minds. Since their precious forex trading cannot and will not...
So to summarize older traders with the ability to think critically always knew that NO prop firms truly A-book and so we only really care about the most important aspects of a prop firm: payout history, spreads, execution, and withdrawal functionality

While younger brainwashed kids such as yourself believe that you are a victim of fraud because you're too stupid to pull your head out of your ass and think like an adult.
Pride always comes before destruction.... -Proverbs 16:18
  • #27,892
  • Jan 8, 2024 1:30pm Jan 8, 2024 1:30pm
Quoting KarlKraus
Sometimes they’re blatantly dishonest and say something totally untrue like "We win when you win," when it’s the exact opposite of the truth
-I could argue that MFF did win when their traders won. If no traders ever won, then MFF would have struggled to grow as they did or even be successful at all etc.. Same with casinos and gambling etc.; if nobody ever won, then these things would fail even before getting started.

Fortunately for MFF, most traders did not fall into that winning category, but that made the business sustainable. The odds of winning via MFF were far greater than any casino or lottery, though.

Quoting KarlKraus
let’s be clear that multiple laws were broken here
-I do not think that it is very clear. But maybe we can remain hopeful that this case will help to bring some clarity to this space.

Quoting KarlKraus
and if you want the regulator just to ignore that when approached by an internal whistleblower, well, you want to live in different sort of society from me. Just remember that the regulators didn't start this all off - someone inside MFF did.
-Not sure what you are going on about here. Better to not assume or derail with conversations that never happened.
  • #27,893
  • Jan 8, 2024 2:16pm Jan 8, 2024 2:16pm
Quoting Capablanca
{quote} I haven't watched the video. I didn't realize that they added Rise. I wonder if that was the reason for the last payout being so slow compared with previous ones because I use dircet wire. For Wise it was difficult because they have (or had) several payout setup screens, depending if people use IBANs, ACH, etc. I filled all Wise details there but for some reason the money was always returned by Wise. Maybe it was just bad luck but since I used another bank I didn't have any problems. Something funny they have in the payout request screen...
Regarding Wise, I only used them for payouts from USA and if my memory is good, I had to create an american account into Wise to be able to receive my payouts. Knowing that Alpha are from england, I suppose the procedure is simplified. By the way, we are soon registered on all the platforms in the world while cryptos alone solve all the problems. Crazy.
  • #27,894
  • Jan 8, 2024 2:17pm Jan 8, 2024 2:17pm
Quoting noox
{quote} So what were you talking about?
None of your business.....
  • #27,895
  • Edited 3:18pm Jan 8, 2024 3:01pm | Edited 3:18pm
MFF vs CFTC case update...

Several weeks ago, the court removed the temp receiver & the SRO freeze on personal + corporate assets other than 12m in current live trader payouts & fees.

Immediately after the US court order. The Ontario regulator & courts decided to appoint their own temp receiver and asset freeze, so Kazmi & MFF still have been unable to access funds for living expenses, staff back pay & legal fees.

MFF stated only a small fraction of their customers were in Canada and 30% were in the US.

MFF asked the Ontario regulators for their communications with the CFTC... refused to answer. MFF asked the CFTC for their communications with the Ontario regulators... they also refuse to answer.

It appears that the Canadian regulators may be running interference for the CFTC.

The CFTC vigorously defended the extraterritorial effect of the initial asset freeze on all assets. MFF asked the court to force the CFTC to inform their Canadian counterparts & court that the original appointment of a temp receiver, SRO freeze & preliminary injunction had extraterritorial effect, so the court orders for their removal have the same extraterritorial effect. MFF also asked the court to force the CFTC to allow discovery on their direct communications with the Ontario regulators.

MFF's requests were ordered by the Court...

IT IS on this [x] day of January 2024,
ORDERED that the Motion is hereby GRANTED as follows:

  1. The Court hereby re-affirms that the Statutory Restraining Order (ECF 13) and Preliminary Injunction Order (ECF 134) have extraterritorial effect and apply to Defendants’ assets located within and outside the United States;
  2. Plaintiff Commodity Futures Trading Commission (“CFTC”) shall inform the Ontario Securities Commission (“OSC”) and the presiding court in Ontario Securities Commission v. Traders Global Group Inc., 2023 ONSC 7165 (CV-23-00709536-00CL), that the Statutory Restraining Order and Preliminary Injunction Order have extraterritorial effect and apply to Defendants’ assets located within and outside the United States; and
  3. Upon entry of this order, Defendants may take limited discovery from the CFTC regarding the CFTC’s communications with the OSC regarding Defendants' assets, asset freeze directions in the United States or Canada, and the appointments of receivers in the United States or Canada.


The CFTC losing streak in court continues.

  • #27,896
  • Jan 8, 2024 3:03pm Jan 8, 2024 3:03pm
Quoting Boulder
{quote} None of your business.....
  • #27,897
  • Jan 8, 2024 3:06pm Jan 8, 2024 3:06pm
Quoting CableJ
MFF vs CFTC case update... Previously the court removed the temp receiver and the SRO freeze on personal & corporate assets other than 12m in current live trader payouts & fees. Immediately after the US court order. The Ontario regulator & courts decided to appoint their own temp receiver and asset freeze, so Kazmi & MFF still have been unable to access funds for living expenses, staff back pay & legal fees. MFF stated very few of their customers were in Canada and 30% where in the US. MFF asked the Ontario regulators for their communications with...
I dont think this is correct. They submitted this request, court gave the CFTC till 10th to reply.
  • #27,898
  • Jan 8, 2024 3:21pm Jan 8, 2024 3:21pm
Quoting CableJ
It appears that the Canadian regulators may be running interference for the CFTC.
-Regulators colluding in an effort to side-step a judge's order so that MFF has no access to funds? But how can this be? I thought that regulators could be trusted...

  • #27,899
  • Jan 8, 2024 3:22pm Jan 8, 2024 3:22pm
Quoting Takisd
{quote} I dont think this is correct. They submitted this request, court gave the CFTC till 10th to reply.
Maybe I missed something?!?!?! but I didn't see a date to respond in the order.
  • #27,900
  • Jan 8, 2024 3:41pm Jan 8, 2024 3:41pm
Quoting Nsak3y
{quote}-Regulators colluding in an effort to side-step a judge's order so that MFF has no access to funds? But how can this be? I thought that regulators could be trusted...
and yet the ignorant still believe the regulators are there for OUR benefit
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