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  • #11,221
  • Oct 7, 2022 4:40am Oct 7, 2022 4:40am
Quoting Nsak3y
{quote}-There is no way that this is legit. $500 for 40,000 draw-down allowance. Even their instant funding is appealing.
Checked telegram for their name and found only complains and warnings that they are scam. No payouts, eg. here:
https://t.me/forexpropreviewscom/46580
Money is made by sitting, not trading
  • #11,222
  • Oct 7, 2022 4:45am Oct 7, 2022 4:45am
Quoting Vitore
found only complains and warnings that they are scam.
-If it looks, walks and talks like a scam...
  • #11,223
  • Oct 7, 2022 4:49am Oct 7, 2022 4:49am
People need to understand that as far as I can see, only eightcap is accepting prop firms in any official capacity. The rest using brokers outside of their own servers, are doing so without permission.

No broker wants their servers clogged up with hundreds of demo accounts with no use.

If you remember when MFF started, they had like 4 brokers to choose from, then slowly ended at fxpig only because the other brokers told them off as they boomed. It is no different for others and we shouldn't use prop firms that do not have some official agreement with the brokers they choose to use.
  • #11,224
  • Oct 7, 2022 4:58am Oct 7, 2022 4:58am
Quoting TrAndy1
Also super cheap if they pay, definitely worth a closer look. https://eternityglobalfx.com/
on the main page they stated 80/20 profit split but on FAQ page 60% profit share.
OMS (one man show).
  • #11,225
  • Oct 7, 2022 5:01am Oct 7, 2022 5:01am
Quoting Nsak3y
{quote}-I would be curious if anyone has tried Traders With Edge yet. I've started looking into them more, ever since someone posted about them here. I really like that they have customizable models, especially the no-daily-drawdown option. That's huge for traders because it allows for significant padding on the account for protection. Not sure if they will be able to sustain it over the long-term, but if they do, then that would be significant in my opinion.
What I dislike is their consistency rule (they call it "No manipulation" rule) which basically means your lot sizes have to stay within a range of 1-5x. Whenever you open a trade which is either more than 5x bigger than the smallest one so far, of less than 5x smaller than the biggest one so far, you violate the rule. So you open 1 lot, then 6 lots and violate the rule...
Money is made by sitting, not trading
  • #11,226
  • Oct 7, 2022 5:02am Oct 7, 2022 5:02am
Quoting Takisd
People need to understand that as far as I can see, only eightcap is accepting prop firms in any official capacity. The rest using brokers outside of their own servers, are doing so without permission. No broker wants their servers clogged up with hundreds of demo accounts with no use. If you remember when MFF started, they had like 4 brokers to choose from, then slowly ended at fxpig only because the other brokers told them off as they boomed. It is no different for others and we shouldn't use prop firms that do not have some official agreement...
WTF ?! They were using brokers without telling them, just creating demo accounts and giving them to the customers ?!

Any ay of knowing when there's a legitim contract, as you explained ?
  • #11,227
  • Oct 7, 2022 5:03am Oct 7, 2022 5:03am
Quoting TrAndy1
I also must admit there are some warnings that EternityGlobalFX is not paying out profit splits. See here, it is in spanish only so you need to autotranslate it. Also on trustpilot there are some claims waiting for payments. So this must be added here too, to get a more complete picture. I hope their testimonials are true on their site. https://www.youtube.com/watch?v=1RGIBIH-oUE

They can use the ponzi method to collect large money. But I think the failure rate is really really high. So they can try to survive with that high failure rate else ponzi method and stop the company. So they have almost zero chance for loosing money.
  • #11,228
  • Oct 7, 2022 5:08am Oct 7, 2022 5:08am
Quoting Vitore
{quote} What I dislike is their consistency rule (they call it "No manipulation" rule) which basically means your lot sizes have to stay within a range of 1-5x. Whenever you open a trade which is either more than 5x bigger than the smallest one so far, of less than 5x smaller than the biggest one so far, you violate the rule. So you open 1 lot, then 6 lots and violate the rule...
Besides limiting strategies, it's easy to make a mistake.

Some of the companies have really dumb rules. Finotive, for example, doesn't allow more than 3 positions in same pair.
One could think that this is for risk management but I can't have 4 x 0.1 lots but I can have 3 x 10 lots.

TPT in the past had lot limitation of 10 lots in same pair (200K accounts). One could not have 11 lots EURUSD but could have 10 EURUSD, 10 GBPUSD, 10 AUDUSD, etc. multiple times risking against USD.

These stupid rules just shows they have little knowledge to run a prop firm.
  • #11,229
  • Oct 7, 2022 5:12am Oct 7, 2022 5:12am
Quoting Capablanca
{quote} WTF ?! They were using brokers without telling them, just creating demo accounts and giving them to the customers ?! Any ay of knowing when there's a legitim contract, as you explained ?

I think its safe to say if its not eightcap, their own white label or own server, its likely without permission with the exceptions being maybe purple trading who used to be FTMO's broker as well. I think they might be still in the space.

TPT owns its own broker but with a different name like MFF. FTMO is a whitelabel, TFTP is eightcap, e8 is whitelabel, TFF is white label, fundednext is eightcap but there are questions over whether or not they are legitimately eightcap or just using eightcap cos others do (they bypassed the middle men).

Server space is hard to come by now, so without some form of remuneration, no broker is going to let you in. Its so very hard to get more server space especially for mt4 that you won't just give it up willy nilly. It also kills your sales funnel because a demo account would create a CRM entry and the sales people would contact that entry, if XYZ prop firm has like 20000 accounts with [email protected] email then its just mess.
  • #11,230
  • Edited 5:33am Oct 7, 2022 5:21am | Edited 5:33am
Quoting Takisd
we shouldn't use prop firms that do not have some official agreement with the brokers they choose to use.
-I do not know much about the technical side of trading, as I've mentioned before. On the surface, what you are saying makes sense and is probably really good advice.

For me, personally, I give priority to the ability to get my money back, be that in the form of a charge-back or a refundable model (preferably both). Once my initial investment is secure, subsequent risk is mostly insignificant to me. Even still, I am not going to invest any money that I am not comfortable with parting ways with.

Quoting Vitore
What I dislike is their consistency rule (they call it "No manipulation" rule)
-Do you see somewhere that this applies to funded accounts? The way that I read it is that it only applies to challenges to prevent people from taking one, massive trade, and then micro trades to satisfy the minimum days requirement.
  • #11,231
  • Oct 7, 2022 5:22am Oct 7, 2022 5:22am
Could someone ask with a better relationship as customer status IC Markets if they heard about GoatFundingFX and EternityGlobalFX who are claiming they use IC Markets as their broker ? I could not get an answer from IC Markets supports, saying they are not disclosing any information about prop firms. Would like to know more.
  • #11,232
  • Oct 7, 2022 5:44am Oct 7, 2022 5:44am
I mean even TFF had IC Markets as their broker before they switched to own servers. And now they are an established prop firm with a proven payout record. So why should not just any prop firm also choose IC Markets as their broker then too ? It cannot be that TFF is the only exception here and no other prop firm as a chance at IC.
  • #11,233
  • Oct 7, 2022 5:50am Oct 7, 2022 5:50am
And also what does it mean if a prop firm has no official permission to use IC Markets as their broker ? Because a (natural) person on IC Markets is limited to 20 demo accounts only. So there is no way for a prop firm instead having a kind of agreement with IC that they can open more demo accounts because they are a prop firm??.
  • #11,234
  • Oct 7, 2022 6:02am Oct 7, 2022 6:02am
I have to say that The Funded Trader(TFT) offers two choices of either Eightcap or Purple trading. This is an extension of the value they offer to their customers. It is this value that I like most about TFT. They try their best to ensure you are fully covered.
  • #11,235
  • Oct 7, 2022 6:03am Oct 7, 2022 6:03am
Quoting Takisd
{quote} I think its safe to say if its not eightcap, their own white label or own server, its likely without permission with the exceptions being maybe purple trading who used to be FTMO's broker as well. I think they might be still in the space. TPT owns its own broker but with a different name like MFF. FTMO is a whitelabel, TFTP is eightcap, e8 is whitelabel, TFF is white label, fundednext is eightcap but there are questions over whether or not they are legitimately eightcap or just using eightcap cos others do (they bypassed the middle men)....
Thanks for the insight Takisd.

I wonder why would a company go though all the nuisances and resources of creating a broker to produce a trading videogame, unless they want also to compete as a normal FX broker for normal FX traders. Do MFF and TPT have brokers competing with any other Fx broker ?

When you're saying white labels is that established brokers that give them some sort of skin for them to use, pretending that this is FTMO or TFF own brokers ?
  • #11,236
  • Oct 7, 2022 6:07am Oct 7, 2022 6:07am
Quoting gblake
I have to say that The Funded Trader(TFT) offers two choices of either Eightcap or Purple trading. This is an extension of the value they offer to their customers. It is this value that I like most about TFT. They try their best to ensure you are fully covered.
  • #11,237
  • Oct 7, 2022 6:12am Oct 7, 2022 6:12am
I have to emphasize it and say it again, that TrueForexFunds is a very successful prop firm that used IC Markets as their broker at the beginning. So why the hell others should not follow their path ? It cannot be that TFF is the only prop firm on planet who could use IC Markets being a prop. No way anyone can tell me it different I think.
  • #11,238
  • Oct 7, 2022 6:16am Oct 7, 2022 6:16am
Hi there.

Just received a payout from True Forex Funds through their new system. Previously, I had to send a mail the day before the payout, sign the Deel contract on the day of the payout and after that the money is mine(same day usually). Now I just clicked the withdrawal button on the payout day and received the money on Deel after a couple of hours(this time TFF used the old Deel contract).

Impressive. Especially after the message that I saw in the discord from one of the firms that I follow: "Standard Challenge payouts processing time changed from 72 hours to 48 hours". This is a rather large and good known prop, to be honest I was a little shocked that before you had to wait 3 days to get your money and now 2 days! lol

I have high hopes for TFF, if they fix the freezing of index quotes(rare but still), they would be one of the best without any doubt.
  • #11,239
  • Oct 7, 2022 6:41am Oct 7, 2022 6:41am
Quoting Capablanca
{quote} Thanks for the insight Takisd. I wonder why would a company go though all the nuisances and resources of creating a broker to produce a trading videogame, unless they want also to compete as a normal FX broker for normal FX traders. Do MFF and TPT have brokers competing with any other Fx broker ? When you're saying white labels is that established brokers that give them some sort of skin for them to use, pretending that this is FTMO or TFF own brokers ?

I dont know.. I assume their brokerages are set up just for MFF to control order flow and costs. I can't imagine how expensive it would be to use eightcap etc.
  • #11,240
  • Oct 7, 2022 6:56am Oct 7, 2022 6:56am
All prop firms should go straight to the liquidity provider. No real need to be associated with a brokerage firm. It would again, reduce the spreads and commissions.
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