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  • #19,601
  • Sep 1, 2023 12:19pm Sep 1, 2023 12:19pm
Quoting nebby
{quote} Agreed and the key thing for me is that its not a fabricated lie / exit scam and yes this will likely take a long time to resolve....
So I will use FXIFY and the 5%ers high stakes to begin replacing for now. I only use one firm in the US (TFTP) and everything I do moving forward will be in jurisdictions I deem safe. Of course, anything can happen, but we can be proactively smart about things.
  • #19,602
  • Sep 1, 2023 12:25pm Sep 1, 2023 12:25pm
Quoting pipmaster77
{quote} So I will use FXIFY and the 5%ers high stakes to begin replacing for now. I only use one firm in the US (TFTP) and everything I do moving forward will be in jurisdictions I deem safe. Of course, anything can happen, but we can be proactively smart about things.
Yes, replacing with FXIFY and 5 ers is best option.

5 ers have mt4 ? ( Have seen it. Not provided )

And diversifying with many firms seems important at this moment.
Intraday only.
  • #19,603
  • Sep 1, 2023 12:26pm Sep 1, 2023 12:26pm
Quoting Cryptosurf
{quote} Curious to what the SEC has to say. Need to find their notice as well. Pretty much every prop firm could be guilty of what they are stating in that notice. MFF got hit because they are within their jurisdiction. US authorities don't give a shit if they have jurisdiction or not. They just seize shit and let the people try to recover. At least the Canadian tool got his pronouns squared away. {image}
Yes, pronouns are important in wacko leftist, liberal countries. It's so ironic, the same folks that told us to "follow the science" and get 7 boosters that didn't even prevent folks from getting sick now claim there are more than 2 genders.
The world is absolutely nuts and half of the population is so brainwashed they can't even see common sense slapping them in the face on a daily basis.
Oops, got bit derailed, the pronouns led me on a tangent.
  • #19,604
  • Sep 1, 2023 12:28pm Sep 1, 2023 12:28pm
Quoting navk
{quote} Yes, replacing with FXIFY and 5 ers is best option. 5 ers have mt4 ? ( Have seen it. Not provided )
MT5 only.
  • #19,605
  • Sep 1, 2023 12:28pm Sep 1, 2023 12:28pm
Quoting nebby
Did some digging around and found case info on the Myforexfunds suspension here: https://www.capitalmarketstribunal.c...-murtuza-kazmi Its a genuine suspension but temporary for 15 days from 29th August.
Great discovery. Thanks a lot mate !

They may go under, and that would be equal terrible, but at least this is legitim and not some fabrication like the scammers of TPT.

As pip mate already said, accusation seem to be right in most points (I have not gone over the articles and so on but in general), which may raise concerns if they may ever return soon enough, even if they pay a heavy amount to settle the case, as Takisd suggested. Paying to settle the case don't entitle them to go on operating like before.

We'll be all in suspense in the next two weeks to see what happens...
  • #19,606
  • Sep 1, 2023 12:31pm Sep 1, 2023 12:31pm
Quoting nebby
Did some digging around and found case info on the Myforexfunds suspension here: https://www.capitalmarketstribunal.c...-murtuza-kazmi Its a genuine suspension but temporary for 15 days from 29th August.
great discovery.

People now know what is all about. Will stop spreading roumours.
Intraday only.
  • #19,607
  • Sep 1, 2023 12:34pm Sep 1, 2023 12:34pm
Quoting nebby
Did some digging around and found case info on the Myforexfunds suspension here: https://www.capitalmarketstribunal.c...-murtuza-kazmi Its a genuine suspension but temporary for 15 days from 29th August.

thank you so much! so this is possible fraud detection...and just like assumed...this is not just regulatory issue but FRAUDLENT behaviour of the company!

and when you think deeper...it is so LOGICAL! they simpy can not make such payments they claimed...if you REALLY need more data to compute 1+1 than that is sad....becasue nobody makes 40 mio EUR per month! with 30k retail clients.....and maybe 2000 active
  • #19,608
  • Sep 1, 2023 12:36pm Sep 1, 2023 12:36pm
Quoting danzka
I've been looking into Israel based 5%ers since I think I'll avoid any NA, UK and EU based props for the time being from what I've seen the reviews is good, spread is amazing T&C not as loose as MFF but I think I can get by, since I manual trade, don't copy trade, arbitrage, VPNing or anything like that I think I'll drop 39$ for the 5K High Stakes account next week to play around what do you guys think about 5%ers? that and maybe Dubai based Funded Engineer
I have a 100K account with them (high stakes - 2 phase challenge) and good experience so far.
Payout took 1 day and 2 hours since I asked for it but the good thing is that, as soon as we request the payout, the amount is deducted from the balance and we can go on trading immediatly. There is no "downtime", which is great (from the ones I work with only MFFx has the same thing).

Regarding customer service, I had to solve a problem with them and I had very good impression. By far the best CS I experienced in props. People understanding the problems and addressing it. Not some idiot robots that skim some words in our message and shoot the first automatic response they think will fit.

It's a pity they have a max of only 100K. I would take a bit more from them, definitely.

Beware about the 2 minutes news rule if you're a frequent trader (I'm not so not a problem for me).
  • #19,609
  • Sep 1, 2023 12:37pm Sep 1, 2023 12:37pm
Have 600k live funds with them was waiting for $10k payout.

IN THE MATTER OF TRADERS GLOBAL GROUP INC. and MUHAMMAD MURTUZA KAZMI TEMPORARY ORDER (Subsections 127(1) and 127(5)) WHEREAS: 1. It appears to the Ontario Securities Commission (the Commission) that: a. Traders Global Group Inc. (TGG), doing business as myforexfunds.com, an Ontario based federal corporation, represented to investors who paid funds to open accounts that TGG was operating a retail foreign exchange and commodities trading firm; b. Muhammad Murtuza Kazmi (Kazmi), an Ontario resident, is the principal of TGG; c. For the vast majority of myforexfunds.com investors, trading is simulated by TGG with various rules in place designed to benefit TGG to the detriment of investors; d. TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and for Kazmi’s personal expenses; e. TGG and Kazmi are continuing to raise funds from investors; f. TGG and Kazmi may have engaged in conduct that perpetrates a fraud in breach of subsection 126.1(1)(b) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act); g. TGG may be engaged in the business of trading in securities without registration, contrary to subsection 25(1) of the Act; h. TGG may have distributed securities without filing a prospectus, contrary to subsection 53(1) of the Act; i. TGG and Kazmi may have provided false and misleading information to the Commission, contrary to subsection 122(1)(a) of the Act; and j. The Commission is conducting an investigation into the conduct described above. 2. The Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in subsection 127(5) of the Act; and 3. The Commission is of the opinion that it is in the public interest to make this Order. IT IS ORDERED pursuant to section 127 of the Act that: 1. pursuant to clause 2 of subsection 127(1), all trading in securities of TGG shall cease; 2. pursuant to clause 2 of subsection 127(1), trading in any securities by TGG and Kazmi, or by any person on their behalf, including but not limited to any act, advertisement, solicitation, conduct, or negotiation, directly or indirectly in furtherance of a trade, shall cease; 3. pursuant to clause 3 of subsection 127(1), any exemptions contained in Ontario securities law do not apply to TGG or Kazmi; and 4. pursuant to subsection 127(6) of the Act, this order shall take effect immediately and shall expire on the 15th day after its making unless extended by order of the Capital Markets Tribunal. DATED at Toronto, this 29th day of August, 2023.
Attached File(s)
File Type: pdf ord_20230829_trader-global-group.pdf   144 KB | 260 downloads
  • #19,610
  • Sep 1, 2023 12:38pm Sep 1, 2023 12:38pm
They are complaining they need fresh money like Ponzi scheme behavior and have unfair rules and also complaining b-booking, referring to the text message above.
  • #19,611
  • Sep 1, 2023 12:38pm Sep 1, 2023 12:38pm
Quoting Cryptosurf
{quote} Curious to what the SEC has to say. Need to find their notice as well. Pretty much every prop firm could be guilty of what they are stating in that notice. MFF got hit because they are within their jurisdiction. US authorities don't give a shit if they have jurisdiction or not. They just seize shit and let the people try to recover. At least the Canadian tool got his pronouns squared away. {image}

Why do you say "Need to find their notice as well.".

As far as I understood this case, by now, is only related with Canadian supervision, right ? Or is there 2 cases in simultanous ?
  • #19,612
  • Sep 1, 2023 12:40pm Sep 1, 2023 12:40pm
Quoting Capablanca
{quote} My email today is being bombarded with discounts. Even TFF, who doesn't have that often, already sent me a discount.
yes,

RULE10
Intraday only.
  • #19,613
  • Sep 1, 2023 12:41pm Sep 1, 2023 12:41pm
It is not about so that they have own infrastructure and servers for trade execution, what they are complaining in first hand.

But it looks good, see here.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2023-09-01_at_1.23.36_PM.png Size: 63 KB
  • #19,614
  • Sep 1, 2023 12:41pm Sep 1, 2023 12:41pm
Quoting nebby
Did some digging around and found case info on the Myforexfunds suspension here: https://www.capitalmarketstribunal.c...-murtuza-kazmi Its a genuine suspension but temporary for 15 days from 29th August.
Those charges look very very bad. Just because there is a short expiry, it doesn't mean it will not be extended indefinitely.
A world of pain awaits the dude.
  • #19,615
  • Sep 1, 2023 12:42pm Sep 1, 2023 12:42pm
TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and for Kazmi’s personal expenses;

TGG and Kazmi are continuing to raise funds from investors;

TGG and Kazmi may have engaged in conduct that perpetrates a fraud in breach of subsection 126.1(1)(b) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act);

TGG may be engaged in the business of trading in securities without registration, contrary to subsection 25(1) of the Act;

TGG may have distributed securities without filing a prospectus, contrary to subsection 53(1) of the Act;

TGG and Kazmi may have provided false and misleading information to the Commission, contrary to subsection 122(1)(a) of the Act; and The Commission is conducting an investigation into the conduct described above.
  • #19,616
  • Sep 1, 2023 12:44pm Sep 1, 2023 12:44pm
"TGG and Kazmi may have provided false and misleading information to the Commission, contrary to subsection 122(1)(a) of the Act"

This clearly shows that a lot of previous stuff may have been investigated, which responds to my previous question about how would a company have to go to court, suddenly, without previous investigation.
  • #19,617
  • Sep 1, 2023 12:45pm Sep 1, 2023 12:45pm
Question: How they should be registered before ? There are no rules to such prop firms, they are like "Casinos" and like FX Brokers on the other hand.
  • #19,618
  • Sep 1, 2023 12:47pm Sep 1, 2023 12:47pm
The worst would be if they needed a bank license for giving "credits" to new challenge takers.
  • #19,619
  • Sep 1, 2023 12:49pm Sep 1, 2023 12:49pm
Quoting pipmaster77
{quote} hmmmm....dated the 29th, yet they were taking $$$$ through the 31st.
I'm not familiar to court cases notifications in Canada but I would not give much attention to that delay.
Court may have produced this on 29th and notified just on 30th or 31th (and in the meantime MFF for sure talke d with their lawyers to know what to do).
In many countries in Europe, specially the most bureaucratic ones, a week or more could go on before they know about that. This didn't seem a case of authorities knocking down their door and seizing their facilities.
  • #19,620
  • Sep 1, 2023 12:49pm Sep 1, 2023 12:49pm
Quoting tue5
{quote} I just read their statement from August 25th now. It doesn't seem very logical why they would think of anything else when they can block the cheaters. It's like killing the goose that lays the golden eggs. Moreover, the part at the end of the statement that says, "To the cheaters, expect an email shortly." I wonder if the emails were sent and if they achieved their purpose. How relevant could it be to today's situation if they were sent? {image}

very relevant man

they are being literally accused for being cheaters themselves!! by the regulator!


so this is probably after they did not want to pay out some money...becsue i know you could not cheat them...they had abnormal prices in most volatile markets....like invesment banks could not offer! this reeks of scam all together...esp this long post they posted just 4 days before this...so they knew something is coming....and to use this many words...you can tell its a lie!
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