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  • #20,261
  • Sep 3, 2023 8:41am Sep 3, 2023 8:41am
Quoting pipmaster77
{quote} KYC stops that. There is no workaround. Some of us here have been trying for 10+ years.
But you US citizens can open with Oanda and Forex.com still, but yeah maybe they dont offer good conditions
  • #20,262
  • Sep 3, 2023 8:42am Sep 3, 2023 8:42am
Quoting inversio
{quote} how kyc will stop that? if u can mange to trade on vps or whats so ever. Outside USA ppl can help you to use their doc.
Yes, trade for Uncle and aunt. Use VPN
Intraday only.
  • #20,263
  • Sep 3, 2023 8:43am Sep 3, 2023 8:43am
Quoting pipmaster77
{quote} There will not be any prop firms operating in the US in a couple of months........save your money. The US just screwed anyone residing in the US making money from fx......AGAIN!!!!!!
Couldn't agree more - this is the beginning of the end for US based prop firms (The funded trader, E8 funding, Top tier trader tec). I will immediately move my best most profitable strategies to run on non US based prop firms. For the strats that run on US based firms either I will make a lot or I will blow the accounts but their value to me is far less now.

It will take me time for me to pivot and recover my losses from this MFF fiasco but for me the most important thing is to act now and not later - and I have already written off my MFF accounts (and pending profit).
Your worst drawdown is yet to come
  • #20,264
  • Sep 3, 2023 8:44am Sep 3, 2023 8:44am
In canada, lots of restrictions for BC residents.

Either they move to Ontario or trade for uncle or aunt who lives in Ontario.
Intraday only.
  • #20,265
  • Sep 3, 2023 8:44am Sep 3, 2023 8:44am
Saw this in telegram. I have no idea who they are and what they do or if this rumour could even be true. I'm sure a lot of fake stuff is flying around these days.

Quote
Here's some inside information: FPFX are the ones who supplied the “specialized software” to a select group of partner prop firms.
The so-called "special advisor" aiding MFF's cheating traders previously worked at FPFX and spilled their secrets to the CFTC.
This explains why they have precise conversations and more, which will soon come to light. The CFTC has targeted the industry's biggest player, and soon, other US and Canadian firms will face scrutiny.

Based on what I've understood is that FPFX may soon face closure, which could have a domino...
  • #20,266
  • Sep 3, 2023 8:55am Sep 3, 2023 8:55am
Quoting pipmaster77
Buy a lottery ticket....they allow that.
-Indeed. Most governments maintain heavy control over all lotteries and raffles etc.. It's all allowed if they can control everything and you have proper permissions etc..
  • #20,267
  • Sep 3, 2023 8:55am Sep 3, 2023 8:55am
Quoting Capablanca
Saw this in telegram. I have no idea who they are and what they do or if this rumour could even be true. I'm sure a lot of fake stuff is flying around these days. {quote}
Then good night. FPFX is connected to 120 prop firms see below, which I have from their own website. They work also together with 8cap and Purple trading as broker.

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So what we know now is, that at least all 8cap and Purple trading partner prop firms are affected on this. They could be next target from regulators.
  • #20,268
  • Sep 3, 2023 9:02am Sep 3, 2023 9:02am
Quoting TrAndy1
{quote} Then good night. FPFX is connected to 120 prop firms see below, which I have from their own website. They work also together with 8cap and Purple trading as broker. {image} {image} So what we know now is, that at least all 8cap and Purple trading partner prop firms are affected on this. They could be next target from regulators.
So maybe FTMO would be ok, because FTMO is the owner of they backoffice software ect
  • #20,269
  • Sep 3, 2023 9:02am Sep 3, 2023 9:02am
Guys, if you wish to discuss MFF then do visit my thread. I would love to see you sharing your thoughts.
https://www.forexfactory.com/thread/...8#post14561328
Risk Management is of utmost importance!
  • #20,270
  • Sep 3, 2023 9:02am Sep 3, 2023 9:02am
Kazmi's estates or expensive cars don't interest me at all. The way they are showcased is comical. If people want to stay in the royal suite every night after receiving their share of profits, it's their business as long as they have the money. As a simple small-scale investor, my concern is whether I get paid according to the criteria outlined in the contract. We, as users, initially see and accept the contract. Labeling it as a scam is extremely absurd. Many proprietary traders considered it one of the most prestigious firms. So, there seems to be overall satisfaction. Profits are being paid out. I only sought funding from another prop trading firm because it was cheaper, and I'm still in the phase stages, but MFF was one of the firms I wanted to switch to when I received my payments. My target was $600k.

I'm truly sorry for what has happened.
  • #20,271
  • Sep 3, 2023 9:14am Sep 3, 2023 9:14am
Hello everyone,

I would like some feedback on how you manage successful long term withdrawals with funded prop firms. From what i read here and there, it seems like many (if not most) have shady practices. MFF is the perfect example, often praised as the most reliable...

From i can gather, it seems like if you withdrawal small amounts, you remain kind of "under the radar", but as soon as you start making big bucks and large withdrawal requests, many firms find an excuse to shut your account and never pay you.

My personal task for the moment is to spread as many small challenges to many different firms, to remain discrete.

What are your experiences ? Am i paranoid ? I'm about to pass my 5 first challenges, so I'm still speculating for the moment. But i prefer the reality check sooner rather than later after dreaming too much. :-)

Are some of you doing the same ? Or are you making big bucks and withdrawing without issues ? Bad experiences ?

Cheers
  • #20,272
  • Sep 3, 2023 9:15am Sep 3, 2023 9:15am
Quoting tue5
Kazmi's estates or expensive cars don't interest me at all. The way they are showcased is comical. If people want to stay in the royal suite every night after receiving their share of profits, it's their business as long as they have the money. As a simple small-scale investor, my concern is whether I get paid according to the criteria outlined in the contract. We, as users, initially see and accept the contract. Labeling it as a scam is extremely absurd. Many proprietary traders considered it one of the most prestigious firms. So, there seems to...
Only " some and loosers " comments are comical. The winnwrs no.

The real problem ( Villains ) now is Regulators. they beaten the Prop traders, not the Firm.

If i understand correctly.

I have been paid manytimes by MFF, Like me many are here.
Intraday only.
  • #20,273
  • Sep 3, 2023 9:16am Sep 3, 2023 9:16am
Ment Funding CEO:

mentfx — 09/01/2023 2:25 PM
Just remember they also were operating like a broker - affecting the backend spread on their own and increasing it or whatever
Any firm doing that is in very murky waters
We have no reason to actually change the conditions of actual trading and create fake conditions for our traders - so we in no way act as a market maker/broker - and as a result have 0 concern over this
Firms operating and changing the backend spread or trying to - are likely the ones to be next. Ment funding isn’t and has never done anything like this so our traders are fine
  • #20,274
  • Sep 3, 2023 9:21am Sep 3, 2023 9:21am
Lark Funing CEO:

Matt L CEO — Today at 3:08 AM
We are fully operational - Nothing has changed. I know there’s a lot of moving pieces, but I think it would be best if we didn’t turn this space into a discussion on MFF. There’s a lot of fear and it’s easy to share incorrect info as everything is guesswork right now
As I’ve said - Many things MFF did, we don’t do. Based on how this unfolds, if we need to make a change to remain kosher, of course we will. For now, everything is exactly the same
  • #20,275
  • Sep 3, 2023 9:22am Sep 3, 2023 9:22am
So if I understand correctly now, the "best" prop firm now is that is not registered in US or CAN and that doesn't have it's own server. So https://fundedengineer.com/ would be a good choice I guess.
  • #20,276
  • Sep 3, 2023 9:23am Sep 3, 2023 9:23am
MyFundedFX CEO:

MattL | CEO — Today at 1:18 AM
MyFundedFX is working on an STP account type.
The premise behind is that once funded, 100% of every trade beyond a reasonable doubt will be put through to live markets without decision making processes.
We will work closely with our broker partners to ensure this is possible and successful but we have begun mapping it out and will work diligently to bring to market
  • #20,277
  • Sep 3, 2023 9:24am Sep 3, 2023 9:24am
Quoting TrAndy1
{quote} Then good night. FPFX is connected to 120 prop firms see below, which I have from their own website. They work also together with 8cap and Purple trading as broker. {image} {image} So what we know now is, that at least all 8cap and Purple trading partner prop firms are affected on this. They could be next target from regulators.
So, who DOES NOT use FPFX?
FTMO
The 5%ers
TFF
FXIFY
Any others (non US based)?
  • #20,278
  • Sep 3, 2023 9:24am Sep 3, 2023 9:24am
Quoting fx11trade
Can we stop talking about what will happen with myff because nobody knows and talk more about which is the next best prop firm out there? Also myff has its own thread on ff.
Unfortunately "Opinions" are like arseholes - everyone has one.
every Saint has a past. Every Sinner has a Future
  • #20,279
  • Sep 3, 2023 9:26am Sep 3, 2023 9:26am
Quoting navk
{quote} Only " some and loosers " comments are comical. The winnwrs no. The real problem ( Villains ) now is Regulators. they beaten the Prop traders, not the Firm. If i understand correctly. I have been paid manytimes by MFF, Like me many are here.
Yes, the prop industry is indeed a great opportunity for those who are successful in trading. Some people are uncomfortable with this situation.
  • #20,280
  • Sep 3, 2023 9:29am Sep 3, 2023 9:29am
We all knew what MFF were doing. We even learned how to work within that system; specific lot sizes vs. slippage, keeping profits reasonable and staying under the radar, diversification etc.. We learned this because that is what we do as traders...we learn and we adapt. Whether it is working with a broker/firm or studying a particular market or strategy etc., we spend time learning what works and how to be profitable while mitigating risk.

There are some things that I do not like about what MFF were doing, in terms of their intentions and how they viewed their traders. But, the system was workable and provided value to many traders that were ready for it.

I know that when these regulatory groups attack a player in this industry, they are very creative with their paint. They have perfected the art of making things look badly when they need to. This is nothing new. Not saying that MFF is perfect or innocent. That is not my place.

We also knew that these firms were operating in a legal gray area, and that it all could come crashing down at any time. So, what do you do as a trader to mitigate that risk? You diversify. You do not keep all of your eggs in the prop firm basket. You make sure that you still have income coming in from other sources. You keep trading your personal accounts. You reinvest profits into other profit-generating assets or assets that can appreciate over time etc..

Prop firms are just a tool and should be viewed and treated as such. We do not know what will happen in the future, but we can be prepared for it.

In terms of lost funds, the only funds that should really matter are the challenge fee funds. Any funds that were supposed to be paid out in profits are just pretend money until they reach your account, and should have been viewed that way. For challenge fees, hopefully people can issue charge-backs. But if not, you knew that this was a risk and that you might not see your money. You knew that this was an investment and was not guaranteed. Hopefully, you can treat it as a tax write-off in your country.

If you are someone that just cannot let this go, then you might consider a different career path, because losses are part of the game.
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