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  • #20,481
  • Sep 4, 2023 8:34am Sep 4, 2023 8:34am
Quoting LehmanBrotha
{quote} I think FidelCrest was on my poop list. Not sure why but I remember it was a pretty clear red flag. Maybe someone can remember the details.
Yeah same here they were also on my "no go" list, but they made some updates earlier this year making them a lot more favorable. I think they looked at the competition and knew they had to adapt their offering to stay relevant, and they did.
Truth is like poetry. And most people f*cking hate poetry.
  • #20,482
  • Sep 4, 2023 8:35am Sep 4, 2023 8:35am
Quoting Takisd
{quote} Yes I know. Actually, I believe that most of the allegations are false - out of context allegations. Because if you are going to use those elements as "fraud" then you best go chase all the FX/CFD brokers globally for fraud because there is literally nothing in there that everyone isn't doing and it comes down to the trading platform itself and its lack of capabilities. Regardless, its going to be super interesting how this pans out, all reports so far are that its going to be a dog fight.
If we purge the tone of internal conversation and the lifestyle of CEO and resume the whole thing, it seems to me that CFTC is saying that MFF was running a videogame and not a real prop (except for a very minority number of customers).

Most of the accusations (customer profiles with different slippage, cheating investigations, etc.) are just parameters of that videogame. This is not a fraud IMO. It's videogame management.

The fraud to me is having a videogame and making people believe that they were in a real prop and managing real money. This to me is where they may be screwed.
All those "we win if you win", "We will provide yo a real account", "we want you to success" are easily proven as lies. Can this, by law, be considered a fraud ? I have no idea but it seem ugly.

I don't know how these cases work. In most of legal cases (criminal, administrative) there is the accusation and then the lawyers respond to all that, also written.
I would love to see the line of defense of MFF to each of the points, if that is ever made public.
  • #20,483
  • Sep 4, 2023 8:37am Sep 4, 2023 8:37am
Quoting TrAndy1
The 5ers CEO is naive. He tells us in the youtube stream that their traders are trading real funds. Then you need to be financial advisor and needs a kind of banking license, otherwise it is nowhere allowed. And if they choose an offshore jurisdiction then the traders needs to have a license to take real foreign money for own trading.
According to the 5ers, it is THEIR own fund, we are hired as contractors to work for them.
  • #20,484
  • Sep 4, 2023 8:39am Sep 4, 2023 8:39am
Quoting pipmaster77
{quote} According to the 5ers, it is THEIR own fund, we are hired as contractors to work for them.
And that why 5ers is needed to have a license to do so. Otherwise no traders can take real money. This is simply not allowed in Germany, EU, also USA I think.
I have some law knowledge about this financial advisor and prop firm thematic from my own experience.
  • #20,485
  • Sep 4, 2023 8:42am Sep 4, 2023 8:42am
Quoting TrAndy1
{quote} And that why 5ers is needed to have a license to do so. Otherwise no traders can take real money. This is simply not allowed in Germany, EU, also USA I think. I have some law knowledge about this financial advisor and prop firm thematic from my own experience.
Are you able to locate the regulation/clause and pose the question to Gil via the Chat?
  • #20,486
  • Sep 4, 2023 8:43am Sep 4, 2023 8:43am
I only can warn you against 5ers. If regulators step in you need to pay back all your gains and you get your challenge fees also back. Everything is set to ZERO when they come. It is simply not allowed to take any real money as trader without having a license. Either you as trader needs a financial advisor license or the prop firm needs to be licensed. WITHOUT a license it is just big crime and nothing else.
  • #20,487
  • Sep 4, 2023 8:44am Sep 4, 2023 8:44am
Quoting mrdfx
I think FidelCrest is a good option as they are based in Cyprus away from any US regulators and they currently have some good offers at the moment. I'm busy with an evaluation with them and so far so good, haven't got any complaints so far.
I don't understand why everyone thinks that if a company is based outside US then they are away from US regulators. In truth, the US regulators can reach any company that solicits US residents and sue them. If a company has been targetted by US regulators then its legitimacy will be put into question by traders.
Risk Management is of utmost importance!
  • #20,488
  • Sep 4, 2023 8:44am Sep 4, 2023 8:44am
Quoting Dirac
{quote} Are you able to locate the regulation/clause and pose the question to Gil via the Chat?
Ask that for me. I hesitate to write there. I do not think they will see my question nor they will answer properly. But you can try it.
  • #20,489
  • Sep 4, 2023 8:45am Sep 4, 2023 8:45am
Quoting TrAndy1
{quote} First, I am not on telegram, only look at Discord. The CEO has much to do, there is work for him. So cannot say anything about critics, but for me he seems knowledgable. And they have a huge suggestions thread on Discord where you can tell them your constructive critics and they listen. Second, it is clear said in Discord. I do not know why you say they make a mistery. They say it clear and loud in Discord. You can have 2 positions regardless then only on winning positions held. DCA not allowed too, meaning that from your third entry on...
Most of what you say they added to their rules only after my case. Until then their rule were vary vague and they were not able nor willing to discuss their own rules meaning. I suspect they didn't even have any definition internally and just treated every trades as if they were totally ignorant. So the guy might be mentally fit, he might even be clever, but his behavior to me in that time didn't demonstrate a tiny bit of understanding or willingness to discuss.

Btw. as for your previous question - they breached my account after verification which they first marked as successfully completed, then they were analyzing it for some days, and then out of the blue came up with the breach.

They refunded me so from this point of view I cannot complain. But the approach I experienced was terrible. Maybe it was all just a bad day of both of us, maybe they are great now, I don't know.
Money is made by sitting, not trading
  • #20,490
  • Sep 4, 2023 8:46am Sep 4, 2023 8:46am
Quoting TrAndy1
{quote} Ask that for me. I hesitate to write there. I do not think they will see my question nor they will answer properly. But you can try it.
I can't post a message, YT keeps saying I must create a channel, have tried 5 times, won't let me.

You can pick new chat name.

At the end Alex will take questions from chat (I think).
  • #20,491
  • Sep 4, 2023 8:47am Sep 4, 2023 8:47am
And btw. I was adding to the winning positions. I don't know how many but only 3 or 4 max I guess. Nothing that could be considered prohibited in that time considering their existing (very vague) rules
Money is made by sitting, not trading
  • #20,492
  • Sep 4, 2023 8:49am Sep 4, 2023 8:49am
You as trader can even go to jail if you are not licensed or the prop firm and you take real money for trading from the prop his funds. Not for small money but for big money for sure when it comes to court.
  • #20,493
  • Sep 4, 2023 8:49am Sep 4, 2023 8:49am
Quoting Vitore
{quote} Most of what you say they added to their rules only after my case. Until then their rule were vary vague and they were not able nor willing to discuss their own rules meaning. I suspect they didn't even have any definition internally and just treated every trades as if they were totally ignorant. So the guy might be mentally fit, he might even be clever, but his behavior to me in that time didn't demonstrate a tiny bit of understanding or willingness to discuss. Btw. as for your previous question - they breached my account after verification...
which firm did that to you ??
Intraday only.
  • #20,494
  • Sep 4, 2023 8:51am Sep 4, 2023 8:51am
Quoting Vitore
{quote} Most of what you say they added to their rules only after my case. Until then their rule were vary vague and they were not able nor willing to discuss their own rules meaning. I suspect they didn't even have any definition internally and just treated every trades as if they were totally ignorant. So the guy might be mentally fit, he might even be clever, but his behavior to me in that time didn't demonstrate a tiny bit of understanding or willingness to discuss. Btw. as for your previous question - they breached my account after verification...
yeah, I do not know Bespoke in early days only nowadays. They changed some rules I must admit. But last couple of months nothing changed. They are 1 year old now.
  • #20,495
  • Sep 4, 2023 8:53am Sep 4, 2023 8:53am
My KYC is verified with FXIFY.

Still waiting for funded account for my first challenge win with thm.
Attached Image (click to enlarge)
Click to Enlarge Name: KYC for FXIFY.png Size: 150 KB
Intraday only.
  • #20,496
  • Sep 4, 2023 8:54am Sep 4, 2023 8:54am
Quoting navk
{quote} which firm did that to you ??
BFP Bespoke
  • #20,497
  • Sep 4, 2023 8:56am Sep 4, 2023 8:56am
Looking to add more prop firms to my list, trying to avoid the ones based in US or Canada atm...Funded engineer and Fxify and 5ers seem interesting...but does anyone on ff have an actual payout from funded engineer? Their scale up plan with increased daily loss seems too good to be true.

For Fxify, I can't seem to find any info on their scale up plan on their website. When I went to their live chat, the staff said 10% return within 3 months would lead to 25% scale up, and in another 3 months, it would be even double that. E.g. 400k at month 0, 500k at month 3, 1000k at month 6. Again, too good to be true, especially when I can't seem to find any of this on their website apart from the response from the live chat staff.

When things seem too good to be true, I remain skeptical until there's more evidence coming out...Would be much appreciated if anyone can share their experience with fxify!

Still feeling a bit bummed from the whole MFF thing...was about to get the funded account...now only got FTMO funded account with me but life goes on i guess
memento mori
  • #20,498
  • Sep 4, 2023 8:57am Sep 4, 2023 8:57am
Quoting TrAndy1
{quote} BFP Bespoke
Good , I was about to sign up and then stopped.

My plans are :

FXIFY
TFF
Fundingengineer

For future additions.
Intraday only.
  • #20,499
  • Sep 4, 2023 9:00am Sep 4, 2023 9:00am
Quoting navk
{quote} Good , I was about to sign up and then stopped. My plans are : FXIFY TFF Fundingengineer For future additions.
I got very seldom and strange answers on Fundedengineer in Discord, like the mod is good at tick scalping with their own challenge and such things. Tick scalping does never work on any real FX broker except the datafeed is fraud. Second, Bespoke I have good experience. So far I am little bit before my first payout there but I have 800k funded accounts there. They are very good. In customer service, trading conditions and prices for their challenge fees with regular promo codes. My experience.
  • #20,500
  • Sep 4, 2023 9:03am Sep 4, 2023 9:03am
Social media on a feeding frenzy with all this fraud accusations put against My Forex Funds.

Looks like everyone has come out from under their rock to post a video or two and sling mud.

Goodness me it's just nasty.

Masterrmind ............
Master your Mind then Master your Trades
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