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  • #21,261
  • Sep 8, 2023 7:01pm Sep 8, 2023 7:01pm
Quoting Nsak3y
{quote}-Disclosures are good. So is transparency, annual auditing etc.. But what we deem as appropriate is moot and nothing close to reality, unfortunately.
I remember back in 90's it was usual for companies to say something like 'Audited by Deloitte" or KPMG and so on in their ads. Then a couple of these accounting firms got in trouble for some shady stuff they did and companies stopped using the big accounting names to show they are being watched over by them and therefore are honest.

I'm sure if one of these props actually used a big name auditor, there wouldn't be such trust issues but I doubt these big name accounting firms even want to be associated with props.
  • #21,262
  • Sep 8, 2023 9:25pm Sep 8, 2023 9:25pm
does anyone knows something about the Trading Pit, or the FxFlat Broker?
I löst a challage but it was porly my stupid fault.
I thought that the daily Max dd Was important during the daytrading and the Max dd only at the end of the day.
Now with all this Bad News about proptrader I wonder if it is a good idiee to start a new challage
  • #21,263
  • Sep 8, 2023 11:54pm Sep 8, 2023 11:54pm
Quoting MJurban
does anyone knows something about the Trading Pit, or the FxFlat Broker? I löst a challage but it was porly my stupid fault. I thought that the daily Max dd Was important during the daytrading and the Max dd only at the end of the day. Now with all this Bad News about proptrader I wonder if it is a good idiee to start a new challage
if you want to step in, first of all study about terms and conditions.

The most important thing is daily loss and maximum loss.

If you want to practise more time, sign up with FTMO free trial.

Then you can step in
Intraday only.
  • #21,264
  • Sep 9, 2023 12:20am Sep 9, 2023 12:20am
Quoting navk
{quote} nếu bạn muốn tham gia, trước hết hãy nghiên cứu về các điều khoản và điều kiện. Điều quan trọng nhất là tổn thất hàng ngày và tổn thất tối đa. Nếu bạn muốn luyện tập nhiều thời gian hơn, hãy đăng ký dùng thử miễn phí FTMO. Sau đó bạn có thể bước vào
Can E8 register in Vietnamese?
  • #21,265
  • Sep 9, 2023 3:10am Sep 9, 2023 3:10am
Quoting Capablanca
{quote} IMO the main problem is not if the traders order is A or B-booked. People also suffer that in brokers. The main problem is the execution slippage. Differentiate that according with the trading style is the difficult thing. Someone trading 50 lots has to have a different treatment from someone dealing with 0.1 lot. Or trading news, for example. It's difficult to do that even behind curtains (as we see in the internal conversations of MFF). I can't even imagine how this could be written in an official disclaimer, visible to everyone (and how...
You get the same slippage issue also with ECN brokers depending on their top of book. Receiving the same slippage for a 50 lot order and 0.1 lot order would not reflect real live trading conditions. The biggest issue what I saw with MFF was the extreme spread widening during news and RO compared to most other props and real market conditions. They also probably put some markups and small slippage on most trades but that's not so significant as almost every b-booker does the same as well as place the clients under different trading conditions based on their risk assessment. In that sense if MFF is fraud then pretty much every broker is fraud. You should to see the MFF case in bigger perspective.
  • #21,266
  • Sep 9, 2023 3:49am Sep 9, 2023 3:49am
Quoting TraderTero
{quote} That map will look very much different soon as most will be located off shore.
Moving offshore is definately something in consideration. One major problem on that move is bank accounts and credit card payments. It is almost impossible to get a bank account for any offshore company and therefore only option for payments is crypto.
  • #21,267
  • Sep 9, 2023 4:30am Sep 9, 2023 4:30am
Quoting TraderTero
{quote} You get the same slippage issue also with ECN brokers depending on their top of book. Receiving the same slippage for a 50 lot order and 0.1 lot order would not reflect real live trading conditions. The biggest issue what I saw with MFF was the extreme spread widening during news and RO compared to most other props and real market conditions. They also probably put some markups and small slippage on most trades but that's not so significant as almost every b-booker does the same as well as place the clients under different trading conditions...
the slippage stuff we already know from the evidence it was volume based starting at 5 lots.

you are of the same mind as me, if MFF goes down whole industry goes down
  • #21,268
  • Sep 9, 2023 4:36am Sep 9, 2023 4:36am
Quoting kalastaja
{quote} Moving offshore is definately something in consideration. One major problem on that move is bank accounts and credit card payments. It is almost impossible to get a bank account for any offshore company and therefore only option for payments is crypto.
The situation has actually changed quite a bit lately and it is not that difficult to obtain banking and cc billing for off shore brokers. The cost is of course more per transaction. Banking can also be handled using a Wise type of a solution but like you said crypto works also and people are nowadays used to using them in all kinds of service payments.
  • #21,269
  • Sep 9, 2023 4:42am Sep 9, 2023 4:42am
Quoting Takisd
{quote} the slippage stuff we already know from the evidence it was volume based starting at 5 lots. you are of the same mind as me, if MFF goes down whole industry goes down
I think that MFF will go down because of this:
150. Each instance of soliciting or accepting orders in a retail forex
transaction, including but not limited to those specifically alleged herein, is alleged
as a separate and distinct violations of 7 U.S.C. § 2(c)(2)(C)(iii)(I)(aa) and 17 C.F.R.
§ 5.3(a)(6)(ii).
Count V: Off-Exchange Retail Commodity Transactions in Violation of
Section 4(a) of the Act, 7 U.S.C. § 6(a)

This could keep the door open for currently licensed operators in US for offering prop accounts.
  • #21,270
  • Sep 9, 2023 5:01am Sep 9, 2023 5:01am
Quoting TraderTero
{quote} I think that MFF will go down because of this: 150. Each instance of soliciting or accepting orders in a retail forex transaction, including but not limited to those specifically alleged herein, is alleged as a separate and distinct violations of 7 U.S.C. § 2(c)(2)(C)(iii)(I)(aa) and 17 C.F.R. § 5.3(a)(6)(ii). Count V: Off-Exchange Retail Commodity Transactions in Violation of Section 4(a) of the Act, 7 U.S.C. § 6(a) This could keep the door open for currently licensed operators in US for offering prop accounts.
there is a pretty solid argument on both sides of this. But the classification of the funds will determine the result. If the classification is that prop purchases are investments in custodian then not just MFF dies. All die. Because then it’s reclassification regardless of a/b book as the b book or virtual funds would still be retail forex transactions. So licscenced broker dealers win and plot thickens. But I think it will settle out without a stoppage of business. Purely due to resources required by cftc to actually get a conviction.
  • #21,271
  • Sep 9, 2023 5:05am Sep 9, 2023 5:05am
Quoting navk
{quote} if you want to step in, first of all study about terms and conditions. The most important thing is daily loss and maximum loss. If you want to practise more time, sign up with FTMO free trial. Then you can step in
thanks for the Tipp. I will Check it out
My reason for asked the Trading Pit is ... they have Website and all in german, my englisch is poor
  • #21,272
  • Sep 9, 2023 6:40am Sep 9, 2023 6:40am
Quoting Takisd
{quote} there is a pretty solid argument on both sides of this. But the classification of the funds will determine the result. If the classification is that prop purchases are investments in custodian then not just MFF dies. All die. Because then it’s reclassification regardless of a/b book as the b book or virtual funds would still be retail forex transactions. So licscenced broker dealers win and plot thickens. But I think it will settle out without a stoppage of business. Purely due to resources required by cftc to actually get a conviction.
You could be right. Does accepting an administrative fee make you a counter party in demo/virtual trades? Not a simple case in any way. The CA regulator has been very quiet. Are they having a different approach such as ponzi or is this a combined effort?
  • #21,273
  • Sep 9, 2023 7:12am Sep 9, 2023 7:12am
Quoting MJurban
{quote} thanks for the Tipp. I will Check it out My reason for asked the Trading Pit is ... they have Website and all in german, my englisch is poor
they allso have german Website, thanks again
  • #21,274
  • Sep 9, 2023 7:22am Sep 9, 2023 7:22am
Quoting TraderTero
{quote} You could be right. Does accepting an administrative fee make you a counter party in demo/virtual trades? Not a simple case in any way. The CA regulator has been very quiet. Are they having a different approach such as ponzi or is this a combined effort?
I don’t think the CA regulator is acting on their own behalf. The likely outcome is that one ruling to rule them all. The Ponzi approach in my opinion is the weakest of all due to no promises given and no investments taken. There’s so many moving parts and I think it’s built that way on purpose. Which is why all these changes companies are making seems extremely dangerous because we simply don’t know which sticks
  • #21,275
  • Sep 9, 2023 10:09am Sep 9, 2023 10:09am
I found this article very interesting...

https://mdfinancialskills.org/are-pr...rms-regulated/
  • #21,276
  • Sep 9, 2023 10:29am Sep 9, 2023 10:29am
Quoting lynnc
I found this article very interesting... https://mdfinancialskills.org/are-pr...rms-regulated/
lol same guy promotes surge trader and fidelcrest in a list of best prop firms
  • #21,277
  • Sep 9, 2023 10:34am Sep 9, 2023 10:34am
Agreeing with the tool from Goat Funding is mother of all face palms.

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Trade with confidence, trade without fear.
  • #21,278
  • Edited 11:03am Sep 9, 2023 10:41am | Edited 11:03am
Quoting lynnc
I found this article very interesting... https://mdfinancialskills.org/are-pr...rms-regulated/
Good article. Noticed this in the law suite:

49. Traders Global is, and has been through the Relevant Period,
counterparty to substantially all customer trades. Customers do not trade “live
funds” against “multiple liquidity providers” nor do customers share in “trading
profits,” as Traders Global claims. In reality, customers trade against Traders
Global in an electronic trading environment that Traders Global controls.

How can any of the traders be a counter party when you don't invest and trade your own funds? In B-book environment you trade trade with your own funds against the broker but not in this case.
No one is trading with real funds.
  • #21,279
  • Sep 9, 2023 11:18am Sep 9, 2023 11:18am
Quoting TraderTero
{quote} Good article. Noticed this in the law suite: 49. Traders Global is, and has been through the Relevant Period, counterparty to substantially all customer trades. Customers do not trade “live funds” against “multiple liquidity providers” nor do customers share in “trading profits,” as Traders Global claims. In reality, customers trade against Traders Global in an electronic trading environment that Traders Global controls. How can any of the traders be a counter party when you don't invest and trade your own funds? In B-book environment you...
But one complaint is about the A book. So they actually do but they dont but they do. But again, it comes down to definitions and what either the judge will accept or the CFTC will hold onto or concede on. If CFTC digs heels in and cannot be pushed into backing down then judge has to decide what the definitions are. It could actually set a precedent and I am sure thats also on the mind of the CFTC. If a precedent is set, what ramifications does that have?

Whatever way it goes, its going to be extremely interesting and may have ramifications felt across all the retail forex market.
  • #21,280
  • Sep 9, 2023 1:18pm Sep 9, 2023 1:18pm
Quoting Takisd
{quote} I am not muslim, but you are describing gambling and that will eliminate a very large portion of the traders (muslims) for these prop firms, and potentially lower their viability. Also, it requires a different license and should it be defined as such, i doubt any of these firms will survive gaming industry licenses..
Rollbit - pretty solid success story in the gambling biz. I doubt there are no Muslims active on there.

Rollbit could spin off a prop model set up. But I assume their present casino style operation is making them more than enough.
No need to look for extra headaches.

.
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