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  • #23,101
  • Sep 28, 2023 11:53am Sep 28, 2023 11:53am
Im not Suprised that FXIFY isnt paying people, doubt they will last long, 2015 Kevin and his broker FXPIG screwed me over +$60k my blood boils till this day thinking about this, i used to talk to him alot over skype and he did me very dirty.
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #23,102
  • Sep 28, 2023 12:00pm Sep 28, 2023 12:00pm
Quoting Artcool
{quote} There is no evidence they A-book anyone. Actually, they would have to prove it with deal tickets from LPs. But IMHO, they don't even do it. They keep fuzzy about the question because if they do admit it, they would admit all their lies. Remember they were all talking not a long time ago about funded accounts being all live accounts. The funder of the5ers was owning a binary trading firm before people understood the scam. I don't know about the others.
there are no good traders inside any prop, all very good get kicked out and the part of the half good traders or people with negative edge over long term can be used for marketing purpose as show the payments. so why a book and make a sure loss with this traders in average, its much better to kick out the professionals and hold in the rest half good traders. much money from them, less risk, and total easy. and its not even wrong that they do, because that is normal for any company to try to maximise the win when it can be done total easy, a only-b-book broker will do same, its just part of trading game models to act like this or you have much less wins by more work to do and even more regulations.
  • #23,103
  • Sep 28, 2023 12:15pm Sep 28, 2023 12:15pm
Quoting Soros
Im not Suprised that FXIFY isnt paying people, doubt they will last long, 2015 Kevin and his broker FXPIG screwed me over +$60k my blood boils till this day thinking about this, i used to talk to him alot over skype and he did me very dirty.
Kevin sold fxpig a while ago
  • #23,104
  • Sep 28, 2023 12:30pm Sep 28, 2023 12:30pm
FundingTraders CEO discusses HFT ban:

Inserted Video
  • #23,105
  • Sep 28, 2023 12:32pm Sep 28, 2023 12:32pm
Quoting Dirac
FundingTraders CEO discusses HFT ban: https://www.youtube.com/watch?v=oLX6OERUE8M
Can we please fucking stop calling arbitrage/tickscalping HFT..
  • #23,106
  • Sep 28, 2023 1:20pm Sep 28, 2023 1:20pm
Quoting Takisd
"Data creation specialist"
-When these remote prop firms first started forming, it was always understood that they were trying to skirt around regulatory requirements by operating in some kind of legal gray area. For example, we are not traders, we are independent contractors; demo accounts-only. We are not providing signals, we are providing data, etc.. It was always a question of how long it would last until regulators caught on.

In Japan, gambling for money is illegal, so they use Pachinko machines that dispense little balls that are used to exchange for prizes, then the prizes can be sold for cash at a separate vendor that is not located on-site. This is a legal loophole that they allow to exist, knowing full-well what is going on.

I think, regulators would not allow for such loopholes, and no matter how you phrase things or structure things etc.; it simply will not matter. This is the problem. So, everything currently rests in the balance while we wait to see if MFF's attorneys are willing and able to make an argument that will tip the scale in our favor.

I am hopeful but grossly realistic.
  • #23,107
  • Sep 28, 2023 1:31pm Sep 28, 2023 1:31pm
Quoting Nsak3y
{quote}-When these remote prop firms first started forming, it was always understood that they were trying to skirt around regulatory requirements by operating in some kind of legal gray area. For example, we are not traders, we are independent contractors; demo accounts-only. We are not providing signals, we are providing data, etc.. It was always a question of how long it would last until regulators caught on. In Japan, gambling for money is illegal, so they use Pachinko machines that dispense little balls that are used to exchange for prizes,...
Yes but regulators not worry about that, they just worried that prop firms are robbing futures liquidity
  • #23,108
  • Sep 28, 2023 2:11pm Sep 28, 2023 2:11pm
Quoting Trader191
{quote} there are no good traders inside any prop, all very good get kicked out.
  • #23,109
  • Sep 28, 2023 2:28pm Sep 28, 2023 2:28pm
Quoting DeltaCapital
{quote} Yes but regulators not worry about that, they just worried that prop firms are robbing futures liquidity
That's the whole point. Futures and/or retail brokers "lobbied" for the CFTC to put the screws to MFF. They were taking waaaaaaay too much market share. We are now seeing many holes in the CFTC claim. I mean the money he paid to Canadian tax authority flagged as misappropriation of funds? The commission, the drawdown, these are everyday normal things in trading.
Problem is, it is the government and now that they were bribed, er, I mean lobbied they have an obligation to follow through. So, no matter how wrong the claims are, how many holes MFF attorneys find in the cliams......there will be no repercussions for the CFTC...they will do what they want, when they want and sweep it under the rug....for all you non USA folks......just watch, mark my words.
  • #23,110
  • Sep 28, 2023 2:29pm Sep 28, 2023 2:29pm
Quoting bukkake
When does TFT go from severely late payouts to no payouts at all
I'd say right about......................NOW
  • #23,111
  • Sep 28, 2023 2:40pm Sep 28, 2023 2:40pm
Quoting pipmaster77
{quote} That's the whole point. Futures and/or retail brokers "lobbied" for the CFTC to put the screws to MFF. They were taking waaaaaaay too much market share. We are now seeing many holes in the CFTC claim. I mean the money he paid to Canadian tax authority flagged as misappropriation of funds? The commission, the drawdown, these are everyday normal things in trading. Problem is, it is the government and now that they were bribed, er, I mean lobbied they have an obligation to follow through. So, no matter how wrong the claims are, how many holes...
Why non US folks? what you mean by that
  • #23,112
  • Sep 28, 2023 2:53pm Sep 28, 2023 2:53pm
Quoting DeltaCapital
{quote} Why non US folks? what you mean by that
Although you totally get it, most people outside the US truly have no idea of what we deal with......just open a business offshore, get citizenship elsewhere, etc, etc.......Like we've never thought of these things. Having to trade offhsore, not because of leverage or hedging or FIFO, but simply because those brokers BLOW the CFTC regulated brokers out of the water as far as trading conditions, spreads, commish, all of it. They also do not spike price, freeze platforms, etc...if the CFTC is so great at regulating why does Oana freeze for 5-6 minutes every news release?
So what I am saying is all of these non US people with that little glimmer of hope........it ain't gonna happen.
  • #23,113
  • Sep 28, 2023 3:05pm Sep 28, 2023 3:05pm
Quoting pipmaster77
{quote} Although you totally get it, most people outside the US truly have no idea of what we deal with......just open a business offshore, get citizenship elsewhere, etc, etc.......Like we've never thought of these things. Having to trade offhsore, not because of leverage or hedging or FIFO, but simply because those brokers BLOW the CFTC regulated brokers out of the water as far as trading conditions, spreads, commish, all of it. They also do not spike price, freeze platforms, etc...if the CFTC is so great at regulating why does Oana freeze for...
oh yeah I am not from the US too but yeah I get it CFTC takes away freedom of traders in forex, do you use any offshore unregulated broker? Like if I where US and wanted to trade forex it would suck to have only forex.com or oanda to trade
  • #23,114
  • Sep 28, 2023 3:07pm Sep 28, 2023 3:07pm
Quoting bukkake
When does TFT go from severely late payouts to no payouts at all
Soon.jpg
  • #23,115
  • Sep 28, 2023 3:45pm Sep 28, 2023 3:45pm
Quoting pipmaster77
{quote} Although you totally get it, most people outside the US truly have no idea of what we deal with......just open a business offshore, get citizenship elsewhere, etc, etc.......Like we've never thought of these things. Having to trade offhsore, not because of leverage or hedging or FIFO, but simply because those brokers BLOW the CFTC regulated brokers out of the water as far as trading conditions, spreads, commish, all of it. They also do not spike price, freeze platforms, etc...if the CFTC is so great at regulating why does Oana freeze for...
This is so true & when I give FTMO a challenge a go & if it doesn't work out like it suppose on their part, I will continue to trade Dow & Nasdaq on the future side as I've had zero trouble with that market.
  • #23,116
  • Sep 28, 2023 4:21pm Sep 28, 2023 4:21pm
Quoting Ferna
I dont get it, what is stopping you? And why does every broker ask me if im a U.S citizen? i think America land of free, anyone can make money. Start a business etc…
-I think, America is not really free. Corruption exists everywhere, but countries like the US have just gotten really good at hiding it. Privacy is an illusion.

There are more people incarcerated here than any other place on the planet, including places like China, that have more than four times our population. I would bet that we have more laws than any other country. Taxes are not only high here, but money and property are taxed multiple times; sometimes repeatedly.

People can make money here, but in terms of trading, setting up a business here does not really benefit you. Even setting up shop overseas will not help you to circumvent any blacklist that brokers have for US residents. Foreign residency will not help in most cases, even with a foreign bank account. Most larger, reputable foreign banks will not even accept US clients unless they are wealthy due to the hassles involved with regulatory compliance. Even foreign Citizenship may not help if you still hold an American passport. It really depends.

If you renounce, and take up citizenship in a foreign land that is not blacklisted, then you might be good. But doing so requires spending $3k (what used to be $300), possibly paying an exit tax as well as anywhere from 100K to 1M+ for a foreign passport and several months of wait time. And that's all if you're approved. In most cases, there is a very thorough background check that varies in scope, depending on the country.

Citizenship through residency is possible, but you are looking at spending thousands of dollars to relocate overseas and spend time living for a few years in most cases. This is just not feasible for most with a partner that works and children that are in school etc..

Probably, the cheapest and fastest (but risky) solution, would be to partner with someone that you can trust, that can get access to those accounts and just let you trade them. There are other ways, but they usually involve a good chunk of capital and time-investment.
  • #23,117
  • Sep 28, 2023 4:22pm Sep 28, 2023 4:22pm
Staying away from props, all of them for now. Will go back to working on my lego starship enterprise.
  • #23,118
  • Sep 28, 2023 4:30pm Sep 28, 2023 4:30pm
After FTX's collapse... investors/traders, media, congress criticized the SEC "why didn't you stop this from happening" & demanded that they do something.

I wonder...

Is an objective of the CFTC to create a crisis via months of FUD around MFF, which eventually leads to another top 5 prop firm collapsing, which then leads to loud demands for the FCA/ESMA/CFTC/ASIC to regulate the space?
  • #23,119
  • Sep 28, 2023 4:33pm Sep 28, 2023 4:33pm
Quoting Takisd
Staying away from props, all of them for now. Will go back to working on my lego starship enterprise.
Why you staying away of props? you will not trade your existing accounts?
  • #23,120
  • Sep 28, 2023 4:36pm Sep 28, 2023 4:36pm
Quoting DeltaCapital
{quote} Why you staying away of props? you will not trade your existing accounts?
I dont think many are solvent right now. I do not want to contribute to insolvency nor do I want to inject more into solvency. So I will stay put.
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