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  • #27,961
  • Jan 9, 2024 5:59pm Jan 9, 2024 5:59pm
Quoting CableJ
Do you non US citizens now understand why the members on here from the US can't stand and don't trust US regulators?
-Probably not. We are too ignorant and arrogant to understand why regulation is a good thing.
  • #27,962
  • Jan 9, 2024 6:02pm Jan 9, 2024 6:02pm
Quoting AaronPriest
At the same time, we are looking for ways to make FTMO available again to all those interested in trading in the USA.
-Futures? Traditional prop?
  • #27,963
  • Jan 9, 2024 6:42pm Jan 9, 2024 6:42pm
Quoting Nsak3y
{quote}-Futures? Traditional prop?
Could be why they bought out a traditional prop firm. No idea...
  • #27,964
  • Jan 9, 2024 6:58pm Jan 9, 2024 6:58pm
Murtuza Kazmi the MFF CEO submitted his affidavit as part of the on-going CFTC / OSC investigations on the 8th of January.

As part of his 'defence' he specifically names several props firms and provides examples of them doing the same. It literally has a screenshot of FTMO in his affidavit as can be seen in the attachment as an example of another company doing the same.

The CFTC will see that.

FTMO are the most similar to MFF insofar as they operate their own MetaQuote licences rather than outsourcing the 'brokerage' aspect to an actual regulated broker, so I would speculate FTMO are concerned they'd also be seen as an unauthorised RFED (Retail Foreign Exchange Dealer). This as opposed to worrying about the fraud / misrepresentation aspect.
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  • #27,965
  • Jan 9, 2024 7:46pm Jan 9, 2024 7:46pm
Damn MFF... you should have put Angelo/TFT alone not FTMO.
  • #27,966
  • Jan 9, 2024 7:46pm Jan 9, 2024 7:46pm
Quoting AaronPriest
FTMO just banned US citizens: USA update – January 2024: Since the establishment of our company, our goal has been to provide top-quality services for our clients. Unfortunately, at present, we are not able to do that in the United States due to specific conditions in the market segment there. Therefore, we have decided to suspend the purchase of the FTMO Challenge for our new and existing US clients (nationals), just as we put a hold on onboarding new US clients. At the same time, we are looking for ways to make FTMO available again to all those...
So, what is a good forex prop firm left for USA traders. Are there any now?
  • #27,967
  • Jan 9, 2024 8:10pm Jan 9, 2024 8:10pm
Quoting acetrader
{quote} So, what is a good forex prop firm left for USA traders. Are there any now?
I'd probably just stick outside the US. Logically if the CFTC starts targeting firms you'd think it would be those ones, although I am pretty certain they want to see what happens with the MFF case first to set precedence prior to taking action against anyone else.

The 5%ers are probably positioned as one of the best. They're primarily in Israel which is a country that has a high risk appetite for gaming / Forex and has lots of it going on.

I'm not a legal expert (I'm in institutional finance with some retail overlap), but I was involved in a project to assess the prop space from a tech perspective and part of that work involved taking advice around the legal aspects of it.

From what I can see, there's nothing fundamentally wrong with offering Forex prop in the US. We'll see how the MFF case plays out, but the CFTC case doesn't look quite as good as it did in the start.

I was in London a few weeks ago at a finance event. FTMO had part sponsored it and the CEO / CTO gave a presentation. They seemed nice guys, but they didn't give the impression of people who have a strong appetite for risk or would stand up to a regulator. I could be wrong. I mean they may just be understated, stoic Eastern Europeans made of granite, but I didn't get that impression.
  • #27,968
  • Jan 9, 2024 8:12pm Jan 9, 2024 8:12pm
Seems like it is not from regulators. Wonder what the US market did to them tho. Maybe the same reason they banned a couple of US states in the previous years?
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  • #27,969
  • Jan 9, 2024 8:43pm Jan 9, 2024 8:43pm
Quoting acetrader
{quote} So, what is a good forex prop firm left for USA traders. Are there any now?
The5ers. City Traders Imperium would be the 3rd oldest, but The5ers High Stakes program is better.
  • #27,970
  • Jan 9, 2024 8:43pm Jan 9, 2024 8:43pm
Anyone know who the liquidity provider is for The 5ers?
  • #27,971
  • Jan 9, 2024 8:45pm Jan 9, 2024 8:45pm
Quoting longcanlun12
Seems like it is not from regulators. Wonder what the US market did to them tho. Maybe the same reason they banned a couple of US states in the previous years? {image}
Don’t be naive. The only reason “not” to participate in US markets is solely due to regulatory agencies threatening action of some sorts.
Trade with confidence, trade without fear.
  • #27,972
  • Jan 9, 2024 8:45pm Jan 9, 2024 8:45pm
Quoting AaronPriest
{quote} The5ers. City Traders Imperium would be the 3rd oldest, but The5ers High Stakes program is better.
Hi Aaro,

Thank you for your reply. Looks like the 5ers might still be a good option. Do you know who provides their liquidity?
  • #27,973
  • Jan 9, 2024 9:10pm Jan 9, 2024 9:10pm
Quoting acetrader
{quote} Hi Aaro, Thank you for your reply. Looks like the 5ers might still be a good option. Do you know who provides their liquidity?
They use obvious ones Saxo, IB, Prime and likely a couple more.

What I'd ask is so what? There's an odd focus on this post MFF as if anyone buying prop accounts knows anything about LPs / rotation / aggregation etc etc.

It's one component. Why not ask about the bridge provider and what is happening there? Or whether MetaManger is clean or not (where plugins to alter conditions can be installed) Or what the mark-up is from the underlying?

I wouldn't worry about it or use it in your decision-making. Do they pay out? Are their reviews a shit-show like TFT? Are the practical type of questions.
  • #27,974
  • Jan 9, 2024 9:15pm Jan 9, 2024 9:15pm
Quoting acetrader
{quote} So, what is a good forex prop firm left for USA traders. Are there any now?
The ONLY strategy now, as a US trader, unless you are already funded with FTMO, which, TBH, I truly do not think will last is do 100K with multiple firms, keep them as long as they last and/or pay and simply rotate and replace as needed. New ones will continue to pop up. I would not do anything more than 100K with any firm.
It truly is ashame what the over reaching regulations of the US have done to the US forex market.....beginning with the brokers back in 2010 and the shit just continues as we enter 2024.
The most optimistic view I can offer is MFF wins which I believe would prompt FTMO to accept new US clients again. The irony of it all, is these 2 are truly the best, or as some same the least worst of the bunch.....yet Angelo continues on, the Surge trader guy who scammed his church with an ACTUAL Ponzi continues, Bespoke continues.....but we cannot use the 2 that were actually providing a great service and most importantly, paying without issue.
  • #27,975
  • Jan 9, 2024 9:18pm Jan 9, 2024 9:18pm
Quoting PropDude1234
{quote}I'd probably just stick outside the US. Logically if the CFTC starts targeting firms you'd think it would be those ones, although I am pretty certain they want to see what happens with the MFF case first to set precedence prior to taking action against anyone else. The 5%ers are probably positioned as one of the best. They're primarily in Israel which is a country that has a high risk appetite for gaming / Forex and has lots of it going on. I'm not a legal expert (I'm in institutional finance with some retail overlap), but I was involved...
Hi PropDude1234,

Thank you for your responses. You raise some good points. There are many questions that truly need to be ask. The 5ers stands out as a viable chose for the moment.
  • #27,976
  • Jan 9, 2024 9:24pm Jan 9, 2024 9:24pm
Quoting pipmaster77
{quote} The ONLY strategy now, as a US trader, unless you are already funded with FTMO, which, TBH, I truly do not think will last is do 100K with multiple firms, keep them as long as they last and/or pay and simply rotate and replace as needed. New ones will continue to pop up. I would not do anything more than 100K with any firm. It truly is ashame what the over reaching regulations of the US have done to the US forex market.....beginning with the brokers back in 2010 and the shit just continues as we enter 2024. The most optimistic view I can...

Hi pipmaster,

Thank you for your response. We USA traders are truly screwed as far as trading forex goes. The good ole days of forex trading have been removed by the so called regulators. The only one being regulated are the traders.

What is your views on the 5ers for now?
  • #27,977
  • Jan 9, 2024 9:24pm Jan 9, 2024 9:24pm
Quoting pipmaster77
{quote} The ONLY strategy now, as a US trader, unless you are already funded with FTMO, which, TBH, I truly do not think will last is do 100K with multiple firms, keep them as long as they last and/or pay and simply rotate and replace as needed. New ones will continue to pop up. I would not do anything more than 100K with any firm. It truly is ashame what the over reaching regulations of the US have done to the US forex market.....beginning with the brokers back in 2010 and the shit just continues as we enter 2024. The most optimistic view I can...
MFF were paying out, but they were also lying and manipulating conditions (albeit the CFTC didn't quite represent it wholly accurately) whilst the CEO was buying multi-million USD mansions, Ferraris, Lamborghinis, Bugatis etc. They were, rather bizarrely, making the conditions worse for the rare people they did STP / put in the live market. Why would they make it harder for people trading actual money? Bizarre.

FTMO seem like straight shooters, though. Although you never know without regulatory oversight.
  • #27,978
  • Jan 9, 2024 9:28pm Jan 9, 2024 9:28pm
Quoting acetrader
{quote} Hi pipmaster, Thank you for your response. We USA traders are truly screwed as far as trading forex goes. The good ole days of forex trading have been removed by the so called regulators. The only one being regulated are the traders. What is your views on the 5ers for now?
Just got my live account on the high stakes this past Friday. The high stakes is the only model of theirs I can recommend.
  • #27,979
  • Jan 9, 2024 9:43pm Jan 9, 2024 9:43pm
Quoting acetrader
{quote} Hi Aaro, Thank you for your reply. Looks like the 5ers might still be a good option. Do you know who provides their liquidity?
They have multiple liquidity providers, and that's a closely guarded secret with each prop firm (ones that don't use a white label reseller/broker like Eightcap anyway), but they have said that Interactive Brokers is one of them. I don't think anyone knows the rest.
  • #27,980
  • Jan 9, 2024 10:37pm Jan 9, 2024 10:37pm
Quoting longcanlun12
Seems like it is not from regulators. Wonder what the US market did to them tho. Maybe the same reason they banned a couple of US states in the previous years? {image}
The US is 1/3 the market! All the props and their lawyers are very likely following this case. Seems like a panic move
by FTMO to being named by MFF as an equal offender.
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