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  • #28,701
  • Jan 26, 2024 8:22am Jan 26, 2024 8:22am
Quoting pipmaster77
so it's debate day.
-Fun Fridays are the best for arguments and trolling; no need to take anything too seriously.
  • #28,702
  • Edited 9:35am Jan 26, 2024 8:29am | Edited 9:35am
Is it possible for the FX props to simply jump over to the futures prop market with a 2 step challenge + static drawdown + monthy sub fee?

If the US preferred markets are being promoted by props and US brokers are getting paid on the backend by props, I wonder if that would remove the threat of the CFTC.
  • #28,703
  • Jan 26, 2024 8:30am Jan 26, 2024 8:30am
Quoting CableJ
{quote} Props relocating to offshore broker locations + crypto only payment solutions are possibilities. However, would regulated brokers Purple, Thinkmarkets, Blueberry & 8cap still be interested in their business? Metaquotes would still be a big problem.. are you a prop running offshore openly accepting US citizens with your face & ID on record with Metaquotes to get a license? Good luck with that.
From what I gather from metaquotes the brokers have other problems beyond the crypto stuff. For starters, they are not allowing props to get a metaquotes license anymore. The ones getting them now have brokerage licenses elsewhere (offshore). I suspect something will come with the brokers but what do I know, I'm just a random poster on an internet forum. The argument against props using a 3rd party broker is much easier for US regulators in my opinion, as those brokers shouldnt be accepting any US resident full stop as the service they provide is that which requires a license. Its more grey with your own servers at least in my eyes.
  • #28,704
  • Jan 26, 2024 8:40am Jan 26, 2024 8:40am
Sports betting is legal in my state now (as it is in most states), at least there people have an edge.....so I can understand why there is no protection against blowing your life savings on the Hard Rock or ESPN app........
Oh wait, the government has their hands in that cookie jar......oh I get it now, can't believe I've had my head buried so far in the sand. The lightbulb just went off.
  • #28,705
  • Jan 26, 2024 8:42am Jan 26, 2024 8:42am
Quoting Rado-FX
{quote} Update on my post: Their reply to Trustpilot reply is probably just a crafter template response they use so it would look like they care. They were asking me to reply in Trustpilot (with further replies disabled though, so that's not possible. I emailed them with the link reference and my account logins, but no response. To be honest I did not expect another answer. On the original email thread in which they terminated my accounts, they sent one more email with a vague answer. Over the days, I sent 3 more replies to them wanting an explanation...

I have just scrolled through trustpilot up to three days, there are a lot of complaints about not paying or closing accounts when reaching funded status.
  • #28,706
  • Jan 26, 2024 8:42am Jan 26, 2024 8:42am
Quoting Takisd
{quote} From what I gather from metaquotes the brokers have other problems beyond the crypto stuff. For starters, they are not allowing props to get a metaquotes license anymore. The ones getting them now have brokerage licenses elsewhere (offshore). I suspect something will come with the brokers but what do I know, I'm just a random poster on an internet forum. The argument against props using a 3rd party broker is much easier for US regulators in my opinion, as those brokers shouldnt be accepting any US resident full stop as the service they provide...
If an existing prop that already has a license moved their operation to St Vincent would they have to re apply for a new meta license?
  • #28,707
  • Jan 26, 2024 8:49am Jan 26, 2024 8:49am
Quoting CableJ
Is it possible for the FX props to simply jump over to the futures prop market with a 2 step challenge + static drawdown + monthy sub fee? If the US preferred markets are being promoted and US brokers are getting paid on the backend by props I wonder it that would remove the threat of the CFTC.
I dont think Futures would handle the volumes of OTC props. A lot of alpha would get destroyed in one place and made in another. If the market became too efficient, it wouldnt move if it became an environment where predatory trading to eat the retailers occurred it will become spikey. In futures orders aren't hidden, so you can easily see whats coming if you are fast enough.

Speed advantage is heavily in the favor of institutions on centralized markets due to infra costs.
  • #28,708
  • Jan 26, 2024 8:52am Jan 26, 2024 8:52am
Quoting CableJ
{quote} If an existing prop that already has a license moved their operation to St Vincent would they have to re apply for a new meta license?
I dont know, never done that before.
  • #28,709
  • Jan 26, 2024 8:55am Jan 26, 2024 8:55am
What I do not fully understand in all of this is why they target US so heavily the regulators when it comes to CFD and Forex compared to other countries. Is it because they can already influence govts like in Germany to do as they want or need. But that in USA its not the same due to the freedom acts thus why they must chip off piece by piece and make sure its perfect before they continue to chip it off the trading sector for retail traders I guess mainly.
It does look like we are heading into some crypto only trading world in coming years. At least for those of us who are "normal" people. But I hope im not correct of course, I dislike trading in the new instruments cannot see it being good either until its heavily stabilized.
  • #28,710
  • Jan 26, 2024 8:57am Jan 26, 2024 8:57am
Quoting CableJ
However, would regulated brokers Purple, Thinkmarkets, Blueberry & 8cap still be interested in their business? Metaquotes would still be a big problem.. are you a prop running offshore openly accepting US citizens with your face & ID on record with Metaquotes to get a license? Good luck with that.
-It's an interesting point. You would likely either need a broker that you can piggyback off of, or a trading platform that doesn't enforce stringent licensing requirements. Some platforms are total garbage, but some might be good enough to make the concession.
  • #28,711
  • Jan 26, 2024 8:59am Jan 26, 2024 8:59am
Quoting Takisd
{quote} I dont think Futures would handle the volumes of OTC props. A lot of alpha would get destroyed in one place and made in another. If the market became too efficient, it wouldnt move if it became an environment where predatory trading to eat the retailers occurred it will become spikey. In futures orders aren't hidden, so you can easily see whats coming if you are fast enough. Speed advantage is heavily in the favor of institutions on centralized markets due to infra costs.
It's virtual/simulated just like the FX side until some Futures props push traders to a live regulated account with monthly pro exchange fees. With Apex there is a contract size limit of 10 minis on 50K accounts but you can have 20 accounts. There is no way in hell a trader could fill 10 contracts each x 20 accounts of Dow mini without MASSIVE slippage but it's no problem with Apex since it's simulated.
  • #28,712
  • Jan 26, 2024 9:01am Jan 26, 2024 9:01am
Quoting Eren10
{quote} Basically sport betting is also ponzi. You are allowed to loose big. But when you win they will limit your bets
Well, isn't that odd. Why is the government not protecting me from myself?
  • #28,713
  • Jan 26, 2024 9:03am Jan 26, 2024 9:03am
Quoting labu
What I do not fully understand in all of this is why they target US so heavily the regulators when it comes to CFD and Forex compared to other countries. Is it because they can already influence govts like in Germany to do as they want or need. But that in USA its not the same due to the freedom acts thus why they must chip off piece by piece and make sure its perfect before they continue to chip it off the trading sector for retail traders I guess mainly. It does look like we are heading into some crypto only trading world in coming years. At least...
Futures, futures, futures.......they want us to trade what they want us to trade. Forex and CFDs takes away from it.
  • #28,714
  • Jan 26, 2024 9:04am Jan 26, 2024 9:04am
Quoting CableJ
{quote} It's virtual/simulated just like the FX side until some Futures props push traders to a live regulated account with monthly pro exchange fees. With Apex there is a contract size limit of 10 minis on 50K accounts but you can have 20 accounts. There is no way in hell a trader could fill 10 contracts each x 20 accounts of Dow mini without MASSIVE slippage but it's no problem with Apex since it's simulated.
then its not flicking the switch from OTC to futures. I thought the suggestion was a 1:1 switch otc to futures.
  • #28,715
  • Jan 26, 2024 9:05am Jan 26, 2024 9:05am
Quoting labu
What I do not fully understand in all of this is why they target US so heavily the regulators when it comes to CFD and Forex compared to other countries. Is it because they can already influence govts like in Germany to do as they want or need. But that in USA its not the same due to the freedom acts thus why they must chip off piece by piece and make sure its perfect before they continue to chip it off the trading sector for retail traders I guess mainly. It does look like we are heading into some crypto only trading world in coming years. At...

Keep in mind... For CBDC's to thrive the competition must be eliminated.
  • #28,716
  • Jan 26, 2024 9:09am Jan 26, 2024 9:09am
Quoting CableJ
{quote} Keep in mind... For CBDC's to thrive the competition must be eliminated.
and that's exactly what they are working towards now.
  • #28,717
  • Jan 26, 2024 9:11am Jan 26, 2024 9:11am
anyone have more information regarding the MT5 situation with TrueForexFunds? currently waiting on an overdue payout that would also qualify me for account scaling
  • #28,718
  • Jan 26, 2024 9:12am Jan 26, 2024 9:12am
Quoting CableJ
If an existing prop that already has a license moved their operation to St Vincent would they have to re apply for a new meta license?
-I suspect that Meta is enforcing new licensing requirements on all new and existing clients. This is why we have seen so many brokers lose their licenses recently, because they are unable to satisfy all of the requirements (presumably, the corporate account/banking verification requirements, specifically).

If the rumors that Meta is tightening up their requirements as a direct result of US regulatory involvement (as a mitigation effort), then it might be reasonable to assume that relocating to a more jurisdictional-friendly location might be a futile endeavor.
  • #28,719
  • Jan 26, 2024 9:20am Jan 26, 2024 9:20am
Quoting Nsak3y
{quote}-I suspect that Meta is enforcing new licensing requirements on all new and existing clients. This is why we have seen so many brokers lose their licenses recently, because they are unable to satisfy all of the requirements (presumably, the corporate account/banking verification requirements, specifically). If the rumors that Meta is tightening up their requirements as a direct result of US regulatory involvement (as a mitigation effort), then it might be reasonable to assume that relocating to a more jurisdictional-friendly location might...
Yes, we will be left with shady firms on shady platforms with shady payment options.....man, do I feel protected now.
I guess the other option is just not trade. Just work a 9 to 5, devoid of all opportunites and freedoms.....oh wait, another lightbulb just went off.
  • #28,720
  • Jan 26, 2024 9:27am Jan 26, 2024 9:27am
Quoting pipmaster77
man, do I feel protected now.
-Yep. Protected from freedom. It's a scary thing for government. Better to enslave, control and profit etc..
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