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  • #29,841
  • Feb 9, 2024 8:06am Feb 9, 2024 8:06am
Quoting Nsak3y
{quote}-Most of us don't, not even Americans. Probably, the government is very comfortable with that. {quote}-I can understand the FCC's involvement when dealing with the app store, but I cannot understand how or why the FCC could tell a foreign business entity to drop US citizens. That just seems bizarre to me. I am no expert, admittedly. Maybe we are missing context. Perhaps this is strictly a demand in order to keep Meta on the app store. But it circles back to why. Regulation or sanctions? Or what?
Circling back to this... I suspect the original author misheard and meant the FTC (Federal Trade Commission), not the FCC. Just a hunch...

[We have WAY too many federal alphabet agencies...]
  • #29,842
  • Feb 9, 2024 8:10am Feb 9, 2024 8:10am
Quoting KarlKraus
{quote} I certainly know (without reference to FP or to funding companies at all) that there are currently multiple adverse reports/complaints to regulators against Black Bull Markets, at least some of which will be properly investigated. (It's definitely not a "broker" I would touch, myself. but some of the complaints are also from people naive enough not to understand that the fact that they have up to 500/1 leverage proves that their accounts are not regulated in New Zealand, as they rather rashly believed!!).
Properly managed 500:1 simply reduces the unprotected margin you must deposit at a broker.
Example, I wish to trade 1 lot of GBPUSD with a 30 pip stop.......I am risking $300
In US, I must put up $5,000(unprotected) in margin to execute this trade
OR
I can place $100 each at 5 500:1 brokers and execute .2 lot at each
Now you tell me, which is better risk mitigation?
You pro-regulation folks need to stop with the blanket assumption that nobody knows how to manage leverage and risk and we must all be "protected" from it......it's complete bullshit!
  • #29,843
  • Feb 9, 2024 8:12am Feb 9, 2024 8:12am
Quoting pipmaster77
{quote} Properly managed 500:1 simply reduces the unprotected margin you must deposit at a broker. Example, I wish to trade 1 lot of GBPUSD with a 30 pip stop.......I am risking $300 In US, I must put up $5,000(unprotected) in margin to execute this trade OR I can place $100 each at 5 500:1 brokers and execute .2 lot at each Now you tell me, which is better risk mitigation? You pro-regulation folks need to stop with the blanket assumption that nobody knows how to manage leverage and risk and we must all be "protected" from it......it's complete...
the guys i know who reported did so because they were scammed. Not because they are pro regulation.
  • #29,844
  • Feb 9, 2024 8:17am Feb 9, 2024 8:17am
Quoting AaronPriest
{quote} Circling back to this... I suspect the original author misheard and meant the FTC (Federal Trade Commission), not the FCC. Just a hunch... [We have WAY too many federal alphabet agencies...]
Understatement of the year.
  • #29,845
  • Feb 9, 2024 8:17am Feb 9, 2024 8:17am
Quoting pipmaster77
{quote} Properly managed 500:1 simply reduces the unprotected margin you must deposit at a broker. Example, I wish to trade 1 lot of GBPUSD with a 30 pip stop.......I am risking $300 In US, I must put up $5,000(unprotected) in margin to execute this trade OR I can place $100 each at 5 500:1 brokers and execute .2 lot at each Now you tell me, which is better risk mitigation? You pro-regulation folks need to stop with the blanket assumption that nobody knows how to manage leverage and risk and we must all be "protected" from it......it's complete...
I'm doing the same thing with 2 accounts 1000:1 with no problems. I'm having better success with those accounts than with my prop firm accounts at 100:1
  • #29,846
  • Feb 9, 2024 8:20am Feb 9, 2024 8:20am
Quoting Takisd
{quote} the guys i know who reported did so because they were scammed. Not because they are pro regulation.
Yes, I'm just stating that there are people who believe just because a broker offers 500:1 and is not regulated by the CFTC, we need to be "protected" from it.
There are trustworthy unregulated brokers and there are scam "regulated" brokers.
I operate under the assumption I can lose my money with ANY broker at ANY time, so I keep my money and the broker gets only what I am currently risking.......I REFUSE to put up $5,000 when I am risking $300 (above example).
  • #29,847
  • Feb 9, 2024 8:24am Feb 9, 2024 8:24am
Quoting woody70
{quote} I'm doing the same thing with 2 accounts 1000:1 with no problems. I'm having better success with those accounts than with my prop firm accounts at 100:1
Technically, a prop with 100:1 is truly 1000:1 on you MAX LOSS anyway. People used to question why I would use .5:1 or 1:1 with the prop and some still don't get that I'm actually using 5:1 or 10:1.
  • #29,848
  • Feb 9, 2024 8:27am Feb 9, 2024 8:27am
Quoting pipmaster77
{quote} Yes, I'm just stating that there are people who believe just because a broker offers 500:1 and is not regulated by the CFTC, we need to be "protected" from it. There are trustworthy unregulated brokers and there are scam "regulated" brokers. I operate under the assumption I can lose my money with ANY broker at ANY time, so I keep my money and the broker gets only what I am currently risking.......I REFUSE to put up $5,000 when I am risking $300 (above example).
Any one over 18 should be able to make their own financial decisions regarding leverage and what not. Usually consumers are pretty good at calling out scams.
  • #29,849
  • Feb 9, 2024 8:28am Feb 9, 2024 8:28am
Quoting pipmaster77
{quote} The being able to trade immediately is now my #1 criteria. Two reasons......one is the lost profit potential and two is the simple fact any firm delaying the reset DOES NOT HAVE YOUR BEST INTERSET. There is absolutely no reason for account not to be reset immediately, it is not a technology issue nor is it a risk review issue....they can still review your last profit period while allowing you to continue to trade.
I feel exactly the same way about props that dont immediately give you MT4/MT5 details once paid....there is literally no non-nefarious reason for it....
  • #29,850
  • Feb 9, 2024 8:39am Feb 9, 2024 8:39am
Quoting Takisd
{quote} Any one over 18 should be able to make their own financial decisions regarding leverage and what not. Usually consumers are pretty good at calling out scams.
Exactly. Just like in this thread, we've been policing these firms ourselves. We all have a certain criteria we were looking for and if they didn't meet it, we don't use them. We call out he scams, even the folks coming in with affiliate links and passing services we removed almost instantly. Pretty simple. Unfortunately, not everyone will listen to those of us that know what we are doing.
The government pretends to view us all as 5 year olds who don't know any better and must be protected from these big, bad brokers and prop firms. However, when it comes to sports betting, casinos, lotteries, we are treated as adults.
Either very strange hypocrisy or it's simply a matter, as those of us intelligent enough realize, the regulations just steer us to the "games" they want us to play.
As a very obvious example, if leverage is so bad, why can I, under CFTC regulations, get 250-300:1 on futures?
How folks are still in denial and think the government is their friend truly blows my mind.
  • #29,851
  • Feb 9, 2024 8:54am Feb 9, 2024 8:54am
Quoting Capablanca
{quote} Confirmation (not officially but we can read between lines). {image}
Well, it's official now. Just in from E8. I'm ready for DxTrades baby. Well, until they get shut down.

Hello Traders!

We've got some important news to share - Purple Trading SC will no longer be able providing MT4 and MT5 accounts. But here's the good part: we're fully prepared and have a solution in place, so there's no need to worry about any negative impact on your trading with us! We're shifting all our Purple Trading SC MT4 and MT5 accounts over to an MT5 platform with a brand-new provider. It's the same great trading, just on a new, improved platform where we've already seen some fantastic results. Zero commissions and even better trading conditions. The feedback's been off the charts!

We're Moving to MT5 Accounts

To ensure we continue providing a high-quality trading platform, we are transitioning exclusively to MT5 accounts with a new provider. This strategic move is all about maintaining our standards of reliability and performance, ensuring you have the best tools at your disposal.

New Platforms incoming on top of MT5.

We're currently expanding our offerings to include a variety of top-notch trading platforms like CTrader, Matchtrader, and DXTrade, alongside MT5, to provide you with the best tools for your trading strategies. While we're eager to broaden our platform range, we'll be sticking with MT5 through a new provider for the time being. This move is all about making sure you have everything you need to trade effectively and efficiently during this temporary period.

Action Required: Please Close Your Open Positions

To make this transition as smooth as possible, we need you to close any open positions on your current E8 Funding Demo MT4 and Purple Trading SC MT4 and MT5 accounts. If these positions are not manually closed by you, they will be automatically closed 3 hours before the markets closure on the weekend. While we understand this might be inconvenient, it's a necessary step for a seamless migration to our new provider.

What’s Next?

We'll soon provide more information on the transition to MT5 accounts with our new provider. Our team is here to assist you every step of the way, ensuring you experience no disruption to your trading activities with E8. We deeply appreciate your understanding, cooperation, and continued trust in us during these industry changes. We're here to support you in every way possible.

Best Regards,
The E8 Team
Pride always comes before destruction.... -Proverbs 16:18
  • #29,852
  • Feb 9, 2024 8:54am Feb 9, 2024 8:54am
From E8 Firm today :

Hello Traders!

We've got some important news to share - Purple Trading SC will no longer be able providing MT4 and MT5 accounts. But here's the good part: we're fully prepared and have a solution in place, so there's no need to worry about any negative impact on your trading with us! We're shifting all our Purple Trading SC MT4 and MT5 accounts over to an MT5 platform with a brand-new provider. It's the same great trading, just on a new, improved platform where we've already seen some fantastic results. Zero commissions and even better trading conditions. The feedback's been off the charts!

We're Moving to MT5 Accounts

To ensure we continue providing a high-quality trading platform, we are transitioning exclusively to MT5 accounts with a new provider. This strategic move is all about maintaining our standards of reliability and performance, ensuring you have the best tools at your disposal.

New Platforms incoming on top of MT5.

We're currently expanding our offerings to include a variety of top-notch trading platforms like CTrader, Matchtrader, and DXTrade, alongside MT5, to provide you with the best tools for your trading strategies. While we're eager to broaden our platform range, we'll be sticking with MT5 through a new provider for the time being. This move is all about making sure you have everything you need to trade effectively and efficiently during this temporary period.

Action Required: Please Close Your Open Positions

To make this transition as smooth as possible, we need you to close any open positions on your current E8 Funding Demo MT4 and Purple Trading SC MT4 and MT5 accounts. If these positions are not manually closed by you, they will be automatically closed 3 hours before the markets closure on the weekend. While we understand this might be inconvenient, it's a necessary step for a seamless migration to our new provider.

What’s Next?

We'll soon provide more information on the transition to MT5 accounts with our new provider. Our team is here to assist you every step of the way, ensuring you experience no disruption to your trading activities with E8. We deeply appreciate your understanding, cooperation, and continued trust in us during these industry changes. We're here to support you in every way possible.

Best Regards,
The E8 Team
Intraday only.
  • #29,853
  • Feb 9, 2024 8:56am Feb 9, 2024 8:56am
Quoting stirmatt
{quote} Hi Montygoldy, Is there any communication from ACG concerning the delay or is it normal with them? I am in phase 2 of their challenge and need to know if it worth wasting time on. Thank you.
i asked they said after 5 days so wait till monday…
Extreme gut feeling trader
  • #29,854
  • Feb 9, 2024 9:14am Feb 9, 2024 9:14am
Quoting Expo33
{quote} Well, it's official now. Just in from E8. I'm ready for DxTrades baby. Well, until they get shut down. Hello Traders! We've got some important news to share - Purple Trading SC will no longer be able providing MT4 and MT5 accounts. But here's the good part: we're fully prepared and have a solution in place, so there's no need to worry about any negative impact on your trading with us! We're shifting all our Purple Trading SC MT4 and MT5 accounts over to an MT5 platform with a brand-new provider. It's the same great trading, just on a new,...
And Maven, yesterday, still in denial
Attached Image (click to enlarge)
Click to Enlarge Name: Meven.PNG Size: 8 KB
  • #29,855
  • Feb 9, 2024 9:20am Feb 9, 2024 9:20am
Quoting Capablanca
{quote} And Maven, yesterday, still in denial {image}
Don't worry he's "in talks with the higher-ups"

I'm assuming that would be other kids spending their days on Chaturbate? Come on man (Joe Biden accent included)
Pride always comes before destruction.... -Proverbs 16:18
  • #29,856
  • Feb 9, 2024 9:31am Feb 9, 2024 9:31am
Quoting Expo33
{quote} Don't worry he's "in talks with the higher-ups" I'm assuming that would be other kids spending their days on Chaturbate? Come on man (Joe Biden accent included)
So comical. The irony truly is all of those that joined these firms run by 20 year olds on Instagram. Common sense should tell you you want a CEO with some experience, a firm with it's own license, own tech, etc.
Nah, give me the white label operated by the 20 year old..........what could go wrong?
  • #29,857
  • Edited 10:15am Feb 9, 2024 9:40am | Edited 10:15am
Some good updates from Funded engineer overall but not a good news for US residents :


Firstly, I am pleased to inform you that everything is proceeding as planned, and we are on track to commence full services by next week.

I want to express my sincere gratitude to each one of our team for the hard work and dedication during this busy period.

I also want to thank everyone that have been supportive with us. Your patience and supportive words have not gone unnoticed.

I've been truly encouraged by the overwhelming amount of positive feedback we've received in our communications thus far.

Your input is invaluable, and we are committed to maintaining open and transparent communication channels going forward. Therefore, we will continue to provide daily announcements to keep everyone informed of our progress.

We have received a lot of questions so we wanted to personally answer all of them to keep you updated.

Question: Balance and Compensations

Regarding the matter of balances and compensations, please rest assured that we are actively working on finding the best solutions.

Our development team is working tirelessly, around the clock, to address the complexities involved in migrating over 40,000 accounts with balances, emails, and names.

While this is indeed a significant undertaking with many moving parts, we are dedicated to ensuring that everything is handled efficiently and accurately.

Question: Floating Profits

As for concerns regarding floating profits and losses, we understand the importance of resolving these issues promptly.

We are currently strategizing on the logistics involved and will provide updates over the weekend.

Question: Allegations Made

Regarding accusations, I want to assure you that we are treating this matter with the utmost seriousness. While it has become a legal case, we are unable to disclose further details publicly at this time.

Updates regarding various matters will be forthcoming, but I kindly ask for your continued patience as we navigate through our current workload.

Question: Purple Trading

Regarding Purple Trading, please note that they will be suspending MT4 and MT5 services for all props as of February 12th. This affects not only us, but the entire prop firm community.

However, we have already obtained a forex license as well as a MetaQuotes license, which will allow us to continue offering MT5 services to all clients except USA citizens and residents.

Rest assured, we are actively working on a solution for our USA-based clients as well.

Question: USA Citizens

In regard to USA citizens, it's important to be transparent. MT5 services for USA citizens and residents will soon be discontinued, not only for us but for the entire prop industry within the next 2 to 8 weeks.

Question: Different Brokers Options

Regarding our broker options, please remember that we have other options readily available. While we currently operate with one broker to reduce costs, we can easily reintegrate additional brokers such as Think Markets and Blueberry as needed.

Our ability to offer multiple options is contingent upon cost considerations, but please know that we prioritize cost-efficiency to provide the best possible service to our clients.

Thank you once again for your patience and our team for their hard work. Your understanding and support are greatly appreciated.

I look forward to sharing more updates with you soon.

Talk soon,
Trader T & Trader H
 
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Intraday only.
  • #29,858
  • Feb 9, 2024 10:26am Feb 9, 2024 10:26am
Quoting Expo33
{quote} Don't worry he's "in talks with the higher-ups" I'm assuming that would be other kids spending their days on Chaturbate? Come on man (Joe Biden accent included)
  • #29,859
  • Edited 10:46am Feb 9, 2024 10:30am | Edited 10:46am
Quoting Takisd
Blueberry are no longer accepting US residents. Purple no longer accepting US residents, maybe today Think will no longer accept and come to the realization they were idiots to say they werent a part of it. Khaled still opening his big mouth but he who yells the loudest likely will suffer the greatest force.
The US funding companies are pretty much done if they're forced by the brokers to ban US residents regardless of meta/ctrader/dxtrade being offered. They make the investments to act as their own broker with their own servers like ftmo/tff/mff and here comes the CFTC.
  • #29,860
  • Feb 9, 2024 10:41am Feb 9, 2024 10:41am
If I am an american (other than my degenerate friend Expo) I would suggest not buying a prop account until things are a bit more clear.
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