Disliked{quote} tick scalping is prohibited with funded engineer but they dont have exact definiton of it isIgnored
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prop firm new model - my trading journey 871 replies
Anyone trading with a Prop firm 2 replies
So I accepted a Prop Trading job in South Beach Miami 43 replies
Disliked{quote} tick scalping is prohibited with funded engineer but they dont have exact definiton of it isIgnored
Disliked{quote} Oh no. You are mixing things. If you give money then trader needs to be licensed or you. Point.Ignored
Disliked{quote} Are you familiar with Darwinex? At Darwinex you can invest in other traders without licences and Darwinex is regulated by the Financial Conduct Authority in the UK. Everyone can be a trader and/or investor at Darwinex without licences.Ignored
Disliked{quote} I actually screenshoted the response from the live chat staff a few days ago 'cause I can never trust prop firms 100% haha Especially when fxify doesn't list out their scale up plan on their website black and white. Anyway here's the screenshot. I am really tempted to add fxify on my list since a few people here showed they got an actual payout from them and short waiting time. But with their too-good-to-be-true scale up plan, I wonder if they can still make a profit while delivering big payouts on time, especially after the MFF thing...some...Ignored
Disliked{quote} true, so if there aren t any real investors, cos i recall the CEO saying he put up his own money to start the bussiness, traders aren t investors either, how can they build their case other then marked up spreads? which would be settle with a fine i think?Ignored
Disliked{quote} I have had it already since this is not my first funded with them. Still waiting regardlessIgnored
Disliked1) Investor is the trader as challenge fee taker. There are no outside investors except those traders who buy a challenge from prop. That is all the money involved here. 2) With all the pooled money from Investors or Traders here the prop firm is paying out from them and also to a VERY small part also STP so A-booking so they their investors money to play this STP thing. So usually you would need a kind of license if there is real money from the Investors/Traders involved. It could be gambling license or similar. I am not sure if the CFTC as financial...Ignored
Disliked{quote} Even for the second account they need to send Deel contract. The second one took me about 3 business days to receive contract in Deel and another 2 to receive credentials by email. And that's because I contacted them asking what was going on. They don't seem very fast now sending contracts and funding credentials. Maybe too much growth in the last months.... On the payout, on the other hand, they were very fast. I already said that I had the fastest payout ever (1 hour and 11 or 13 minutes, can't remember) and on Friday I got it in 5h30m,...Ignored
Disliked{quote} Even for the second account they need to send Deel contract. The second one took me about 3 business days to receive contract in Deel and another 2 to receive credentials by email. And that's because I contacted them asking what was going on. They don't seem very fast now sending contracts and funding credentials. Maybe too much growth in the last months.... On the payout, on the other hand, they were very fast. I already said that I had the fastest payout ever (1 hour and 11 or 13 minutes, can't remember) and on Friday I got it in 5h30m,...Ignored
Disliked{quote} But it was disclosed before they purchased a program that they are purchasing a program and not investing. Sooooooooo your entire premise is wrong. They did not act as a custodian, nor did the users money get held. Once you paid that money, it became the companies, permanently. They then took their revenue and used it to pay contractors. If the money "belonged" to the trader, then maybe you could make the case you are making, but never did a cent belong to anyone other than the prop firm even if profits were accrued. You also highlight the...Ignored
DislikedI do not think so. MFF T&C does not count here. Traders paid for a program, in reality they were like Investors who tried to make a profit with a payout after the evaluation. It looks like they are investors because it could be also on FX brokerage where you get extended leverage if they meet some criteria. I do not think that MFF their terms and conditions does count here really. That is the point from CFTC. I just try to understand them. On MFF side I do understand them, but in case the win rate is over 90% with the CFTC I must emphasize the CFTC...Ignored
DislikedReceived from Finotive: How Finotive Operates Dear xxxxx In light of the recent CFTC involvement in the Retail Prop Firm industry, we have compiled the following FAQs to be fully transparent with our community about how Finotive Funding has and will continue to operate. Hopefully these clarifications will not only show how we have and always will be fully transparent, but will also help you understand what goes on behind the scenes at a reputable prop firm. 1. Is Finotive Funding regulated? -No, because there is no regulation required to run a retail...Ignored
Disliked{quote} The mod in Discord said to me it is allowed AND that he personally is successful with Tick Scalping on their own challenge (or datafeed). What a contradiction and then I left them forever (being banned). Funny!Ignored
DislikedI do not think so. MFF T&C does not count here. Traders paid for a program, in reality they were like Investors who tried to make a profit with a payout after the evaluation. It looks like they are investors because it could be also on FX brokerage where you get extended leverage if they meet some criteria. I do not think that MFF their terms and conditions does count here really. That is the point from CFTC. I just try to understand them. On MFF side I do understand them, but in case the win rate is over 90% with the CFTC I must emphasize the CFTC...Ignored
Disliked{quote} FXIFY is UK based. Not to worry at this time. It may take time to affect.Ignored
DislikedWhy does not 8cap as FX broker who has regulations steps in, and does directly that prop firm business ? Reason, they fear regulation and a kind of license to be needed which is not included in their actual brokerage license. Otherwise all brokers could copy prop firm their business model. But this did not happen for a reason until now. The prop firm should take the legal risk to do so. The brokers only have done the b-booking part and datafeed part mainly.Ignored