i am attempting to conduct a thorough "due diligence" investigation of the
ftmo.com and the topstep companies and their "pay to play a demo account"
business model.
if the result of this "due diligence", the result is found that ftmo and
topstep companies are found to be legit, then this will be a good thing
for those two companies and THEREFORE THESE TWO COMPANIES SHOULD REJOICE
THAT I AM DOING THIS, BUT IF THEY ARE FOUND TO BE NOT CREDIBLE... YOU GET
MY POINT..
i was temporarily suspended for being a bit pushy while i was conducting some
due diligence regarding this "pay to trade demo" company: http://ftmo.com
shortly after i made a request to learn if there were any established ftmo traders
that had already been long term users at forexfactory, very soon after that i
got temporarily suspended.
of course there might be "red badge" forexfactory users that claim to be ftmo
traders, but they could as easily be mouthpieces for ftmo..
for example, if ftmo is truly a legit company that really really does end up
funding traders, then there would be a few people from forexfactory that had
already been active and well known users that decided to go thru the ftmo
challenge, and i would find that to be somewhat credible evidence that the
ftmo system actually works and doesnt just charge fees to go thru a challenge
that nobody can successfully complete.
my suspicion is that the ftmo challenge is next to impossible and if you should
actually make it thru the challenge that you will find the restrictions that
are placed on you as a live trader to be even more disabling to you as a trader,
meaning that you will get kicked to the curb even tho you did make it thru the
challenge and was actually awarded a "live account".
i am fairly well seasoned and experienced in the trading procedures, etc, and
from what i read i am extremely suspicious that their "live account" isnt a
live account at all, but instead is just a bullshit terminal that isnt even
connected to any kind of banking pipeline and isnt even connected to live trading
at all..
edit: which brings up another issue... i seem to remember that topstep shows a registered
address in chicago, but ftmo is overseas somewhere, but either way if they are taking
on united states traders, arent they required to be registered as some kind of trading
house? if this is correct, then ftmo and topstep could get shut down and could face
civil and/or criminal penalties.
https://www.forexfactory.com/thread/707034-ftmocom-funding-for-serious-traders?page=301
>let me ask you this... out of all of the traders that are well established and
>long term users that you have seen around the forexfactory for years, traders
>that you have an established rapport with, how many of them have taken the
>challenge and ended up successfully trading a live account at ftmo?
i simply asked if there were any well established forexfactory users that had
decided to go thru the challenge and were awarded a live account, and as i said
above that my account was temporarily suspended.
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https://www.ripoffreport.com/reports/specific_search/TOPSTEPTRADER
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https://www.ripoffreport.com/reports/wwwtopsteptradercom/internet/wwwtopsteptradercom-mike-patak-aka-nebraska-they-make-you-pay-over-and-over-again-for-co-840089
this is a very bad review.. it says the same thing that i keep reading
in many places, like the review below from topedgefx.com that says that
it is IMPOSSIBLE TO TRADE PROFITABLY WITH THE RESTRICTIONS THAT THEY
PLACE UPON THEIR TRADERS.
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https://topedgefx.com/topstepfx-review-aka-topsteptrader-scam/
>However, if you look at TopstepFX conditions that must be met
>for one to “qualify for funding”, you realize that they are
>unrealistic and impossible to achieve. Even the smartest asset
>managers in the world cannot meet the standards that have been
>set by TopstepFX.
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https://www.elitetrader.com/et/threads/is-topstep-trader-legit-or-a-scam.330510/
by qubit000
>Searching for reviews and find very few from actual funded traders.
a post by "baron", the founder of elitetrader.com forum
>Topstep Trader has been sponsoring this forum for many years.
by simplelikeme
>They are not a scam. My friend and I was there for 6 months. Very good service.
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https://www.youtube.com/watch?v=06fUE5I9Yeo