how are these props going to survive 1/3 the purchasing market disappearing &/or a significant % of traders looking at them as DOA without metatrader?
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Anyone trading with a Prop firm 6 replies
So I accepted a Prop Trading job in South Beach Miami 44 replies
prop firm new model - my trading journey 871 replies
Dislikedrequested payout from TFT since 5 February till now nothing happen Prop firm =Ignored
Dislikedhow are these props going to survive 1/3 the purchasing market disappearing &/or a significant % of traders looking at them as DOA without metatrader?Ignored
Dislikedrequested payout from TFT since 5 February till now nothing happen Prop firm =Ignored
Disliked{quote} Probably not going to survive and then it is mission accomplished. What I do find odd is my offshore brokers MT4s are all working fine and no rumors of anything. My guess is the offshore brokers are nowhere near the volume, therefore not as much of a threat as the props are to the futures market and possibly Oanda and Forex.com. I suspect are involved as well. Oanda just recently launced an eval for all 3rd world countries, is that going to be taken down? Once again, proves the point only the naive are refusing to see.Ignored
Dislikedrequested payout from TFT since 5 February till now nothing happen Prop firm =Ignored
International Capital Markets, trading as IC Markets, is facing a class-action lawsuit brought by Piper Alderman for selling contracts for differences (CFDs) instruments to retail investors. It was the second such class-action lawsuit faced by the Sydney-based broker.
Piper Alderman’s lawsuit represents “everyday Australian investors who have collectively lost hundreds of millions of dollars trading controversial financial products called [CFDs].”
CFDs are leveraged derivative instruments that are considered risky for retail investors. However, such instruments are legal in Australia, and the brokers, including IC Markets, offering them are regulated by the Australian Securities and Investment Commission.
The class-action lawsuit brings allegations of “unconscionable conduct and misleading and deceptive conduct” against the broker between September 2017 and March 2021. It highlighted that “investors suffered losses in circumstances where IC Markets did not adequately assess their objectives, financial situations and where the risks of investing were inadequately disclosed.”
Piper Alderman brought the class-action lawsuit against IC Markets after commencing a potential investigation last October. The lawsuit is being funded by United Kingdom-based Woodsford, also backing a similar class-action lawsuit against IG Markets.
“Woodsford is committed to backing this action against IC Markets on behalf of those people who have suffered loss trading these excessively risky and complex products,” said Woodsford’s Chief Investment Officer, Charlie Morris.
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With the class-action, Piper Alderman is seeking to provide a remedy and recover losses for the retail investors involved.
“Piper Alderman is pleased to have commenced this class-action on behalf of everyday Australian retail investors, many of whom have suffered significant financial losses and distress as a result of being offered highly leveraged CFDs when they had little or no experience in trading complex financial products,” Piper Alderman’s Partner, Kate Sambrook, said.
Finance Magnates approached IC Markets for their take on the class-action lawsuit but did not receive any response as of press time.
Aussie Law Firms Hitting CFDs Brokers
The first class-action lawsuit against IC Markets was filed in December by Echo Law. The allegations against the broker in both lawsuits are similar.
Last May, Piper Alderman filed a class-action lawsuit against IG Markets, alleging the marketing of CFDs to inexperienced traders without any safeguards. The law firm Willian Roberts also brought a class-action lawsuit against IG Markets, and later, the two lawsuits against the broker were consolidated. Sydney-based Banton Group is also investigating against IG Markets.
Plus500 and CMC Markets are two other brokers facing class-action lawsuits in Australia for offering CFDs.
DislikedOh dear, it is going to be offshore everything... https://www.financemagnates.com/fore...-in-australia/ The lawsuit alleged unconscionable conduct and misleading and deceptive conduct by the broker. The broker is now facing two class-action lawsuits in the country. CFDs on Trial: IC Markets Faces Class-Action Lawsuit in Australia Thursday, 08/02/2024 | 10:47 GMT by Arnab Shome The lawsuit alleged unconscionable conduct...Ignored
DislikedIn my previous life i have prosecuted some intense money grabbing schemes and so i know a bit of how the legal system works and how gov't works in sync to go after the bad characters.Ignored
Disliked{quote} {quote} Lol - you have real expertise, actual knowledge and genuine experience?! That’s going to go down really badly, here: they can’t stand anyone who might actually know what he’s talking about and could become a threat of exposure of their ignorance and prejudice. They’ll insult you until you go away. They might even accuse you of having multiple identities (that’s their last resort - just the "desperate ad hominem attack" technique, when all else has failed. That’s just the lie of the land, here.Ignored