Prop Firm Hub

-I know. It is respectable and valuable to this thread. Not everyone is willing nor able to put in that kind of work. We appreciate your efforts.

I was not referring to you when I made my comments above. I suspect that the money that you spent was negligible for you. I am referring to the idiots that give money to these untested firms that they cannot afford to lose. If they have to run to the authorities, then they risked too much.

This is just my opinion.

People are looking for quick way to be rich, they become blind.
But we depend on them to fail in the challenge so this prop firm model still can pay us out.

In the market you want somebody to fail either other trader or the BIG GUY. In this prop firm model, they paid us by failing the evaluation.
Bitter truth but that the fact.

-Yes, I understand. I also agree, to a point. I do think that we should be open to researching and discussing new firms here, and maybe even trying a few out from time-to-time; but only if we are able to comfortably do so, and that is the key.

Specifically, if people have money to throw away and want to experiment with a new firm for whatever reason, then they should do that if it suits them. But if people are putting money up that they cannot afford to lose against these untested firms, then they have no business doing that, or, certainly, they should accept whatever outcome may come from that without bringing unwanted attention to the space. They need to act responsibly.

The reason I think this way, I have explained a few times. I have nothing against those that want to stick to the trusted. But I do think that we should advocate for open research and discussion of all firms, good and bad, and not try to discourage doing so.

Yeah, from what I understand, E8 is fine for forex, but indices are 10x as expensive. Of course, FTMO and MFF have no commission.

Hello to all, I'm a new user in the forum.

I will read all the thread soon as I have the time.

I need HELP. I need to find a prop trading firm specialised if possible in Options, I trade just options on S&P 500.

Any good name?

Thank you for your help!

I have a scam report on "TheproptradingAU", is it permissible to detail it here?

Yes, that's why the thread exists....to share the good, the bad and the ugly. Kind of strange though, there are some folks in here using that firm and getting paid without issue.

TheproptradingAU there from Qeensland, it is a Australian entity overseas traders cant join under the law why would a guy from Sweden have anything to do with them here in Aussie i wait with abated breath and have my hand up for questions oranjuice being a new member,

This is going to be an extensive review on theproptrading.com.au , I have had a long experience with them and I have landed to the conclusion that this "propfirm" is extremely dishonest and operates in very scammy behavior. This company owes me 19818$ for denied payout on a completely false basis, and I will NOT remove this review until they pay me the money they owe me. For anyone considering purchasing a challenge from them I would strongly encourage you to treat this "firm" like the black pest and stay well away from it as it will not payout consistently profitable traders. For a detailed explanation of my case, see the explanation below.

I have taken many challenges in this firm[15+], failed many, but also passed in some and got to a live accout. They always gave a hard time paying out, but in the end they entertained smaller mickey mouse payouts. At this juncture, since my experience with them so far was reasonably good, I decided to trade multiple accounts at the same time. So I asked support if there were any specific rules that applies to multiple live accounts, their response was to only not trade the same instruments at the same time - so I noted that.

I ultimately come to a point upon which I am trading multiple live accounts at the same time -> 1-2 200k account and 1 100k account. Due to market volatility, I lose 1 200k Live account, but I make profit in my other 2 live accounts, 1 for $5391 and the other for $14427. Here is where the dishonesty and scammy behavior comes in from this company, even though I made a clear profit on both live accounts, they deny both of them stating :

"Despite making profits on this account your overall accumulative profit/loss including the funded account (..) is approximately (-3K) negative"

So in essence, in an attempt on bending over backwards to deny big payouts, they are literally inventing rules straight from thin air and enforcing it on traders without their knowledge! In essence, they are treating multiple live accounts as a unitary aggregate, meaning that if one loses 20k on one and the other wins 20k, you cant withdraw profits on the other one since the first one lost 20k, i.e P/L is 0 hence denied payout.

This is proof that this firm is run by scammers because this rule did NOT exist in the contract upon signing the live account, nor does it exist ANYWHERE on the page, nor does it exist in the FAQ. They literally made this rule up from thin air to deny profitable traders.

Imagine, this firm is basically failing traders based on rules that the trader had NO clue about, and they literally make up rules to fail you. Again, this rule did not exist anywhere on the contract nor anywhere on the website, they only conveniently mentioned this rule once the payout was requested, very scammy behavior and extremly dishonest.

To make matters worse, I sent multiple mails to the support staff confronting them about why they are enforcing rules that are not in the contract? The response? Crickets. Absolutely no response. 4 mails was sent in the span of 3 weeks, absolutely nothing.

I have worked privately with many companies before in my professional carreer and this is absolutely not how a company treats its contractors, you cant hold contracts liable for rules and stipulations outside the agreed contract, thats by definition a scam. How in the hell is the trader trading on this company supposed to know that such a rule exists? Its one thing if the rule is mentioned in the contract and the trader violates that rule - granted - rules are rules. But to deny profitable traders payouts based on rules that are completely non existent in the contract or on the website is extreme scam behavior!

Moreover, if you look at their FAQ what they have to say regarding losses, this is what they state:
"Do I have to pay for my loss?
No. We are responsible for the funding and liable for the losses in your trading account. Our traders will not be charged as a result of losing trades."

So even they admit that traders will not be held accountable for losses. What a complete dishonest scam firm.

To summarize, I would strongly advise anyone to completely stay away from this scam firm, because if you make consistent payouts, they will litereally make up new rules from thin air and fail you. This company engages in extremely dishonest and deceptive scam behavior, and it is my moral obligation to inform the public so you dont lose your hard earnt money. I will NOT remove this review until I get paid my 19818$.

I'm kinda not surprised about OranJuice's post after digging into The Prop Trading AU a bit. It looks like they are using a "broker" called The Brokers Capital. Completely unregulated and the website gives me the feeling if I deposit money, I'm never getting it back! So yeah, kinda looks dodgy.

But, this is all based on what I can see. I don't have any direct experience. I'd be cautious opening any prop account that uses a bucket shop broker as the trading venue. To me, props using bucket shops like The Brokers Capital, Vital Markets and Purple Trading should be treated with caution.

I see Trustpilot recommended in many places; I don't know if it is legitimate, or it might be the word Trust in the name?

https://au.trustpilot.com/review/theproptrading.com.au

-A few things...

 

1. If this is true, then this needs to be clearly defined upfront, on their website. (I assume that this is not outlined in your contract with them?)
2. It does not seem overly unreasonable to treat their capital in this way. If you loaned someone 100K to trade, and then another 100K, and they broke-even with your 200K, would you still expect to have to pay them any money? But again, I think that such terms should be clearly defined.
3. Did you not see that others were already complaining about this issue on trust pilot prior to trading with them?

That being said, if emails are being ignored and this issue has existed for a while and still has not been properly addressed, then I would have to agree that this is, indeed, seemingly-dishonest behavior and that this firm should probably be avoided.

I recall that this firm had some kind of lot-limit rule early on that tripped up quite a few traders. I do not know if the rule was clearly outlined in the beginning, but I do know that they eventually removed it.

Was their decision to remove the lot rule an act of good faith, or, was having it there in the first place just a preconceived plan to accumulate seed capital to fund a ponzi? Perhaps that remains to be seen. The way that this new issue is being handled may make some wonder, though.

Thanks for sharing.

I agree with you on the principle, that maybe this rule of theirs can seem reasonable - granted. Thats not the issue at hand here however. The issue is how on earth are the traders supposed to know that such a rule exist from the first place if its not mentioned in the contract or in the FAQ?

On which planet is it reasonable to enforce rules on traders that was not clearly stipulated in the contract from the first place? Nor existent anywhere else on the site?

The fact that they conveniently mentioned this only once it was time for payout shows the true colors of this scam firm.

One question......did you hedge one account against the other? Only way I can see them denying payout is if you were long and short in the same instrument in two different accounts as that is against the rules and one shouldn't expect to be paid. If this was allowed, everyone would be doing it.

-I understand that you are upset. But please read my entire comment; I am not disagreeing with you.

Please keep us posted.

Thanks for sharing your experience OranJuice

I would add another question to the one of pipmaster.

Even if you have not done hedge between accounts, did you go short on USD in one and long in another ?
For examples long GBPUSD in one and short EURUSD in another.

No I did not do that, I traded clean and followed all the rules stipulated by the contract. The reason thos scammers failed me because they treated all concurrent LIVE accounts with the same P/L. Hence if you lose on 1 and pass on 1 the overall P/L is 0, therefore no payout.

The reason why this is 100% scam behavior is that this rule was never mentioned on the contract nor anywhere on the site and was conveniently left out only until it was time for the payout - dishonest scammers.

No i completely stayed away from that, my trading was 100% green.

If you did not hedge, I agree 100%. This is the benefit of NOT MERGING THE ACCOUNTS INTO ONE. If you wanted it traded as one account, you would have merged them. I would let them know you have posted on a very influential thread of prop firm traders here at FF. I would love to see them come on here and attempt to defend their behavior. Otherwise, I( guess we must all be an alert of this firm.

100% agree with you. Thats raw common sense. Not only that, but literally all reputable prop firms like FTMO, MFF, TFF , TFT etc treat each live account at a separate basis. Meaning, if trading 2 live accounts, 1 is in profit and 1 is in loss, the 1 in profit can still withdraw profits.

The fact that these scammers have the audacity to reject payouts based on rules pulled straight from thin air without even telling the traders about those rules shows what kind of ethics and morals they operate on, and show their true scamming nature.

If you could get them to come here that would be AWESOME. I would to confront those scammers. I have literally sent 4 mails in the span of 2 weeks and no response on why they are failing me on rules that did not exist in the contract. Absolute crickets.


Whoever is the admin of this site/forum post , I can deliver all kind of proof and evidence. This firm needs to be blacklisted. It is my moral obligation to alert other people to not getting scammed like I did.