Prop Firm Elite | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Featured US Prop Firms

Similar Threads

Anyone trading with a Prop firm 33 replies

ERP Prop Firm Journey 4 replies

prop firm new model - my trading journey 871 replies

Simplicity is the ultimate form of sophistication ( Elite ) 866 replies

elite's personal journal 28 replies

Attachments: Prop Firm Elite
Exit Attachments

Prop Firm Elite

  • #241
  • Dec 22, 2021 10:43am Dec 22, 2021 10:43am
Quoting JotaP
{quote} They don't give anything, people that does not violate the rules and reaches the target is entitled to so-called Live account. Problems with the so-called Live account will be dealt with, if necessary.
where is your proof that they don't give a live account after phase 2 is passed?

Also you said you passed phase 2, you didn't get a live account?
  • #242
  • Dec 22, 2021 11:10am Dec 22, 2021 11:10am
Not yet, but is about time to confirm Phase 2 is done. Then will dispatch documents, and will ask to start sometime in January. Hopefully.
Follow your guts, if you want to lose your money...
  • #243
  • Dec 22, 2021 11:15am Dec 22, 2021 11:15am
Quoting fx11trade
The question is for both of you and paulmf: what do you have to say about that they give you a LIVE account after you pass the 2nd phase of evaluation?
JotaP businesses. Nothing to say, except that it is not a LIVE account. I guess you mean: demo account.

My point of view does not change.

It is a Canadian firm that can't solicit customers from Canada. Unregulated and selling an immoral and fraudulent product.

It is very common to select Canada to set up an offshore company. This implies not to offer your services to Canadian people. Probably the company owners don't live in Canada. This is very risky. The company can eventually be in default, and then, what happens with that demo account with "thousands" of dollars?
Always ready to help
  • #244
  • Dec 22, 2021 12:04pm Dec 22, 2021 12:04pm
Quoting PaulMF
{quote} JotaP businesses. Nothing to say, except that it is not a LIVE account. I guess you mean: demo account. My point of view does not change. It is a Canadian firm that can't solicit customers from Canada. Unregulated and selling an immoral and fraudulent product. It is very common to select Canada to set up an offshore company. This implies not to offer your services to Canadian people. Probably the company owners don't live in Canada. This is very risky. The company can eventually be in default, and then, what happens with that demo account...
Where is your proof its a demo account? You are trading on a Live server.

Since when is Canada known for a safe haven to open an offshore company?
  • #245
  • Dec 22, 2021 12:15pm Dec 22, 2021 12:15pm
Nope, their own CEO states it is always demo. Only for some reliable funded traders they copy the trades to MFF own Live account. But for most funded traders, they are sure they will blow the accounts soon, they will simply take the risk themselves and pay directly from the subscribers' fees when they are profitable.

Live tag means nothing and they even own the server, simply change the flag.
Follow your guts, if you want to lose your money...
  • #246
  • Dec 22, 2021 1:19pm Dec 22, 2021 1:19pm
Quoting fx11trade
{quote} Where is your proof its a demo account? You are trading on a Live server. Since when is Canada known for a safe haven to open an offshore company?
And that's another concern. No demo trader seems to know where they are trading. What exchange? What broker?

I don't know since when Canada was an offshore haven, but it is right now. Only offshore companies of non-residents can't offer services to Canadians. That could explain why they do not offer their services in Canada.
Always ready to help
  • #247
  • Dec 22, 2021 1:28pm Dec 22, 2021 1:28pm
And whats wrong with ftmo in your opinion?
  • #248
  • Dec 22, 2021 11:22pm Dec 22, 2021 11:22pm
The FTMO model is the base of most other models that appeared later in other firms and FTMO continues to be the reference point.

When we accept that we can deal with this sort of unregulated game-like business model, we should be aware that FTMO has been repeatedly accused of manipulating trading outcomes and for imposing vague, abusive and discretionary Terms & Conditions (some of them illegal in EU).

And be also aware that when you participate in an Evaluation program you are not dealing with FTMO, you are dealing with FTMO Evaluation Global s.r.o./FTMO Evaluation US s.r.o., If you pass the Evaluation you may, or may not, be admitted as a funded trader by a completely different company, i.e., by FTMO s.r.o.. Yes, they have different office addresses although the same VAT number.
Follow your guts, if you want to lose your money...
  • #249
  • Dec 23, 2021 3:30am Dec 23, 2021 3:30am
And yet they still pay out so does myff so whats wrong here?
  • #250
  • Dec 23, 2021 5:42am Dec 23, 2021 5:42am
Quoting fx11trade
And whats wrong with ftmo in your opinion?
Too may lies, immoral and fraudulent product. Anyone can replicate the same trading success without the need to pay a fee to a non-financial company that runs unregulated.
Always ready to help
  • #251
  • Dec 23, 2021 6:13am Dec 23, 2021 6:13am
Canada is definitely not lacking regulations and enforcement of them. Anyone who wants to know why Canada is supposedly used as an offshore haven or wants to report illicit activity or is wondering why unregulated companies can operate in Canada having none Canadian customers, can check out the following sites. Some of them have contact emails and/or whistle blower facilities as well.

https://www.iiroc.ca/external-invest...and-regulators
https://www.osc.ca/en
https://www.securities-administrators.ca/
https://www.bcsc.bc.ca/
https://www.osc.ca/en
https://www.albertasecurities.com/
  • #252
  • Dec 23, 2021 6:47am Dec 23, 2021 6:47am
My Forex Funds

Founder
Anurag Jaiswal

He doesn't have a real financial backgrond: https://in.linkedin.com/in/anurag-jaiswal-4b7310100

Company Name
Traders Global Group Incorporated

Directors
Different directors since incorporation (January 13th 2021):
- Rizwan Kazmi
- Murtuza Kazmi
- Narjis Fatima Rizvi

Front men?

Business Address
9131 Keele Street
Unit A4
Vaughan ON L4K 2N1

Address has been changed several times.
It is the address of a Regus office. Regus offers virtual offices in this location for $36 per month.
It does not look like the office of a company that gets $46,508,400 in revenue per month as they stats demanded in November: Prop Firm Elite | Page 12 | Forex Factory


Important Issues:
- Can't solicit customers from Canada.
- Non-financial company.
Always ready to help
  • #253
  • Dec 23, 2021 9:08am Dec 23, 2021 9:08am
If they are unregulated, it is a waste of time to complain to regulated bodies.

That space is a bit tiny for all those 200 people. Are they working out of Pakistan?

I am in a state of oblivion.
Follow your guts, if you want to lose your money...
  • #254
  • Dec 23, 2021 9:14am Dec 23, 2021 9:14am
What really pisses me off is that My Forex Funds expects you to hand over your EA to them. As if someone who has spent $1000's on custom EA's or spent 1000s of hours testing and perfecting their methods is going to not only give it to them on silver platter, but also display how they trade with it in a verified and controlled account. On top of that, you pay them money to provide them with that privilege and sign a contract that at any moment they can cancel your account and keep your fees and possibly any money you have made if they suspect you trade in a way that they don't approve. I can not believe the audacity of these people and moreover, I can not believe the stupidity of the traders who agree to all that. No sympathy for whoever signs up with this firm and gets burnt.
  • #255
  • Dec 23, 2021 12:10pm Dec 23, 2021 12:10pm
Quoting OutThere
What really pisses me off is that My Forex Funds expects you to hand over your EA to them. As if someone who has spent $1000's on custom EA's or spent 1000s of hours testing and perfecting their methods is going to not only give it to them on silver platter, but also display how they trade with it in a verified and controlled account. On top of that, you pay them money to provide them with that privilege and sign a contract that at any moment they can cancel your account and keep your fees and possibly any money you have made if they suspect you...
This is a mail I have got on the passing EA question.


https://myforexfunds.zendesk.com/sys...1620491765.jpg
Liana Akarepis (My Forex Funds)
Sep 4, 2021, 7:23 EDT
hello xxxx,

Yes,that will be fine.

You do not need to share your codes with us.

For Evaluation accounts: You can use EAs as long as they are not used in the following ways: - copy trading of other persons signals - tick scalping - latency arbitrage trading - reverse arbitrage trading - hedge arbitrage trading - or any use of emulators It is a violation if this rule is broken. Any accounts using these types of EAs will be cancelled, banned and not refunded. For Rapid accounts: You must send your EA to [email protected] to have your EA approved and so we have on record that you are permitted to use your EA on your account. For Accelerated accounts: EAs are not allowed unless it is a trade copier or a risk management EA. It is a violation if this rule is broken.
Regards,
Liana A
Customer
Support
MyForexFunds -
https://www.myforexfunds.com


There is also other option, connect your code directly to MT4 server. But it requires 3rd party library, which is not for free of course. But then the orders looks like they were put in the platform manually. Sort of cheating though...
  • #256
  • Dec 23, 2021 12:35pm Dec 23, 2021 12:35pm
Quoting mcquak
{quote} This is a mail I have got on the passing EA question. https://myforexfunds.zendesk.com/sys...1620491765.jpg Liana Akarepis (My Forex Funds) Sep 4, 2021, 7:23 EDT hello xxxx, Yes,that will be fine. You do not need to share your codes with us. For Evaluation accounts: You can use EAs as long as they are not used in the following ways: - copy trading of other persons signals - tick scalping - latency arbitrage trading - reverse arbitrage trading - hedge arbitrage trading - or any use of emulators...
It still says you have to send your EA. No way in hell they have the right to ask for any EA. The fact that they don't need code, it doesn't mean that they are not an EA collecting mill.
They can send me their back office programs and other monitoring programs and broker interface programs in exchange so I can see how they do business. It doesn't have to be code either. Lol
  • #257
  • Dec 23, 2021 4:17pm Dec 23, 2021 4:17pm
Quoting OutThere
{quote} It still says you have to send your EA. No way in hell they have the right to ask for any EA. The fact that they don't need code, it doesn't mean that they are not an EA collecting mill. They can send me their back office programs and other monitoring programs and broker interface programs in exchange so I can see how they do business. It doesn't have to be code either. Lol
As I understood it, if you go with Evaluation program you do not need to reveal the code at all.

For Evaluation accounts: You can use EAs as long as they are not used in the following ways: - copy trading of other persons signals - tick scalping - latency arbitrage trading - reverse arbitrage trading - hedge arbitrage trading - or any use of emulators It is a violation if this rule is broken. Any accounts using these types of EAs will be cancelled, banned and not refunded
  • #258
  • Edited 5:31pm Dec 23, 2021 4:58pm | Edited 5:31pm
Quoting mcquak
{quote} As I understood it, if you go with Evaluation program you do not need to reveal the code at all. For Evaluation accounts: You can use EAs as long as they are not used in the following ways: - copy trading of other persons signals - tick scalping - latency arbitrage trading - reverse arbitrage trading - hedge arbitrage trading - or any use of emulators It is a violation if this rule is broken. Any accounts using these types of EAs will be cancelled, banned and not refunded
How do they define each of the above terms? How can they prove if your EA traded according to their non-description of those terms? How do you defend yourself if you were accused by them to have violated those vague methods?
They are basically giving themselves apparatuses of defense in case they want to have the upper hand in a dispute. Who is going to judge and jury that dispute? Not you for sure because you don't hold the cash and mechanism to ban as they so proudly weild that ability around in their terms and conditions.
As far as I know, they are the only outfit that asks to take your EA. If everyone quietly hand over their EA's, sooner or later, it will become an industry standard. Just because in one of their evaluations they say they don't want your EA, that is not an advantage given to you. They make it sound like a privilage that you don't give them your EA and all the while they unload a bunch of other garbage conditions on you as an exchange for them being so kind not to put your EA in their back pockets. There is definitely some kind of sinister psychology going on there.
You know, this company is nothing but red flag after red flag after red flag.


Ps: I just re-read that. Evaluation account. I am not at my computer now and can't go read their page but doesn't Evaluation generally mean just the qualification account where you trade with demo account in order to pass? If so, they graciously allow you to use your EA without them having it and only if they are good enough to pass, then they want to own your EA?
  • #259
  • Edited 3:43am Dec 24, 2021 3:26am | Edited 3:43am
They had that clause about the need to supply EAs with source code for the Evaluation Program. Apparently, they had silently removed it.

They are afraid of EAs because they have not the Demo servers properly synched with Live.

FTMO, on their side is not concerned at all with EAs, in the unlikely event they turn out to be profitable in the long run, they have other means to neutralize that (if they want).

I saw an FTMO video of an individual that had been profitable using EAs after a sensible number of months. He was using a number of middle size accounts, and always starting new challenges to compensate for the blow up accounts. I don't know if he has survived to this day, that would become a case study.
Follow your guts, if you want to lose your money...
  • #260
  • Jan 23, 2022 12:08am Jan 23, 2022 12:08am
Hi all. does anyone here prop trade for Enfoid, and your thoughts please.
1 trader viewing now