Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Anyone trading with a Prop firm 2 replies

prop firm new model - my trading journey 869 replies

So I accepted a Prop Trading job in South Beach Miami 43 replies

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

Quoting OranJuice
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...
Doesn't surprise me in the least..
If after the scammy lot size rule, the way they handled not one by two hacks and the disgustingness of the owner of theproptrading still convinced someone use them then ..... i don't really have much to say.

From the day they opened they have been shady as hell but for some reason people still use this firm. Ok they were pretty early in the game but the fact they didnt die after the lot size thing shows that people really don't look objectively at the market.
Quoting Thoughts
{quote}Doesn't surprise me in the least..
A wise prop firm would have paid 19K and updated terms and conditions to avoid such rumors (facts). Atleast by doing that way they will avoid lots of loosing new signups. Scammers should not be dumb
I really having hard time understanding why don't they pay and update terms and conditions if they claim to have paid lots of people with 20 to 70K
Quoting sampat
{quote} A wise prop firm would have paid 19K and updated terms and conditions to avoid such rumors (facts). Atleast by doing that way they will avoid lots of loosing new signups. Scammers should not be dumb I really having hard time understanding why don't they pay and update terms and conditions if they claim to have paid lots of people with 20 to 70K
Its because they are scammers and they think if they ignore you that you will just shut up eventually and go away. But I am not that person. I will make sure that it is know everywhere across all forums that my payout was denied based on false grounds. And I will leave my reviews open until they have paid me out my 19000$.
Do they have other methods of communication besides email? Not getting a response would be very annoying to me.
Quoting Nsak3y
Do they have other methods of communication besides email? Not getting a response would be very annoying to me.
They have live chat, I contacted them there multiple times and they refer you to the email.

Some chat representatives even began to block me when I askedd about this issue! Absolute horrible experience with this scam firm. They refuse to answer this question on why they are denying payouts based on rules not stipulated in the contract.
I joined The Prop Trading's discord channel and asked the following question. I was kicked from the channel and banned within 30 seconds of posting it:

Quote
Hello. There is a trader on ForexFactory that is claiming that TPT has a hidden rule that is not shown on their website. He is basically claiming that TPT treats multiple account balances as one balance, so if you earn 10K profit on one account, and lose 10K profit on another account, then you cannot receive a payout because the overall balances equal zero. Is this true? Thanks.

My advice would be to move on from this and treat it as a learning experience. Sorry to say.
Quoting Nsak3y
I joined The Prop Trading's discord channel and asked the following question. I was kicked from the channel and banned within 30 seconds of posting it: {quote} My advice would be to move on from this and treat it as a learning experience. Sorry to say.
You see?

100% scammers.
Quoting TrAndy1
Due to tax reasons I will only trade my personal account until end of year or end of January. Then I will have a look again at the conditions and actual discount codes.
Make a company in Dubai. Trade with that company the prop firm accounts.
Quoting pipmaster77
{quote} 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.
But, if this is the strategy, why wouldn't you do it 2 completely separate prop firms?

I could see a situation that if he has 2 accounts with the same firm, he might be trading a longer-term strategy with 1 account (assuming he can hold over weekends), and a short-term strategy on the other account which might be giving an opposite signal at the time.

This avoids the no hedging rule and keeps the trading strategies separated by accounts and in his head.

Maximize wins, minimize loss, stay in the game as long as you can
Quoting Erebus
{quote} But, if this is the strategy, why wouldn't you do it 2 completely separate prop firms? I could see a situation that if he has 2 accounts with the same firm, he might be trading a longer-term strategy with 1 account (assuming he can hold over weekends), and a short-term strategy on the other account which might be giving an opposite signal at the time. This avoids the no hedging rule and keeps the trading strategies separated by accounts and in his head.
Yes, but as mentioned there was no problem pertaining to heding.


The core issue for this firm is that it invented rules from thin air that did not exist in the contract to fail traders.
Quoting Aussi
{quote} under >>>>>>>ASIC LAW >>>>> ALL AUSTRALIAN ENTITYS ARE BOUND BY IT , THEY CAN NOT ESCAPE IT, IF YOU HAVE A GENUINE COMPLAINT THEY WILL INVESTIGATE IT , LETS SEE YOUR COMPLAINT TO ASIC AND THEN WE SEE WHAT HAPPENS , I SAY AGAIN IF YOU ARE NOT A AUSTRALIAN TRADER YOU CAN NOT JOIN WITHOUT A BANK ACCOUNT LICENCE AND PROOF OF ADDRESS IN AUSTRALIA , YOUR BIO TELLS US YOU ARE NOT FROM AUSTRALIA EDIT i am not saying its a scam or not but your making allegations , as a trader for over 40 years i know when i am be duped
They are not a broker. You trade on a demo account. They accept traders worldwide. I do not believe ASIC applies here.
Quoting Erebus
{quote} But, if this is the strategy, why wouldn't you do it 2 completely separate prop firms? I could see a situation that if he has 2 accounts with the same firm, he might be trading a longer-term strategy with 1 account (assuming he can hold over weekends), and a short-term strategy on the other account which might be giving an opposite signal at the time. This avoids the no hedging rule and keeps the trading strategies separated by accounts and in his head.
There is not "a no hedging rule". Each firm allows hedging within the same account. I was stating that the firms do not allow multiple accounts with opposite positions in DIFFERENT accounts. Very true, you may have a swing trade buying and a short term intraday sell signal at the same time. Closing the buy and opening the sell and then reopening the buy after you close the sell yields the same result though. Why lose money on the buy while you have the sell open? Never really understood why folks hedge, TBH.
From what he has explained, this isn't the issue anyway.
The Prop Trading Pty Ltd ( ACN: 639 271 033

[email protected]
Suite No. 1171 17 Gould Road Herston 4006
QLD AU

IF its a scam here is a bit more info
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
This is a propfirm all countries are allowed to take part in it.

Problem is not hedging (i never engaged in that practice) more its just that the propfirm invents rules out of thin air to fail you, thats not mentioned in contract or anywhere else.
Quoting OranJuice
The core issue for this firm is that it invented rules from thin air that did not exist in the contract to fail traders.
-Did they fail you or refuse payout? I have reread all of your posts, and it is not overly clear.
Do the prop firms either use Eightcap for their broker provider or something "in-house?" Is there another retail broker that some prop firms use besides Eightcap?
If you're not architecting, you're building someone else's plan.
Quoting Nsak3y
{quote}-Did they fail you or refuse payout? I have reread all of your posts, and it is not overly clear.
They denied big payouts based on false grounds, totaling 19000$+

They come up with rules non-existing in either the contract , FAQ or any other place on the website

And when confronted, they dont answer why they fail people for rules not stipulated in the contract
Inserted Video
Any way of checking the payout date in MFF without making calculations ?

Other firms have that in the dashboard but I can't see anything in MFF.
4 traders viewing now, 1 is a member: