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  • #13,761
  • Feb 5, 2023 7:12am Feb 5, 2023 7:12am
Quoting wmwmw
{quote} delete.
I deleted my posts though Im sure all of that is already known for months at least. Thats why prop firms started to ban groups of traders lately (after spending months on developing their defense)

This method is more or less absolete now
Money is made by sitting, not trading
  • #13,762
  • Feb 5, 2023 7:31am Feb 5, 2023 7:31am
Quoting youngD
This aren't my words to be clear, CEO said this is the practise they chase and bann traders do opposite trades. The second one is large amounts trades one direction. I believe everyone should have one important thing in mind. If you got some edge and you know how to trade to make profits long-term it sounds useless but this practises are mostly used by traders who are affected with be rich quick and not having edge on real markets approach, for them I think it might have sense.
Exactly. This only makes sense for scammers who have money (for initial fees as they need 8 larger accounts to start) but are not able to make money by "normal" trading. Such groups already exist and have been profiting (partially) from this practice but are being detected and banned now

So the method is not profitable anymore
Money is made by sitting, not trading
  • #13,763
  • Feb 5, 2023 9:38am Feb 5, 2023 9:38am
Quoting Vitore
{quote} Exactly. This only makes sense for scammers who have money (for initial fees as they need 8 larger accounts to start) but are not able to make money by "normal" trading. Such groups already exist and have been profiting (partially) from this practice but are being detected and banned now So the method is not profitable anymore
That's what they want you to believe.
  • #13,764
  • Feb 5, 2023 9:50am Feb 5, 2023 9:50am
Quoting TraderTero
{quote} That's what they want you to believe.
Who they? And why? Nobody made me believe this. And what traders believe is irrelevant anyways as the groups who perform these scams are anything but traders and they don't care about anyone else's opinion on this matter
Money is made by sitting, not trading
  • #13,765
  • Feb 5, 2023 10:11am Feb 5, 2023 10:11am
Quoting Vitore
{quote} Who they? And why? Nobody made me believe this. And what traders believe is irrelevant anyways as the groups who perform these scams are anything but traders and they don't care about anyone else's opinion on this matter
Prop firms can use any excuse for not paying someone, scammer or not. They don't have to provide any evidence for anyone and there is no regulation. If you understand and admit that most of them are part of a ponzi scheme you can be much better prepared for how this will end for most of them. Once challenge fees dry up, so will payments to profitable traders. Some props will likely survive so diversifying your portfolio might be a good idea.
  • #13,766
  • Feb 5, 2023 10:28am Feb 5, 2023 10:28am
Quoting TraderTero
{quote} Prop firms can use any excuse for not paying someone, scammer or not. They don't have to provide any evidence for anyone and there is no regulation. If you understand and admit that most of them are part of a ponzi scheme you can be much better prepared for how this will end for most of them. Once challenge fees dry up, so will payments to profitable traders. Some props will likely survive so diversifying your portfolio might be a good idea.
Well if that's what you meant then - of course. You're preaching to the choir here as I understand quite well how they work I've been banned on several forums in the past for saying that and revealing what's their real business model, what they put into their contracts, and what's the actual consequence of all that for their traders. So no worries, I'm with several prop firms, trying to stay under their radar (not always works as I copy trades) and assume they won't pay me anyway or close their shop without warning
Money is made by sitting, not trading
  • #13,767
  • Feb 5, 2023 10:42am Feb 5, 2023 10:42am
Quoting TraderTero
{quote} Prop firms can use any excuse for not paying someone, scammer or not. They don't have to provide any evidence for anyone and there is no regulation. If you understand and admit that most of them are part of a ponzi scheme you can be much better prepared for how this will end for most of them. Once challenge fees dry up, so will payments to profitable traders. Some props will likely survive so diversifying your portfolio might be a good idea.
Totally. If a prop want to find someone who have closed or opened the same trade than you (or opposite), it will be able to do it. All excuses are good and the trader, honest or not, will never be in a strong position.
  • #13,768
  • Feb 5, 2023 10:46am Feb 5, 2023 10:46am
Quoting TraderTero
{quote} Prop firms can use any excuse for not paying someone, scammer or not. They don't have to provide any evidence for anyone and there is no regulation. If you understand and admit that most of them are part of a ponzi scheme you can be much better prepared for how this will end for most of them. Once challenge fees dry up, so will payments to profitable traders. Some props will likely survive so diversifying your portfolio might be a good idea.
I believe the larger ones (FTMO, MFF) have diversified to create other income streams and will survive. MFF is planning on opening their own brokerage.
TFTP I believe will survive as well. I use all 3. I also use TFF and they are truly the only one I am concerned about.
One would be crazy to NOT BE funneling as much profit into personal accounts to eventually exceed the funding from the props. At that point, of course, continue trading with the props and if/when they go bust, you are OK.
A side note, being from the US..........brokers can also go bust at any time and the US regulators (NFA and CFTC) actually prohibit brokers under their regulation from providing any type of protection of customer funds (forex). So kind of a double edge sword..........the props go bust you really lose nothing other than future income, the broker goes bust and you lose future income and a shitload of money as well.
  • #13,769
  • Feb 5, 2023 12:40pm Feb 5, 2023 12:40pm
From another thread - regarding Bigpip funding:

1.Overall Drawdown 12%. Highest in any propfirm
2. Balance based daily drawdown
3.Biweekly payouts from the beginning
4.Quick payout processing (average 4hrs) and great customer service
5. 85% profit split from the beginning
6.Automation
7.No commissions
8.Reasonable spreads,minimum slippage
9.No hidden rules. Freedom in trading strategies
10.Ea's, Copy trading allowed

Maybe worth a punt?
  • #13,770
  • Feb 5, 2023 1:27pm Feb 5, 2023 1:27pm
Quoting Bizziebee
From another thread - regarding Bigpip funding: 1.Overall Drawdown 12%. Highest in any propfirm 2. Balance based daily drawdown 3.Biweekly payouts from the beginning 4.Quick payout processing (average 4hrs) and great customer service 5. 85% profit split from the beginning 6.Automation 7.No commissions 8.Reasonable spreads,minimum slippage 9.No hidden rules. Freedom in trading strategies 10.Ea's, Copy trading allowed Maybe worth a punt?
Sounds good but only 2 reviews on Trustpilot, no Discord and only 415 members on Telegram.
  • #13,771
  • Feb 5, 2023 2:09pm Feb 5, 2023 2:09pm
Quoting Nehemah
{quote} Sounds good but only 2 reviews on Trustpilot, no Discord and only 415 members on Telegram.
And they're just 25 DAYS old
Money is made by sitting, not trading
  • #13,772
  • Feb 5, 2023 3:38pm Feb 5, 2023 3:38pm
Quoting Bizziebee
regarding Bigpip funding
-For anyone interested:

1. Per their FAQ, they seem to only accept crypto payments at this time.

(Chat clarified that credit card payments are also accepted and that the FAQ will be updated soon.)


2. Per their FAQ, account merging can only occur on accounts that have not been traded yet.

(Chat clarified that account merging can be done after each payout cycle, since the accounts given will be new.)


4. Per their FAQ, profit split is 85% on all funded accounts. However, the website's main page indicates that the profit split on the 1-phase model is only 70%.

(Chat confirmed that the profit splits vary between accounts - 85% for 2-phase and 70% for 1-phase models.)


5. Per their FAQ, 100% refund of fee is given on first-payout (which requires a minimum of 5-trading days on live). Most firms do not offer a refund on 1-step programs and the distinction is not clear.

(Chat confirmed that 100% refund of fee is offered for both 1-phase and 2-phase accounts.)


6. Information regarding payout options is not provided in the FAQ.

(Chat confirmed that payouts will be provided through crypto and Deel.)


7. Information regarding available trading platforms is not provided in the FAQ.

(Chat confirmed that only MT4 is offered at this time. There are plans to introduce MT5 in the near-future, but no definitive time-line.)


8. Information regarding broker offerings is not provided in the FAQ.

(Chat confirmed that broker offerings will be Eightcap and alpari.)


9. Information regarding trading instruments is not provided in the FAQ.

(Chat stated that demo login credentials for both brokers are available on their telegram group, where instruments and spreads can be viewed directly.)

  • #13,773
  • Feb 5, 2023 6:53pm Feb 5, 2023 6:53pm
Quoting Bizziebee
From another thread - regarding Bigpip funding: 1.Overall Drawdown 12%. Highest in any propfirm 2. Balance based daily drawdown 3.Biweekly payouts from the beginning 4.Quick payout processing (average 4hrs) and great customer service 5. 85% profit split from the beginning 6.Automation 7.No commissions 8.Reasonable spreads,minimum slippage 9.No hidden rules. Freedom in trading strategies 10.Ea's, Copy trading allowed Maybe worth a punt?
And no maximum days.... Really tempting....
  • #13,774
  • Feb 6, 2023 2:16am Feb 6, 2023 2:16am
Quoting pipmaster77
{quote} I believe the larger ones (FTMO, MFF) have diversified to create other income streams and will survive. MFF is planning on opening their own brokerage. TFTP I believe will survive as well. I use all 3. I also use TFF and they are truly the only one I am concerned about. One would be crazy to NOT BE funneling as much profit into personal accounts to eventually exceed the funding from the props. At that point, of course, continue trading with the props and if/when they go bust, you are OK. A side note, being from the US..........brokers can...
It is very sketchy with a meaningful amount especially if you are going offshore (I include US in that too), at least in the UK we are covered up to 70k via our regulating authorities although I've never known anyone test the system.

Possibly look at the LPs at source, sometimes they will offer global accounts (normally 500k buy in as a commercial). LMAX comes to mind but I haven't used them and not sure because they are an LP makes them more secure although I'd like to think so...
  • #13,775
  • Feb 6, 2023 3:29am Feb 6, 2023 3:29am
Quoting pipmaster77
{quote} I also use TFF and they are truly the only one I am concerned about.
Why ? What do you mean exactly ?
  • #13,776
  • Feb 6, 2023 4:30am Feb 6, 2023 4:30am
Quoting Vitore
{quote} They are definitely not scam. But not the best option to trade with either. I got several payouts from them but as soon as I earned a bit more (I mean just a little over 10k, nothing crazy) they started investigating me for having same trades as some other traders. But it was just recently when other prop firms banned groups of traders for trading on someone else's behalf so I assume it wasn't intentional, just a bad luck. It was resolved in the end but a disappointment remained. I guess I won't trade with them any longer as I trade indices...
Did they provide any evidence or they just shut down your account ? And how did you convince them that you had nothing to do with those organized groups ?
  • #13,777
  • Feb 6, 2023 4:31am Feb 6, 2023 4:31am
Quoting forexbali
{quote} Interesting chart is so popular First Class Forex Funds? anyone of you can comment about them? I see they use eightcap, with which commission rate for forex?
It's a scam. I think Taskid already alerted about them and it's now widely know in telegram that they have stop paying and are not replying to messages.
  • #13,778
  • Edited 5:01am Feb 6, 2023 4:40am | Edited 5:01am
Quoting Nehemah
{quote} Why ? What do you mean exactly ?
There was a very strange case here of someone that was doing carry trade and made sure to ask them if this was legal and they said yes.

The trader had profits and, instead of paying, they breached their account manually, correcting past trades, arguing that there was a mistake in the broker with the swap values.

Instead of eating the loss, assuming their mistake and correcting it for the future, TFF chose to behave like that. They were very flogged at that time.

There's evidence of that and they have not denied having done that. you can read it here:
https://twitter.com/trueforexfunds/s...74549549359105
https://twitter.com/nadogoyard/statu...53194682535936
  • #13,779
  • Feb 6, 2023 5:35am Feb 6, 2023 5:35am
Quoting Capablanca
{quote} Did they provide any evidence or they just shut down your account ? And how did you convince them that you had nothing to do with those organized groups ?
They only delayed my payment claiming my trades were under investigation. I gave them my duplikium log to show all my trades have been initiated from my own demo account with IC Markets. They accepted it, apologized for the inconvenience, and proceeded with the payment.
Money is made by sitting, not trading
  • #13,780
  • Feb 6, 2023 5:58am Feb 6, 2023 5:58am
Quoting Capablanca
{quote} It's a scam. I think Taskid already alerted about them and it's now widely know in telegram that they have stop paying and are not replying to messages.
On their Discord people complain about extremely slow payouts (up to 3 weeks), some technical issues requesting it, as well as bad slippage but there are still others confirming they received their profit split after all, though late. The FCFF staff is still posting on the Discord too. Maybe it's not a scam (yet?) but they seem to be extremely bad for sure
Money is made by sitting, not trading
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