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  • #19,421
  • Sep 1, 2023 12:11am Sep 1, 2023 12:11am
Quoting pipmaster77
New strat is probably do 50-100K with 15-20 different firms. Do not max out with any one firm. As an individual, you'll stay in business longer. One goes down, replace with another. Ironically, I have been touting ONLY use the firms with their own server/LPs.....quite possibly, it may be the exact opposite, as this may qualify the firm as a broker. Just speculating, but I believe that is the issue MFF is facing.
Yes, just posted this a few minutes ago. I was going with the regulatory angle, as having your own server/feed/LPS might qualify you as a broker and therefore, open you up to a broker regulatory environment.
The bottom line is 98% of firms/brokers are shady pieces of shit. It's the industry. Whether you are manipulating your own feed or adjusting the settings on your 3rd party broker. This is why you can look at the feeds of 4 different firms using 8cap, for example, and spreads, slippage, etc are different among them.
  • #19,422
  • Sep 1, 2023 12:20am Sep 1, 2023 12:20am
Quoting pipmaster77
{quote} You are right. There should already be a plan in place for when (not if) this was going to happen. This plan should have been executed BEFORE accounts get frozen. Companies need to be flexible and be able to pivot. I sure do hope, with skeptical optimism, they have a plan. Otherwise, going to need to pass a few challenges at some other firms as I DO KNOW how to pivot
Yes.
It is not that all happened suddenly. They are aware.
They closed down the server at 5 PM EST.
A planned shut down
Intraday only.
  • #19,423
  • Sep 1, 2023 12:26am Sep 1, 2023 12:26am
Quoting pipmaster77
{quote} Yes, just posted this a few minutes ago. I was going with the regulatory angle, as having your own server/feed/LPS might qualify you as a broker and therefore, open you up to a broker regulatory environment. The bottom line is 98% of firms/brokers are shady pieces of shit. It's the industry. Whether you are manipulating your own feed or adjusting the settings on your 3rd party broker. This is why you can look at the feeds of 4 different firms using 8cap, for example, and spreads, slippage, etc are different among them.
Then way not go to futures contracts trading prop firms ?
I might be wrong , I have been wrong before
  • #19,424
  • Sep 1, 2023 12:27am Sep 1, 2023 12:27am
Is it certain that the autorities have closed their systems? Or is it just a statement from myforexfunds.
  • #19,425
  • Sep 1, 2023 12:33am Sep 1, 2023 12:33am
Quoting navk
{quote} FXIFY is european based. And then TFF.
Don't forget FTMO, Czech based.
  • #19,426
  • Sep 1, 2023 12:37am Sep 1, 2023 12:37am
Quoting pipmaster77
New strat is probably do 50-100K with 15-20 different firms. Do not max out with any one firm. As an individual, you'll stay in business longer. One goes down, replace with another. Ironically, I have been touting ONLY use the firms with their own server/LPs.....quite possibly, it may be the exact opposite, as this may qualify the firm as a broker. Just speculating, but I believe that is the issue MFF is facing.
I would definitely start away from all firms based in US or Canada for now until the dust settles. EU and AUS regulators take their time and don't shoot first and ask questions later like US authorities so that might buy them some time. Case in point, all the crypto crack down going down in the US and Canada hasn't really started anywhere else in the EU.

But eventually, if the solution is for all props to stop offering services to US and Canada residents like EU brokers are doing now, the industry will face a massive shift.
  • #19,427
  • Sep 1, 2023 12:38am Sep 1, 2023 12:38am
Quoting Eren10
{quote} It looks strange. Someone has changed the text now on the website. 25 august they were talking about cheaters on OIL trades. They are saying that cheaters are misusing their low spreads. How is cheating possible on trades ? Did they loose so much on OIL trades so that they have to close the doors ?

It looks more like they are running away. Probably they have boought bitcoins to escape.

They had a message about cheating with oil trading on 25 augustus. Probably they have lost a lot with these trades.
  • #19,428
  • Sep 1, 2023 12:42am Sep 1, 2023 12:42am
Quoting Eren10
{quote} It looks more like they are running away. Probably they have boought bitcoins to escape. They had a message about cheating with oil trading on 25 augustus. Probably they have lost a lot with these trades.

If these guys live in Canada someone should notify the police about this issue.
  • #19,429
  • Sep 1, 2023 12:48am Sep 1, 2023 12:48am
Sorry for those with MFF feeling the stress.

I feel so lucky I got my $1600 payout last week from my 20K MFF account then blew up right after that. Perfect timing.

Same thing with Funding Talent. Got a nice payout, then blew up, then Jiggling Jessica Ghaney and Funding Talent went bye buy the next week.

Women have always said that I blew my wad at just the right moment. Can't argue with that.

5ers - Israel/UK
City Traders Imperium - Dubai
The Funded Engineer - Dubai

Many others too
Pride always comes before destruction.... -Proverbs 16:18
  • #19,430
  • Edited 1:15am Sep 1, 2023 1:02am | Edited 1:15am
I'm currently trading with MFF and the price is not updating since 00.00 server time today
my MT4 is connected, no problem with internet also
anyone have the same problem?

edit: nvm apparently its regulatory problem

anyway why TF do they based out from the US,
surely people won't mind even if they operate out of Belize as long as people got paid
if this happens to MFF, any firms operate from NA, UK and EU probably not safe either since they have the same kind of Gov
In the end its just a stupid numbers game
  • #19,431
  • Sep 1, 2023 1:26am Sep 1, 2023 1:26am
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Prop Trading was never for the regular working person, it was always rich backgrounds well connected, who you knew, can you get in etc.

The Regulators and their kind want it to go back to how it was.

I think all Prop firms should trade out of Saint Vincent/Vanuatu, as prop firms have already been self regulating, we the customers have been weeding out the scammers.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 20.2%
  • #19,432
  • Sep 1, 2023 1:36am Sep 1, 2023 1:36am
Quoting Phil_GMT
{image} Prop Trading was never for the regular working person, it was always rich backgrounds well connected, who you knew, can you get in etc. The Regulators and their kind want it to go back to how it was. I think all Prop firms should trade out of Saint Vincent/Vanuatu, as prop firms have already been self regulating, we the customers have been weeding out the scammers.
the entire purpose of this thread is basically community-enforced regulation
  • #19,433
  • Sep 1, 2023 1:39am Sep 1, 2023 1:39am
I requested payout from 5ers yesterday, but it usually takes 24-48 hours, so hopefully MFF issues will not impact on them.

I’m now in phase 2 with MFF but who knows what happen next.

Any suggestion on next prop firm?
  • #19,434
  • Sep 1, 2023 1:42am Sep 1, 2023 1:42am
If people think this is the last, they are sadly mistaken. Broker Armageddon 2.0 is here but for prop firms. Starting with anyone who sold coupons to US customers.
  • #19,435
  • Sep 1, 2023 1:46am Sep 1, 2023 1:46am
You guys think in terms of conspiracy to withhold wealth from the regular joe or to implement fees and collect taxes and so on.

I have asked a very aggressive enforcement officer basically why are you doing what you do?
She basically said they are enforcing the law. The gov has mandated the regulatory agency regarding all financial transactions conducted in the country and they will find and investigate any firm or individual breaking those laws. Think of FBI or equivalent in the pursuit of financial crimes.
Would you tell a law enforcement officer that he is enforcing law of the land in order to keep regular joe from getting rich or wanting to collect more taxes?
  • #19,436
  • Sep 1, 2023 1:46am Sep 1, 2023 1:46am
It's a pity, I got a nice position yesterday, likely a chance to let me pass challenge.
MFF recalls my experience with eToro suddenly freezing while market dramatically volatile last year.
eToro at least sent apology email to members, and has taken reimburse action within a week.
I think MFF should do the same thing and inform all members ASAP.
  • #19,437
  • Sep 1, 2023 1:48am Sep 1, 2023 1:48am
My view on this:

1. As already mentioned, I would like to see some official stuff from authorities. TPT also said it was some regulator stuff and even produced a fake letter. I didn't like that MFF didn't produce any link or such.

2. If people get scared and refrain from purchasing challenges in the next couple of weeks, this may have massive impact in the short term. Myself, personably, I won't buy a single challenge from ANY firm until situation is clarified. Knowing that most of props rely on those fees to pay the payouts, this may put massive pressure on the ones less capitalized. I would not be surprised to see missed payouts in the next weeks.

3. The other ones like Matt from MFFx, Angelo from TFT or the kid of Bespoke when they say they are not affected they are just trying to calm people down. I can undestand their panic because they need that people continue to buy challenges. In fact they know sh* about if they will be the next one in line. Angelo even replied with his usual arrogance. If he is in line to be in jail he will calm down.

4. People suggest that MFF (and others) may relocate quickly, closing US and CA and keep business going on. I don't think this is as simples as that, specially if criminal charges and international warrants are on the line based in past charges. Risking to be on jail for dozens of years may force MFF guys (and others that may be caught in the next times) to give up and close doors.

5. MFF closing american and canadian market and keeping opening for others will just postpone the problem. Europe and Australia always follow uncle Sam. And without US and CA market the amount of money considerably decreases. Market may shrink and when shrinking this has bad impact in missed payouts and trust in general industry.

6. MFF may argue that they are not a prop, they are a gaming company (most of the companies have something like that in the T&C). It doesn't matter what they say if court understands differently, that "gaming" is only a disguise for a real prop activity.

7. Those that were playing poker already experienced something similar. That time it was the whole industry shut down overnight in US and this basicaly destroyed the poker ecosystem for long years for the rest of the world.
Now it's one of the two biggest props which has a significant impact as well worldwide. Being reputable doesn't mean a lot. Poker Stars was super reputable and could not go on offering their services in US and suffered a lot in rest of the world.
  • #19,438
  • Sep 1, 2023 1:50am Sep 1, 2023 1:50am
The freezing timing is suspicious.
Maybe the market is about to be juicy and less risky soon ?
  • #19,439
  • Sep 1, 2023 2:00am Sep 1, 2023 2:00am
msg from Dylan E8
=
Quote
I consistently receive messages with the following inquiries:
- Is this the end for proprietary trading firms?
- Will this outcome apply universally to all USA-based firms?
- What implications does this have for E8?


To address these queries, let me begin by emphasizing that E8 remains exceptionally stable. According to our perspective and the extensive research and opinions of our legal advisors (some of the most reputable in the nation), our actions are fully compliant with the law.

We refrain from making predictions about the situation with MFF. Our firm is entirely distinct, and the circumstances involving MFF hold no relevance to our operations.

It's noteworthy that MFF is based in Canada, while TPT was Australian, and Funding Talent had its base in Canada as well. The geographical aspect is inconsequential, and there's uncertainty as to whether this information is accurate or merely a communication from MFF. I don't doubt their authenticity, but I must mention that we haven't received any formal communication.

As a trader, objectivity is paramount. I maintain an analytical approach devoid of emotion and grounded in facts.
From our vantage point, proprietary trading firms have been present for nearly as long as the financial markets themselves.

As long as one adheres to the rules, there is no illegality or non-compliance with regulations.
Regarding E8, our plans remain unchanged. The recent developments have had no impact on us, and we are gearing up to unveil some remarkable updates for all of you very soon.

=

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  • #19,440
  • Sep 1, 2023 2:11am Sep 1, 2023 2:11am
I see people in telegram saying that companies from Canada and US should be avoided.

This means that they may not be impacted by regulation but hey will suffer a hit on revenue stream. And revenue stream is essential to keep payouts...
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