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  • #19,801
  • Sep 2, 2023 12:58am Sep 2, 2023 12:58am
Quoting Expo33
{quote} When MFF was first getting started someone posted an interview with Kazmi. I can't find my post but I said at the time that I didn't trust this guy. He never looked into the camera and my spidey senses were tingling. Of course, I've used them many times since then just because their prices were so good.
Dude, this is not MFF specific. This is regulators coming for the entire industry as we've speculated on here in the past. The entire industry is based off the same Ponzi nature that we are okay with as traders because of the benefits and we know the risks but the regulators don't care. So all props that are set up in the same manner of using fees to pay the traders will eventually have to go offshore or the industry will just die out and another model takes shape. Of course the true old style prop firms like maverick and SMB will remain and they are probably the only ones happy with these developments.
  • #19,802
  • Sep 2, 2023 1:17am Sep 2, 2023 1:17am
is there a possibility that us and ca regulators can fuck with bespoke and other uk based firms??
  • #19,803
  • Sep 2, 2023 1:21am Sep 2, 2023 1:21am
I wonder how that prop journalist guy feels now?
MFF opened their books to him, he saw them and was dazzled by the accuracy and truthfulness of them.
His findings were plastered all over the......er..this thread.

I mean maybe he is honest. He saw parts of what was going on. Were they really their true books? What qualified him to see books and approve of books?

I know these are hindsight questions, but at time, that was taken as the golden proof and someone questioning that whole side show, may not have fared well. It just looked funny that as read had to be as accepted since the qualifications of the observer/judge would have to be always questioned, therefore, a baseless claim.
  • #19,804
  • Sep 2, 2023 1:26am Sep 2, 2023 1:26am
if myfundedfx is also based in us and a b booking prop firm with almost if not exactly the same with mff. why us ca regulators dont come after them?
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  • #19,805
  • Sep 2, 2023 1:32am Sep 2, 2023 1:32am
Quoting OutThere
They are doing it to uphold the law. There is a law that says A-B-C is wrong and punishable. There is an enforcer tasked to catch and bring in for questioning, those who break the law. Then there are books/statues/prior precedence ect that stipulate the monitory values of the crimes committed as a way of measuring to set restitution. Then there is obviously jail time, lawyers, staff, fees, investigation expenses etc and then if money is left, they decide what to do with it. This sort of thing is what makes our society civil. I don't see just because...
Agree but if something wrong is always wrong. Hundreds of year ago I can beat a woman with stick and there was no punishment as there was no law that doesn't make me right on civil matter like this where every body wins CFTC doesn't need to go into bedroom of that guy to make the case. Enforcer task is create law and than sue every one under such umbrella but not single out a firm because they make more money and it is easy to loot them.
  • #19,806
  • Sep 2, 2023 1:34am Sep 2, 2023 1:34am
For those of us who want to move forward, what can you guys advice? Just go back to trading our personal accounts or trade with the other prop firms?
I have been comparing other firms’ location, leverage, payout, evaluation conditions, customer support access. If I am going to another prop, I might open a $100k acct, and leaning towards TFF and FTMO, but I am not sure if they will be hammered next. So do we also now go to those that are partnered with a broker? I’m really not sure anymore…
  • #19,807
  • Sep 2, 2023 1:36am Sep 2, 2023 1:36am
Can someone who is US/Canada citizen/resident write an open letter to CFTC and Ontario Securities Commission requesting them to allow MFF to process refund of passed challenges and payouts of profit split ASAP under their supervision? We can sign digitally on the letter.
  • #19,808
  • Sep 2, 2023 1:38am Sep 2, 2023 1:38am
Quoting ladder
Can someone who is US/Canada citizen/resident write an open letter to CFTC and Ontario Securities Commission requesting them to allow MFF to process refund of passed challenges and payouts of profit split ASAP under their supervision? We can sign digitally on the letter.
Why not doing chargeback on credit card? That will make more effective and quick?
  • #19,809
  • Sep 2, 2023 1:40am Sep 2, 2023 1:40am
https://docs.google.com/spreadsheets...it?usp=sharing

I have a column with the "country" declared by each trading firm

after what happened to MFF we could imagine that soon this will close down all the US-CA and even UK prop firm business seen that UK go usually in tandem with US.

In few words, Czech Republic (FTMO) and Hungary (TFF) could be the few one left on the market waiting for regulation in the US-CA-UK that will rule the prop trading in "ponzi" style.
in holiday till end of November
  • #19,810
  • Sep 2, 2023 1:42am Sep 2, 2023 1:42am
Quoting sampat
{quote} Why not doing chargeback on credit card? That will make more effective and quick?
Many banks do not support chargeback, especially if challenge fees were paid two months ago. Plus, there are profit splits that are due in September.
  • #19,811
  • Sep 2, 2023 1:44am Sep 2, 2023 1:44am
What is evident in the case of MFF is the investigation hasn't been a 5 minute affair. They have got their ducks in a row and accumulated approx 2 years of damning evidence. This could well be the situation for other "Prop" firms too who operate the same model. I see some people talking about just going with firms in Europe/Uk etc but the chances are strong the regulators there too have similar investigations underway or about to pounce. Most in this thread knew what was going on and understood any profit made was coming from the failed challenge pot, which in essence is no different from all markets, the losers pay the winners but the added level of conspiring to make it difficult for the profitable traders is just pure greed and the guy deserves to go down for it. Again we know all the tricks of slippage etc etc in regulated brokers but this guy has really screwed people over, charging commissions too etc. If it's not already too late perhaps FTMO, My Funded FX, etc will see this and change any bad practices immediately and conduct the business in the way that they say they do. They will have to place successful challengers onto "real" live accounts with real counterparty. Although it is probably too late as I think they all operate the same way. I never had an issue with the demo aspect as long as they honour the payment but then the blatant act of trying to make it more difficult for the profitable guys with the dirty tricks is deserving of jail time. Like it isn't difficult enough already and yes I know all the brokers do the same tricks and stunts but this prop model was supposed to be a route for undercapitalised traders to have better opportunity and still could have worked and been very profitable for the prop firm owner had greed not got in the way. It was good while it lasted and still have a couple of funded accounts but won't be surprised if they vanish rather quickly. C'est la vie.
  • #19,812
  • Sep 2, 2023 1:45am Sep 2, 2023 1:45am
Quoting forexbali
https://docs.google.com/spreadsheets...it?usp=sharing I have a column with the "country" declared by each trading firm after what happened to MFF we could imagine that soon this will close down all the US-CA and even UK prop firm business seen that UK go usually in tandem with US. In few words, Czech Republic (FTMO) and Hungary (TFF) could be the few one left on the market waiting for regulation in the US-CA-UK that will rule the prop trading in "ponzi" style.
What makes you think they cannot do for FTMO and TFF? Do you think MyFF was in US? They will just sue them and block all traders.
As long as there is any person from North american soil trading with them they can sue any body. How difficult is for them to block FTMO server?
They did same thing with Binary Option. Have u seen any binary option except Nadex alive?
  • #19,813
  • Sep 2, 2023 1:57am Sep 2, 2023 1:57am
Considering the news to MFF we have put out a statement to address the situation.
Crackdown and regulation are needed for our industry to grow in a healthy manner.
This is something we have been preparing for the last couple of years.
The5ers have been operating since 2016 and have everything in place in all areas to combat any issues that arise from a stronger hand from regulators!
We hope MFF can resolve this as soon as possible
  • #19,814
  • Sep 2, 2023 2:52am Sep 2, 2023 2:52am
Quoting bluesteele
{quote} Not to be harsh but I suggest you brush up on your first year law,,what you said is simply wrong. No fees will come back from MFF and very unlikely from government either US or Canada...there is no deposit guarantee FDIC or CDIC in this arena... Don't get your hopes up. It is a fundamental legal principle in the U.S./Canada that ignorance of the law is no defense. If ignorance were accepted as an excuse, any person charged with a criminal offense could claim ignorance to avoid the consequences. CANADA: Ignorance of the law 19 Ignorance of...
This holds true not only in the US or Canada but in most of the civilized countries
Money is made by sitting, not trading
  • #19,815
  • Sep 2, 2023 3:03am Sep 2, 2023 3:03am
Quoting Expo33
{quote} When MFF was first getting started someone posted an interview with Kazmi. I can't find my post but I said at the time that I didn't trust this guy. He never looked into the camera and my spidey senses were tingling. Of course, I've used them many times since then just because their prices were so good.
I never liked them either. I don't know why when everyone here was glorifying them. I joined them eventually only to experience issues with their server (well might very well have been intentional as it appears now) and burnt my account. I never liked firms who ran their own server either. I kind of thought that it would let them to do whatever they liked with the price feed as they actually became market makers for us. Much like it was described in the leaked internal MFF communication. Not that those other prop firms using brokers are innocent, they can do dirty tricks with the price feed as well, but still they are related to some broker which may want to retain some good name (if they have any) which makes it a little bit less likely to f*ck up the feed completely against the trader.

Anyways. I only keep off-shore prop firms related to well established brokers right now and will see what happens next to the whole industry. GL to all
Money is made by sitting, not trading
  • #19,816
  • Sep 2, 2023 3:09am Sep 2, 2023 3:09am
Quoting KoyaAndy18
is there a possibility that us and ca regulators can fuck with bespoke and other uk based firms??
not in the same way as they just did with MFF, as EU regulators are not so vicious. They need more time and not always do they take over all the US bs.
But I would advise against Bespoke anyways. The CEO is an idi*t and I don't trust him a single word. He already made his best to make me fail his challenge because I traded it too easy. I was a threat to his bottom line which was the only think he was interested in.

FXIFY is also UK based and they seem ok for now. Maybe Ryze as well (UK) but I have no direct experience with them yet. They look same promising as FXIFY a little while ago.
Money is made by sitting, not trading
  • #19,817
  • Sep 2, 2023 3:09am Sep 2, 2023 3:09am
Quoting navk
{quote} Read what is needed for you here. Currently everybody's mind is negative in prop firm Industry. If you have other funded account, trade them. Slowly the reality will come out. My opinion.. this industry will not die. But the firms will take cautious approach henceforth with regard to Regulation. May be in the future.. traders will get to trade in live environment and not in simulated ones
Yep, the industry will go on being here. Unfortunately will probably be more clowns like Funded Next and less props like MFF.
I'm pretty sure that all of them operate the same way inside walls (payouts coming from lost challenges, slippage parametrized, fake commissions, etc.).
Nevertheless, working in the same way, we could see how MFF was in terms of reputability vs some other con artists.

The props in US should be panicking after reading the court petition. It could be copy/paste to them. Angelo, Matt, Dylan and the other idiots may say all is safe but yesterday they should have been sh* their pants. They are stupid is they don't relocate fast.

Finally, I think the big risk is that some props prevent US and CA residents from joining them as a precautious measure to avoid legal case (even if they think they are not under their jurisdiction). Specially the props in Europe, like FTMO, TFF and UK.
  • #19,818
  • Edited 3:43am Sep 2, 2023 3:14am | Edited 3:43am
Quoting Cryptosurf
{quote} Read the CFTC complaint posted a few pages back. It’s not good and only confirms peoples suspicions about scammy prop firms. It’s not so much about the use of “unregulated” brokerage, but more so about how they ran their operation. CFTC is nailing them on fraud. Somehow they got ahold of internal emails, texts, etc., and its completely counter to what they have stated in the past.
Yep, it is stated that they lied to customers (fraud) and there is plenty of proof about that.

In this topic most of us knew that we were playing a video game but most people don't. They (and all props the same) lured people into thinking that were really paying to do "challenge tests" and then would be allocated real money.
  • #19,819
  • Sep 2, 2023 3:14am Sep 2, 2023 3:14am
Quoting navk
{quote} They may fine MFF for Ignorance. If it is fraudulant activity, the CEO would have disappeared by now. 1. Accept mistake and pay fines for Ignorance. 2. Request time extension to set up new things to comply. With all, shall we get free style trading ? Our money back may be assured if they do above,
I can't believe you could be so naive. The CEO won't disappear because of his greed. Anyone who spends the amount of money the CEO has on himself is too greedy to runaway from the money.!! he was just banking on not getting caught. According to the complaint, (taken from emails, private messages etc) he has taken the money in and basically spent most of it on himself and then employed people to weed out the profitable traders and get rid of them by any excuse necessary if possible, because their profit comes out of his money. If he had taken at least part of that money and invested it in some of those profitable traders he would have had something to show them that it wasn't a ponzi scheme. In fact, he not only didn't invest in them, he blatantly got rid of as many as possible. He has spent it instead on cars, enormous mansions etc etc. MFF is NOT coming back and he will probably get jail time. Fraud is a whole different kettle of fish.

As far as other prop firms are concerned it really depends how they use the incoming challenge fees as to whether they are fraudulent or not, and therefore could be shut down.
  • #19,820
  • Sep 2, 2023 3:17am Sep 2, 2023 3:17am
Quoting KoyaAndy18
if myfundedfx is also based in us and a b booking prop firm with almost if not exactly the same with mff. why us ca regulators dont come after them? {image} {image}
Is this the source of his smug reaction by that guy? Because he now offers SIM accounts?
Mb it was always there. Who looks?

If they admit all is sim and no one goes nowhere near a real account, is that enough to absolve them of previous sins?
Can someone charge X amount for a sim game and then distribute prizes back to winners? Legal? I'd think it falls under gaming for sure then.
I wouldn't mind pretending I am trading FX while in a sim surroundings as long as a 3rd party well known none manipulative demo account is used.
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