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  • #20,001
  • Sep 2, 2023 10:48am Sep 2, 2023 10:48am
Quoting TraderTero
{quote} The real reason for this thing is that Wall Street doesn't want people to spend and lose money in forex instead of investing on stocks. A prop running it's own servers or using a third party WL solution is insignificant as you are not allowed to offer or market forex services in USA without license and obtaining one is almost impossible. That's how they got rid of the forex business in USA and this is just connected to that.
...and the funny thing is that Forex trading is biggest market worldwide by far. More than 40 times larger than any futures market nor the US stock market can beat it.
  • #20,002
  • Sep 2, 2023 10:48am Sep 2, 2023 10:48am
Quoting Nsak3y
{quote}-Based on what I am seeing, this does not appear to be the case. According to the CFTC document, additional spreads were applied to STP accounts to artificially widen them beyond what traders were already receiving from 3rd-party dealer. For anyone that is reading this, the few traders that were were still profitable despite Traders Global attempts to handicap them with software that imposed artificial delays and slippage, were put on STP accounts (their version of A-book), where their orders were rerouted to an off-exchange leveraged forex...
They were padding the spread... typical introducing broker (futures)/white label broker (forex) behavior. MFF admitted in discord that the VIP A/STP book were basically net losers month to month. The big lot trader's (overcoming market depth slippage) & scalper's (overcoming wider live market spreads) systems are not viable in the real market.
  • #20,003
  • Sep 2, 2023 10:50am Sep 2, 2023 10:50am
Quoting pipmaster77
{quote} Tradersway, FX Choice, EagleFX, LQDFX, Coinexx.....several others, those are the 5 I used........way better conditions than the bullshit regulated by the CFTC, never an issue, always paid. Beofre you start the debate, as it already sounds like you are a fan of regulation, it is NOT ILLEGAL to trade with an unregulated broker as long as you pay your taxes on the income.

im sure a libertarian like yourself always pays his taxes

i wont ask how you circumvent usa laws to trade shit brokers offshore cause i dont want you to incriminate yourself
short trump and go long the deepstate
  • #20,004
  • Sep 2, 2023 10:56am Sep 2, 2023 10:56am
Quoting CableJ
They were padding the spread... typical introducing broker (futures)/white label broker (forex) behavior. MFF admitted in discord that the VIP A/STP book were basically net losers month to month. The big lot traders (overcoming market depth slippage) & scalpers (overcoming wider live market spreads) systems are not viable in the real market.
-Obviously. But we must examine the entire scope of their reasoning. These were supposedly A-booked traders. The point that I was trying to make, is, if we look at these things objectively, as well as the other things that they were allegedly doing, then this may be sufficient to warrant reevaluation in lieu of the biased comments that we are seeing here.
  • #20,005
  • Sep 2, 2023 10:59am Sep 2, 2023 10:59am
One thing that I find odd, is that Josh is never named in the CFTC document. Only did I see 'Advisor' mentioned. Anyone that is familiar with MFF knows that Josh was the mastermind behind all of the technical stuff. I would assume that he must be implicated some how.
  • #20,006
  • Sep 2, 2023 11:01am Sep 2, 2023 11:01am
Quoting TraderTero
{quote} The real reason for this thing is that Wall Street doesn't want people to spend and lose money in forex instead of investing on stocks. A prop running it's own servers or using a third party WL solution is insignificant as you are not allowed to offer or market forex services in USA without license and obtaining one is almost impossible. That's how they got rid of the forex business in USA and this is just connected to that.
100% dead on. I think it is more futures related than stocks though.
  • #20,007
  • Sep 2, 2023 11:01am Sep 2, 2023 11:01am
Quoting TrAndy1
{quote} ...and the funny thing is that Forex trading is biggest market worldwide by far. More than 40 times larger than any futures market nor the US stock market can beat it.
Yes, but most of that is not retail FX, it is institutional and big banks.
  • #20,008
  • Sep 2, 2023 11:03am Sep 2, 2023 11:03am
Quoting Nsak3y
One thing that I find odd, is that Josh is never named in the CFTC document. Only did I see 'Advisor' mentioned. Anyone that is familiar with MFF knows that Josh was the mastermind behind all of the technical stuff. I would assume that he must be implicated some how.

hes probably the whistleblower...hell get a reward for snitching on kazmi
short trump and go long the deepstate
  • #20,009
  • Edited 11:18am Sep 2, 2023 11:05am | Edited 11:18am
Quoting TrAndy1
{quote} ...and the funny thing is that Forex trading is biggest market worldwide by far. More than 40 times larger than any futures market nor the US stock market can beat it.
The CME preferred a larger % cut of that volume went to them vs over the counter forex, so they let loose the CFTC & politicians to rig the market to be more in their favor.

It's a familiar playbook...

The moment Coinbase & Binance are removed from the playing field by the SEC... more volume goes to the CFTC + CBOE contracts, and the SEC regulated wallstreet firms like Fidelity can step right in. Get stable coins out the way here comes the FEDNOW CBDC.
  • #20,010
  • Sep 2, 2023 11:08am Sep 2, 2023 11:08am
Quoting Zebi
hes probably the whistleblower...hell get a reward for snitching on kazmi
-This is an interesting point. The 'Advisor' is quoted several times in the document, stating some very questionable things, and was even in direct contact with Kazmi. If he indeed was granted some kind of deal, then that would make sense. Here in the States, it would not be a reward, but maybe immunity of some kind, or, a lighter charge etc..
  • #20,011
  • Sep 2, 2023 11:09am Sep 2, 2023 11:09am
Quoting CableJ
{quote} They were padding the spread... typical introducing broker (futures)/white label broker (forex) behavior. MFF admitted in discord that the VIP A/STP book were basically net losers month to month. The big lot trader's (overcoming market depth slippage) & scalper's (overcoming wider live market spreads) systems are not viable in the real market.
Exactly, they are not viable. Therefore, why should they be viable at MFF? It is a double-edge sword......provide perfect conditions, which are unrealistic and traders cannot get anywhere else, you get killed.......implement things to prevent it......you're a fraud.....a no win situation.
Unfortunately, the losers here aren't the folks who can't trade......they will lose elsewhere. The losers are those of us funded, not only the income, but all the time and energy required to get here.
I'm not saying it should be the wild west, but we don't need this kind of oversight. People need to be able to do their own due dilligence and make their own decisions. There are so many far worse things the government should be putting a stop to, not forex trading.
  • #20,012
  • Sep 2, 2023 11:10am Sep 2, 2023 11:10am
Quoting navk
{quote} Because the regulators are unaware/no specific knowledge in this field, their court notice looks very ordinary to us. They seem to have picked up.. some internal messages, conversation and made case of it. They want full or part of 300 millions. That is the main intention.
A simple suggestion. This appears to only be a problem in the US and Canada where this type of income is taxed.
There are many countries where it is not taxed. I would look for a trading company and prop firm based in one of those countries.
If this works out, great, if it doesn't you are one step ahead of getting going again, especially before the rules change.
  • #20,013
  • Sep 2, 2023 11:10am Sep 2, 2023 11:10am
Quoting Zebi
{quote} hes probably the whistleblower...hell get a reward for snitching on kazmi
Was wondering my self who the whistleblowers could be - some random thoughts:
- oil traders who got banned, denied their large payouts and received the 'threatening' email that Josh mentioned and extracted their revenge
- angry Vietnamese/Pakistan traders who got banned
- a trader who got denied a large payout
- an internal employee
- another prop firm
Your worst drawdown is yet to come
  • #20,014
  • Sep 2, 2023 11:12am Sep 2, 2023 11:12am
Quoting Zebi
{quote} im sure a libertarian like yourself always pays his taxes i wont ask how you circumvent usa laws to trade shit brokers offshore cause i dont want you to incriminate yourself
No circumventing required, it is not against the law. Even states so on the CFTC website. There are several VERY,VERY good traders in this thread who did exactly the same before prop firms came along. Be a good little sheep now and do what the government tells you....after all, they have YOUR best interest in mind.
  • #20,015
  • Sep 2, 2023 11:13am Sep 2, 2023 11:13am
Quoting Zebi
{quote} im sure a libertarian like yourself always pays his taxes i wont ask how you circumvent usa laws to trade shit brokers offshore cause i dont want you to incriminate yourself
There are 3 of us that have posted here today that have successfully traded offshore. I traded offshore from 09-22 with the same brokers pip listed. The accounts are still open today... reported to IRS/FINCEN, taxes filed & paid annually.
  • #20,016
  • Sep 2, 2023 11:14am Sep 2, 2023 11:14am
Quoting pipmaster77
Exactly, they are not viable. Therefore, why should they be viable at MFF?
-But why pad spreads on traders that you are supposedly A-booking? Wouldn't you want them to have the best chances to succeed? They were already getting real market conditions as their trades were getting rerouted to 3rd-party dealer.
  • #20,017
  • Sep 2, 2023 11:15am Sep 2, 2023 11:15am
Quoting CableJ
{quote} The CME preferred a larger % cut of that volume went to them vs over the counter forex, so they let loose the CFTC & politicians to rig the market to be more in their favor. It's a familiar playbook... The moment Coinbase & Binance are removed from the playing field by the SEC... more volume goes the CFTC + CBOE contracts, and the SEC regulated wallstreet firms like Fidelity can step right in. Get stable coins out the way here comes the FEDNOW CBDC.
Here is a person with common sense who sees through all the bullshit your government(s) are feeding you.
  • #20,018
  • Sep 2, 2023 11:16am Sep 2, 2023 11:16am
Quoting dantpm
{quote} A simple suggestion. This appears to only be a problem in the US and Canada where this type of income is taxed. There are many countries where it is not taxed. I would look for a trading company and prop firm based in one of those countries. If this works out, great, if it doesn't you are one step ahead of getting going again, especially before the rules change.
Yes, reputed brokers or reputed prop firms outside of canada / US.

That is the first step to go forward.

Then of course the taxes.. we have to deal with that.
Intraday only.
  • #20,019
  • Sep 2, 2023 11:17am Sep 2, 2023 11:17am
Quoting CableJ
{quote} There are 3 of us that have posted here today that have successfully traded offshore. I traded offshore from 09-22 with the same brokers pip listed. The accounts are still open today... reported to IRS/FINCEN, taxes filed & paid annually.
I didn't want to mention you, but again 100% spot on.
  • #20,020
  • Sep 2, 2023 11:24am Sep 2, 2023 11:24am
Quoting pipmaster77
{quote} No circumventing required, it is not against the law. Even states so on the CFTC website. There are several VERY,VERY good traders in this thread who did exactly the same before prop firms came along. Be a good little sheep now and do what the government tells you....after all, they have YOUR best interest in mind.

Rules and regulations as it pertains to forex trading in the United States are often confusing, prompting the question as to whether it is possible for American citizens to trade forex overseas. The short answer is that no, it is not illegal for US citizens to open an account with an offshore broker, however, it is against the law for a non-US forex broker to open the account.
https://consultingforex.com/can-us-c...orex-overseas/

again..i wont ask how you did it cause it doesnt matter to me and i dont want someone on here to turn in your broker and get you auditted by IRS


and pipmaster...i know what my government bullshits me about and its less than your bullshit in here LOL
short trump and go long the deepstate
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