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  • #20,101
  • Sep 2, 2023 2:10pm Sep 2, 2023 2:10pm
Quoting Capablanca
https://myfundedfx.com/ Also changed things for simulated and such "Once proven you can successfully and constantly trade our program, get up to an 80% profit split on all live sim profits you make. Continue to trade for as long as you want and get live sim accounts up to $1.5 million with our scaling plan." 2Manage Simulated Capital Up to $600k"
All of the toddler CEO's hang out and share each other's binkies. Same verbiage makes sense
Pride always comes before destruction.... -Proverbs 16:18
  • #20,102
  • Sep 2, 2023 2:17pm Sep 2, 2023 2:17pm
Quoting Expo33
{quote} Been trading with FxChoice for 10 years with no problems
Here the loss is yours and not Firm's.

lol
Intraday only.
  • #20,103
  • Sep 2, 2023 2:24pm Sep 2, 2023 2:24pm
Quoting navk
{quote} Here the loss is yours and not Firm's. lol
Not the point he was making. Response was to the post stating that, as a US citizen, you cannot trade offshore.
  • #20,104
  • Sep 2, 2023 2:28pm Sep 2, 2023 2:28pm
Quoting TrAndy1
{quote} Not allowed in Germany without written permission from Bafin regulator at least, I cannot speak for whole EU but usually it is the same in every EU country. So you need to be registered and licensed as financial advisor for giving advice in form of trading signals. That is complicated and makes it totally unattractive doing those MQL5 signals thingy. Same reason you cannot just open a telegram channel to give signals, or give signals from Zulu etc.
Well, the way I look it is that your activity is on display. That is all. If anyone likes it, they can sub. If not, no problem.
The trader doesn't know the subscribers. Doesn't try to sell them anything. There is no direct relationship of any kind and therefore no chance of cajoling subscribers to join or to even trade your signals. It could be for educational purposes.
Don't we do the same thing with props? We trade an account and put our trades on display. We don't tell the props to do anything with our trading. In fact we don't know what they do with it.

If your country's regulators don't allow it, it is understandable. You can't do anything about it but for countries that do allow it, I think it could be an option.

I asked my country's stupid regulators a while back if I was allowed to put my trading account on mql5 and explained the procedure and gave them links and everything. They replied that all those trading for others need to b e licensed. But I am not trading for anyone. Does it mean it is allowed? Who knows? These regulators wait until you do something and then they nab you. They don't tell you much. Always need a lawyer to do anything that there is a set of vague rules built around.
  • #20,105
  • Sep 2, 2023 2:38pm Sep 2, 2023 2:38pm
Quoting CableJ
One thing, A big youtube stock day trader "Warrior Trading" with courses and chat room was charged last year by SEC and found guilty of pump and dump activity, selling 5K+ courses & seminars that very few made money with and deceptive advertising. @ the end of the day he just had to change his marketing practices, post disclaimer warnings & pay a massive multi million dollar fine. He's still on YouTube doing his thing.
-I see a lot of youtubers that are operating without proper disclaimers (or licenses). Some of them are providing signals. Unfortunately, ignorance of law will not save them. I also see a lot of things that are being done with marketing that could be very problematic for some folks.

Regarding pump & dump, I wonder if a signal provider would be charged with that? The result is the same. I guess that I can probably answer my own question... if the provider is registered with NFA, has proper license and is fully-compliant with all regulatory requirements, then it's all-good. Pay-to-play is okay in the USA.
  • #20,106
  • Sep 2, 2023 2:55pm Sep 2, 2023 2:55pm
Quoting Capablanca
A guy in telegram said he emailed MF and got this answer. I don't know if this is fake or not. Hello, I hope you are doing well. We understand that this situation is less than ideal, and we apologize for any inconvenience it may be causing you. We encourage you to regularly check our website for official updates regarding the status of our services. As soon as our servers are back online, you will be able to resume trading without any interruptions. We are working hard towards a swift resolution and anticipate positive news following our hearing,...
May be true email, but automated reply for any of our emails.
Intraday only.
  • #20,107
  • Edited 3:14pm Sep 2, 2023 2:59pm | Edited 3:14pm
Quoting Nsak3y
{quote}-I see a lot of youtubers that are operating without proper disclaimers (or licenses). Some of them are providing signals. Unfortunately, ignorance of law will not save them. I also see a lot of things that are being done with marketing that could be very problematic for some folks. Regarding pump & dump, I wonder if a signal provider would be charged with that? The result is the same. I guess that I can probably answer my own question... if the provider is registered with NFA, has proper license and is fully-compliant with all regulatory...
As a consequence when a signal provider is not licensed he could be charged to pay all the losses from his signal takers / Customers. That is huge thing. You are full responsible for everyones losses and that is unlimited. The same is with real funds trading on props. Those props needs to be licensed otherwise you need to be licensed as financial advisor because you take real money to leverage your trading. That kind of thing is usually across all major jurisidictions. Sad but true.

On the other side CFTC is saying if you are not trading real funds, and all is virtual or simulated it is like a "ponzi" scheme and they easily can say those trading conditions are unfair because unrealistic to the favor of the prop. So it is like quandary for the props. They cannot do it right for US regulators.

Same procedure if those props activities are considered illegal, then all challenge fees needs to be paid back (on top of any additional fine)...huh
  • #20,108
  • Sep 2, 2023 3:20pm Sep 2, 2023 3:20pm
Very good youtube video I am just watching, letting you know...
Inserted Video


Especially the comments from a Compliance officer who has experience with regulators. They say regulators look on it from the customer side being the dumbest person in the room and how the offer looks like how it is described from the prop side and what the reality is what you get from the prop after the fact. Interesting.
  • #20,109
  • Sep 2, 2023 3:22pm Sep 2, 2023 3:22pm
Quoting TrAndy1
On the other side CFTC is saying if you are not trading real funds, and all is virtual or simulated it is like a "ponzi" scheme and they easily can say those trading conditions are unfair because unrealistic to the favor of the prop.
-Not sure. If no trading, then it's gamification or gambling. Different regulations. Certainly, most games at casinos are not favorable for players. No problem as long as they pay-to-play. The entire system is a joke. So, we learn to work the system. This is the same for props.
  • #20,110
  • Sep 2, 2023 3:30pm Sep 2, 2023 3:30pm
Quoting Nsak3y
{quote}-Not sure. If no trading, then it's gamification or gambling. Different regulations. Certainly, most games at casinos are not favorable for players. No problem as long as they pay-to-play. The entire system is a joke. So, we learn to work the system. This is the same for props.
You need to watch the video above mentioned. The regulators see it from being a dumb customer perspective. If that customer files a complaint to regulatory bodies they will take it as proof against the prop. And everything what is promoted from the prop and what has happened as negative differences for the customer speaks against the prop business. Then the regulators say it is illegal or needs to be registered under the laws and so on. They do not count any average intelligent person or trader or even smarter ones, when they look what MFF has offered. That is a huge difference you must consider. Watch the video then you know more what I just said.
  • #20,111
  • Sep 2, 2023 3:48pm Sep 2, 2023 3:48pm
Most laws that are designed to protect us, are created because certain people in government believe that we are too dumb to do it ourselves. Most people that are smart enough to know this, are not very keen on being told what to do with their own money.
  • #20,112
  • Sep 2, 2023 3:50pm Sep 2, 2023 3:50pm
Hey guys,

I am looking at following additions after MFF Disaster :

- TFF
- Funded next.

I traded with TFF and i know fairly the rules.

Funded next is new to me and i intend to sign up for steller challenge.

Any adeas , suggestions on Fundednext welcome.
Intraday only.
  • #20,113
  • Sep 2, 2023 3:52pm Sep 2, 2023 3:52pm
Quoting Nsak3y
Most laws that are designed to protect us, are created because certain people in government believe that we are too dumb to do it ourselves. Most people that are smart enough to know this, are not very keen on being told what to do with their own money.
Let them protect us and ask them to ensure our fees and profit shares are paid.

Intraday only.
  • #20,114
  • Sep 2, 2023 3:54pm Sep 2, 2023 3:54pm
Quoting navk
Let them protect us and ask them to ensure our fees and profit shares are paid.
-They will not do that because they are not really protecting us. The fundamental purpose of government is to serve its people. We live in a world where government serves its own interests. There is no room for this kind of fantastical ideology.
  • #20,115
  • Sep 2, 2023 4:07pm Sep 2, 2023 4:07pm
Quoting navk
{quote} Let them protect us and ask them to ensure our fees and profit shares are paid.
You better wait to see how this unfolds.
If they decide that the MFF setup in Canada and the US was illegal, if you ask for your money or profit shares you are actually saying that you too were breaking the law even though you didn't know it.
MFF's description not withstanding.
  • #20,116
  • Sep 2, 2023 4:09pm Sep 2, 2023 4:09pm
Quoting dantpm
{quote} You better wait to see how this unfolds. If they decide that the MFF setup in Canada and the US was illegal, if you ask for your money or profit shares you are actually saying that you too were breaking the law even though you didn't know it. MFF's description not withstanding.
so, basically no protection from the so called protectors.

Let it be clear then.

Yea, let us wait MFF fiasco to end to ensure that they are so called protectors.
Intraday only.
  • #20,117
  • Sep 2, 2023 4:11pm Sep 2, 2023 4:11pm
Quoting dantpm
{quote} You better wait to see how this unfolds. If they decide that the MFF setup in Canada and the US was illegal, if you ask for your money or profit shares you are actually saying that you too were breaking the law even though you didn't know it. MFF's description not withstanding.
If the owner is sent to jail, Investors or challenge purchasers are too sent to jail ?

I wish to see if your statement is correct
Intraday only.
  • #20,118
  • Sep 2, 2023 4:11pm Sep 2, 2023 4:11pm
Quoting dantpm
{quote} You better wait to see how this unfolds. If they decide that the MFF setup in Canada and the US was illegal, if you ask for your money or profit shares you are actually saying that you too were breaking the law even though you didn't know it. MFF's description not withstanding.
Yes, the customer would be involved into illegal business, but that does not mean any customer will be prosecuted. Because the customer is the one that needs to be protected and the regulation is designed to protect the customers. So first of all, the challenge fees needs to be paid back before any payouts are processed. So in the end there cannot be any money left if every customer who bought a challenge will claim their challenge fee back. For me it is worse because of that, because my payout is much larger than any refunds of paid challenges. And regulation does not mean always good things. Especially if you get worse offers from props because of higher costs for them, then you cannot profit as much as smart trader / person than before.
  • #20,119
  • Sep 2, 2023 4:12pm Sep 2, 2023 4:12pm
And how many challenge purchasers ?

300 millions ?
Intraday only.
  • #20,120
  • Sep 2, 2023 4:13pm Sep 2, 2023 4:13pm
Quoting TrAndy1
{quote} Yes, the customer would be involved into illegal business, but that does not mean any customer will be prosecuted. Because the customer is the one that needs to be protected and the regulation is designed to protect the customers. So first of all, the challenge fees needs to be paid back before any payouts are processed. So in the end there cannot be any money left if every customer who bought a challenge will claim their challenge fee back. For me it is worse because of that, because my payout is much larger than any refunds of paid challenges....
This is meaningful answer.
Intraday only.
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