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  • #20,301
  • Sep 3, 2023 10:20am Sep 3, 2023 10:20am
Quoting sampat
{quote} Well as long as they are accepting any North american clients (directly or indirectly) they can sue them. Why do you think any good forex brokers (offshore) is not accepting forex clients from US or Canada?
They could if they were taking US clients but they have not been in this case. Btw, they sued Tallinex and its owners for 12 million, got default in court but haven't been able collect anything so far. CFTC is not very keen anymore suing out of jurisdiction entities because in most cases it hasn't been very fruitful. They are more often sending cease and desist letters to brokers who sign up US clients. There are many off shore brokers who have been successfully operating and accepting for many years. The same will happen with props.
  • #20,302
  • Sep 3, 2023 10:24am Sep 3, 2023 10:24am
Quoting TraderTero
{quote} They could if they were taking US clients but they have not been in this case. Btw, they sued Tallinex and its owners for 12 million, got default in court but haven't been able collect anything so far. CFTC is not very keen anymore suing out of jurisdiction entities because in most cases it hasn't been very fruitful. They are more often sending cease and desist letters to brokers who sign up US clients. There are many off shore brokers who have been successfully operating and accepting for many years. The same will happen with props.
Yes, after strict USA regulations on forex brokers, FIFO, Leverage etc( some years ago )... Canadian clients were offered accounts from Australia and UK and europe.

Not sure if that happened for US residents.
Intraday only.
  • #20,303
  • Sep 3, 2023 10:33am Sep 3, 2023 10:33am
Quoting TraderTero
There are many off shore brokers who have been successfully operating and accepting for many years. The same will happen with props.
-Yes. It will be interesting to see what happens. If I had to guess, regulators will try to use a different approach with props by claiming fraudulent activity.

Most brokers that operate outside of jurisdictional reach of heavy-handed regulatory bodies, do so, knowing that what they are doing is perfectly legal and in accordance with the local law, where they are established. However, in the case of props, it may not be.

This will be the challenge... for props to find a way to legitimize what they are doing and remain legal to ensure sustainable safe-haven wherever they decide to set up shop.
  • #20,304
  • Sep 3, 2023 10:34am Sep 3, 2023 10:34am
Quoting sampat
{quote} The difference here is banks may be paying millions for doing billions in fraud (including kickbacks to judges and authorities) I am afraid MyFF is not having that kind of money. The way they are building case I dont think as much as I like it is not coming back. Also there might be nexus of North american brokers (Like Forex.com and Oanda) which may have started this thing as their business is pretty much taken away by these prop firms
Yes exactly as l know and heard from a CME Trader he told me that MFF got caught reason being Brokers and Big Banks were now starving to the core,less traders having personal accounts , almost every trader in the World was now on MFF even FTMO is not even close compared to MFF that's why it became the target .Kazmi had every trader in his pocket ,, The Rest was now starving.
  • #20,305
  • Sep 3, 2023 10:35am Sep 3, 2023 10:35am
Quoting navk
{quote} Yes, after strict USA regulations on forex brokers, FIFO, Leverage etc( some years ago )... Canadian clients were offered accounts from Australia and UK and europe. Not sure if that happened for US residents.
It did and is still happening. Those well known bigger brokers operating off shore are not accepting US clients because they are afraid of the problems CFTC could cause via their regulators in their homelands. For example ICMarkets is also licensed in Australia so it would be very easy for CFTC to put pressure on them via ASIC. Smaller off shore brokers don't often have any licenses so they don't care that much. The same will apply to certain props in the future. Too much money involved and the risk is for accepting US clients is quite small.
  • #20,306
  • Sep 3, 2023 10:38am Sep 3, 2023 10:38am
Quoting Nsak3y
{quote}-Yes. It will be interesting to see what happens. If I had to guess, regulators will try to use a different approach with props by claiming fraudulent activity. Most brokers that operate outside of jurisdictional reach of heavy-handed regulatory bodies, do so, knowing that what they are doing is perfectly legal and in accordance with the local law, where they are established. However, in the case of props, it may not be. This will be the challenge... for props to find a way to legitimize what they are doing and remain legal to ensure sustainable...
They need to cease to ban people without proper evidence. When complaints pile up, the authorities will eventually react.
  • #20,307
  • Sep 3, 2023 10:39am Sep 3, 2023 10:39am
Quoting navk
{quote} yes, he will happily pay the fines imposed on him. As far as paying to His clinets, No issues, He was and is willing to pay. He may remodel all if things happen in that way. It is all just speculation only.
To Pay he does Pay for sure ,, Ever since ,l haven't heard of any trader complaining of not being Paid by MFF ,, Ever since l started trading with Them 3 years ago ,, it was Pretty shocking to me see these allegations on them and l guess everyone is too.
  • #20,308
  • Sep 3, 2023 10:43am Sep 3, 2023 10:43am
Quoting TraderTero
{quote} They need to cease to ban people without proper evidence. When complaints pile up, the authorities will eventually react.
It will not be very difficult. Look at this forum itself many people are cheering because MyFF got caught and have luxurious life even though all of them heart to heart knows MyFF was paying honestly (I understand they have slippage issue but think of it as cost of running business). If MyFF is having so many haters almost all prop firms will have haters CFTC should not have any problem if they want to sue others.
  • #20,309
  • Sep 3, 2023 10:44am Sep 3, 2023 10:44am
Quoting navk
Not sure if that happened for US residents.
-US residents are treated like pariah by most brokers. This is the result of over-reaching, heavy-handed regulation. The cost and burden of catering to US traders is just not worth it. This has been done intentionally and is by design.

Of the few brokers that operate outside of the jurisdictional reach of various regulatory groups (or where no reciprocity/treaties etc. exist), they have to use cryptocurrency as a deposit/withdrawal method because of the fact that since regulators could not stop them in the traditional way, they decided to target the payment processors/transfer methods that were being used by these brokers.

This is what our tax dollars are paying for.
  • #20,310
  • Sep 3, 2023 10:47am Sep 3, 2023 10:47am
Quoting TraderTero
{quote} They need to cease to ban people without proper evidence. When complaints pile up, the authorities will eventually react.
But When you look at very closely despite allegations because everybody between these 3 types of entities all does it ,it seems for sure like this is a fight for Retail Traders between the Prop firm Big Dog MFF , Brokers in line with the Big Banks.
  • #20,311
  • Sep 3, 2023 10:51am Sep 3, 2023 10:51am
Quoting sampat
{quote} The difference here is banks may be paying millions for doing billions in fraud (including kickbacks to judges and authorities) I am afraid MyFF is not having that kind of money. The way they are building case I dont think as much as I like it is not coming back. Also there might be nexus of North american brokers (Like Forex.com and Oanda) which may have started this thing as their business is pretty much taken away by these prop firms
For JP Morgan Chase, it was the cost of doing business

make $2b rigging metal markets
pay $1b to the government in fines

win-win
  • #20,312
  • Sep 3, 2023 10:53am Sep 3, 2023 10:53am
Quoting sampat
{quote} It will not be very difficult. Look at this forum itself many people are cheering because MyFF got caught and have luxurious life even though all of them heart to heart knows MyFF was paying honestly (I understand they have slippage issue but think of it as cost of running business). If MyFF is having so many haters almost all prop firms will have haters CFTC should not have any problem if they want to sue others.
They can sue but if I was running a prop firm from SVG and didn't have any ties to US, I could really care less about their law suites. Those are civil litigation so penalties are usually just fines etc. If you could make for example 10M in profit from US clients a CFTC law suite would definitively by worth while.
  • #20,313
  • Sep 3, 2023 10:58am Sep 3, 2023 10:58am
Quoting LehmanBrotha
{quote} For JP Morgan Chase, it was the cost of doing business make $2b rigging metal markets pay $1b to the government in fines win-win
They were not even Banned ,, and still continue to do it Everyday.
  • #20,314
  • Sep 3, 2023 11:00am Sep 3, 2023 11:00am
Quoting Capablanca
{quote} But imagine you did like that, you started with a 50/60$ fee and now you were at a 100K MFF account. You would have lost months of your life to end up with nothing. On the other hand whoever started with 100K challenges some months ago probably collected several nice payouts until all this busted. I'm more favorable in dividing the risk by several companies than starting small. (not now, obviously, now I think it's not advisable to buy anything until we see more developments)

With my style you not going to try to achieve 100k account. It's rather having few 10k and trade it heavily, expecting profits 5-10% instead having 100k and going for regular 1-2% . Off course this way you will often loose accounts, but entry fee is so small than you just repeat and repeat.
  • #20,315
  • Sep 3, 2023 11:01am Sep 3, 2023 11:01am
Quoting sampat
{quote} It will not be very difficult. Look at this forum itself many people are cheering because MyFF got caught and have luxurious life even though all of them heart to heart knows MyFF was paying honestly (I understand they have slippage issue but think of it as cost of running business). If MyFF is having so many haters almost all prop firms will have haters CFTC should not have any problem if they want to sue others.
I have for example seen E8 and FundedNext provide totally ridiculous copy trading evidence for banning traders. If you run your prop like that it will not end well regardless of your location.
  • #20,316
  • Sep 3, 2023 11:05am Sep 3, 2023 11:05am
regulators be like


Inserted Video
  • #20,317
  • Sep 3, 2023 11:08am Sep 3, 2023 11:08am
Quoting Ch23
{quote} They were not even Banned ,, and still continue to do it Everyday.
They have so much money they can even buy president JPMorgan, Goldman sacs dont give a shit to these regulators. MONEY IS HONEY....
  • #20,318
  • Sep 3, 2023 11:19am Sep 3, 2023 11:19am
Quoting Masterrmind
{quote} Yes this is a real issue with the longer term funded traders or perhaps more so to those who just recently got funded and might miss out on recovery of participation fee and percentage take of the funded account. However, we all knew we were dealing in a grey area so it is what it is.... Masterrmind ..........
I figure my challenge fee is gone. I was doing well and getting close to the TP target. My only hope and desire now, as a US citizen, is that my wonderful government does not penalize me in the name of 'protection' from participating in further challenges with other companies. The risks I take are my own. I don't need any stinkin' 'protection.'
  • #20,319
  • Edited 12:01pm Sep 3, 2023 11:42am | Edited 12:01pm
Quoting Ch23
{quote} But for me l believe Kazmi is Gonna Pay the fine and come back right ,He Really loved this Business l guess even though something was being Cooked behind the Doors,, it's same like the Big Banks who manipulate Prices almost everyday in the Markets.
Not sure there but in many countries in europe if people are charged with fraud, let's say in banking, and admit it (pledging guilty and paying a fine to escape jail), they may be also barred from banking activity for 10 years for example.
  • #20,320
  • Sep 3, 2023 11:46am Sep 3, 2023 11:46am
Guys anyone has any experience with Ryze Funding? UK based using BlackBull markets.
Money is made by sitting, not trading
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