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  • #23,041
  • Sep 27, 2023 6:30pm Sep 27, 2023 6:30pm
Gotta pay those CFTC employees.
  • #23,042
  • Sep 27, 2023 6:40pm Sep 27, 2023 6:40pm
Quoting Expo33
{quote} Request for crypto submitted. Tick tock on the clock
We are at the final stage. Possibly

24 hours later I just got the "crypto submission form" to fill out because requesting a payout and giving them the wallet address isn't enough. So you have to fill this form out, give them your email that they already have, the exact time of the original request (or in my case multiple requests), the withdrawal amount that was already provided, and the crypto wallet address that was already provided.

It's like an insurance company. Even though they know they have to pay their main strategy is to keep the money in their bank for as long as possible.

Revolutionizing the industry,

Best regards,

Angelo
Pride always comes before destruction.... -Proverbs 16:18
  • #23,043
  • Sep 27, 2023 6:58pm Sep 27, 2023 6:58pm
Quoting pipmaster77
{quote} yes, you earn income and pay tax on it. You then take that money which was already taxed and purchase something and get taxed again. You then sell the item for a profit and pay tax on the profit. Yet, this country is trillions of dollars in debt.
To whom is the question... ;-)
  • #23,044
  • Sep 27, 2023 9:07pm Sep 27, 2023 9:07pm
Any update on MFF - CFTC case ?

Was not following for some days.
Intraday only.
  • #23,045
  • Sep 27, 2023 11:45pm Sep 27, 2023 11:45pm
Quoting Tobiazzek
{quote} 1. You are scalping with a strategy where you are rr is like 0.3:1 if I remember correctly from earlier posts, so not only scalping in itself is really stressful you also get emotionally brutalised because the losses wipe out so many wins. You should go back to the drawing board and find a higher timeframe more mechanical strategy to not be so prone to all the negative emotions, rn there is really a lot of free strategies online and many of them actually work if you don't listen to all the bullshitters that talk about 1:10rr or 100% win...
i am really very tired now
doing what i can do
but still nothing going right
my life is going through severe pressure
life seems very hard to me now
may be this is what written in my life
  • #23,046
  • Sep 28, 2023 12:46am Sep 28, 2023 12:46am
Quoting Takisd
https://www.financemagnates.com/fore...freeze-assets/ yikes
"“The CFTC can obtain a court order in secret to shut down your entire business and have someone seize not only your business’s assets, but also your personal assets, before you ever know a complaint has been filed against you. That is what happened here, and the CFTC would have this Court believe that all of this is completely constitutional. It is not.”, the motion stated."

And we see the other folks. like MFFx, saying that they are ok, abiding by the law.

The power of regulators/public entities is huge. I remember that they shut down an entire poker industry in US in just one day. They can do basically whatever they want. It's like a asteroid is coming to our head at light speed. We won't even know what we died of. That's what can happen with other props in US (and probably in UK - EU is more spread over a lot of countries)
  • #23,047
  • Sep 28, 2023 12:52am Sep 28, 2023 12:52am
Quoting TrAndy1
The CFTC has no brain with their 3 ladies. They made a very big mistake. They said he is misusing funds for his own purpose while it was money for the taxes. That says all. They did not spend any longer time to do any due diligence. The only thing that could matter little bit, that they were trading CFDs but not real CFDs only virtual ones. Less than 1% of a fraction was real CFDs with STP. Maybe also that they were running a virtual forex broker. But this is little and they cannot shutdown entire MFF for that. From what I read now I cannot assume...
We know regulators always have an agenda but it's quite shocking to see that they don't have any shame in doing something like this for everyone to see.
"Confusing" taxes with misappropriation of funds is something that nobody could have mistaken. How can someone doing it qualify for this job if they are "confusing" such an elementar thing ?
  • #23,048
  • Sep 28, 2023 12:58am Sep 28, 2023 12:58am
Quoting Expo33
{quote} We are at the final stage. Possibly 24 hours later I just got the "crypto submission form" to fill out because requesting a payout and giving them the wallet address isn't enough. So you have to fill this form out, give them your email that they already have, the exact time of the original request (or in my case multiple requests), the withdrawal amount that was already provided, and the crypto wallet address that was already provided. It's like an insurance company. Even though they know they have to pay their main strategy is to keep the...
Out of curiosity, is your account still frozen during all this mess, preventing you from trading ?

I now start to connect dots... I don't have a withdraw from them for about 2 months, I think. But in the last 2 withdraws I had requested crypto and in both of them I got a message saying that they had problems with the crypto processor and I should request them again using Deel.
At the time I found stupid to have crypto available if that was not really available, but now things start to make some sense. I think they already that rule of "crypto is only for no Deel countries". It was a way to delay payments for some more days.
  • #23,049
  • Sep 28, 2023 1:07am Sep 28, 2023 1:07am
In the meantime some good news. I got the payout from E8.

The process is:
1. Request payout in E8 site (as before)
2. They aprove it and send an invitation to Plane (the new payment platform)
3. We fill in the details in Plane (no need to submit personal documents)
4. E8 send us the contract to sign in Plane and we sign
5. We request the payout in Plane (this is different from Deel - we are the ones requesting)
6. They approve the payout and send Plane the money
7. The money is not held at Plane, like in Deel. Plane directs it to the bank account we filled in.

I can't be sure about this but it seems to me that E8 sent the money to Plane very fast but Plane took 2 or 3 days to redirect it to my bank.

In Telegram I saw also a lot of payout proofs. Let's see if they can sustain operation. Unfortunately they are in US so at any moment they can get the magic hammer of regulator.
  • #23,050
  • Sep 28, 2023 1:51am Sep 28, 2023 1:51am
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  • #23,051
  • Sep 28, 2023 1:58am Sep 28, 2023 1:58am
Quoting Capablanca
{quote} "“The CFTC can obtain a court order in secret to shut down your entire business and have someone seize not only your business’s assets, but also your personal assets, before you ever know a complaint has been filed against you. That is what happened here, and the CFTC would have this Court believe that all of this is completely constitutional. It is not.”, the motion stated." And we see the other folks. like MFFx, saying that they are ok, abiding by the law. The power of regulators/public entities is huge. I remember that they shut down...
I try not to comment too much on mffx anymore because people get their sphincters all tight and feel offended but Matt's whole "OUR CFTC LAWYERS" speil is complete hogwash. If he is using CFTC LAWYERS to do the changes he did, they need to be fired immediately for incompetence. The basis of the case against MFF has nothing to do with A/B - instant funding or whether or not they have their own server. Its purely a regulatory infringement which all prop firms are non compliant on that is in a grey area that the CFTC Feels should require registration. In order to enforce that, they have over reached, made up a bullshit fraud story, smeared the living shit out of the company and owner with fake information - even the slip them to hell email now is appears to be bullshit in the sense that it has 0 context, what if it was referring to a group of arbitrage traders? Tick scalpers? Oil arbers? On top of that, after seeing how grossly incompetent the investigator who made this mistake is, i suspect their data analysis claims are also bullshit. Especially given the phrases such as "drawdown rules to make investors lose" "Commissions to make investors lose" "Wanted traders to lose on STP" in the complaint. It is now pretty clear, although yet to be proven, how such nonsense entered a CFTC complaint, and it all stems from an incompetent investigator.
  • #23,052
  • Sep 28, 2023 1:59am Sep 28, 2023 1:59am
Quoting Capablanca
In the meantime some good news. I got the payout from E8. The process is: 1. Request payout in E8 site (as before) 2. They aprove it and send an invitation to Plane (the new payment platform) 3. We fill in the details in Plane (no need to submit personal documents) 4. E8 send us the contract to sign in Plane and we sign 5. We request the payout in Plane (this is different from Deel - we are the ones requesting) 6. They approve the payout and send Plane the money 7. The money is not held at Plane, like in Deel. Plane directs it to the bank account...
If plane isnt doing KYC verification, this wont last.
  • #23,053
  • Sep 28, 2023 2:11am Sep 28, 2023 2:11am
Quoting Takisd
{quote} If plane isnt doing KYC verification, this wont last.
Yep, I found that very weird. Forgot to say that Plane asks to fill the W8BEN (for non US customers), though no documents, proof of address or selfie are requested.
I don't know if anything is shared by E8 with Plane (I doubt it because this would be a data protection offense, I think).
  • #23,054
  • Sep 28, 2023 2:15am Sep 28, 2023 2:15am
Quoting Capablanca
{quote} Yep, I found that very weird. Forgot to say that they ask to fill the W8BEN (for non US customers), though no documents, proof of address or selfie are requested. I don't know if anything is shared by E8 with Plane (I doubt it because this would be a data protection offense, I think).
They could be passing the burden on to e8. E8 being in the US would require the w8BEN to be filled. But what does it look like from a non US entity perspective I wonder. Either way, doesn't seem long term reliable.
  • #23,055
  • Sep 28, 2023 2:16am Sep 28, 2023 2:16am
Quoting Takisd
{quote} I try not to comment too much on mffx anymore because people get their sphincters all tight and feel offended but Matt's whole "OUR CFTC LAWYERS" speil is complete hogwash. If he is using CFTC LAWYERS to do the changes he did, they need to be fired immediately for incompetence. The basis of the case against MFF has nothing to do with A/B - instant funding or whether or not they have their own server. Its purely a regulatory infringement which all prop firms are non compliant on that is in a grey area that the CFTC Feels should require registration....
I really like the Trading pit approach of having people hired as "signal provider".

We provide signals in a demo platform and then it's up to them to use it (or not) however they want. We have nothing to do with that and company can use information as they please.

This seem to cover a lot of legal aspects, I guess. There's no broker involved, just a demo thing, no real funds, A/B book doesn't matter, they can profile the signal providers without any problem, commissions and slippage can be used without problems because they need the signal providers to produce signals in real conditions, etc.

Seems smart IMO.
  • #23,056
  • Sep 28, 2023 2:20am Sep 28, 2023 2:20am
Quoting Capablanca
{quote} I really like the Trading pit approach of having people hired as "signal provider". We provide signals in a demo platform and then it's up to them to use it (or not) however they want. We have nothing to do with that and company can use information as they please. This seem to cover a lot of legal aspects, I guess. There's no broker involved, just a demo thing, no real funds, A/B book doesn't matter, they can profile the signal providers without any problem, commissions and slippage can be used without problems because they need the signal...
A signal provider also needs a license here from BaFin, so best would be if they say the trader is expresses his opinion on demo trading account (what the market should do). That would be out of this where no license is required.
  • #23,057
  • Sep 28, 2023 2:20am Sep 28, 2023 2:20am
Quoting Capablanca
{quote} I really like the Trading pit approach of having people hired as "signal provider". We provide signals in a demo platform and then it's up to them to use it (or not) however they want. We have nothing to do with that and company can use information as they please. This seem to cover a lot of legal aspects, I guess. There's no broker involved, just a demo thing, no real funds, A/B book doesn't matter, they can profile the signal providers without any problem, commissions and slippage can be used without problems because they need the signal...
Signal providers require licenses in various countries.

Its really a massive can of worms. I have in my head how it can be done to satisfy all jurisdictions but it wouldnt satisfy the traders because the traders need ego strokes.
  • #23,058
  • Sep 28, 2023 3:35am Sep 28, 2023 3:35am
still no payout from FXIFY. Today I asked on discord and Mod replied asking am i aware of deel situation?? it's a joke now i told him deel was like 2 weeks ago, and sending money to PayPal it's 5 min job. More people asking in discord, I thought FXIFY is strong, but it looks like they are like all other ones.
  • #23,059
  • Sep 28, 2023 4:03am Sep 28, 2023 4:03am
Quoting Takisd
{quote} Signal providers require licenses in various countries. Its really a massive can of worms. I have in my head how it can be done to satisfy all jurisdictions but it wouldnt satisfy the traders because the traders need ego strokes.
It's getting rather silly now. Would it be better to invest in a licence then charge for signals (cash flow) instead of the video game route (non-payment??)?
  • #23,060
  • Sep 28, 2023 4:26am Sep 28, 2023 4:26am
Quoting youngD
still no payout from FXIFY. Today I asked on discord and Mod replied asking am i aware of deel situation?? it's a joke now i told him deel was like 2 weeks ago, and sending money to PayPal it's 5 min job. More people asking in discord, I thought FXIFY is strong, but it looks like they are like all other ones.
most of the prop firms are insolvent as the US market dried up after MFF. I don’t say this for fxify but market conditions plus MFF is enough to kill most props
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