My Forex Funds FRAUD?!... What Does This Mean For Prop Trading?
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One of the biggest proprietary trading firms has been FROZEN by US & Canadian regulators & accused of a $300,000,000 fraud. What does this mean for the future of prop trading? Will My Forex Funds come back? Will prop firms die for good?
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U should do podcasts , Man u really deserve 10 M Subscribers U r the greatest teacher I have ever found
Thank you 🙏🏻
CFTC charged them too! Apparently they were using software to disadvantage their clients trades. Shocking!
Do people really not understand how prop firms work? This is not new, most of them do all these things and it's publicly available information...it just happens to be against sensible regulations.
Really? How did they do this?
But how would that actually work? Like... increasing spread to take stop losses? Or changing the price of the asset? Wouldn't that be immediately noticed by 2 or more traders?
@@traderobserver9109fr
Thanks for the info James.
Thanks for transparency 💎
Great video mate, tbh the industry needs a purge I think this is a step in the right direction personally (for traders this is a positive)
Agreed
Looll yhhh imma try fundingpips now instead. However, I do believe prop firms will be changing soon in the near future.
I think Prop firm are a wonderful tool to build some equity for yourself, but inevitably, we all need to work within our own capital.
Only good things will come, like stopping shaddy smaller brokers trying to steal everyones money and not following the laws.
Good things will stay.
Only good can come
Never ever did i thought there would things like this wow
Equity based draw down is on of those rules
Absolutely!
Im literally waiting for my payout from MFF. Literally a week before my payout, they go under. Great👍
Prop firm make me dicipline. Thank you for them beside getting payout now my own trading account is profitable. If all Prop Firms demolished I consider them as my school.
Thanks for the info, you're the best,
Thanks!!
Please give some examples of A Book prop firms.
Lux trading firm
Blufx was also closed down with our monies..
I think the problem is the TGG... The broker ain't regulated... My hopes is Funded next not be one of the fake prop firms ..
Yeah we’ll see, reading into it it seems like a problem deeper than just TGG but we can wait and see what MFF have to say about the situation
Traders Global Group is the real name of the company, look it up they online branding name is called My forex funds.
that broker is just mff with a different name
@@humble2828 yeah the allegations are against MFF > TGG & the CEO Not just one or the other, the whole MFF name
Hello sir can you suggest some propfirms
How about " the 5%ers " is it legit prop firm ? Im welling to buy a chaloenge with them.!!
Any possible to come back?
Which prop firm account do you recommend then? Cos i just saved up some money and bought an account just last week, cant believe this😥😥
It happened to me too 😲
You are not alone I did the same 😢
Because the broker, TGG is not regulated I guess. If only MFF use third-party regulated broker...
Exactly this... I typically only want to work with props who #1 use live funded accounts, and #2 use a broker that has their regulations in place.
I had 3 funded accounts there... big RIP I made profit atleast but this means I have to start over
They have email conversations exposed saying things like "our traders are getting slaughtered today." "nice"
Yep! Crazy
Where can I see? 😂
show us the link
Sir, Please make A video comparing legit choices of prop firms for traders now in this field--both in North America & other jurisdictions--this would help traders continue their JOURNEY IN SHARKS INFESTED WATERS WITHOUT BEING EATEN.
No doubt that it"s end of MFF.
Which prop firm r you recommending my bad 😢
The evidence against them is huge. There’s no way to explain yourself out of this. They had contractors trying to keep traders from getting huge payouts.
James do you own a prop firm for everyone or just for ur students ? The accelerator??? Heard u mention it in the 10k video
I’m sorting some important legal points to go public with it. I will be updating over the next month with relevant info
Okay so it’s only accessible to you students only for now then
Okay so it’s only accessible to you students only for now then
❤😊
Can anyone tell me which prop firms use the A book model?
Lux Trading say they do but who knows in reality
What about FTMO ? I think it is the best prop firm I don't know if they are going to shut it down or all the prop firms the same thing? . Trading your own account is The Way in the end
FTMo should be fine. MFF specifically have since been accused of a $300,000,000 fraud due to how they were operating All allegations for now. But other props who aren't also being sleazy should be fine. FTMO included.
What prop firms do you think are legitmate? which ones are A booking clients?
Yes i have the sane question
Maybe itll become a 3 month minimum challenge from now on instead of 10 day minimum, I hope they keep funded traders in so I dont have to go through all that
If this already happened before , there will be no immediate effect for prop firms not based in Canada....business as usual...
So tell us best prop firm who are doing really well not like MFF.
I actually assumed this predatory model was the unsoken standard of all mainstream prop firms. Also, I wonder if this will be isolated to Canada or whether there is some kind of international governing body
It is the unspoken standard That’s the problem with prop industry today But hopefully this gets people moving in the right direction A-book only firms should be the only ones standing in my opinion If your firm is benefiting from you losing and losing when you win, that’s no firm you should be working with, and probably a firm that shouldn’t be operating at all
@@JeaFxForexTrading which will you recommend, I just lost my 100k account with Mff
Damn, couldn't trust crypto, couldn't trust prop forms, ah... And i don't have enough capital too less than 500$ so how can i have hope 😔
Modern financial markets are the Wild West! Who knows what might happen
Once u have the skill , ur on the top. Even if u have 100$ all u need is skill , not only on charts but mentaly as well trust me ..
@@skiribi4373mhmmm.. i disagree sir. To excel in this industry you need capital not 100 or 500 dollars This will help your mindset and you wouldnt need to chase 300 pips to make considerable profit.. which will boost your confidence... you really need capital..
@@JeaFxForexTrading indeed 👌 unfortunately due to hyperinflation in our country and super hard economic situation its my only hope.. our hopes..
Pls name a trusted prop firm who will not hold our payout.
There are many bad and also good Prop Firms out there. I did also blown many accounts using MFF, so did I with other big Prop Firms. But it was totally my fault (technically and mostly my psychology) and I learnt from it. The risk and rules were clear from the beginning before I paid. And ofc every Prop Firm and so does every other business want to bring profit to their Investor. These Prop Firms are the tools for traders with small capital to grow it. Without these Prop Firms, 90% people are still gonna fail at trading anyway.
You should see some of the chat logs and findings from MFF…the whole case is built around the fact they didn’t want to bring profit to their investors, according to allegations and public info they were actively trying to find ways to get rid of their winning traders before they won too big Wild stuff if found to be true, but yes there are still good firms out there
@@JeaFxForexTradingI'm weary of any prop that doesn't use a long and standing broker
kindly share good prop firms mentor@@JeaFxForexTrading
what prop firm will you recommend for now?
Think patience for a short while makes the most sense I’d approach firms outside of the US & Canada and focus on a-book firms Funded trading plus City Traders imperium FTMO But I still think wise to wait until some dust settles just to make sure you don’t get caught in chaos
SurgeTrader (but no audition refunds) Lux Trading Funded Next They use live funded accounts
Topstep?
What you think of 5%ers?
One of the better firms
What does thsi mean for me i mean i lost money now thru that
Yea it’s gone most likely
@@JeaFxForexTradingdamn so should i sue them somehow
@@prodlazyplug 🤷🏻♂️
Nooooo my account 😅
Tell me about it hahahaha
horrible company i just wish so many people didn't get scammed by them
What prop firms would say are the legit and genuine ones?
anything not from US ..alpha capital group finotive funding trueforex funds. ftmo is going down with their lot restrictions
I'm about to try getting a challenge account from prop firms after months of practicing and delaying. But then, this suddenly happens. Now I'm afraid of getting into prop firm challenge. I'm a poor fellow from Southeast Asia, and so the challenge fees for prop firms are a heavy burden in our finances here . But we also have no substantial capital to make it into a living in this trading industry. So prop firms are a hope for us, and yet now I'm afraid to get into it Can you give at least one prop firm which will likely stay in the foreseeable future aside from FTMO? I'm thinking of True Forex Funds. Or will it be hit by regulation too in the next 1 year?
Maven, I'm a trader on Maven
Lux trading firm the best in the industry
is FTMO good?
surfed your comments and found my answer thanks m8! I guess maybe a good follow up video would be talking about prop firms that arent effected by this and their pros and cons? 😂
so people who paid for challenges and failed will get their money back?
Nope probably not
Anyone have any recommendations for legit firms?
Ftmo & TFT
Fundednext and Funded engineer
FTMO
Fidelcrest, FTMO
The idea of a prop firm is amazing because it provides you with funds you can't have. But we all need a good prop firm which compliments with the laws. I think MFF is legit and will be back in a week.
naw
i agree with the first half and definitely not the last half haha MFF are dead I'll be SHOCKED if they made a come back@@moneygamez8034
It was all fraud. They wont come back.
MFF bet against their traders and made money when their traders lost. The worst kind of scammers.
Their favorite slogan is "Slip them to hell"
Well I think people should be aware of how MFF operates, they literally shut down with to plan to refunds their users. You need to reach the right authority to pull your assets out.
After months of failed withdrawals, Apexchargeback came in and save me
How did you remove your money from MFF
They ran away
@@mohammad0100 I seek the right assistance from the right authority
@@mohammad0100 Build a good case and get my stuffs Back
MFF bet against their traders and made money when their traders lost. The worst kind of scammers.
I made money from being a funded trader at My forex funds and they always pay. The only thing stopping them from paying me is the government
@@Zisxofr 100% true
Could this mark the beginning of a wave to clean out prop firms...
I have a feeling…and it could be a good thing for real traders long term…
@@JeaFxForexTrading it's not a good thing, don't say that, maybe coz you have withdrawn enough
@@ositeboss5731 so you would rather get mistreated, refused payouts and breached by scam ponzi scheme prop firms than work with legitimate a-booked real money prop firms who are regulated & compliant to law?
@@JeaFxForexTrading it will be better to have only prop firms that are legit and regulated by the law.
@@JeaFxForexTradingand which other prop firm do you recommend?
Which prop firm do you recommend?
Trading without prop firms would suck bad
Prop firms will still exist don’t worry. Just shady ones will not
But all of them are shady :) A prob firm cannot make money if customers to start to win.@@JeaFxForexTrading
Fr😢😢😢
That is why I have never signed up to trade a funded account because I don't believe in it. I trade my own account and compound it little by little.
Its been paying me out faithfully and always.. they wouldve sent me my profit split this Sunday if it wasnt because of this situation. Crazy it is happening
Prop firms are in real markets with real money.
The FED'S should be paying #Glincyber a million a week for stopping these aholes! You are awesome at what you do and I wish there were more great people doing what you do! God Bless you! I subscribed a long time ago and love what you do and what you're doing, not only for seniors, but for everyone else too. I share many of your work to try to open up eyes and I hope it does. Thank you for your services to us all. From Canada!!!!!
And they're not prop firms.
Fundednext is a prop firm the pay trader eve from challenge phase 1 and 2
this prop trading crap has been making it’s way in a heavy way among those so called “Traders” and YT content pushers…. just scam.
Do & don’t agree, I’ve made a lot of money with prop trading as have many many people that I have taught. But on the flip side yes 90% of the actually prop firms are very predatory and set you up for failure so it’s a losers game for most In essence the opportunity is there…but for most it is setup as a money pit to take their cash on false hope
Bro, Can you name some prop firms which are reliable for ur viewers
CTI FT+ FTMO will probably be fine too
My Frauded Funds 😂
Lmao 😅😅
Man Ive had no issues trading on this broker, Ive seen non of the reasons why they were frozen. Price fills where I need it to and my stop losses are always triggered. This just stops people from getting paid. People have their payouts frozen because of this. It happened during a busy month too none of us can trade. People loss because they cant trade and dont have a strategy. I see people over leverage before high impact news and they should know better. All this is just impeding my opportunity to make an impact in my life. If you keep losing its a skill issue not the broker
Nope they have absolutely terrible trading conditions, negative slip on every trade in high volume markets I too made money, and I too have lost a payout due to this, but it’s obvious what they were doing
@@JeaFxForexTrading bro if people open 20 lots before NFP and over leverage thats going to happen thats not on the broker. Thats a crappy trader with no regards to risk management. Trading conditions are fine if you lose money guess whos lack if skill it is to blame? Im not losing money. Crappy bums crying when they blow their accounts with shit trades
Slippage bigger, last weak i placed a stop loss of fixed amount of 1% and got -3% on that particular trade, 3 times more than i placed.
@@duck_fx yeah it’s wild
I don't agree that the 5% daily drawdown rule is predatory. Someone simply is not a professional trader if he/she loses more than 5% in a day. It simply means the person is not capable enough to become a professional trader in the first place.
no i dont think the daily DD or max DD rule is predatory, these things make sense. Else everyone could risk it all, makes no sense without these rules! It's the marketing tactics of trying purposefully to sell to beginners knowing they will lose (which most props do) and then also the softwares they may have had in place (allegedly) to make their traders get bad executions, and fake commissions to cut profits down more so they can pay out as little as possible, as laid out in the allegations
@@JeaFxForexTrading all prop-firms have these rules in place in regards to a daily draw down and overall drawdown. If this is the case why only MFF. Now to the second point you making if this is true then I would assume that’s why they being charged because that’s very bad for business
@@RolioJack yeah I read into the documents and there’s some pretty bad allegations not about the actual base rules that the firm uses but some shady activity they are being accused of
@@JeaFxForexTrading yeah now that’s very shady business , anyhow thank you for the insight really helps clearing things up.
MyFrozenFunds 😂
😂😂😂
😂😂😂heyyyy this is not the right time to make joke's
we need to go forward man not matter what happens we need to smile I think. There are always will be problems like this no doubt. @@Dallarkingbeats
Thanks Loatedcyber The world has been pretty bad lately. Almost everyone have been crying practically, but it kept happening. That' what you get when you feel you can navigate the process on your own. Big thanks to you. I'm not bothered with how bad the world is because my assets are insured due to your advice and I still receive my money back.
The idea of paying $100 to control $500,000 was ridiciolous from the beginning. End of an era.
No you drawn down you have drawn down and you have win challange
100 only gets you 10k challenge
ponzi at is finest
Chances of MFF surviving is almost to 0% and other prop firms too
Tf other props got to do with this?!
@@lastkvng2963you can say that again
will ftmo afected
As of right now no I don’t think they will
they are based in europe :) dont go in sea with props based canada,us&uk
@@JeaFxForexTradingwhich prop firs are legit then
@@onahifeanyichukwu9805that’s what I’m wondering. I need a million in funding
Loatedcyber recovery skills and cyber talent helped save people's lives and families. Thank you loatedcyber , I love that you are doing this to help people and I will always support you.
The FED'S should be paying #Glincyber a million a week for stopping these aholes! You are awesome at what you do and I wish there were more great people doing what you do! God Bless you! I subscribed a long time ago and love what you do and what you're doing, not only for seniors, but for everyone else too. I share many of your work to try to open up eyes and I hope it does. Thank you for your services to us all. From Canada!!!!!
Thanks Loatedcyber The world has been pretty bad lately. Almost everyone have been crying practically, but it kept happening. That' what you get when you feel you can navigate the process on your own. Big thanks to you. I'm not bothered with how bad the world is because my assets are insured due to your advice and I still receive my money back.