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Prop firm fraud in Futures? (on the back of My Forex Fund scam/CFTC ruling)
Mostly because of the people behind it, coming from Fxpig, it has been around for 12 years. Basically, it is the same Fxpig that provides prop service to its clients. It is like Axiselect but with better conditions.
Fxpig is not like eightcap crap which almost every prop firm uses. And those firms that use eightcap, are just getting their data feed and there is no backing by the broker itself.
Yes, FTMO are the founders of the whole prop retail industry and they should be the absolute top, but their conditions are worse than those of Fxify (Scaling, max starting capital, profit split, commissions, spreads, do not have their credit card, and other.)
Tell me Your thoughts too, what prop CFD firm do You think currently is the best?
Can you help answer these questions from other members on NexusFi?
A small update regarding the MFF case: yesterday The New Jersey court partially granted My Forex Fund's request in the lawsuit filed by the CFTC against the company - it ordered the release and return of most of the assets belonging to the founder and CEO, Murtuza Kazmi, valued at approximately $100 million, but just over $12 Million of those assets remain frozen. The court also discharged the current temporary receiver and ruled against appointing a new one.
Interesting the funds were released. I wonder if that means they step up their legal defense or run with the money? This looks like it will be a brutal fight.
Also did you see the Ontario Securities Commission has issued a temporary cease-trade order against Traders Global Group Inc. and Kazmi.
I don't know. It's only Kazmi's own money, not the company's? Still a good question, though.
I don't know. I was actually thinking the opposite, to be honest: that the chances of this all fizzling out into an out-of-court settlement (as these things can, even in apparently "worse" cases than this) might just have increased somewhat.
My own feeling is that the longer-term outcomes are pretty likely, overall, to be good for the industry, and for future customers, and maybe to steer people (even at "funding evaluation" level) away from CFDs and toward futures, which would also be good. But probably only a specialist lawyer experienced in financial regulatory law can really tell what's going on, here - I certainly can't, anyway.
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Sorry if I'm stating something that everybody already knows, its probably already been mentioned in this thread, but just for clarity CFDs are already illegal in the US.
I think most people just avoided responding to the CFD statement because its not at all the point of this thread, or at least I saw no value in discussing them here. We were talking about online prop firms in the US. There are better forums and threads to talk about which CFD and other non-US trading vehicles people like.
I have already started to see some changes an improvements in discolors. For example, apex just added this to the bottom of their site. The most interesting bit is the 43% pass rate, but that alone doesn't tell the right picture because if I sign up for 100 evals and get 1 PA out of it then I still count as a positive to that figure. Longevity of PAs, avg time in eval before PA, avg conversion rate of eval to PA would all be better but I sincerely doubt we ever see those numbers
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