The unnamed “ASIC-regulated broker” MyFlashFunding partnered with is FinesseFX, Finance Magnates has learned. Traders active on the prop trading firm's Discord server have confirmed that it is now offering them the option them to migrate to its MetaTrader 5 trading platform.
FinesseFX is headquartered in Melbourne and is regulated by the Australian Securities and Exchange Commission (ASIC). However, it is a lesser-known broker when it comes to the other names offering services to prop trading firms. It is unclear if FinesseFX holds any additional offshore licenses.
The FinesseFX website stated: “It is authorized to perform financial services to wholesale clients only.” It further highlighted that it is “not directed at and do not intend to elicit citizens and/or residents of the USA.”
Earlier, MyFlashFunding offered MetaTrader under ThinkMarkets, another Australia-regulated broker ending contracts with prop trading firms. However, now, many traders on MyFlashFunding are pointing out that the spreads offered by FinesseFX are too wide compared to the previous offering of ThinkMarkets.
Did the Prop Firm Move Its Base?
MyFlashFunding is now showing on its website that it is registered in Dubai. Only a couple of days earlier, the prop firm was showing to be registered in Missouri, the United States. The prop firm did not notify anything publicly about its change of business registration. The platform was founded by Blake Carter and is run by him as the Chief Executive Officer.
The MyFlashFunding website shows it offers up to $200,000 in funded trading accounts. However, it highlights that the trading is done in simulated environments. It claims to have more than 10,000 active traders. On its official Discord server, it has over 28,400 members, with over 32,500 followers on X (formerly Twitter).
The prop trading firm announced its new brokerage partnership earlier this week. However, it did not reveal the name of its brokerage partner then. Furthermore, it confirmed that the MT5 offerings under the new broker will be only for non-US clients while offering services to its US customers, it is in the process of integrating the Match-Trade trading platform.
IMPORTANT ANNOUNCEMENT ⚡️
MyFlashFunding has secured a ASIC regulated broker exclusively for MyFlashFunding and associated parties.
This sets us apart by offering a unique advantage—shielding us from the risks that other brokers in the proprietary trading space may face.…
“To our MyFlashFunding clients in the US, rest assured, we have plans tailored just for you. We're in the final stages of integrating Match-Trade!" the CEO of the prop trading platform wrote in an earlier notice.
The unnamed “ASIC-regulated broker” MyFlashFunding partnered with is FinesseFX, Finance Magnates has learned. Traders active on the prop trading firm's Discord server have confirmed that it is now offering them the option them to migrate to its MetaTrader 5 trading platform.
FinesseFX is headquartered in Melbourne and is regulated by the Australian Securities and Exchange Commission (ASIC). However, it is a lesser-known broker when it comes to the other names offering services to prop trading firms. It is unclear if FinesseFX holds any additional offshore licenses.
The FinesseFX website stated: “It is authorized to perform financial services to wholesale clients only.” It further highlighted that it is “not directed at and do not intend to elicit citizens and/or residents of the USA.”
Earlier, MyFlashFunding offered MetaTrader under ThinkMarkets, another Australia-regulated broker ending contracts with prop trading firms. However, now, many traders on MyFlashFunding are pointing out that the spreads offered by FinesseFX are too wide compared to the previous offering of ThinkMarkets.
Did the Prop Firm Move Its Base?
MyFlashFunding is now showing on its website that it is registered in Dubai. Only a couple of days earlier, the prop firm was showing to be registered in Missouri, the United States. The prop firm did not notify anything publicly about its change of business registration. The platform was founded by Blake Carter and is run by him as the Chief Executive Officer.
The MyFlashFunding website shows it offers up to $200,000 in funded trading accounts. However, it highlights that the trading is done in simulated environments. It claims to have more than 10,000 active traders. On its official Discord server, it has over 28,400 members, with over 32,500 followers on X (formerly Twitter).
The prop trading firm announced its new brokerage partnership earlier this week. However, it did not reveal the name of its brokerage partner then. Furthermore, it confirmed that the MT5 offerings under the new broker will be only for non-US clients while offering services to its US customers, it is in the process of integrating the Match-Trade trading platform.
IMPORTANT ANNOUNCEMENT ⚡️
MyFlashFunding has secured a ASIC regulated broker exclusively for MyFlashFunding and associated parties.
This sets us apart by offering a unique advantage—shielding us from the risks that other brokers in the proprietary trading space may face.…
“To our MyFlashFunding clients in the US, rest assured, we have plans tailored just for you. We're in the final stages of integrating Match-Trade!" the CEO of the prop trading platform wrote in an earlier notice.
Finesse Brokers is not a trusted broker because it is not regulated by a financial authority with strict standards. We recommend you open an account only with brokers that are overseen by a top-tier and stringent regulator. All the 100+ brokers reviewed on the BrokerChooser website meet this criteria.
In a typical challenge model, the prop firm will give the trader a certain amount of virtual money to trade with. The trader will then have to meet certain profit targets in order to pass the challenge. Once they pass the challenge, they will be given a funded account that they can use to trade with real money.
Funder Trading stands first in our list of the top prop trading firms in 2024 due to multiple reasons but notably it is the only prop trading firm that offers options funding and includes coaching for every trader signed up.
Is forex legit? Yes, the forex market can be a legitimate way to trade and invest. Forex, short for foreign exchange, is the largest financial market in the world.
Becoming a funded trader in prop firms is not an easy task. Prop trading firms only want the best traders who can bring about the best returns under a very short loss leash. In other words, not only do you have to achieve profit, you have to make a profit consistently.
It is estimated that only 4% of Forex traders succeed with prop firm challenges, and only 1% of traders can generate profits consistently without violating any rules.
How much money do you need to open a prop firm? Starting an online prop firm can cost as little as $10,000, while starting a traditional prop firm can cost up to $1 million.
The Forex Funder is among the most popular prop trading firms globally. The UK-based prop firm offers a 1-step and 2-step evaluation process, which allows traders to choose the most suitable one based on their experience and strategy.
Legit prop firms don't offer capital to just anyone. To get funded, you'll need to complete a 1 or 2-Step challenge process that puts your trading to the test. Prop firms that are legit require specific profit targets, requirements, and maximum drawdowns that you must adhere to.
FTUK is a reputable prop firm with instant funding accounts, which attracts seasoned traders who want to access large trading capital without a lengthy evaluation process. The funding range is from 14k to 5 million USD with a profit share of 80% and maximum leverage of 1:100.
Funding Pips and Maven lead the rankings with the most frequent pay-outs, offering transactions every 5 days. Close behind, Traddoo and Funded Trading Plus offer weekly pay-outs. Smart Prop Trader, with its 12-day pay-out cycle, caters to those with a trading style that can accommodate less frequent access to funds.
FTUK is a reliable prop firm with access to diverse financial markets of Forex pairs, indices, commodities, and popular crypto assets. Since the firm is partnered with a regulated broker, EightCap, it provides access to advanced platforms MT4 and MT5, and spreads are exceptionally low from 0 pips.
AvaTrade is one of the largest forex brokers in the world and is a trustworthy and highly regulated trading platform. Key regulators include the Australian Securities & Investment Commission (ASIC), the Japanese Financial Services Authority (JFSA), and the Investment Industry Regulatory Organization of Canada (IIROC).
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