After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.”
“We will be ensuring all payouts are in line with our terms of service and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of tickets for us to resolve, payouts included,” the platform tweeted yesterday.
“We are working actively to resolve everything and will focus on attention to detail at this time to ensure our customers are getting the experience they deserve in the now and in the future.”
The company highlighted that it had distributed $150 million in payouts to date. However, that figure is self-claimed and was not audited externally.
We have enabled a self imposed internal audit of all payouts. We will be ensuring all payouts are in line with our terms of service, and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of…
— The Funded Trader (@thefundedtrader) March 13, 2024
A Troubled Prop Trading Platform
The Funded Trader is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. It is headed by Angelo Ciaramello, the Chief Executive Officer. Ciaramello called the recent complaints a "propaganda" against the firm
Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
As Finance Magnates reported, Nicholas D’Arcangelo, the Co-Founder and former Chief Marketing Officer at The Funded Trader, sued his business partners, including Ciaramello, last year for forceful redistribution of his stakes in the company.
Similar to other prop trading platforms, The Funded Trader faced operational disruption with the alleged policy change of MetaQuotes against prop trading platforms. Ciaramello-led platform adopted DXtrade and cTrader as MetaTrader alternatives.
However, the customers of The Funded Trader recently took social media, primarily Trustpilot, to reveal the payout denials by the platform. Many have pointed out that the prop trading platform did not even cite a reason for the payout denial, and the customer support did not respond to messages, only with a scripted initial message.
After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.”
“We will be ensuring all payouts are in line with our terms of service and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of tickets for us to resolve, payouts included,” the platform tweeted yesterday.
“We are working actively to resolve everything and will focus on attention to detail at this time to ensure our customers are getting the experience they deserve in the now and in the future.”
The company highlighted that it had distributed $150 million in payouts to date. However, that figure is self-claimed and was not audited externally.
We have enabled a self imposed internal audit of all payouts. We will be ensuring all payouts are in line with our terms of service, and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of…
— The Funded Trader (@thefundedtrader) March 13, 2024
A Troubled Prop Trading Platform
The Funded Trader is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. It is headed by Angelo Ciaramello, the Chief Executive Officer. Ciaramello called the recent complaints a "propaganda" against the firm
Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
As Finance Magnates reported, Nicholas D’Arcangelo, the Co-Founder and former Chief Marketing Officer at The Funded Trader, sued his business partners, including Ciaramello, last year for forceful redistribution of his stakes in the company.
Similar to other prop trading platforms, The Funded Trader faced operational disruption with the alleged policy change of MetaQuotes against prop trading platforms. Ciaramello-led platform adopted DXtrade and cTrader as MetaTrader alternatives.
However, the customers of The Funded Trader recently took social media, primarily Trustpilot, to reveal the payout denials by the platform. Many have pointed out that the prop trading platform did not even cite a reason for the payout denial, and the customer support did not respond to messages, only with a scripted initial message.
FAQs
After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.” Dedicated Forex cloud solutions with stable and fast cross-border connections capable of high-demand scenarios.
What has happened to the funded trader? ›
In March 2024, The Funded Trader (TFT) ceased trading and cancelled their agreements with all traders in their books. This comes as a giant shock to traders and industry spectators, as TFT was considered one of the largest firms with a loyal trader fan base.
What happens if you lose money on a funded account? ›
On a funded account, losing a large amount of money does not mean much. Even if it results in losing your funded account, you can still try to pass the evaluation at the same firm again or just join another one. Ultimately, you do not risk much and do not lose much.
What happens if you lose money in prop trading? ›
Proprietary trading firms often provide evaluation accounts where you prove your trading skills. Usually, you pay a one-time fee to enter this "challenge." If you lose money during this evaluation, you won't owe anything beyond the initial fee.
Who is the owner of the funded trader? ›
Angelo Ciaramello is the Co-Founder and CEO of The Funded Trader.
Is the funded trader real or fake? ›
About Virtual Funds
The Funded Trader challenge and funded accounts are not live trading accounts, they are fully simulated accounts utilizing real market quotes from liquidity providers.
How do I withdraw money from funded trader? ›
All traders with eligible Funded accounts need to submit a payout request via the Payouts section of the Trade Hub. Reviews of trader's accounts are conducted before processing payouts, which currently are available through various cryptocurrencies including BTC, ETH (ERC-20), USDC (ERC-20) and USDT (ERC-20).
Do you have to pay back losses on funded accounts? ›
Any losses incurred in a funded trading account can be recovered through risk management and diversification strategies. However, due to the inherent risk of trading, it is important for traders to understand the risks associated with the market and be mindful of their trading activity.
What happens if you pass the prop firm challenge? ›
Successfully passing a Prop Firm Challenge grants traders a key advantage: access to substantial trading capital. This access empowers traders to take larger positions in the market, opening the door to the potential for significantly higher profits.
Can someone else trade my funded account? ›
Only the account owner should be actively involved in trading activities for the respective accounts and simulated challenges. By adhering to this guideline, you will demonstrate your commitment to the challenge and the evaluation process. Please remember that any breach of this rule may result in account failure.
Funded traders (a.k.a proprietary traders) must still report their trading activity. However, funded trader taxes are much different than taxes on your own personal trading accounts.
Why is prop trading illegal? ›
The Volcker Rule is intended to restrict high-risk, speculative trading activity by banks, such as proprietary trading or investing in or sponsoring hedge funds or private equity funds.
What is the problem with prop firms? ›
Limited Control Over Capital and Payouts:
- Traders in prop firms often have limited control over the firm's capital. They may need to deposit their own money as collateral or risk management. - Additionally, payouts are subject to the firm's rules, which may restrict a trader's access to profits.
Is funded trading legal? ›
Funded trader programs can be a legitimate avenue for traders to access capital and amplify profits. However, like any lucrative opportunity, there are risks.
Which prop firm is the best? ›
The most popular prop trading firms and funded programmes
- Axi Select.
- FTMO.
- The Forex Funder.
- E8 Markets.
- True Forex Funds.
- The 5%ers.
- Funded Next.
1. George Soros. George Soros, often referred to as the «Man Who Broke the Bank of England», is an iconic figure in the world of forex trading.
How much does the average funded trader make? ›
As of Apr 26, 2024, the average annual pay for a Funded Trader in the United States is $96,774 a year.
Is FTMo trustworthy? ›
Having successfully operated since 2015, we provided thousands of clients with their FTMO Accounts, and in total, we have paid out over $160 million. We've also been featured in Forbes and awarded by Deloitte and EY multiple times.
What is the best funded trader program? ›
Top 5 Best Funded Trader Programs 2024
- Bespoke Funding Program. Bespoke Funding Program is a prop firm where traders come together to help each other grow and succeed. ...
- Funded Trading Plus. ...
- Trade The Pool. ...
- The 5ers. ...
- Instant Funding.
Overview. TFT's Standard Challenge got a major upgrade where those who purchase an account after this date will benefit from the following changes: Unlimited trading days. Default Max loss of 10% and Daily Loss of 5%
