About time…
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It might have been a ploy to keep his as from running away
Former FTX CEO Bankman-Fried arrested in Bahamas -official
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Any updates on putting Cedarfx on our list
CedarFX has been added to our List.
Data will be filled in over the next couple of days.
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From what I have read around on, it seems FTMO and TopStep are the only reputable funded trading account/prop gigs
Do the main mods here think there are any other?
Its been very difficult to explain to the many many crypto lawyers I speak to daily on crypto twitter, what og forex people have known. Crypto truly struggles with naivety about the CFTC.
The Binance prosecution thing is best summed up by Elizabeth Warren’s new anti-crypto bill. This is a bill ghost written by the state department, for them crypto is political and they want to ban it, it interferes with crony capitalism and US foreign policy, which makes our CFD stuff deeply in the crosshairs.
The US is trying to hijack, steal, backdoor, garden, silo and fully surveil crypto unilaterally against all other sovereign nation’s crypto policy, so that it doesn’t function as a cross border remittance anymore.
Needless to say I’m looking more into prop firms. US Futures is a mess, and I’m not a fan, but I have to adapt. Prop firm like FTMO gives some flexibility.
Has anyone sucessfully used metatrader 5 on ironbeam/optmus/amp, have you got python for MT5 to work on it? Could really be agood work around for Rithmic’s dumb expensive api.
Senator Warren Introduces New Crypto Bill Targeting Self-Custody Wallets
Amid this week’s United States Senate hearings about the collapse of FTX, Senators Elizabeth Warren and Roger Marshall today introduced the Digital Asset Anti-Money Laundering Act, which targets the cryptocurrency industry with a number of proposed regulations that critics are calling authoritarian and unconstitutional.
The proposed bill seeks to place know-your-customer (KYC) requirements on blockchain infrastructure providers and participants operating in the United States, including developers creating software for decentralized networks and even the miners and validators that support such networks.
Warren and Marshall’s bill would direct the Financial Crimes Enforcement Network (FinCEN) to treat crypto wallet service providers, miners, validators, and other network users as “money service businesses,” per Warren’s statement, and thus require KYC for participants along with a requirement for anti-money laundering (AML) programs.
The bill would also impact unhosted, or self-custody crypto wallets, requiring platforms and networks to identify such customers and track their transactions. FinCEN proposed such a rule in December 2020, which many crypto industry companies and advocates spoke out against, but it has yet to be implemented. The bill seeks to finalize that process.
Furthermore, the bill prohibits any financial institution from using a digital asset mixer service or other privacy-enhancing technologies. Mixers are typically used to conceal transactions of cryptocurrency between wallets. The best-known Ethereum mixer service, Tornado Cash, was banned by the U.S. Treasury via sanctions in August.
“The crypto industry should follow common-sense rules like banks, brokers, and Western Union, and this legislation would ensure the same standards apply across similar financial transactions,” said Warren in a statement. “The bipartisan bill will help close crypto money laundering loopholes and strengthen enforcement to better safeguard U.S. national security.”
https://news.yahoo.com/senator-warren-introduces-crypto-bill-171933205.html?fr=sycsrp_catchall
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As a US resident, I traded with offshore brokers for 6 years…Tradersway, FXChoice, Coinexx, Eagle, LQDFX. Conditions were simply far better than any US , CFTC “regulated” broker. They slowly started crippling the payment processors until the only way to move money was/ is crypto.
With the writing on the wall staring me in the face, I discovered the prop space mid 2020, started with FTMO (still with them), tried the 5%ers (no value from a math perspective what so ever), added MFF (evaluation accounts only) in 2021. Now have recently added The funded Trader and True Forex Funds and will add E8 early 2023.
The goal is to be funded 2.5-3 million across 5 firms. In reality, due to most firms offering a max 10% loss, some 8, some 12, it is like trading your own 250-300K. Factor in the 80% split and you’re at 200-250K. What I love about props is this is done with a few thousand dollar investment, use your refunded fee(s) and or profit splits to max out each firm.
I still trade forex although the bulk of my trading is now on US30 and NAS, which is why I am now pouring profits into my futures account at AMP. Trading on their MT5 platform, it is just like trading spot (to me). I do not trade currency futures.
So current plan in a nutshell, max out all of the reputable firms and build the futures account as rapidly as possible. Since the US government will probably f%$! us again as they truly ONLY care about their own interests, I forsee the props lasting MAYBE another 3-4 years. If longer, great, I will continue using them. If not, I will simply trade US indices on the futures market. Yes, the latter means the CFTC wins, but what can you do…I vote, but my vote gets cancelled out by 5 dead people, so…here we are.
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Personally, I think that many groups and individuals are using anti-money laundering laws as an excuse to overreach.
We have oversight, investigative and enforcement groups that are specifically put into place so that bad actors cannot operate in any criminal capacity.
Placing strict KYC and monitoring policies on ALL operators is a gross overreach and violation in my opinion.
This is similar to having a police department that is investigating local drug activity, that is given permission to stop everyone (on the streets or going door-to-door) and demanding that they provide not only proof of their identity, but proof of financial standing, as well as documentation regarding any and all money transfers throughout all of history, what they used that money for AND who they gave their own money to… …and all of this in lieu of solely targeting the individual drug dealers and buyers that are actually involved in criminal activity.
It’s like saying, well, we need to violate your rights and impose costly and inconvenient rules and procedures on you because you MIGHT commit a crime. We need to search your car and your house without a warrant because you MIGHT have something illegal going on.
This analogy is INSANE but not far off from what is actually being proposed. People need to wake up.
They want to claim that similar, common-sense rules should be applied to crypto, but it simply is not the same and cannot be treated as such.
And let’s be real here, if a criminal/terror group wanted to use crypto to fund their operation, do you really think that they are going to use their real ID’s and home address etc. to obtain the necessary accounts in order to conduct their business?
I am not proposing that nothing be done. But this is not the way to go about it. This feels similar to a negotiation where the seller starts with a ridiculously astronomical number, in hopes that the final price will be well-within their comfort zone.
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Let’s face it, KYC laws apply only to the west and its citizens, is Binance required to give U.S. regulators the names of non-U.S. citizens?.
In a war-torn nation where people live on less than a dollar a day, there will still be Toyota trucks with machine guns mounted on them, along with tons of AK 47s with all the ammo they need
Each month, terrorist groups move millions of dollars, They know how to move money around the west; they’ve been doing it decades.
BTW: Nobody questions the fact that Toyota trucks are in a lot of worn-torn country, big business is that what it is. might be hard to track those AK47 but not those trucks.
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Ah, you can leave Twitter, but you can’t escape the Trumpanzees spouting false election info, can you?
And on a forex trading forum, too
No wonder I barely come in here anymore.
Who are you talking about?
You should stick to that plan.
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does anyone have any idea about the spreads on metals and energies and crypto at FTMO or MFF? Really curious because there is no micro dow/micro emini equivalent in CFD land, and you can’t get fractions of a US30, so you start off on these evaluations over leveraged (at least on dow).
What instrument did you start off with on FTMO or MFF?
I trade max $3/point per 100K on US30 with the props. 1.00 lot is $1/point, except on TFTP, which is $10/point, but I simply trade max 0.3 there. Sometimes as low as .50 cents. I only trade forex and indices, occasionally metals. Cannot speak for crypto, but gold and silver is about as good as you can get anywhere. The props use DMA/STP pricing with tight spreads + commission. $3.50 rt at FTMO and MFF, although indices at both are commission free.
FTMO offers a demo account. Pricing is identical to the challenge and live accounts.
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That’s mildly understated.
It should be embarrassing to follow another person from one platform to another to continue this beef
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was trading EURUSD but watching USDJPY during the BoJ news, CedarFX data feed was better than Coinexx, at least on my end.
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And here we go
No One Stopped the Crypto Meltdown. Are Government Enforcers to Blame?
It seems inevitable any time a large scandal breaks, especially a multibillion-dollar corporate collapse with thousands of aggrieved victims. The first reaction is to blame the regulator for failing to prevent the misconduct that led to the implosion. How did they not see this coming? Were they asleep at the wheel?
The collapse of cryptocurrency platform FTX has prompted just a round of criticism, much of it focused on the Securities and Exchange Commission and its chairman, Gary Gensler. Is this criticism of the SEC justified? And if not, where should the finger be pointed?
https://www.barrons.com/articles/crypto-meltdown-sec-gensler-ftx-51671557238?siteid=yhoof2
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