Is here anyone who can explain me how to create an instant funding account and use it?

Trading Discussion Prop Firms
1

Hello everyone.
I am going to open an instant funding account in a prop firm.
But I am new to this so I want to ask to a person who is doing this now.
Please let me know about it.

2

Hmm. :thinking: I personally don’t have any experience with prop firms. But this thread might be helpful. :blush:

3

i’ll be very surprised if there’s one here, Paul

i wish you well but i’m really sorry to hear it

how do you think it could benefit you?

you’re obviously not naive enough to imagine that they’re funded with real money, or that a funding company (even if they call themselves a “prop firm”) will allow a random, unproven stranger a greater drawdown facility than whatever he’s paid them up-front … so where’s the benefit? :pensive:

4

Are you asking for advice on which company or are you already decided? Or are youasking about different types of accounts?

New to what? trading or prop firms? What exactly are you unsure about?

5

if it helps at all, Paul, here’s what Lux Trading has to say about the instant funding model (i declare my bias: i agree with them!) -

6

I wonder how legit prop firms feel that these funding companies are calling themselves prop firms, too.

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7

Janestreet.com is an example of a legit prop firm.

You can’t get in there by paying a fee, you will need to be a master’s or PhD in math or related area of study.

So called instant finding prop firms are scams that charge fees, but the aren’t gonna give you any live account.

Myforexfunds.com had their bank account seized by u.s. and Canadian regulators, and ciminal indictments are coming.

Instant funding prop scams are apparently big business, myforexfunds.com took in three hundred million dollars.

Offshore brokerages tha operate anonymously when shutdown by regulatos will just close up shop and keep your deposits.

Rule one: trade with a regulated broker.

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8

thanks to our excellent moderators, “mrharrypooter” is no longer with us, but it’s still worth responding to his post above, to avoid other members being misled by a couple of inaccurate things he said, and to correct some very bad advice offered

but at the same time, let’s also acknowledge that some of what he said was exactly right and well worth pointing out!

that’s exactly right

no, that isn’t what happened

their bank accounts were not “seized” by anyone - they were temporarily frozen by a temporary court order at the request of regulators, and when the case is heard (end of October) if what the regulators allege turns out to be true, they may then be seized by the court and become the property of the temporary receiver appointed - that’s just how these things work

let’s remember that the case hasn’t even been heard yet: it’s all “allegation”

my own guess is that the allegations are mostly true, because they seem to be based on inside information from a “whistleblower” and some of them even seem to be documented, but it’s only a guess and guessing is all anyone can do, at this point

that’s one theoretical possibility, but it’s not actually what normally happens, in these cases

no, that’s just completely wrong: the “instant funding” models actually account for less than 1% of the industry’s turnover

well, yes and no: the regulator’s complaint specifies that they took in $310M throughout the lifespan of the business, and after paying out big affiliate commissions, staff salaries and all their other costs, it still actually paid out over $170M of that money to their successful traders

let’s be aware that they paid out, from what they took, at least $100M MORE than any counterparty forex-broker would have done, from the same deposited funds, over the same period (and i’m understating it!)

that perhaps puts it in a slightly different perspective, doesn’t it? :wink:

that’s bad advice in the sense that it’s hugely inadequate: most regulators don’t and can’t protect the customers at all

it has to be a PROPERLY regulated brokerage, otherwise you think you have some potential protection when you actually have none

that means regulated by the FCA, by ASIC, or by the CFTC or NFA

period

other regulators in obscure Caribbean, Pacific and other small countries are fake/pretend ones (ok, CySEC in Cyprus isn’t completely horrible, but it’s the only other semi-respectable one) and they’re paid for by the people they “regulate” and they never rule against their paymasters

people need to know this!

it really, really is the Wild West, out there

these threads will help anyone willing to put in the effort of reading them …

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