So another Prop firm appears to have bitten the dust and taken down a lot of people with it. Do you personally know anyone who got caught? How do you think you would feel if you just bought a 300k challenge days before it went under? Do you think there is any chance of anyone recovering any portion of their funds? Will other prop firms go under shortly too now that they are under close scrutiny? Would you still try with a different prop firm going forward? Wow, quite a lot to unpack here.
You mean myforexfunds? Or somebody else?
i do understand that people will have a difficult time swallowing what i am going to say about this, but it is precisely what i have always said.
ALL of these “pay to play a demo account” prop firms are a hoax and scam on you.
you is being duped big big big time.
i always said this, but everybody showed me those testimonials and told me i was stupid and that i did not know what i was talking about.
okey dokey, i said, but you will eventually wake up and smell the coffee.
THIS IS SIMPLY A REPACKAGING OF OUR OLD FRIEND THE PONZI SCHEME.
The question that you should be asking yourself is:
i would like to see the tax returns for a prop company(five yrs).
i want to see proof that live traders exist(no, flashy youtube videos wont be good enough)
thats a good start to audit one of these PONZI SCHEME PROP COMPANIES.
let me say it again.
ALL OF THEM ARE NONSENSE.
let me splain it to you why it is a scam.
trading is already impossible for 99% of people, right?
ok, lets let you pay me $200 to play a demo account that is EVEN MORE DIFFICULT THAN THAT…
they put obstacles in your path that are IMPOSSIBLE TO GET AROUND.
…and even if you do manage to get past the “challenge” phase, they will kick you out quick once you are trading a live account some how some way.
they dont want you trading a live account.
they want your fee, period, that is the scam.
the other scam in this forex business is the “offshore brokerage”, omg, that is a criminals dream… that is a license to steal…serious business. that is a criminal’s cash cow.
i would advise you to pay attention a bit when i tell you these things… i am experienced around these types of things AND i am a veteran old school C programmer.
now the really fun question comes up to bat… how many of these trading forums received advertising money or other forms of payoffs to allow these prop firms and offshore brokerages to promote themselves, KNOWING FULLY THAT THEY ARE CRIMINAL ENTERPRISES??
TRY TO REMEMBER THAT MFF TOOK IN PERHAPS HUNDREDS OF MILLIONS OF DOLLARS… THIS IS SERIOUS CRIME… PEOPLE WILL EFF OVER THEIR OWN PARENTS AND CHILDREN FOR THAT KIND OF MONEY… THIS AINT STEALING HUBCAPS AND HOTDOGS.
I’m also sceptical about a lot of these prop firms. For example, I had a deep drive look into Audacity Capital Ltd. I’m sure you’ve all heard of this UK based company claiming to be funding millions of dollars worth of accounts. However, if you look into there financial history, they have no money and appear to make no money. So how do they fund so many traders?
Here’s a link to there details on the government companies house website: AUDACITY CAPITAL LTD overview - Find and update company information - GOV.UK (company-information.service.gov.uk)
Below is there submitted accounts for last year, as you can see they have a lot of debt and no assets. So how do they fund millions of dollars of accounts with no money?
And they apparently have no employees, so who are they people on the videos talking to people about how amazing they are??
So let us assume that a prop firm has been shut down by the “Authorities”…would the website still be up? Just wondering.
LISTEN TO THIS MOUTHPIECE BEING A SHILL FOR THE FTMO MAFIA.
FTMO IS RUNNING A SUPERSCAM.
notice that he asks you if ftmo is still the best prop firm in 2023, and then he says that he wants to give to you his opinion…
nah bro, your opinion is nice, but i want to see official documents that show clearly that ftmo has a large cash reserve…
i dont want your opinion.
i dont want your fluffy fancy youtube testimonials.
i want to see your tax documents and your filings with regulatory agency filings.
ftmo is a criminal enterprise.
ftmo is a mafia.
@PAULEY1 did the legwork to look up their tax filings or whatever that shows that audacity capital only has about $300k cash…
that means that THEY ARE NOT A PROP FIRM THAT ACTUALLY FUNDS LIVE TRADERS, PERIOD, OR THEY WOULD BE DECLARING THEIR NESTEGG OF MASSIVE CAPITAL.
I HAD A PHONE CALL WITH THIS LOVELY LADY IN THIS VIDEO, AND SHE IS VERY NICE AND VERY POLISHED, BUT IT IS A SCAM.
edit: where is the money/capital? ie, this is a hoax, just like MFF.
sometimes yes, sometimes no.
I think the another angle that perhaps could be a reason these companies finances are hard to track is that they may have a secondary company registered in a zero tax country. A lot of companies register in places such as the British Virgin Islands, Cayman Islands, Bahamas etc to hold their company funds (All Richard Branson’s companies are registered in the British Virgin Islands). They do this as most of these countries have zero corporation tax, zero income tax, zero capital gains tax etc etc and companies also aren’t required to publish their accounts. So essentially, you can make profits and never pay tax.