The Funded Trader, a prop trading firm that recently faced an array of complaints for payout denials, has “temporarily paused all operations” with promises of a relaunch.
“Over the coming week, we will follow up with specifics as we work to resume operations,” a notice on the prop trading firm’s website noted with a countdown timer of 21 days. However, it did not clarify if the timer is for its relaunch.
Relaunch Promised, but When?
Angelo Ciaramello, the Chief Executive Officer of The Funded Trader, noted in an announcement: “In pausing our operations, we will be relaunching the brand but with a slightly different look and feel.”
“Over the coming week, we will post updates on what this will look like and how this decision affects everyone involved… The relaunch of TFT is coming, and earning your trust will be difficult, but we know what it takes.”
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community.
Being in the…
The company further noted that it will put out a plan for existing customers in the coming weeks. Despite the assurance of the relaunch, pausing the entire operation for a relaunch looks odd.
The Company Faces a Wave of Complaints
The Funded Trader, with over 80,000 accounts, is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. In the past few weeks, the customers of the prop trading platform took to social media, especially Trustpilot, to complaints about abrupt payout denials and unresponsive customer support.
However, Ciaramello called the complaints "propaganda" against the firm. Subsequently, the prop trading firm confirmed that it suspended all payouts because of a “self-imposed internal audit.”
During a live broadcast on YouTube, Ciaramello presented a graphic suggesting that in the first two months of 2024, TFT paid out over $17 million to clients while blocking withdrawals of just over $2 million during the same period.
“The payments were rejected due to KYC, due to any type of fraud, credit card fraud and any prohibited trading strategies,” the CEO said during the live broadcast. However, he continued to face backlash on social media.
The Funded Trader, a prop trading firm that recently faced an array of complaints for payout denials, has “temporarily paused all operations” with promises of a relaunch.
“Over the coming week, we will follow up with specifics as we work to resume operations,” a notice on the prop trading firm’s website noted with a countdown timer of 21 days. However, it did not clarify if the timer is for its relaunch.
Relaunch Promised, but When?
Angelo Ciaramello, the Chief Executive Officer of The Funded Trader, noted in an announcement: “In pausing our operations, we will be relaunching the brand but with a slightly different look and feel.”
“Over the coming week, we will post updates on what this will look like and how this decision affects everyone involved… The relaunch of TFT is coming, and earning your trust will be difficult, but we know what it takes.”
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community.
Being in the…
The company further noted that it will put out a plan for existing customers in the coming weeks. Despite the assurance of the relaunch, pausing the entire operation for a relaunch looks odd.
The Company Faces a Wave of Complaints
The Funded Trader, with over 80,000 accounts, is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. In the past few weeks, the customers of the prop trading platform took to social media, especially Trustpilot, to complaints about abrupt payout denials and unresponsive customer support.
However, Ciaramello called the complaints "propaganda" against the firm. Subsequently, the prop trading firm confirmed that it suspended all payouts because of a “self-imposed internal audit.”
During a live broadcast on YouTube, Ciaramello presented a graphic suggesting that in the first two months of 2024, TFT paid out over $17 million to clients while blocking withdrawals of just over $2 million during the same period.
“The payments were rejected due to KYC, due to any type of fraud, credit card fraud and any prohibited trading strategies,” the CEO said during the live broadcast. However, he continued to face backlash on social media.
FAQs
Breaking: Prop Trading Firm the Funded Trader "Pauses All Operations" The prop trading promised a relaunch without any solid timeline. The suspension of operations came after it faced a wave of complaints for payout denials.
What happened to the funded trader program? ›
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 is a prop firm funded trader? ›
A prop trading firm is a company that provides its traders with access to capital. In return, the traders share a percentage of the profits they generate with the company.
Why was prop trading banned? ›
The Volcker Rule is one of the more controversial pieces of legislation to emerge from the financial crisis. Attached to the Dodd-Frank Act, the rule was intended to limit banks' ability to make speculative investments that do not benefit their customers.
Why are prop firms getting shut down? ›
Prop trading firms have been shutting down or suspending their services, particularly to U.S.-based clients, because of a crackdown from MetaQuotes, the company behind the popular MetaTrader trading platforms.
Who is the owner of the funded trader? ›
Angelo Ciaramello | CEO + Founder - The Funded Trader | Forbes Finance Council.
Is funded trader real or fake? ›
Funded trader programs can be a legitimate avenue for traders to access capital and amplify profits. However, like any lucrative opportunity, there are risks.
How long do you have to withdraw from funded trader? ›
In the Standard and Royal Challenges, first-time withdrawals can only be requested 30 days after the first trade has been placed. For the Rapid Challenge, requests can be made 14 days after the first trade.
Which prop firm has no time limit? ›
Prop firms with no time limit typically provide traders with access to a trading account funded by the firm's capital. Traders are then free to execute trades using the provided capital, with the profits shared between the trader and the firm according to predefined terms and conditions.
How much does the average prop firm trader make? ›
Prop Firm Trader Salary
The salary of a prop trader can vary greatly depending on several factors such as experience, performance, and the size of the firm. On average, a junior prop trader can expect to earn anywhere between $50,000 to $100,000 per year, while a senior trader can make upwards of $500,000 annually.
Top Best Cheapest Prop Trading Firms
- 1) Funded Trading Plus.
- 2) FTMO.
- 3) TopStepTrader.
- 4) Fidelcrest.
- 5) LuxTradingFirm.
- 6) OneUp Trader.
- 7) FTUK.
- 1) Funded Trading Plus.
It is not illegal to operate or trade with a prop firm. However, where most online prop firms come unstuck is in their business practices and terms of service. Some of the largest prop firms that I'm sure you would have heard of have fallen victim to these mistakes over the last few months.
Why is prop trading bad? ›
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.
What is the oldest prop trading firm? ›
{quote} FTMO (unless you are a US citizen), The5ers, and City Traders Imperium are the three oldest prop firms, and probably the only ones with 5+yrs reputable history of reliable payouts. I'd start with those three. Audacity is from 2012.
How many traders fail prop firms? ›
They're given harsh targets, limited time, no support, and huge leverage – a perfect storm! It's not surprising that 95% of traders fail their challenges!
Why is the forex market paused? ›
Why does trading get halted? Trading is halted when there is an order imbalance, which can be bullish or bearish in nature. They're usually the result of regulatory concerns, the anticipation of significant news, or an excess of buy or sell orders for a specific asset.
Why does the forex market freeze? ›
A common reason for a frozen Forex account is lack of funds for open positions or a margin call. When a trader's account balance falls below the required margin level, brokers may freeze the account to prevent further losses.
How to get free retry the funded trader? ›
To qualify for a free retake in the FundedNext Evaluation Challenge, traders must meet the following criteria:
- The account must end in profit with all positions closed. Even a cent's profit will count.
- Must trade for at least 5 minimum trading days.
- Must follow all trading objectives without any violations.
The natural effect of trade is to bring about peace. Two nations which trade together, render themselves reciprocally dependent; for if one has an interest in buying, the other has an interest in selling; and all unions are based upon mutual needs. (Montesquieu, De l'esprit des Lois, 1758).
