Earn2Trade Founder Charged With Fraud

[cenettixx]

Technically yes you could hire an attorney, file a lawsuit and attempt to get money back but if you are owed say $5,000 most attorneys are not going to take that case on contingency and you would probably spend $5,000 or more (and possibly several years of litigation) on an atty retainer and hourly Atty Billings

You could possibly sue the brokerage firm that the US based firm had their accounts with. In the case of Topstep and E2T I dont know who their broker is that holds the account(s). Then the question is ---are the accounts solely in the tryout funding company's name or is your name also listed on the brokerage account statement
In the case of FTMO you could do that as well--sue the broker the account(s) are with which in FTMO's case is https://www.lmax.com

Sure how much do you think its going to cost to sue an overseas company ? Lmax is a UK based, not US. I'll give you a hint - way more than $5K.

US laws are clear if you're a US person - i rather choose the path of least resistance.

 

[longshort]

How dare you charge me and try to protect yourself by limiting your risk! Dont you know I am the trader king with great track record on many demo accounts!! I demand free funded account with NO restrictions.

How about I offer you a $1 trillion funded account (with the small restriction of $500 max adverse excursion until termination). Yes, there'll be a $750 exam fee upfront, but it's tiny compared to the $1 trillion you may get. Remember doctors and universities charge for examination, too.

To solve the problem, just open a TS futures account with as little as $500 that remain yours. Free platform, free paper trading, free Globex L1 real-time data. Sim trade as long as you want and pass whatever rules. Then fund yourself with $2K, get 25% daytrade margin (e.g. $330 for MES), keep 100% of profits. Deal with a real, self-clearing FCM (Florida based, good enough?) and receive withdrawals in a business day.

No need for a fictional $50K with $2K drawdown limit and "examination" fees for nothing.

 

[Earn2Trade]

Whereas FTMO charges $540 Euros (Approx $640 USD) for a fixed $10,000 max drawdown
(no sliding scale based on your results--you pass its $10,000)
and the opportunity to grow that drawdown by 25% every 4 months
https://ftmo.com/en/scaling-plan/

10,000 Months 1-3,
qualify for increase then 12,500 Months 4-6
qualify for increase then 15,625 Months 7-9
qualify for increase then 19,500 Months 10-12
etc

So if you are a trader looking for a fixed drawdown deal you have to ask yourself:

Would you rather pay $425 for the opportunity to get $1,000 to $2,500 with no clear path showed upfront of what you need to do to increase it and how much that increase will be if you meet the criteria OR Would you rather pay $640 for the opportunity to get $10,000 and a chance to increase it by 25% every 3 months

The question is really whether or not you get a real brokerage account. What does it mean to provide a large fixed drawdown on a simulated account? If you don't care about this then it is irrelevant. It's just important to note that there is a distinction.

 

[Earn2Trade]

How about I offer you a $1 trillion funded account (with the small restriction of $500 max adverse excursion until termination). Yes, there'll be a $750 exam fee upfront, but it's tiny compared to the $1 trillion you may get. Remember doctors and universities charge for examination, too.

To solve the problem, just open a TS futures account with as little as $500 that remain yours. Free platform, free paper trading, free Globex L1 real-time data. Sim trade as long as you want and pass whatever rules. Then fund yourself with $2K, get 25% daytrade margin (e.g. $330 for MES), keep 100% of profits. Deal with a real, self-clearing FCM (Florida based, good enough?) and receive withdrawals in a business day.

No need for a fictional $50K with $2K drawdown limit and "examination" fees for nothing.

That's a completely reasonable and legitimate trading plan. Some people however might want to purchase an examination, and that is also a completely reasonable and legitimate trading plan.

 

[longshort]

That's a completely reasonable and legitimate trading plan. Some people however might want to purchase an examination, and that is also a completely reasonable and legitimate trading plan.

It's hardly reasonable to subject oneself to overly tight rules that most likely result in termination and loss of signup fee. Feel free to prove me wrong by stating the actual failure rate in percent of Gauntlet/Mini.

To correct my earlier post, TradeStation also provides Globex market depth for free.

 

[clockwork71]

It's hardly reasonable to subject oneself to overly tight rules that most likely result in termination and loss of signup fee. Feel free to prove me wrong by stating the actual failure rate in percent of Gauntlet/Mini.

To correct my earlier post, TradeStation also provides Globex market depth for free.

If one of these firms showed you the actual failure rate, the jig would be up.

 

[Earn2Trade]

It's hardly reasonable to subject oneself to overly tight rules that most likely result in termination and loss of signup fee. Feel free to prove me wrong by stating the actual failure rate in percent of Gauntlet/Mini.

To correct my earlier post, TradeStation also provides Globex market depth for free.

We'll have to agree to disagree.

 

[cenettixx]

No need for a fictional $50K with $2K drawdown limit and "examination" fees for nothing.

I dont care what they're calling their account $50K, $100K, $500K - thats a marketing gimmick. $2K drawdown is a $2K account.

Now if you catch one of their promotions and get in with only $99 and pass it in one billing cycle - you get $2K with $99 risk.

thats a great deal. Where else do you get $2K with only $99 risk ?

If you cant pass it in one month then you have no business taking these 'tryouts' anyway.

 

[traderjo]

Wht

That is the pot calling the kettle black. You have been attacking our business model and us directly for as long as I can remember. I've answered all of your repeated questions and criticisms time and time again. Apart from questions where you ask us to expose our revenue structure or other intimate details I am not privy to, I have answered you forthrightly and honestly always. Even when you ask us for information I cannot give I tell you simply that I cannot give it to you.

Who is refusing to tell the truth? I'm sorry but we reject your argument. It is not an "untrue" marketing technique. As I've stated multiple times already the firm is on the hook for all losses. So indeed, the account is effectively a $25,000.00 account for the company, and the trader is trading that account. Furthermore, the contract limitations have no connection to the account size, they are a risk management feature, so this argument is really irrelevant.

Yes, the balance displayed is shared margin, but for example when COVID hit and other firms restricted available contract size because of full margin requirements, Helios traders remained unaffected and could continue to trade normally. In addition, unlike other firms, they actually get an account that shows their actual balance in Rithmic. Other firms show $0 balance, which is not what they paid for. With regards to margin, margin changes by the FCM you use, even for day trading. For instance, if you use TD you can't even get dray trade margins unless you have more than $15,000.00.

Besides BTC futures, Helios also never restricted what's traded so your available asset list is much larger.

Your attacks on our business model have never ceased. The unfortunate situation regarding our former co-founder, which had nothing to do with our business provides you with more fodder to dig up the same arguments you make again and again. When an individual who is unfamiliar with our business model appears, or someone raises a question, you are surely there to cast your aspersions. This representative has always been on the front foot with you traderjo.[/QU
Others are asking the Notional value question also
IS 25 K real money just like having a personal account with real 25K in it? ? dont BS about shared margin and all that

 

[traderjo]

I dont care what they're calling their account $50K, $100K, $500K - thats a marketing gimmick. $2K drawdown is a $2K account.

Now if you catch one of their promotions and get in with only $99 and pass it in one billing cycle - you get $2K with $99 risk.

thats a great deal. Where else do you get $2K with only $99 risk ?

If you cant pass it in one month then you have no business taking these 'tryouts' anyway.

"pass it in one billing cycle" how many do that ? that is real question many parhaps don't and that is what this business model depends on that is the criticism