Futex in trouble
- Thread starter Ioannis33
- Start date
Who do you clear through? If I was looking for a clearer in London then the safest must be https://www.abnamroclearing.com/en/...-services/managed-futures-clearing/index.html as ABN is owned by RBS who are majority controlled by the UK state.
Could be down to so many different reasons.
Bad financial management (eg too much in the way of administrative expenses)
Or Large trader losses.
Or Fraud.
Or the money is sat in various accounts like with MF global, unlikely.
Or perhaps 4.8 million isn't really how much creditors are really owed only how much they think they are owed.
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So i find myself unable to sleep and googling the past, and i come across this thread. I am one of the traders with a fairly sizable claim that is still ongoing. Just reading this forum i want to say my piece on a few issues. Firstly it is wrong to suggest one or two traders withdrawing funds brought it all down. It is true one of the traders mentioned withdrawed his funds and because of this futex was unable to cover all margins and honor accounts. However it is not mentioned that this guy was entirely self backed and paid futex multiple 6 figures in roundies.and desk. A trader like this is only ever an asset to the firm; never a liability. The real reason the house of cards collapsed is still being looked into and there could well be illegal and fraudulent activity. One thing is for sure there were enough successful traders there that the company should have easily been profitable regardless of how many courses they sold. Trading is a tough game and the firm let too many people rack up big negative accounts. Plus their contracts made it extremely hard for new blood to make money and to pay off previous loses. In hindsight it was obvious something was up but all my focus was on making money, not thinking how safe it was.. I wont make this mistake again.. however Harry hindsight is the best trader
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L
lukas
@Rifab
Would you advise anyone to strike a deal with Axia Futures?
Their commission rates are very low, combined with low fixed costs.
What do you think might be the criteria of being funded after completing their training course? I would not like to pay £3k for it and then be told that there is no backing available.
I wonder if I am naive enough to go down this route...
Would you advise anyone to strike a deal with Axia Futures?
Their commission rates are very low, combined with low fixed costs.
What do you think might be the criteria of being funded after completing their training course? I would not like to pay £3k for it and then be told that there is no backing available.
I wonder if I am naive enough to go down this route...
Lucas
When you say low fees? what sort of fees? for example for ES futures? there are plenty of discount futures FCM brokers in USA.. another thing i noticed they operate in Australia and from the website it is not clear if they have an AFSL.. since they charge a "Training fee" or offer retail trading.. that is a red flag a this stage... Dont know in UK if such activity needs licencing.
Regarding is the training worth.... and will you really get funded and if what amount? ( actual not notional) can you ask and share the answers so all can benefit... this seems to be another one of those "Pseudo props" based on the business model of pay us a monthly "Test " or lump sum training fee and you may get funded!
When you say low fees? what sort of fees? for example for ES futures? there are plenty of discount futures FCM brokers in USA.. another thing i noticed they operate in Australia and from the website it is not clear if they have an AFSL.. since they charge a "Training fee" or offer retail trading.. that is a red flag a this stage... Dont know in UK if such activity needs licencing.
Regarding is the training worth.... and will you really get funded and if what amount? ( actual not notional) can you ask and share the answers so all can benefit... this seems to be another one of those "Pseudo props" based on the business model of pay us a monthly "Test " or lump sum training fee and you may get funded!