The largest FX prop firm named MyForexFunds stopped working now, are they out of business ?
- Thread starter TrAndy2022
- Start date
Ok so Apex or any other firm , My question is still stays same "when a firm says you are funded .. it has to be with real money and trades must go on real market ... what excuses is there not to do that?"
What on devils earth is "live sim." Sim is paper money ! so where do the profits come from? and don't say who cares. it is the integrity of the business...
Well it seems like they (Apex) eventually give you an actual live account, just like for example Topstep that starts a funded trader on what they call live sim.
It's all in the fine print and contracts so everyone should know what they sign up for, don't like it then don't sign up, easy ...
If you want to know what it is you can do your research, they can call their accounts whatever they want, as long as they don't breach the contract it isn't a scam.
Edit: yes, the initial funded account is sim (and it is very clearly explained everywhere), so those profits will come out of their own pocket (either from singup fees and/or from profit splits from traders that have been funded for longer), but again, as long as they don't breach the contract it isn't a scam.
Anyway, let's get this thread back on topic: Myforexfunds.
I am sure others will find the Apex thread to throw around some more empty accusations on there.
Fintwit is full of them, both good and bad experiences. While I don’t know the actual numbers, it’s reasonable to consider that ET is such a small pond in comparison to the overall trader community that exists across all SM - each platform caters to a specific niche demographic.
That's the point i was trying to make.
Despite Myforexfunds has over 135.000 clients none or very few are complaining here on ET about the recent developments while people who have bad experiences are much more inclined to complain, so it isn't unreasonable that Apex can have thousands thousands, if not tens of thousands of clients getting paid, it's not because they aren't bragging on here like he suggested (s trader), that they don't exist.
That’s the crux of the enforcement action. The offshore forex “prop” (bucket shop) firms, for marketing purposes, misrepresented whether a trader’s orders are internalized or not - that traders that passed a challenge were put on a live account that routed orders to a lit exchange.
Yep, that's why you can't compare futures "prop" firms to fx "prop" firms, because with futures "prop" firms it's very easy to check if your order goes to the exchange once in an actual live account, or not.
If not i bet the CFTC would have been over them a long time ago (Topstep has been around for over a decade), because it's as easy as looking at the T&S.
Although there is no Centralized exchange for FX the Regulated broker has to abide by A book or B book hence the issue ..and was Myfxfund ever even regulated OTC FX broker in USA? but you refuse to see it