what about the Earn2trade?

[TheDawn]

The OP is from Stockholm. I expect they lost track of the 1 hour drift this week between Europe and the US and in fact traded at 3:10pm CT rather than 2:10pm CT just as in @Sekiyo's post.

Of course, they can demonstrate that this assumption is wrong by providing a screen grab from their Rithmic R-Trader showing the timestamps of the relevant trades.

@TheDawn - what you're posting is old old news. Ryan Masten has not been involved with Earn2Trade for a long time and tradingschools.org is well known to be very questionable.

The charge was brought up by CFTC. I am sure if you look in the CFTC/NFA database, you will find the charge there.

 

[emojitrading]

I'm not disputing that @TheDawn but it relates to the founder Ryan Masten at a point in time when he was no longer associated with Earn2Trade. The piece on tradingschools.org is very disingenuous reporting.

 

[Laissez Faire]

If i would be seriously interested in going with a funded trader program i would probably pick UProfit for the end of day drawdown and payouts whenever you want. Only downside there is they never get rid of the daily loss limit, which doesn't make sense either, but that's the same with E2T. As a non US resident the structure E2T uses isn't as interesting since it complicates things a lot and most accountants here don't even have experience with anything like that.

Being an independent contractor is much better for me, that's why i would probably pick UProfit over E2T.

Anyway, i will post in 4 weeks time to give an update on my withdrawal, if i still have the account at that point.

I think UProfit also has a sign-on/set-up fee when you get funded? Making it more expensive than the rest of the firms.

I did some research on these firm a while back and concluded that E2T was the best alternative, especially since there's no conflict of interest as you eventually trade real money.

What's the problem with receiving money from E2T versus UProfit tax wise? Never considered that part.

PS: OneUpTrader also seemed fair, although there's a few loopholes in fine print. They eliminated my profitable live account and not in a good way, so don't think they would be an option for me.

 

[TrAndy2022]

How's the liquidity on those CFDs? Do they track the indices/futures accurately and can you get in/out where you want?

Of course, liquidity is even better or at least as good and spreads are good too. Have a look. You can read this thread too. https://www.elitetrader.com/et/threads/evaluating-prop-firm-offers.370347/

 

[athlonmank8]

In my experience these firms will make use of any excuse to eliminate your account as their source of income is from collecting fees and resets - not funding traders.

That said, it does sound like you maybe broke some rule? If you didn't I'm sure they'll bring you back on?

Exactly.

 

[Laissez Faire]

A trader buddy brought this operation to my attention. I haven't read the fine print yet, but doesn't look to bad at a glance:

https://tradeday.com/

 

[DevBru]

I think UProfit also has a sign-on/set-up fee when you get funded? Making it more expensive than the rest of the firms.

I did some research on these firm a while back and concluded that E2T was the best alternative, especially since there's no conflict of interest as you eventually trade real money.

What's the problem with receiving money from E2T versus UProfit tax wise? Never considered that part.

PS: OneUpTrader also seemed fair, although there's a few loopholes in fine print. They eliminated my profitable live account and not in a good way, so don't think they would be an option for me.

Yes, there is a one time assignment cost with UProfit.

At E2T you are a kind of partner in their LLC and with UProfit you are an independent contractor (like with most of these companies). Now if you are in the US apparently the first one is an advantage because you don't need to pay as much tax, however for a non us resident that doesn't matter since foreigners won't pay taxes to the US in most cases, but it does complicate reporting your taxes, a lot.

I am not an accountant but i have reached out to one in past for similar dealings with the US and he basically adviced against it if it wasn't necessary or if i wasn't going to make tons of money to warrant the extra expenses.

Can i ask what happened with OneUp? Never heard of anything like this before.

 

[DevBru]

A trader buddy brought this operation to my attention. I haven't read the fine print yet, but doesn't look to bad at a glance:

https://tradeday.com/

Hmm, they seem expensive for what they offer.

Smaller daily loss limit than others and smaller drawdown than others for the same price.

 

[DevBru]

By the way, for everyone thinking about starting an evaluation account, I'd suggest to wait untill Black Friday, unless you can find a great deal now.

 

[Laissez Faire]

Yes, there is a one time assignment cost with UProfit.

At E2T you are a kind of partner in their LLC and with UProfit you are an independent contractor (like with most of these companies). Now if you are in the US apparently the first one is an advantage because you don't need to pay as much tax, however for a non us resident that doesn't matter since foreigners won't pay taxes to the US in most cases, but it does complicate reporting your taxes, a lot.

I am not an accountant but i have reached out to one in past for similar dealings with the US and he basically adviced against it if it wasn't necessary or if i wasn't going to make tons of money to warrant the extra expenses.

I see. Thanks for filling me in.

Can i ask what happened with OneUp? Never heard of anything like this before.

Sure. There's a long thread about it here where I write what happened in the second post, I think.

The main reason why doing business with these get-funded programs is a bad idea... | Elite Trader

Basically, I broke a rule knowingly, but I also did it because it was said they would issue 2 warnings first on a rule break. My account was liquidated being very much in profit. That's when I realized they're not interested in funding traders and liquidated me in order to not have to pay me.