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Earn2trade and Apteros have no special rules for the funded account and both let you trade the real market and not in Sim. The strange rules from Leeloo and Oneup stopped me from doing business with these companies.
That may have been true until very recently as Earn2Trade now have what they call an EOD drawdown rule they're shamelessly promoting. Here's what automatically pops up when I open their website:
Don't be afraid of price waves? I mean - what the hell? It sounds like some kind of joke.
They do however NOT go out of their way to share that it does not apply to their live account. I saw some would-be trader on another site being really happy about this rule only to learn later on it did not apply to the live account.
I'm quoting mcjackson from the other thread as Bob felt that thread should be reserved specifically for Anna's issues.
100 % agree.
The main thing which should be obvious by now is that these companies have zero interest in actually funding you as a trader. That's what they advertise, though. Get funded. Trade a $150K account (which we all know is at best a $4.5K account as that's the drawdown limit).
If anyone still thinks these companies want to FUND you - they are either very naive/gullible or just plain misinformed. The only thing which should matter is RISK/DRAWDOWN. All these silly rules they're making up is just designed to get rid of you. And of course, as soon as you're live there are even more rules.
To be honest, I'm not sure if these companies could be called a scam, but it's certainly very, very close to it.
I always figured these companies would pay you out if you managed to jump through all their hoops, but as we see with TraderAnna in the other thread that might not always be the case. There was also this other guy I mentioned here who's not getting payed either. I can't see any other explanation than that he was trading in simulator and the firm obviously would go bust if they had to pay him out.
I have in the past said that maybe these companies could serve a purpose still and be a middle ground between demo trading on your own and a live account for serious practice purposes with the possible benefit of a payout, but seeing how these companies actually have zero interest in your well-being as a trader I may have to retract that statement.
There's a difference between saying - hey, what a stupid problem they created by rolling out a stupid policy in a stupid way...
.....and saying - hey this is a scam, anyone who can't see that is stupid.
I know traders who are making it work and have been paid out. Simple as that, for me.
For whatever reason, the people who dislike Topstep seem to really hate it. I don't get it, especially with how truly terrible so many trading-related companies are out there. It's not perfect, but this idea that they're actively scamming people....come on.
I'm not saying it's an outright scam. What I'm saying is they're promoting something they're NOT offering. In that sense, it's close to a scam, IMO.
I never said someone can't be paid from these firms. Hell, I even received some $$$ myself from OneUp/MES (they took most themselves though).
What I'm saying is that they have no interest in actually funding you and want your continued subscription fees instead of your success. The proof of this is in the pudding.
I would also be interested in hearing Topstep's response in the other thread but it doesn't look like they intend to reply which is disappointing.
I looked at the link supplied but then saw that it relates to the Funding Talent company which I have never looked at and have no knowledge of their offering or rules. I had assumed the link would be somebody complaining about Topstep. So at the moment there is one complaint on this forum from somebody who feels they have a genuine payment grievance against Topstep which does certainly look like it could have been handled a lot better by that company. By my reckoning, on this forum at least which is the only one I look at, that is one major payment complaint I recall in the nine years Topstep has been running.
Regarding the Funding Talent complaint, I would be very upset and complaining too if I had made $266k and was owed $212k but that is a whole different level of complaint and he has quite rightly got legal representation involved.
Without looking at the company website I don't know what their sim policy is, but would they really let a trader make that much if they were on sim? surely they would step in and transfer his account to real money, or mirror his trades to ensure they could afford the pay out.
Sure most trader's lose money, but a few do very well and they must have a contingency for covering successful trader profits if they are actually trading on sim. It would be lunacy if company policy was that they don't think any trader will ever make a profit so they just put them all on sim, and not worry about it or monitor them under the assumption they will never need to pay out. Then all they need is one single very profitable trader and that person destroys the business.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden