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We can’t account for the actions of any other firm. We bare the costs of the data fees during the examination and include them in the cost of the examination, but during live trading the funding firm has always passed the data costs onto the trader. It is irrelevant whether the trader is trading in LiveSim or trading on the live market, the costs are still applicable. The funding firm permits the fees to be either paid out of pocket or deducted from the trading account. If there is a better solution out there to account for those fees, I'm afraid Helios is not aware of it.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
As a side note, was a good surprise to see the website has an option to change language and PT (portuguese) is among them, I wasnt aware of this kind of support..
Im sure it was just an oversight on your part but this is the third time I have asked these specific questions with no reply:
Orianna,
Thank you for your reply and explanation. I am aware of the fee structure and currently pay the fees. My concern is paying the fees twice, once through my platform (esignal) and once through E2T. The questions I was hoping to get answers for in my original post were:
1. "The issue is that you are charging traders who pass the Mini Gauntlet the CME professional fee of $105 per exchange in order to trade on a live sim account (which is not stated in the message regarding trading partner changes).
2. The deeply concerning part of this issue is that instead of your company paying the additional cost associated with your choice to change trading partners you are passing it on to the trader. Why is that?
I would also point out that the FAQ of E2Ts website states:
"You are responsible for platform and exchange fees as well as the brokerage contract and commission fees. Brokerage, exchange, contract and commission fees are deducted directly from your account balance, however the data fees ($105.00) per exchange must be paid by you out of pocket from your credit card. These are pass through fees directly from the exchange.
If you already have a data feed and simply want to execute on the Helios feed, you do not need to subscribe to the Helios Rithmic data feed for charting and will not incur any costs.
This is where my lack of understanding comes from.
To summarize, why do I need to pay CME fees twice when the website specifically says I do not, and why is this fee being charged to people who pass the gauntlet/mini when the fee was not part of the original agreement and only came into play when E2T decided to change trading partners.
Text/Email make it hard to convey emotion, I'm not upset or angry just trying to get a clear picture of where my understanding went wrong
seriously, just answer the man's question, how hard can that be.
instead of using corporate-speak to brush over the issue, it'll serve you better to be clear and transparent, even more so after the recent allegations of fraud by the CFTC.
also notice how they skirt around their claim of CME charging $105/month per exchange fees for SIM accounts:
1) traders complain why they have to pay $105/exchange/month fees on a SIM account
2) Orianna claims this is out of their control since CME charges fees on SIM accounts (but for some reason doesn't specify that the CME is specifically charging $105/exchange/month on their SIM accounts)
3) traders then ask why it is that other funding companies like TST and Oneup don't charge any exchange fees on their SIM accounts
4) Orianna then claims they can't possibly know how other funding companies operate (true) but without a doubt, CME does charge exchange fees on SIM accounts.
things to note here:
a) Orianna never specifically says that CME charges sim accounts $105/exchange/month. she merely mentions that a fee is charged but doesn't specify the amount.
b) the SIM account provided after passing the Gauntlet is 100% the same as the SIM account they provide during the Gauntlet. so why isn't the CME charging $105/exchange/month on these legally identical SIM accounts? b/c if the CME is indeed charging exchanges fees on your SIM accounts, E2T would be losing money on every person attempting the Gauntlet given that exchange fees would add up to $420/month whereas the Gauntlet's are priced $100-300ish/month. that's obviously not what's happening.
unless you're trying the make the legal argument that someone who's passed a non-standardized, non-accredited, arbitrary 15-day test offered by a random company and is now trading simulated prices with fake order fills resulting in totally imaginary profits/losses (from the perspective of the CME and CFTC) is suddenly a "designated Professional Trader" and has to be charged $420/month for all 4 exchanges.
in which case, that'd be insinuating that Topsteptrader, Oneuptrader, and other funding companies charging no exchange fees for their SIM accounts are acting illegally.
I am really sorry, I'm not trying to dodge the question.
In cases like yourself, unfortunately, the LiveSim rules overrule anything else. The LiveSim rules have their own FAQ on the Earn2Trade website. The situation you are describing is basically on the premise that Helios would provide an account with no data, which they can't do in the case of a LiveSim.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.