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Online prop firm The Funded Trader (TFT) going under?


Discussion in Funded Trading Evaluation Firms

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jlabtrades's Avatar
 jlabtrades 
San Diego, CA
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Looks like this online sim prop firm stopped doing payouts, and then took down their website.
I personally don't use them, but I hope no one got affected. Was anyone here using them?

Their website now says
Quoting 
The Funded Trader has temporarily paused all operations.

We sincerely appreciate your patience and understanding as we are working diligently on the steps to resume our operations and services.

Over the coming week, we will follow up with specifics as we work to resume operations.

Thank you for your continued support and loyalty.

The future of TFT is coming. [20 day countdown to April 17]

https://thefundedtraderprogram.com/

News article: https://www.financemagnates.com/forex/breaking-prop-trading-firm-the-funded-trader-pauses-all-operations/


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  #2 (permalink)
twicetrader
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Finally Mr. Ponzi got his seat


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jlabtrades's Avatar
 jlabtrades 
San Diego, CA
Legendary and occasionally successful index futures day trader
 
Experience: Intermediate
Platform: Tradovate / Webull
Broker: Tradovate
Trading: Futures / 0dte SPY
Frequency: Many times daily
Duration: Minutes
Posts: 515 since May 2023
Thanks Given: 211
Thanks Received: 360



jlabtrades View Post
Looks like this online sim prop firm stopped doing payouts, and then took down their website.
I personally don't use them, but I hope no one got affected. Was anyone here using them?

Their website now says

https://thefundedtraderprogram.com/

News article: https://www.financemagnates.com/forex/breaking-prop-trading-firm-the-funded-trader-pauses-all-operations/

After reading up on this over the last weeks I didn't realize how big they were, and the history of the owner Angelo Ciaramello. It looks like there's quite the trail of financial issues around him and his past companies.

It does look like they opened back up, and are moving their operations to the Caymans (never a good sign). They release some articles on their         saying they are giving away discount codes, and processing out any outstanding payout request (that's good to hear). But they also say " moving forward, all proceeds will be directed to charitable causes and reinvested into enhancing the user experience and supporting our community." which is an odd thing to say in my opinion - you are a company, that is exactly what you should be doing no need for a special press release - just all seems like a bad company to me

I would steer clear if you are looking for online prop companies, there are more reputable and cheaper options.


Attached Files
Elite Membership required to download: The_Funded_Trader_Update_2.pdf
Elite Membership required to download: TFT_Important_Update_16.pdf
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  #4 (permalink)
 
jlabtrades's Avatar
 jlabtrades 
San Diego, CA
Legendary and occasionally successful index futures day trader
 
Experience: Intermediate
Platform: Tradovate / Webull
Broker: Tradovate
Trading: Futures / 0dte SPY
Frequency: Many times daily
Duration: Minutes
Posts: 515 since May 2023
Thanks Given: 211
Thanks Received: 360

And another news article for those looking to read more about this saga, again just seems like one of the more shadier prop firms

https://www.financemagnates.com/forex/prop-trading-firm-the-funded-trader-is-online-but-is-it-fully-operational/

Also it looks like another company Skilled Funded Trader, is connected to the main company Easton Consulting Technologies which "operates" simulation prop firms for investors. I'm staying away from anything remotely connected to these companies


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Devil Man's Avatar
 Devil Man 
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the news is not good:
https://www.financemagnates.com/forex/prop-trading-firm-the-funded-trader-restructuring-business-moving-to-the-cayman-islands/


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Last Updated on April 27, 2024


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