The Funded Trader, a prop trading firm that recently faced an array of complaints for payout denials, has “temporarily paused all operations” with promises of a relaunch.
“Over the coming week, we will follow up with specifics as we work to resume operations,” a notice on the prop trading firm’s website noted with a countdown timer of 21 days. However, it did not clarify if the timer is for its relaunch.
Relaunch Promised, but When?
Angelo Ciaramello, the Chief Executive Officer of The Funded Trader, noted in an announcement: “In pausing our operations, we will be relaunching the brand but with a slightly different look and feel.”
“Over the coming week, we will post updates on what this will look like and how this decision affects everyone involved… The relaunch of TFT is coming, and earning your trust will be difficult, but we know what it takes.”
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community.
Being in the…
The company further noted that it will put out a plan for existing customers in the coming weeks. Despite the assurance of the relaunch, pausing the entire operation for a relaunch looks odd.
The Company Faces a Wave of Complaints
The Funded Trader, with over 80,000 accounts, is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. In the past few weeks, the customers of the prop trading platform took to social media, especially Trustpilot, to complaints about abrupt payout denials and unresponsive customer support.
However, Ciaramello called the complaints "propaganda" against the firm. Subsequently, the prop trading firm confirmed that it suspended all payouts because of a “self-imposed internal audit.”
During a live broadcast on YouTube, Ciaramello presented a graphic suggesting that in the first two months of 2024, TFT paid out over $17 million to clients while blocking withdrawals of just over $2 million during the same period.
“The payments were rejected due to KYC, due to any type of fraud, credit card fraud and any prohibited trading strategies,” the CEO said during the live broadcast. However, he continued to face backlash on social media.
The Funded Trader, a prop trading firm that recently faced an array of complaints for payout denials, has “temporarily paused all operations” with promises of a relaunch.
“Over the coming week, we will follow up with specifics as we work to resume operations,” a notice on the prop trading firm’s website noted with a countdown timer of 21 days. However, it did not clarify if the timer is for its relaunch.
Relaunch Promised, but When?
Angelo Ciaramello, the Chief Executive Officer of The Funded Trader, noted in an announcement: “In pausing our operations, we will be relaunching the brand but with a slightly different look and feel.”
“Over the coming week, we will post updates on what this will look like and how this decision affects everyone involved… The relaunch of TFT is coming, and earning your trust will be difficult, but we know what it takes.”
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community.
Being in the…
The company further noted that it will put out a plan for existing customers in the coming weeks. Despite the assurance of the relaunch, pausing the entire operation for a relaunch looks odd.
The Company Faces a Wave of Complaints
The Funded Trader, with over 80,000 accounts, is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. In the past few weeks, the customers of the prop trading platform took to social media, especially Trustpilot, to complaints about abrupt payout denials and unresponsive customer support.
However, Ciaramello called the complaints "propaganda" against the firm. Subsequently, the prop trading firm confirmed that it suspended all payouts because of a “self-imposed internal audit.”
During a live broadcast on YouTube, Ciaramello presented a graphic suggesting that in the first two months of 2024, TFT paid out over $17 million to clients while blocking withdrawals of just over $2 million during the same period.
“The payments were rejected due to KYC, due to any type of fraud, credit card fraud and any prohibited trading strategies,” the CEO said during the live broadcast. However, he continued to face backlash on social media.
FAQs
Breaking: Prop Trading Firm the Funded Trader "Pauses All Operations" The prop trading promised a relaunch without any solid timeline. The suspension of operations came after it faced a wave of complaints for payout denials.
What happened to the funded trader program? ›
The prop firm space has been exceedingly volatile over the last few months, with a number of the most known prop firms being shut down or ceasing operations. In March 2024, The Funded Trader (TFT) ceased trading and cancelled their agreements with all traders in their books.
What percentage of traders pass prop firm challenge? ›
That result should look catastrophic for anyone who hopes to join a prop firm. The article from Lux Trading Firm provides slightly different results. According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time.
How stressful is prop trading? ›
Prop trading can be highly stressful due to the fast-paced nature of markets and the pressure to make split-second decisions. Working in the financial markets as a prop trader comes with a series of demanding hurdles. Such traders face an environment filled with: Intense rivalry.
Who is the owner of the funded trader? ›
Angelo Ciaramello is the Co-Founder and CEO of The Funded Trader.
Which prop firm is the best? ›
The most popular prop trading firms and funded programmes
- Axi Select.
- FTMO.
- The Forex Funder.
- E8 Markets.
- True Forex Funds.
- The 5%ers.
- Funded Next.
About Virtual Funds
After a client becomes a Simulated Funded Trader, he/she will be provided with a demo account with simulated funds. The Funded Trader challenge and funded accounts are not live trading accounts, they are fully simulated accounts utilizing real market quotes from liquidity providers.
Is FTMO trustworthy? ›
Having successfully operated since 2015, we provided thousands of clients with their FTMO Accounts, and in total, we have paid out over $160 million. We've also been featured in Forbes and awarded by Deloitte and EY multiple times.
Can I use the funded trader in the USA? ›
What nationality must I be in order to secure Funds from Funded Trader? We provide funding to all Traders globally regardless of nationality however we cannot provide Stock Funded accounts to US based Traders.
What is the failure rate for FTMO? ›
According to FTMO statistics, only about 10% of traders are able to pass the funded account challenge at any account level. This means approximately 90% of aspiring funded traders fail the evaluation and are unable to gain access to the firm's capital.
Prop Firm Trader Salary
The salary of a prop trader can vary greatly depending on several factors such as experience, performance, and the size of the firm. On average, a junior prop trader can expect to earn anywhere between $50,000 to $100,000 per year, while a senior trader can make upwards of $500,000 annually.
Why do most people fail prop firm challenges? ›
The most common reasons traders fail prop firm challenges are simply overleveraging their trades, not understanding the rules, and not having a profitable trading strategy. In this article, we'll break down the 6 most common reasons traders fail prop firm challenges and what you can do to avoid this happening to you.
Why is prop trading illegal? ›
The Volcker Rule is intended to restrict high-risk, speculative trading activity by banks, such as proprietary trading or investing in or sponsoring hedge funds or private equity funds.
Do prop firms really pay out? ›
There is nothing inherently scammy about the business model of prop firms. But how do they make money then? For starters, prop firms, of course, do not give money to just anyone who asks. Typically, they have a multi-stage evaluation process to make sure the traders they employ know what they are doing.
How do prop firms not lose money? ›
Strict risk management rules – prop firms impose strict risk management guidelines to protect their capital. While these rules help financial companies preserve their assets, they can sometimes limit a trader's flexibility in executing trades.
Why is the forex market paused? ›
Trading is halted when there is an order imbalance, which can be bullish or bearish in nature. They're usually the result of regulatory concerns, the anticipation of significant news, or an excess of buy or sell orders for a specific asset.
Why do trading strategies stop working? ›
The key symptom for a trading strategy that has stopped working is a very sharp fall in the win ratio (i.e. profitable trades). This usually means that either your entry or exit conditions are no longer viable or that your leverage is too high. Of course, both can go wrong, too.
Why does the forex market freeze? ›
A common reason for a frozen Forex account is lack of funds for open positions or a margin call. When a trader's account balance falls below the required margin level, brokers may freeze the account to prevent further losses.
What is the number one reason why traders fail? ›
Failure in trading can result from several psychological, strategic, and risk management variables. One of the leading causes is a lack of education and preparation.
