For context, this is the second time I have passed a funded challenge with this firm and had my account revoked for shady reasons. Last time I was randomly slipped 13 pips in the middle of the trading session without any high volatility or news, hitting my daily drawdown. This time I passed the challenge and was sent an email by the risk department stating my trade duration is too short and my lot size is too large. Since I received this email, I’ve inquired with support both on Discord and via email asking for more detail on how exactly they would like to see my strategy improve.
I took less than 5 trades on this account, all with a lower lot size and larger trade duration. One of my first trades on BTC/USD, the broker, Bizz Trade, froze and I couldn’t close the trade until it came back to my B/E price after moving well into $400+ profit. Support refunded this -$133 loss after a day and reset my account to 100k. After not responding to support when they asked multiple times for a positive review, I’ve woken up to my account being revoked with no stated rule violation. My account was over $1,000 in profit this morning when I got an email from the help desk saying I can no longer trade with them and they have to refund my account—stating I violated no rules but did not want me to trade on the master account as a reply to my previous email asking how I can improve my strategy and avoid any future violations.
I highly recommend staying away from this firm if you are serious about trading; they will do whatever they can to revoke an account once funded or prevent you from becoming funded based on arbitrary reasons without a clear rule violation. Looking at Trustpilot reviews, I now see many occurrences of the same thing happening to others.
Breaking news:
Scheme where winners are paid using new signups’ money (Pyramid schemes) is not paying winners because there aren’t enough new signups.
Finch said:
Breaking news:
Scheme where winners are paid using new signups’ money (Pyramid schemes) is not paying winners because there aren’t enough new signups.
Unfortunately, in regards to this firm, I agree with this statement.
This is why I don’t like prop firms. They act like your boss telling you what to do.
Unfortunately, in the future, we all gonna have to be employed by a prop firm in order to trade. We won’t be able to trade directly through a broker.
Passing a challenge is the interview/qualifications stage to see if you’re worthy of employment. Then they’ll pay you your salary according to the target/percentage you’ve hit for the month.
It’s all about control. Retail trading is cooked.
Foster said:
@Larry
Brokers won’t exist because of what exactly??
They can make anything up like come up with some new regulation or laws. They’ve already reduced trading freedoms in the US by capping leverage at 50:1. The rest of the world will follow.
@Larry
Bruh they are not going to ban retail trading. Europe has capped leverage to 30:1 for a long time, but it comes with extra safeguards for retail traders.
The only industry in danger of being shut down are prop firms since there is no regulation.
@Larry
Nah. It’s the opposite; brokers will continue forever and prop firms will get more regulated. The only change for brokerage accounts is leverage. So you just need more money to trade larger size. Nil issues.
@Larry
I believe there are good firms out there, like FTMO, that won’t give you any issues as long as you follow their clearly stated rules. This firm, on the other hand, is not looking for profitable traders.
@Bao
5ers as well have very clear rules. Even when you break them, it’s not an automatic account termination; they look at the situation and decide from there. Happened to me last year.
Vesper said:
@Bao
5ers as well have very clear rules. Even when you break them, it’s not an automatic account termination; they look at the situation and decide from there. Happened to me last year.
I’m trying 5%ers now, I’ve only heard good things.
Ainsley said:
@Larry
What’s gonna happen to the brokers?
Nothing is gonna happen to brokers. They have been here since the beginning of trading more than 100 years ago and will continue to exist. The only difference is change of leverage. So the more money you have, the more size you can trade.
I enjoyed the part about reviewing their customer service lol
Just go to FTMO and smash it again.
Joel said:
I enjoyed the part about reviewing their customer service lol
Just go to FTMO and smash it again.
I currently have a funded account with FTMO; they are great.
In summary, “we don’t want you over-leveraging and getting lucky”.
Wes said:
In summary, “we don’t want you over-leveraging and getting lucky”.
I asked them to explain what they consider over-leveraging as I am only ever risking less than 1% of my total account. I gave them my detailed strategy and asked how I can improve. I immediately dropped my lot size in half before trading on the funded account. Their response was simply rescinding the account, but they waited 3 days until I had some profit in the account.
Just go with FTMO or the5ers; I only trust them.
Go with FTMO. These guys are scammers. I worked with them for a few months, but they scammed me in the end as well.