Hundreds oftraders eagerly awaited Friday's "Community Update" from prop trading firm The Funded Trader (TFT). During the update, the CEO, Angelo Ciaramello, wasexpected to address the most pressing issues, including the growing queue ofpeople waiting for their funds to be withdrawn.
However,traders did not learn many details, only discovering that all processes are slowed due to the industry's problems with the MetaTrader platform and migration to alternative solutions. As a result, TFT clients will be forced to waitanother two to even four weeks to receive their funds.
A growing number of people have suggested that TFT is an alleged scammer which does not pay out money to traders earning regularly, and there is speculation that the company does not have the money to make the payouts.
On theother hand, TFT claims that it only blocks withdrawals of those who useillegal trading strategies or who are suspected of gambling. During a livebroadcast on YouTube, Ciaramello presented a graphic suggesting that in thefirst two months of 2024, TFT paid out over $17 million to clients whileblocking withdrawals of just over $2 million during the same period.
"Thepayments were rejected due to KYC, due to any type of fraud, credit card fraudand any prohibited trading strategies," The CEO of Funded Trader commentedduring the live stream.
However,not everyone believes in TFT's line of defense. "Can you prove that much youPAID? No you can't," commented a Twitter user with the pseudonym TradeWith Sehan. "You are rejecting payouts for consistent profitable traderssince you know they will make more money next month also, scammers."
Can you prove that much you PAID? No you can’t and You are rejecting payouts for consistent profitable traders since you know they will make more money next month also, scammers.
— Trade With Sehan (@TradeWithSehan) March 15, 2024
Ciaramelloalso referred to information that appeared in the middle of the week suggestingthat the company is suspending withdrawals for some time due to an"internal audit".
We have enabled a self imposed internal audit of all payouts. We will be ensuring all payouts are in line with our terms of service, and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of…
— The Funded Trader (@thefundedtrader) March 13, 2024
As heexplained, withdrawals have not been suspended, but the process has been significantly extended due to the thorough control of each individual withdrawal request.As a result, traders waiting in line for their funds will be forced to wait up to a month for adecision.
"Thereis going to be a comprehensive checklist of every single thing that needs to bechecked off before the payout goes out," Ciaramello explained. "Weare looking over for next two to four weeks to payout everyone who is approvedand passes all our checks. We are doing everything very thoroughly and that iswhy the things are delayed."
Ciaramelloalso announced a "potential strategic partnership." Although he didnot reveal any details, he only informed that it would be a "gamechanger" providing the institutional access the company is looking for.
After thelive session ended, the discussion moved to TFT's Discord where Ciaramelloanswered clients' questions. There were quite a lot of them, at least severalhundred, and the vast majority concerned delayed payouts.
However,Ciaramello responded to them in the same way: "Interesting case,let me check on it," or "we will do the best we can."
Thelong-announced Q&A and Community Update was supposed to dispel doubts, butit seems that even more questions have arisen. The company insists that it isnot at fault, while more voices are appearing on social media suggesting thatTFT are alleged scammers.
— Angelo Ciaramello (@savedbyfx) March 13, 2024Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
Ciaramelloclaims it is a "coordinated propaganda attack," and businesscontinues as usual. After all, the company services over 80,000 accounts.
Hundreds oftraders eagerly awaited Friday's "Community Update" from prop trading firm The Funded Trader (TFT). During the update, the CEO, Angelo Ciaramello, wasexpected to address the most pressing issues, including the growing queue ofpeople waiting for their funds to be withdrawn.
However,traders did not learn many details, only discovering that all processes are slowed due to the industry's problems with the MetaTrader platform and migration to alternative solutions. As a result, TFT clients will be forced to waitanother two to even four weeks to receive their funds.
A growing number of people have suggested that TFT is an alleged scammer which does not pay out money to traders earning regularly, and there is speculation that the company does not have the money to make the payouts.
On theother hand, TFT claims that it only blocks withdrawals of those who useillegal trading strategies or who are suspected of gambling. During a livebroadcast on YouTube, Ciaramello presented a graphic suggesting that in thefirst two months of 2024, TFT paid out over $17 million to clients whileblocking withdrawals of just over $2 million during the same period.
"Thepayments were rejected due to KYC, due to any type of fraud, credit card fraudand any prohibited trading strategies," The CEO of Funded Trader commentedduring the live stream.
However,not everyone believes in TFT's line of defense. "Can you prove that much youPAID? No you can't," commented a Twitter user with the pseudonym TradeWith Sehan. "You are rejecting payouts for consistent profitable traderssince you know they will make more money next month also, scammers."
Can you prove that much you PAID? No you can’t and You are rejecting payouts for consistent profitable traders since you know they will make more money next month also, scammers.
— Trade With Sehan (@TradeWithSehan) March 15, 2024
Ciaramelloalso referred to information that appeared in the middle of the week suggestingthat the company is suspending withdrawals for some time due to an"internal audit".
We have enabled a self imposed internal audit of all payouts. We will be ensuring all payouts are in line with our terms of service, and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of…
— The Funded Trader (@thefundedtrader) March 13, 2024
As heexplained, withdrawals have not been suspended, but the process has been significantly extended due to the thorough control of each individual withdrawal request.As a result, traders waiting in line for their funds will be forced to wait up to a month for adecision.
"Thereis going to be a comprehensive checklist of every single thing that needs to bechecked off before the payout goes out," Ciaramello explained. "Weare looking over for next two to four weeks to payout everyone who is approvedand passes all our checks. We are doing everything very thoroughly and that iswhy the things are delayed."
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Ciaramelloalso announced a "potential strategic partnership." Although he didnot reveal any details, he only informed that it would be a "gamechanger" providing the institutional access the company is looking for.
After thelive session ended, the discussion moved to TFT's Discord where Ciaramelloanswered clients' questions. There were quite a lot of them, at least severalhundred, and the vast majority concerned delayed payouts.
However,Ciaramello responded to them in the same way: "Interesting case,let me check on it," or "we will do the best we can."
Thelong-announced Q&A and Community Update was supposed to dispel doubts, butit seems that even more questions have arisen. The company insists that it isnot at fault, while more voices are appearing on social media suggesting thatTFT are alleged scammers.
— Angelo Ciaramello (@savedbyfx) March 13, 2024Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
Ciaramelloclaims it is a "coordinated propaganda attack," and businesscontinues as usual. After all, the company services over 80,000 accounts.
