Prop Trading Firm The Funded Trader Cites “Internal Audit” to Suspend Payouts (2024)

After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.”

“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 tickets for us to resolve, payouts included,” the platform tweeted yesterday.

“We are working actively to resolve everything and will focus on attention to detail at this time to ensure our customers are getting the experience they deserve in the now and in the future.”

The company highlighted that it had distributed $150 million in payouts to date. However, that figure is self-claimed and was not audited externally.

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

A Troubled Prop Trading Platform

The Funded Trader is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. It is headed by Angelo Ciaramello, the Chief Executive Officer. Ciaramello called the recent complaints a "propaganda" against the firm

— Angelo Ciaramello (@savedbyfx) March 13, 2024

As Finance Magnates reported, Nicholas D’Arcangelo, the Co-Founder and former Chief Marketing Officer at The Funded Trader, sued his business partners, including Ciaramello, last year for forceful redistribution of his stakes in the company.

Similar to other prop trading platforms, The Funded Trader faced operational disruption with the alleged policy change of MetaQuotes against prop trading platforms. Ciaramello-led platform adopted DXtrade and cTrader as MetaTrader alternatives.

However, the customers of The Funded Trader recently took social media, primarily Trustpilot, to reveal the payout denials by the platform. Many have pointed out that the prop trading platform did not even cite a reason for the payout denial, and the customer support did not respond to messages, only with a scripted initial message.

After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.”

“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 tickets for us to resolve, payouts included,” the platform tweeted yesterday.

“We are working actively to resolve everything and will focus on attention to detail at this time to ensure our customers are getting the experience they deserve in the now and in the future.”

The company highlighted that it had distributed $150 million in payouts to date. However, that figure is self-claimed and was not audited externally.

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

A Troubled Prop Trading Platform

The Funded Trader is a part of Easton Consulting Technologies LLC, which operates a number of other prop trading platforms. It is headed by Angelo Ciaramello, the Chief Executive Officer. Ciaramello called the recent complaints a "propaganda" against the firm

Coordinated propaganda attack against @thefundedtrader ? Sounds about right.

New Judge Judy episode dropping soon 🧑‍⚖️

— Angelo Ciaramello (@savedbyfx) March 13, 2024

As Finance Magnates reported, Nicholas D’Arcangelo, the Co-Founder and former Chief Marketing Officer at The Funded Trader, sued his business partners, including Ciaramello, last year for forceful redistribution of his stakes in the company.

Similar to other prop trading platforms, The Funded Trader faced operational disruption with the alleged policy change of MetaQuotes against prop trading platforms. Ciaramello-led platform adopted DXtrade and cTrader as MetaTrader alternatives.

However, the customers of The Funded Trader recently took social media, primarily Trustpilot, to reveal the payout denials by the platform. Many have pointed out that the prop trading platform did not even cite a reason for the payout denial, and the customer support did not respond to messages, only with a scripted initial message.

Prop Trading Firm The Funded Trader Cites “Internal Audit” to Suspend Payouts (2024)

FAQs

Prop Trading Firm The Funded Trader Cites “Internal Audit” to Suspend Payouts? ›

After dozens, if not hundreds, of complaints on social media, prop trading firm The Funded Trader has confirmed that it has suspended all payouts because of a “self-imposed internal audit.”

What has happened to the funded trader? ›

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.

What happens if you lose money in a prop firm? ›

Proprietary trading firms often provide evaluation accounts where you prove your trading skills. Usually, you pay a one-time fee to enter this "challenge." If you lose money during this evaluation, you won't owe anything beyond the initial fee.

Is funded trader legit? ›

The Funded Trader has an excellent (4.5/5) rating on TrustPilot with well over 14,000 reviews.

Who is the owner of the funded trader? ›

Angelo Ciaramello is the Co-Founder and CEO of The Funded Trader.

Is the funded trader getting shut down? ›

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.

How do I withdraw money from funded trader? ›

All traders with eligible Funded accounts need to submit a payout request via the Payouts section of the Trade Hub. Reviews of trader's accounts are conducted before processing payouts, which currently are available through various cryptocurrencies including BTC, ETH (ERC-20), USDC (ERC-20) and USDT (ERC-20).

What is the failure rate of prop traders? ›

Understanding the Prop Firm Challenge

At its core, the prop firm challenge can be a way for prop firms to make money from failed challenges. This is because some sources have the failure rate of prop trading challenges at 90%. So for every 10 traders that buy a challenge, 9 will fail.

How many people fail prop firms? ›

Historically, retail prop firm challenges have been designed to set traders up to fail. They're given harsh targets, limited time, no support, and huge leverage – a perfect storm! It's not surprising that 95% of traders fail their challenges!

Why do people fail prop firms? ›

Lack of proper risk discipline

Risk discipline is crucial regardless of your style of trading. But it is especially important in prop trading as prop firms' strict rules make it too easy to blow your funded account. While some prop firms demand their traders to use mandatory stop-losses, not all do.

How often does the funded trader payout? ›

Withdrawals. Receive an 80% payout at the end of every 14-day period (counted from the first trade after the last approved withdrawal). Receive an 80% payout at the end of every week if purchased with the Weekly Payouts add-on (counted from the first trade after the last approved withdrawal).

How do funded traders get paid? ›

Once traders have been granted a funded account, the profits they generate from their trades are divided between themselves and the firm backing their account. The profit-sharing percentage typically falls within the range of 75% to 90%, with the remaining percentage allocated to the firm that funded the account.

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.

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.

Is funded trading legal? ›

Funded trader programs can be a legitimate avenue for traders to access capital and amplify profits. However, like any lucrative opportunity, there are risks.

Do you need a license to be a funded trader? ›

Whether you need a license or certification to be a virtually funded prop trader varies based on the specific firm. You do not need a license or certificate to trade with SurgeTrader. This is the case with many virtual trading prop firms.

How much does the average funded trader make? ›

As of Apr 21, 2024, the average annual pay for a Funded Trader in the United States is $96,774 a year.

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.

How much money did Mark Minervini start with? ›

I started with only a couple thousand dollars. I lost money and failed my first 6 years. If I can succeed, so can you... especially now that you have my guidance, something I had little of. Go for it, you can do it!

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