A few years back, the concept of funded trading started to pique our interest. Back then, we had limited knowledge about the emerging companies venturing into this field. As seasoned players in the financial trading sector, we couldn't help but approach this new trend with a degree of caution and healthy skepticism. The world of trading is rife with scams and opportunists looking for quick profits, so it's only natural to be wary.
Our initial reaction was to cast doubt on the legitimacy of funded trading. After all, in this realm, if something seems too good to be true, it often is. However, rather than dismissing it outright, we made a conscious decision to delve deeper into the matter.
Unlocking Financial Resources with Funded Trading
Funded trading companies extend an enticing proposition to traders, granting them the opportunity to manage substantially larger trading accounts. In this arrangement, profits are shared between the trader and the firm. This newfound access to substantial capital effectively surmounts the primary obstacle faced by most traders – the shortage of significant funds.
For years, proprietary trading firms in major financial hubs like Chicago, Wall Street, and the City of London have thrived on this principle. Prop traders leverage substantial capital on behalf of investors and reap a portion of the profits as their reward.
In the realm of online funded trading, individuals invest in themselves by paying a fee to the funded trading firm. This fee serves as a ticket to undergo assessment, with the ultimate goal of proving themselves as proficient traders worthy of access to larger capital sums. Initially, there was skepticism regarding whether the assessment criteria were deliberately set so high that very few would pass, thereby allowing these firms to pocket fees without offering genuine opportunities for traders to succeed. To unravel the truth, we embarked on an investigative journey.
Sponsored Trading Experts
Having been actively involved in trading since 2013, we've not only honed our own trading skills but have also extended our support to numerous traders over the years. In addition to this, we've cultivated valuable relationships with brokers and other trading entities in our city. With this robust network in place, we decided to embark on a quest for knowledge regarding funded trading companies.
We reached out to our peers, curious about their experiences and insights into these sponsored trading ventures. What we discovered was a mixed bag of information, often a chaotic jumble of opinions and perspectives. It became evident that funded trading is not a scam but rather an innovative business model within the trading industry. There are reputable companies offering legitimate opportunities, while others fall short in various ways. Regrettably, there are even instances of companies engaging in deceitful practices to exploit their clients.
As a result, our earnest advice to you is to do your homework diligently. Sponsored trading is a field where due diligence is paramount. Invest time in self-study and assessment before taking the plunge.
Live Testing of Funded Trading
After careful consideration, we've shortlisted a select few reputable companies and are now poised to subject them to rigorous scrutiny. Each of these firms boasts distinct advantages and disadvantages, making the decision-making process all the more complex.
Having undergone an arduous selection process ourselves, which included successfully navigating three rounds of evaluation, we've earned the privilege of accessing a few “live” trading accounts.
Funded Trading Plus
Funded Trading Plus was meticulously designed from the ground up to outperform all existing funded trading companies in the market. We've aimed to eliminate as many barriers to a trader's success as possible. Our genuine desire is to discover and empower successful traders. Our liquidity providers are capable of amplifying the success of a skilled trader, allowing us to build a substantial fund for our sponsored traders. When we identify and sponsor a talented trader, it's a win-win situation for both parties.
Not All Funded Trading Companies Are Created Equal
It's important to recognize that not all funded trading companies operate under the same business model. We like to believe that some of them genuinely seek out talented traders because it benefits their business model, rather than solely profiting from customers who may never pass their assessments.
Below, we've outlined five types of funded trading companies that you should steer clear of:
- Brokerage Account Model: These companies compel you to open a brokerage account, earning hefty broker commissions in the process.
- Reset Fee Model: These companies often impose strict and challenging rules, along with tight withdrawal limitations, forcing their clients to pay reset fees.
- Demo Account Model: These companies create demo accounts that closely resemble real trading conditions but limit your chances of success through unrealistic rules. They typically generate revenue from monthly fees.
- Communal Capital Model: These companies promise customers access to a substantial account but, in reality, successful traders find their capital shared with other funded traders, resulting in limited access to profits.
It's essential to be discerning when choosing a funded trading company to ensure your trading career is on the right path.
Struggling for Transparency and Accountability: My Frustrating Experience with Support
I reached out to the support department, and the support representative responded with information about their protocol and ultimately declined my refund request. Despite writing a sincere request and conducting thorough research before choosing the support company, I found myself in a situation where transparency and support were sorely lacking. At the very least, I now know where not to seek assistance.
It took me five attempts, both through chat and email, before someone finally responded. This process consumed a significant amount of time, and even after their response, it was disappointingly vague. As a result, I didn't receive the payment I was owed. When I questioned why there were so many delays, they brushed aside these concerns and failed to take responsibility.
I've been entangled in this dispute with them since the early stages of our partnership, despite being a legitimate, profit-making trader. However, they consistently chose to ignore my issues, even though my inquiries were pertinent. Furthermore, I'm not the only one raising complaints about this, which is extremely disheartening.
I received a generic response without any real investigation or resolution.
Questionable Practices: A Dubious Conclusion to My IC Market Experience
Their actions seem to be an attempt to prolong the issue, giving them room to manipulate evidence or obscure any foolish reasons they can conjure. However, what strikes me is this:
If they made a decision based on clear-cut evidence of how I violated their Terms and Conditions, they could have made that decision in an instant, rather than taking so long.
Currently, they've locked all my accounts and handed customer data to their sales team, a move that appears to be an easy money-making scheme without much effort required.
Their response came in the form of a lengthy yet meaningless email. There was no information provided that was based on or substantiated by data or real evidence. I responded to all their points and speculated that they were waiting for some “relevant department” to get back to me.
This is not how a reputable and respectful broker should treat their partners or clients. It's evident that IC Markets is withholding my funds and attempting to present some seemingly persuasive but ultimately baseless assumptions.
In Conclusion
Funded trading, as a business model, is not inherently fraudulent, and traders can indeed access substantial funds through it. However, it's crucial to acknowledge that certain companies benefit more from customer fees than from supporting and sponsoring traders.