Hundreds of
traders eagerly awaited Friday’s “Community Update” from prop trading firm The Funded Trader (TFT). During the update, CEO Angelo Ciaramello was
expected to address the most pressing issues, including the growing queue of
people waiting for their funds to be withdrawn.
However,
traders did not learn many details, only discovering that all processes are slowed down due to the industry’s problems with the MetaTrader platform and migration to alternative solutions. As a result, TFT clients will be forced to wait
another two to even four weeks to receive their due funds.
A growing number of people suggest that TFT is an alleged scammer who does not pay out money to regularly earning traders, and there are speculations that the company does not have the money for payouts.
On the
other hand, TFT claims that it only blocks withdrawals for those who use
illegal trading strategies or who are suspected of gambling. 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.
Source: TFT YouTube
“The
payments were rejected due to KYC, due to any type of fraud, credit card fraud
and any prohibited trading strategies,” The Funded Trader CEO commented
during the live stream.
However,
not everyone believes in TFT’s line of defense. “Can you prove that much you
PAID? No you can’t,” commented a Twitter user with the pseudonym Trade
With Sehan. “You are rejecting payouts for consistent profitable traders
since 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
Ciaramello
also referred to information that appeared in the middle of the week suggesting
that 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 he
explained, withdrawals have not been suspended, but the process is significantly extended due to the thorough control of each individual withdrawal request.
As a result, traders waiting in line will be forced to wait up to a month for a
decision.
“There
is going to be a comprehensive checklist of every single thing that needs to be
checked off before the payout goes out,” Ciaramello explained. “We
are looking over for next two to four weeks to payout everyone who is approved
and passes all our checks. We are doing everything very thoroughly and that is
why the things are delayed.”
Ciaramello
also announced a “potential strategic partnership.” Although he did
not reveal any details, he only informed that it would be a “game
changer” providing the institutional access the company is looking for.
After the
live session ended, the discussion moved to TFT’s Discord where Ciaramello
answered clients’ questions. There were quite a lot of them, at least several
hundred, and the vast majority concerned delayed payouts.
Few of TFT’s CEO answers during the AMA on Discord
However,
Ciaramello usually responded to them in the same way, “interesting case,
let me check on it,” or “we will do the best we can.”
The
long-announced Q&A and Community Update was supposed to dispel doubts, but
it seems that even more questions have arisen. The company insists that it is
not at fault, while more voices are appearing on social media suggesting that
TFT are alleged scammers.
Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
— Angelo Ciaramello (@savedbyfx) March 13, 2024
Ciaramello
claims it is a “coordinated propaganda attack,” and business
continues as usual. After all, the company services over 80,000 accounts.
Hundreds of
traders eagerly awaited Friday’s “Community Update” from prop trading firm The Funded Trader (TFT). During the update, CEO Angelo Ciaramello was
expected to address the most pressing issues, including the growing queue of
people waiting for their funds to be withdrawn.
However,
traders did not learn many details, only discovering that all processes are slowed down due to the industry’s problems with the MetaTrader platform and migration to alternative solutions. As a result, TFT clients will be forced to wait
another two to even four weeks to receive their due funds.
A growing number of people suggest that TFT is an alleged scammer who does not pay out money to regularly earning traders, and there are speculations that the company does not have the money for payouts.
On the
other hand, TFT claims that it only blocks withdrawals for those who use
illegal trading strategies or who are suspected of gambling. 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.
Source: TFT YouTube
“The
payments were rejected due to KYC, due to any type of fraud, credit card fraud
and any prohibited trading strategies,” The Funded Trader CEO commented
during the live stream.
However,
not everyone believes in TFT’s line of defense. “Can you prove that much you
PAID? No you can’t,” commented a Twitter user with the pseudonym Trade
With Sehan. “You are rejecting payouts for consistent profitable traders
since 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
Ciaramello
also referred to information that appeared in the middle of the week suggesting
that 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 he
explained, withdrawals have not been suspended, but the process is significantly extended due to the thorough control of each individual withdrawal request.
As a result, traders waiting in line will be forced to wait up to a month for a
decision.
“There
is going to be a comprehensive checklist of every single thing that needs to be
checked off before the payout goes out,” Ciaramello explained. “We
are looking over for next two to four weeks to payout everyone who is approved
and passes all our checks. We are doing everything very thoroughly and that is
why the things are delayed.”
Ciaramello
also announced a “potential strategic partnership.” Although he did
not reveal any details, he only informed that it would be a “game
changer” providing the institutional access the company is looking for.
After the
live session ended, the discussion moved to TFT’s Discord where Ciaramello
answered clients’ questions. There were quite a lot of them, at least several
hundred, and the vast majority concerned delayed payouts.
Few of TFT’s CEO answers during the AMA on Discord
However,
Ciaramello usually responded to them in the same way, “interesting case,
let me check on it,” or “we will do the best we can.”
The
long-announced Q&A and Community Update was supposed to dispel doubts, but
it seems that even more questions have arisen. The company insists that it is
not at fault, while more voices are appearing on social media suggesting that
TFT are alleged scammers.
Coordinated propaganda attack against @thefundedtrader ? Sounds about right.
New Judge Judy episode dropping soon 🧑⚖️
— Angelo Ciaramello (@savedbyfx) March 13, 2024
Ciaramello
claims it is a “coordinated propaganda attack,” and business
continues as usual. After all, the company services over 80,000 accounts.
