My Forex Funds is canadian prop firm that went insolvent due to over leveraging their operational costs with promotions, high affiliate commissions, and inconsistent revenue management. Running out of cashfow accompanied with dealings with the CFTC, my forex funds was to be avoided at all costs. In short, My Forex Funds was accused of “Sliping them to hell”, which indicated he wanted the brokers to fail traders challenge accounts and live funded accounts to avoid paying traders out.. This was taken from an internal transcript of my funded forex comms. This was like the ENRON crises all over again, but this time it was the biggest prop firm globally with low sales and delayed payouts. A failure of this size froze millions of dollars in payouts globally. This was unprecedented, and needed intervention from the Comodities Futures Trading Commission of Canada (CFTC) in 2023. This article exists here to inform you to be more aware when chosing your first prop firm account, you need to be more informed decision makers and more selective now! Trust a team with profesional experience in running Businesses and Operations. Understand why Prop Firms are Failing by our CEO Rick: https://www.youtube.com/watch?v=2tCL-8rDGfE
Our capital, your skills
1. Comms on Discord Channels - Its simpler than you think, just head to the prop firms discord and look into chats regarding timely payouts.
2. Social Media Comments - On the prop firms social media handles on X and Instagram, go and view comments regarding payouts and customer experience. Be aware of bots.
3. Avoid Trust Pilot Reviews as a single source- Sadly, and hate to say it but trust pilot reviews are not the most consistent with its top reviews. In all transparency, use the first two sources for the truth! Forex funds still had great reviews on trustpilot even after the debacle it faced with the CFTC and delayed payouts, this alone should raise eyebrows!
1. Contact Discord Customer support: Open a ticket with the prop firm your trade with and the customer support will always pave the way to resolve all your issues. At Axe Trader, we pride ourselves with the best support staff available to you 24/7 wherever you are located. Your upskilling in trading and your payouts is our number one priority.
2. Do not defame prop firms on social media: No matter the cause or concern, always seek to find a peaceful resolution over private chat via customer support.
The only way to select your prop firm to upskill your trading strategies with is to select the team with the most cumulative experience. The C-suite Team includes the CEO, CTO, CFO, COO, and CMO. Axe Trader’s C-suite team has over 100 years in cumulative experience in running successful ventures.
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