Funded-Trader.com Summery Review $4,500
Funded-Traders.com is the latest “We will fund your trading account” scheme.
The company proclaims to be a “Global Proprietary Trading Firm” and fully registered with the FCA or UK’s Financial Conduct Authority.
They claim that if you spend $4,500 and pass their “trading test” then they will give you $3,200,000 to trade. All risk-free. You just give them a portion of the profits.
Additionally, the company requires hundreds of dollars each month for “software and training.”
However, upon closer examination, this so-called proprietary trading company is nothing more than an online job scam. The owners of the company refused to be interviewed, refused to identify themselves, refused to disclose whether a relationship exists with a broker, refused to verify that they have millions of dollar to “fund traders,” and appear to be lying about being “fully licensed and registered” with the Financial Conduct Authority.
This is an absolute shit show. The company appears to be run a Nigerian prince promising all manner of whack-a-doodle and free money to the naive sucker class.
Thanks for reading today’s review of Funded Traders
What is Funded Traders? The company proclaims to be a global proprietary trading firm with millions of dollars in assets. Further, this company claims that they are in the business of providing trading capital to retail traders.
The company also claims to be a fully licensed proprietary trading company, and in good standing with the FCA or Financial Conduct Authority. What is the FCA, or Financial Conduct Authority? The FCA is the regulatory body in charge of overseeing brokers that offer stocks, Futures, and Forex trading in the United Kingdom. Think of them as a hybrid of the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
In the last 60 days, TradingSchools.club has received 12 requests to review this company.
What is Funded Traders selling?
According to its website, the company is offering “fully funded” trading accounts to anyone that can successfully pass their “trading test.” Of course, in order to pass this so-called “trading test,” the user must pay hundreds or even thousands of dollars in “testing fees.”
We have all seen these scams before. The supposed proprietary trading company is offering a “job” or “stay at home” work opportunity — but the consumer must first pay thousands of dollars in fees and tests which the company describes as “training” or “education.”
Most of these companies can usually be found offering a “job” on Craigslist, or Monster Job, or related Help Wanted websites. This company is no different, except they are aggressively offering this supposed opportunity via well placed advertisements on Twitter, Facebook, and Instagram.
The consumer will casually glance through their social media feed, and then the following video will surreptitiously appear…
As you can see from this video, it is quite innocuous and extremely attempting. However, before you start clicking on this offer of “free money to trade,” there are a few things you should know.
Nobody is giving away “free money” to trade. Instead, you must pay a huge fee. Let’s take a closer look at those fees and costs.
Funded Trader: The Forex Program
Funded Trader offers three Forex trading programs:
Program A: The consumer must pay a one-time fee of $299 and is supposedly given a “live” and “real” trading account of $10k. The consumer is allowed to keep 40% of the profits but is only allowed to lose $120.
Program B: The consumer must pay a one-time fee of $549 and is supposedly given a “live” and “real” trading account of $30k. The consumer is allowed to keep 50% of the profits but is only allowed to lose $300.
Program C: The consumer must pay a one-time fee of $1,499 and is supposedly given a “live” and “real” trading account of $40k. The consumer is allowed to keep 50% of the profits but is only allowed to lose $1,050.
Obviously, this is a shitty deal. The consumer is paying hundreds of dollars in the hope of winning back his “testing fee.” And let’s not forget that for every dollar that a trader earns, he must surrender 50% of his profits.
How is this a good deal? It’s not. In fact, it’s just a marketing gimmick looking to take advantage of the financially desperate and naive.
To make matters worse, the company proclaims “pass the test and we will give you $1,200,000 of company funds to trade Forex. However, they aren’t actually giving you anything whatsoever. As the fine print states, any increase in funds must be from the traders own profits. Truly amazing, how could anyone be so stupid?
Funded Trader: The Stocks Program
Funded Trader offers yet more financial ridiculousness through their stocks trading program. The company boldly proclaims on its website, “All stocks are traded on the New York Stock Exchange.” Really? Let’s take a look at this supposed offer:
Stocks Program A: The consumer must pay a one-time fee of $1,250 and is supposedly given a “live” and “real” trading account of $50k. The consumer is allowed to keep 40% of the profits but is only allowed to lose $1k.
Stocks Program B: The consumer must pay a one-time fee of $2,250 and is supposedly given a “live” and “real” trading account of $50k. The consumer is allowed to keep 50% of the profits but is only allowed to lose $2,200.
Stocks Program C: The consumer must pay a one-time fee of $4,500 and is supposedly given a “live” and “real” trading account of $50k. The consumer is allowed to keep 50% of the profits but is only allowed to lose $4,000.
Additionally, the consumer must also pay a MONTHLY FEE of $180 for software, $6.50 per trade in commissions, and $200 per month for data fees.
Think about this a moment, you are paying an upfront fee ranging from $1,250 to $4,500 and all they are doing is allowing you to lose your own money. To make matters worse, they are also charging you $480 per month in fees and $6.50 per trade!
But no worries, because if “we like your trading style, we give you $3,200,000 of our money, once you have completed the trading test. However, once again, the fine print clearly states that any increase in funds come directly from the money that the trader earns.
In the grand pantheon of bullshit scams, this has to rank near the top.
But the bullshit keeps flowing. Let us continue.
Who owns Funded Trader?
That’s a great question. Glad you asked. Over the course of our three-week investigation, we sent out various messages to this company, all using alias emails and contact information.
Our first related questions: The company claims to be fully licensed and registered with the United Kingdoms FCA or Financial Conduct Authority — so where is the company listing on the FCA? The company responded “Our business methods are proprietary in nature, and ownership deemed this information unnecessary to you.”
Our second related questions: Who are the people that are supposedly providing millions of dollars to Forex and stocks traders? The company responded, “We do not share confidential information on our investors or traders. That is very private information.”
Our third related questions: You state that you are providing live trading accounts with real money. Which broker is holding these funds? Where are my trades being executed? The company responded, “The funded accounts are not being traded via brokers. We use professional technology which provides the best pricing across 180 brokers at any given time, this means lower spreads for you.”
Conclusion: This is a BUCKET SHOP
At least the company was honest about one thing, “the funded accounts are not being traded via brokers.” In other words, this is just a bucket shop. (how can they also charge $6.50 per trade in commissions?)
None of the funds are live. Consumers are paying their money for the opportunity to “play a video game” on a trading simulator. The company is betting that you will lose. This is how they make money. When you lose, they win.
Further, suppose that you are lucky enough to win on their video game simulator, then who in the heck is supposed to pay the winnings? It’s not a good sign when they won’t even disclose who owns this company.
In actuality, this appears to be nothing more than an online bookmaker, disguised as a legitimate prop trading company.
Wrapping things up
If you really want to understand how these “we provide funding” scams really work…you should read the following articles in succession. These articles are relating to Meir Barak at TradeNet and Colmex Pro. Which is yet another social media-fueled bucket shop.
Article 1) Colmex Pro and TradeNet
Article 2) Colmex Pro CFD’s and Trade Net. Its a dumpster fire!
Thanks for reading.