Investors
who have been waiting for over six months to withdraw their funds from the prop
firm The Funded Trader (TFT) will need to find additional reserves of patience.
The latest information provided by the company’s CEO suggests that resolving
the issue of outstanding transfers may not happen this year.
First Paused Accounts Over
$100K, Then Trader Payouts
On Sunday,
a new update appeared on TFT’s official Discord channel, aiming to
“provide a clear breakdown of current priorities” for the prop firm.
Founder Angelo Ciaramello presented four upcoming steps the company intends to
take in the near future.
The first
step, and the only one with an estimated date, is to begin processing suspended
accounts with balances over $100,000. This process is set to start in Q4 2024,
which is next month, and is expected to be completed by the end of December
2024.
Only after
this time does the firm plan to address the trader payouts that have been on
hold since March 28. Last week, some TFT clients received emails that may have
raised hopes for an acceleration of this process.
I received it too . But i didn t received the payout yet . I will come with an update if i receive it . pic.twitter.com/80sjXMZULs
— 1aru (@1ruuuu1) September 10, 2024
However, the latest
information provided by Ciaramello indicates that this may not occur until
early 2025.
“After
completing the above, we will begin processing Trader payouts. We are working
hard to provide a specific date, but we do not have one yet,” commented
Ciaramello.
In the
third step, the prop firm plans to resolve the issue of overdue payments to
affiliates. “Again, we are aiming to provide more clarity soon, but no set
date yet,” the statement continued.
So far, at
least according to data from August, the firm has managed to repay 30% of the
outstanding balance to retail traders and 55% to its affiliates . The company is
currently processing new withdrawals normally, but the problem remains with
those suspended six months ago.
The final
step is an audit of banned users to ensure that everyone entitled to funds will
be able to receive them.
“We
want to emphasize that we are here to stay and remain committed to resolving
all outstanding issues,” Ciaramello concluded.
While some have been waiting for months to receive their funds, others have made millions this year through proprietary trading. Last week, Finance Magnates reported that Fintokei, a prop trading firm, has paid out over €4 million to its traders this year. Founded by the same team that established the Czech-based Purple Trading retail broker, Fintokei now handles over 400,000 trades daily using its infrastructure.
According to a survey conducted by PipFarm, 75% of traders prioritize fast payouts and clear trading rules over low prices or high-profit shares.
Investors
who have been waiting for over six months to withdraw their funds from the prop
firm The Funded Trader (TFT) will need to find additional reserves of patience.
The latest information provided by the company’s CEO suggests that resolving
the issue of outstanding transfers may not happen this year.
First Paused Accounts Over
$100K, Then Trader Payouts
On Sunday,
a new update appeared on TFT’s official Discord channel, aiming to
“provide a clear breakdown of current priorities” for the prop firm.
Founder Angelo Ciaramello presented four upcoming steps the company intends to
take in the near future.
The first
step, and the only one with an estimated date, is to begin processing suspended
accounts with balances over $100,000. This process is set to start in Q4 2024,
which is next month, and is expected to be completed by the end of December
2024.
Only after
this time does the firm plan to address the trader payouts that have been on
hold since March 28. Last week, some TFT clients received emails that may have
raised hopes for an acceleration of this process.
I received it too . But i didn t received the payout yet . I will come with an update if i receive it . pic.twitter.com/80sjXMZULs
— 1aru (@1ruuuu1) September 10, 2024
However, the latest
information provided by Ciaramello indicates that this may not occur until
early 2025.
“After
completing the above, we will begin processing Trader payouts. We are working
hard to provide a specific date, but we do not have one yet,” commented
Ciaramello.
In the
third step, the prop firm plans to resolve the issue of overdue payments to
affiliates. “Again, we are aiming to provide more clarity soon, but no set
date yet,” the statement continued.
So far, at
least according to data from August, the firm has managed to repay 30% of the
outstanding balance to retail traders and 55% to its affiliates . The company is
currently processing new withdrawals normally, but the problem remains with
those suspended six months ago.
The final
step is an audit of banned users to ensure that everyone entitled to funds will
be able to receive them.
“We
want to emphasize that we are here to stay and remain committed to resolving
all outstanding issues,” Ciaramello concluded.
While some have been waiting for months to receive their funds, others have made millions this year through proprietary trading. Last week, Finance Magnates reported that Fintokei, a prop trading firm, has paid out over €4 million to its traders this year. Founded by the same team that established the Czech-based Purple Trading retail broker, Fintokei now handles over 400,000 trades daily using its infrastructure.
According to a survey conducted by PipFarm, 75% of traders prioritize fast payouts and clear trading rules over low prices or high-profit shares.
This post is originally published on FINANCEMAGNATES.
