Hi Gasparov, thanks for the info. Do you whether the trader would be able to claim profits under the withdraw threshold if they were to close the account within the lifespan requirements. For instance, let's say at day 20 of the live account the trader has 2000 in profit, not enough to make a withdraw, if they close the account would they be able to cashout 100% of those profits as stated on the website that 100% of first 5000 or 8000 in profit goes to the trader?
I believe if you close the account you get all of your profit, but knowing these companies there might be some kind of rule for people closing accounts repeatedly or something like that. If you do ask them and find out please share that information here
Ok, they gave me an answer, although I had to ask a few times to get it clarified. They are very good at trying to be as opaque and deceptive as possible in their communications. As it turns out they are indeed making misleading claims on their website. The trader is only entitled to 20% of the reserve profits (the withdraw threshold) if the account is less than 45 days old and 50% if over 45 days. So in fact the trader is not getting 100% of the first 5/8k. If the account is closed by oneup due to a rule violation, then all of the profits are treated in this way, not just the reserve profits. The 100% of the first 5000 or 8000 only applies to profits above the reserve profits where the trader has requests to be paid out, but as someone indicated, they treat this as a loss on the account, which I suppose makes it easier for them to liquidate the account on their side and take 80 to 50% of everything the trader has made. These guys are pro-scammers, and I thought TST was bad. Well, I won't be going with these guys, that's for sure. I have just passed the challenge at TraderDock, a similar test to what Oneup offers, and I don't believe they have a similar system in place, though I will find out once I get the paperwork to open my account. Right now I'm just jumping through some know know your client hoops in the account opening process. They require notarized paperwork, so a bit of an extra expense there and time to live account after successful completion of a challenge. So far the experience is quite good. The people are quite friendly and seem very professional, and the TT platform is superb. I'm currently asking speedup trader the same questions as I would like to do another test and have multiple accounts going so as to maximize my chances of getting paid out asap. If anyone is interested in my findings just let me know and I will post it here. If anyone is reading this and looking for a firm to go with, I would definitely recommend SMB Futures. They are by far the most legit and offer the best opportunity. I just can't afford their fee at the moment else I would be going with them. If there are any other firms offering traders a chance to get funded please post them here. It is such a challenge to put in the time it takes to operate in the market and maintain a survival job at the same time. It's so disheartening that there are such unscrupulous greedy people out there masquerading as good opportunities. But at least there are some good options out there like SMB. I am hoping that there is none of this bs that oneup serves at Traderdock or Speedup, but I will let the community know once I know more.
Ok, just heard from Traderdock. They don't have any of that bs that oneup trader does. Their only restriction is a minimum payout request of $500. So looking forward to my live account with these guys! Definitely worth a shot if anyone is looking for an opportunity. Still, I think the SMB program is hard to beat if you can afford it. With SMB you are an employee, not a contractor, and you don't pay data fees, which is good if you are in a tough financial situation as I am in currently.
Thanks so much for the detailed reply. I couldn't get a straight answer from OneUp either. I haven't heard about TraderDock or Speedup - will take a look at them. Let us know how it turns out. Thanks again.
I was with TST in the early days when they were super shady. They have been incredibly successful in the subscription paper trader space and have always had good lawyers. I closed the door on them after passing a combine fair and square and not getting backed. That was before they became as big as they are now where most of the fine print is in the light so to speak. Once a scam, always a scam is how I see it though. And hoag and mike are the biggest shister liars you will meet you life, what a couple of cons. Oneup is actually worse from my experience. I could post their replies to my questions here if anyone is interested. It is actually fucking humorous stupidity really. They can barely maintain proper English in their responses in their efforts to be as shady and deceptive as they can be. Oneup is a much poorer choice than TST, there is no comparison there, and TST is a bad choice. SMB is the a serious firm and they don't give a f about test fees, they are the real deal over there in NYC. To be fair, for traders in their early years on the learning curve TST is not a bad place to acquire some experiential knowledge. At any rate, as I said, once a scam, always a scam, the true nature of people rarely changes. So with regards to speedup, I just got a reply, I will paste it in here. 1. Is there a withdraw threshold similar to what oneup trader has? Once you pass the test on the contract you will see terms and conditions, to withdrawing you need to keep the buffer zone before to do it So they have indicated some kind of bullshit about taking your profits that cannot be learned until you have paid and passed the test. They save the good news I guess. Love it. More bullshit. Stay away from these clowns, that South American guy that runs it has always been a scammer a far back as I can remember anyways, so you want to not waste your time or energy with that scam shop. To leave it here, so far I am impressed with Traderdock. I passed the test and am now in the process of opening my account. There is none of the bullshit, so far, as you are guaranteed to find with speedup and oneup, and tst. Just waiting on documents now. My advice after many years on the hamster wheel is to avoid scam shops like topstep, oneup, speedup, all shite. SMB, good, very good, Traderdock, so far so good. I wish there were more options as I really need more shots right now but that's all there is for now, for traders with skills and without the money, and in a hurry to make some cash.
Sorry but this sounds like a troll/click bait if that is what you are saying geet123. Contact you and then I imagine you trying to sell me something, 411 pain perhaps, a ponzi scheme maybe, or even a consolidating school loan programming for cheaper rate. Basically, we need facts: emails, recordings, pdfs etc.
What are you talking about? It's a basic and honest review you clown. I'm not selling anything. I'm a trader looking for a funding opportunity. What are you confused about?
If there is any doubt in your mind as to the truth of what I am saying, feel free to contact the mentioned vendors and verify the information for yourself. Pretty simple.
Here are few quotes from oneup trader, taken from several different emails as they couldn't give me a straight answer in one reply, I had to keep rephrasing my question to get an honest answer. "Example if you lose the Funded Trading Account from breaking rules you will get a % from the previous profits based on account length with seeder which goes up to 80%. 100% is for over threshold when you request. If the account has been traded for a month you will receive 50% and if for 3 months then 80% of all profits before infraction." "To answer your questions. If you decide to withdraw funds under the threshold you will not receive 100% of the profits. You will receive a portion depending on how long you are funded like mentioned in the previous email." "The funding partners don't want to fund a trader and allocate resources if their sole purpose of the trader is to close their account, but funded traders are eligible to withdraw a portion of the reserves depending on the age of the their live trading account, for example, one of our funding partners's terms are as follows: Trader may receive 20% of net reserves for account lifespan of under 45 calendar days, 50% of net reserves for account lifespan of 46 to 90 calendar days, or 80% of net reserves for account lifespan of over 91 days." Maybe this is not such a bad deal, but it certainly is dishonest for them to tout 100% of first 5/8 k of profits to trader when it is simply not true. If they decide to pull your account, you are getting less than half of your hard earned profits. Anyways, I learned my lesson with topsteptrader when it comes to dealing with an opaque and dishonest group of people. Been there done that. Why doesn't oneup trader put the actual truth on their website? I would probably give them a shot if they did so.