It's a scam. He threatens the rating sites to remove legit ratings. The guy used to be a sponsor here.
Yes--all the "funding" firms are BS/scam in 1 fashion or another (in my opinion)---some much worse than others -- the ones with "trailing anything" whether its trailing drawdown or trailing profit are the worse. The only ones even worth considering have a fixed drawdown during any single intraday session (with no trailing profit or trailing drawdown during that same session) which allows you to build an cushion (during that session only)--example $10,000 fixed drawdown below zero line (during session) you are up $9,000 - now you have a $19,000 drawdown (for that session only). If the same firms that offer that --also offered daily payouts--instead of once every week or once every 2 weeks then that would be of value as a funding source for intra-session day trading only--however there is no firm that offers both. Either they offer daily payouts but have too many other "gotcha" rules that monitor your trading and allow them the sole discretion to not pay you--if in their opinion you have violated one of their "fuzzy grey area rules" - or they have clear black and white trader friendly rules and fixed drawdowns but only offer once a week or twice a month payouts. The only way to have it all is just to trade your own account with your own funds where you can transfer profits out of your account daily and your success or failure rests solely on your P&L and your strategy, trading plan and risk management and no one is making up discretionary rules to trip you up and cancel your account and/or not pay you your earned profits.
I'm cool with bi-monthly payouts as long as I'm actually trading their money. My impression is that if you get a job as a prop desk trader for an established financial institution, you're not going to get a daily paycheck, so I never expected payouts to be every single day.
So, how does The5ers audition/challenge work? The5ers tests people on a real-time basis to see how they are actually trading, what they know, and how they can apply The5ers’ risk management requirements with their trading strategy. The way they do it is every trader who wishes to begin has to start with an evaluation period on a real live trading account. However, at that point the trader is sharing the risk that The5er is taking for the evaluation period. That means if Thef5ers’ risk is capped by a 4% loss, that would be the enrollment payment they ask from the trader. So, let's say The5ers is providing a $10,000 trading account on which to be evaluated, it's a real $10,000, so the trader would be paying $400 (the maximum risk). If that account reaches a $400 draw-down, then the evaluation is terminated. (So then, for all practical purposes, The5ers is taking no risk on the trader.) It helps them to learn what are the qualities of the trader, and if the individual can adapt The5ers' risk requirements on top of their trading style. It also screens out people who are not that serious or are not ready to take that step. The5ers also requires having a stop loss at 1.5% risk for every trade, and one cannot go below a certain draw-down, which is 4% (as already mentioned) AND there is a maximum leverage a trader can use, which is usually 5:1 with one exception... (i.e., if you lock risk, you can have more and more, as much as you progress with the trade, because as you shift your stop-loss above the break even point, you can add more to that; so in that way, you can go to 100:1, if you get there). Finally, traders have a simple goal, which is to make a 6% profit. Once they make it, then they become an officially funded trader and receive a $40,000 account, and from then on, The5ers has a milestones plan where for every 10% that the trader makes on a net gain, The5ers doubles the account. This is how the program works. Accordingly, there is only a one-time fee (for entering) but beyond that, The5ers is the one paying profits to the traders. The capital that The5ers uses to fund traders comes from private funds and some of their own securities, not to mention the thousands of traders whom they are already hosting (and as the community grows, the capital they have to provide to additional traders also grows).
What is The5ers Bootcamp Program? We are very excited about the new changes in the Bootcamp program All the changes apply to those who are already trading in Bootcamp What are The Bootcamp Programs The5ers presents the first low-entry-cost challenge, where you can prove your trading skills and pay the rest only once you’ve passed. The5ers Bootcamp is a low-priced program, and it is designed to test the consistency and discipline of skilled traders. Traders applying for a trading seat with us will need to complete 3 challenge phases on a demo account. The best thing is that you pay a low entry fee, and only if you pass you’ll pay the rest. Once the 3 challenge phases have been completed, the trader will start trading on a live funded account and be applicable for a profit split. The New Bootcamp Changes More value – Not only will you pay a low entry cost, but the total amount is the lowest price in the industry – €575 for a $250,000 funded account. More Profit – 75% profit split from level 2. So, if you are now trading level 2, you just made more money! More Assets – Indices are now available. The New $250,000 Bootcamp Program Entry cost: €225. Time and target: you have one year to reach the target for the 3 steps After passing the challenge stages, you’ll pay the rest of €350 and receive a $250,000 funded account Total of €575, the lowest price for a $250k account in the industry. NOT INTERESTED!
.....What is The5ers High Stakes program? This next one is the only one I would even THINK about pursuing, though it is NOT what was described in the video... Plus, I need to find out exactly what all of the above means. (Is that video three years old?)
I found The5ers terms and conditions, which is what I wanted to examine in the beginning, rather than all those lengthy program descriptions. So, as I did with MyFundedFX, I'm going to paste it here so I can go over it line-by-line at my earliest convenience... The 5%ers Terms and Conditions General Terms and conditions These general terms and conditions (“Agreement”) set forth the general terms and conditions of your use of the the5ers.com website (“Website”, “Service” or “Provider”) and any of its related products and services (collectively, “Services”). This Agreement is legally binding between you (“User”, “Client”, “you” or “your”) and FIVE PERCENT ONLINE LTD from 168, Praed Street, London, United Kingdom, W2 1RH . (“FIVE PERCENT ONLINE LTD.”, “we”, “us” or “our”). By accessing and using the Website and Services, you acknowledge that you have read, understood, and agree to be bound by the terms of this Agreement. 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The Client is obliged to fulfil all of one’s tax obligations in connection with the use of our Services in accordance with applicable law, and in the event of an obligation, the Client is obliged to pay tax or other fees properly. You can pay the fee for the selected Funded Account Program by a payment card, via a bank transfer, or using other means of payment that the Provider currently offers on the Website. In the event of payment by a payment card or via any other express payment method, the payment shall be processed immediately. If you select a bank transfer for payment, we will process the payment and open the selected Funded Account upon confirmation of the fees credited to the Provider’s bank account. If you do not pay the amount on time, the Provider is entitled to cancel your order. 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Here is a different(?) list of details about the Bootcamp Program... So what's the deal? Are you required to demo trade the challenge stage (for €95) before live trading (for $205)? If so, what a waste of money! What happened to starting with a live account, but putting up the amount equal to the maximum draw-down? This is just a way to get money from a bunch of people who don't know how to trade, just like all the other "fake" prop firms. If you've already demonstrated your skill with the demo account, then why the heck should you have to pay and ADDITIONAL $205?
Here is a list of specifications... Specifications Leverage 1:100 (I thought the maximum leverage allowed in the USA was 1:50) Max. Trading Period on step 1 starts with the opening of the first trade or after 2 weeks from registration, whatever happens first. A profitable day is a day on which the closed positions made a positive profit* of at least 0.5% of the initial balance. *The positive profit is calculated as follows: Minimum(Midnight Balance, Midnight Equity) - Previous Day Balance Daily loss is 5% of the starting equity of the day OR the starting balance of the day (the highest between them) at MT5 Server Time. 1 free 10-day extension to phase 1 if the account is positive 5% or more 1 free reset if the account is positive and not terminated. When completing Step 1, traders will have the option to receive HUB credits for future internal purchases. When completing Step 2, traders will receive a withdrawable refund to their trading account. Holding trades overnight and over the weekend is allowed Holding open trades over news is allowed. Executing orders 2 minutes before until 2 minutes after high-impact news news is not allowed. Assets available: FX, Metals, Indices. Platform: Mt5 Hedge. Profit split: 80% to 100%. + monthly salary. Holding indices over the weekend is allowed but carries a high swap. Maximum number of active accounts per trader: 1 Scaling up to $500,000 First payout 14 days after receiving a funded account, and every 2 weeks after that Note: 8% of $20,000 is $1,600.