ship sinking fast
About one and a half years ago, the experience with ETF was five star - their rules for payouts were simple (basic trading day), no consistency rules, with a basic profit target, and good customer service.
Come around December of 2022, they appear to have run into problem when a CPI report caused the equity markets to jump big. Shortly thereafter, ETF introduced a 40% consistency rule. However, they would still payout if one met this new rule.
In October of 2023, they again changed their rules and required genuine trading days. However, they would not specify exactly what this meant for an objective guaranteed payout. As a result of these changes, it allowed them to deny payouts if they did not like one's trades.
Fast forward to May 20, 2024, and now they have drastically changed their payout policy in which they will not allow payout into the portion of one's profits in which they consider it a safety net. They also require a counted active trading day to be the minimum of $200 or 23% of one's maximum trading day. This will most likely extend a 15 day requirement to 30 or more days as normal trading will always entail losing days, breakeven days, and smaller profit days which they do not count. Here it is possible for one to make them millions of dollars and they are not obligated to pay the trader simply because of that new policy.
Furthermore, lets say one gets past the first three payouts. Now they can move you to Live Elite. Their new terms say those transferred profits can only be paid out 5% each month. So this will require working for them for 20 months to get paid, and this assumes that they will still be in business the whole time and they won't make any further changes.
However, what is most disturbing, if one actually reads the fine print is their option not to pay you if they do not wish. Here a trader pays them for an evaluation, a funding fee, as well as their time in which they say they will compensate one as a contractor, and yet ETF's terms state they can disregard one's trading activity for any arbitrary reason, and therefore not payout.
As a result, it is strongly suggested to any new and existing customer to read the fine prints and look at more recent reviews of the company before spending your time and money.
Come around December of 2022, they appear to have run into problem when a CPI report caused the equity markets to jump big. Shortly thereafter, ETF introduced a 40% consistency rule. However, they would still payout if one met this new rule.
In October of 2023, they again changed their rules and required genuine trading days. However, they would not specify exactly what this meant for an objective guaranteed payout. As a result of these changes, it allowed them to deny payouts if they did not like one's trades.
Fast forward to May 20, 2024, and now they have drastically changed their payout policy in which they will not allow payout into the portion of one's profits in which they consider it a safety net. They also require a counted active trading day to be the minimum of $200 or 23% of one's maximum trading day. This will most likely extend a 15 day requirement to 30 or more days as normal trading will always entail losing days, breakeven days, and smaller profit days which they do not count. Here it is possible for one to make them millions of dollars and they are not obligated to pay the trader simply because of that new policy.
Furthermore, lets say one gets past the first three payouts. Now they can move you to Live Elite. Their new terms say those transferred profits can only be paid out 5% each month. So this will require working for them for 20 months to get paid, and this assumes that they will still be in business the whole time and they won't make any further changes.
However, what is most disturbing, if one actually reads the fine print is their option not to pay you if they do not wish. Here a trader pays them for an evaluation, a funding fee, as well as their time in which they say they will compensate one as a contractor, and yet ETF's terms state they can disregard one's trading activity for any arbitrary reason, and therefore not payout.
As a result, it is strongly suggested to any new and existing customer to read the fine prints and look at more recent reviews of the company before spending your time and money.
Response from Elite Trader Funding
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ETF Team
ETF Team