The Funded Trader (TFT), a prop trading firm, faced scrutiny and criticism as CEO Angelo Ciaramello addressed clients in a highly anticipated “Community Update.” Traders were eager for answers, particularly regarding delays in fund withdrawals, but many were left disappointed.
Ciaramello explained that the slow processes were due to industry-wide issues with the MetaTrader platform and migration to alternative solutions. This resulted in clients being informed that they would have to wait another two to four weeks to receive their funds.
While TFT insists that withdrawals have not been suspended, some traders suspect that the company is withholding funds, especially for consistently profitable traders. TFT claims to block withdrawals only for those using illegal strategies or suspected of gambling. Ciaramello presented data suggesting that TFT paid out over $17 million while blocking just over $2 million due to various reasons, including KYC issues and fraud suspicions.
Despite these explanations, doubts persist among traders, with some accusing TFT of being a scam. Ciaramello attributed the negative sentiments to a “coordinated propaganda attack,” insisting that the business continues as usual with over 80,000 accounts serviced.
The Community Update, intended to address concerns, seemed to raise more questions. The company’s handling of the situation and its transparency will likely continue to be scrutinized as traders await their withdrawals.
We have enabled a self imposed internal audit of all payouts. We will be ensuring all payouts are in line with our terms of service, and do not violate the gambling policies we have in place. Due to the migration, in which mistakes were made, it has created a large backlog of…
— The Funded Trader (@thefundedtrader) March 13, 2024
