Little Shady
ETF is a decent prop firm. Their static accounts are very good. However, one of their rules is that they can take you live whenever they want. This is fine, but if you have a payout request pending when they decide to take you live they will not honor that pending payout.
I requested 4500 in payout and the next day I got email saying that they're taking me live. From what I read, I would get 6K in live account to trade with since I have 3 static accounts. So that 4500 is coming out of their pocket anyways so why not put in extra 1500 and take me live where they can get portion of the profit I make.
In my opinion, they do this to avoid paying you out. They'll probably respond by saying that the rules are on their website and I agreed to it, etc. However, I couldn't find where it said pending payout will be voided.
Upon doing more digging I did find, in Terms of Service, where it says, Upon conversion(to live), all active evaluations and Elite Sim-Funded Accounts and accompanying subscriptions will be closed and no payouts from those accounts will be owed.
Still this just doesn't seem fair to me but they are within their right to do so.
Another Update. Turns out they are only giving me 2000 in live account to trade with. So they deny my 4500 payout and give me 2000 to trade with. I had three 50k Static accounts with 6K profit on each.
Last Update. Make sure you read all the rules and understand them. I didn't because I didn't think that they would take me live this early. You'll find that their live program is not nearly as good as other firms as far as starting balance and what happens to your profits that you've earned in sim funded accounts.
I requested 4500 in payout and the next day I got email saying that they're taking me live. From what I read, I would get 6K in live account to trade with since I have 3 static accounts. So that 4500 is coming out of their pocket anyways so why not put in extra 1500 and take me live where they can get portion of the profit I make.
In my opinion, they do this to avoid paying you out. They'll probably respond by saying that the rules are on their website and I agreed to it, etc. However, I couldn't find where it said pending payout will be voided.
Upon doing more digging I did find, in Terms of Service, where it says, Upon conversion(to live), all active evaluations and Elite Sim-Funded Accounts and accompanying subscriptions will be closed and no payouts from those accounts will be owed.
Still this just doesn't seem fair to me but they are within their right to do so.
Another Update. Turns out they are only giving me 2000 in live account to trade with. So they deny my 4500 payout and give me 2000 to trade with. I had three 50k Static accounts with 6K profit on each.
Last Update. Make sure you read all the rules and understand them. I didn't because I didn't think that they would take me live this early. You'll find that their live program is not nearly as good as other firms as far as starting balance and what happens to your profits that you've earned in sim funded accounts.
Response from Elite Trader Funding
Hi Chae,
Our FAQ clearly states how Live transitions work and the exact amount you get when you move to Live. There is nothing we are trying to avoid; we are simply investing in you for the Live account. Once you are in Live, there are no restrictions. You can trade however you like, and withdraw profits daily.
Thanks,
Our FAQ clearly states how Live transitions work and the exact amount you get when you move to Live. There is nothing we are trying to avoid; we are simply investing in you for the Live account. Once you are in Live, there are no restrictions. You can trade however you like, and withdraw profits daily.
Thanks,