Traders Central Fund Review: Scam or real Funding?
Traders Central Fund is a prop trading firm that operates from Vancouver, Canada.
Before you believe their promises, have you considered these top recommended trading products that make work easier for all traders?
The company claims that it is making it easier for Forex traders to get funded.
The firm is running its business from the domain traderscentralfund.com and inviting investors from across the world to apply for their paid funded accounts.
Applicants can either apply for Basic or Elite accounts and of course Traders Central Fund also has different rules applying to each one of these accounts.
The main rule though is that traders must grow an account by 10% and maintain it without withdrawing so they can be awarded with the next larger account.
We’ve reviewed several businesses on the internet that use this model to make profit and we’ve also observed that most of them are outright scams.
Will traderscentralfund.com be any different?
Traders Central Fund review
The prop trading firm was registered in April 2019 and has continued to promote itself through reviews platforms such as reviews.io and others.
This is a common practice in the Forex trading marketplace and it is sometimes quite difficult to distinguish between a genuine and a fake review.
There are of course a bunch of rules that traders must adhere to in order to qualify for funding.
The firm also claims that traders can qualify for as little as 24 hours and up to 90 days.
In another section of their website, they claim that no evaluation is needed and that traders can qualify for funding in just 24 hours.
This means that only good traders with a track record that can meet their strict conditions will qualify for “funding”.
The other thing that we must do to join TradersCentralFund is to pay them a fee so that the firm can let you trade a demo or a live account.
The subscription fees
Traders can opt for a one-time payment or use a monthly subscription fee.
There are 3 plans in the monthly subscription option.
For traders to qualify for $12,500 in trading capital, they must pay $133 every 30 days.
To qualify for $25,000, they must pay $265 every 30 days.
And of course they are promising traders $50,000 if they can pay $465 every 30 days.
We have not seen any clause talking of refunding traders their full deposit when they fail to meet the conditions.
Keep in mind that Traders Central Fund is accepting all kinds of traders into the platform regardless of their level of experience.
Since only 5% of traders are successful on average, it means nearly everyone who pays this company to receive funding will fail to receive the funding.
Since Traders Central Fund knows this fact very well, it almost looks like they are laying a trap for the naïve trader who thinks they can apply and get real funding.
It’s an obvious fact that many traders who have actually paid this company won’t meet the conditions that they must adhere to in order to receive a funded account.
Traders Central Fund conditions to keep in mind
1.Traders will keep 80% of their profit.
2. Trading can only be done during certain hours of the day between Monday to Friday.
3.Withdrawal can only be processed at every 5% block (whatever that means).
4.Drawdown should not exceed 10% (most traders will fail this).
5. Company can terminate your account at any time at their sole discretion or deny you any withdrawals.
Also, Traders Central Fund does not disclose upfront what they charge traders who want to pay upfront.
If you don’t want to get scammed, we suggest that you only go into this if you are truly a successful trader with a track record.
However, chances are high that there are no successful traders out there who are looking to join a prop trading firm.
If you’re a successful trader with a track record, you would be having a good amount of equity/capital in your account and there would be no need to pursue these companies for funding.
Therefore, in the end, the bulk of those applicants will be made of inexperienced traders who are looking to give Traders Central Fund their money to fail and probably get kicked out.