Fortunes Funding was a prop firm that specialized in evaluating experienced traders and funding traders upon their completion of the 2-phase evaluation process (challenge). Traders who successfully completed the evaluation process got the chance to join Fortunes Funding’s prop trading firm to manage funds and grow their accounts from the comfort of their home. Traders who were funded with Fortune Traders were entitled to receive up to 80% of the profits they would generate and the company would take full responsibility for covering any losses that could occur. Fortunes Funding had many advantages that put them in the lead with their competitors. Some of their advantages were:
- Funded traders could receive up to $500,000 in capital
- Traders had no minimum trading days required for passing the evaluation phase
- Funded traders would get 80% of their earnings every 14 days
- If traders would meet Fortunes Funding’s conditions they could joining the scaling plan and earn 90% of profits in the profit split
- Fortunes Funding had no limit on the number of times traders could do challenges if they have failed them
- The company had refundable evaluation accounts starting at $109
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Why Did Fortunes Funding Cease Their Operations?
If Fortunes Funding had all these amazing advantages that truly set them apart from their competitors, why did they shut down? The company has shut down their website without notice leaving their community in the dark.
“We regret to inform you that Fortunes Funding is ceasing operations effective immediately. We are deeply grateful for the trust and loyalty you have shown us and apologize for any inconvenience this may cause. All active trading accounts will no longer be accessible, and no new purchases can be made as of now.
Thank you for being a part of the Fortunes Funding journey.”
We have seen messages like these in multiple prop firms that have shut down. All that’s left to think about is, “what should traders do next?”.
Who Is Behind Fortunes Funding?
James Storm, founder and CEO of Fortunes Funding is an experienced trader that started Fortunes Funding in the beginning of 2021. He was fairly engaged with his community, did livestreams and events and his customers were satisfied with him as the face for this prop firm.
Issues With Fortune Funding
Since the beginning of Fortune funding clients would complain about bad customer support, payout denials without explanations given to them by the support team, and just a lousy experience overall. Even though it seems that there were a few clients who were pleased with the services provided by Fortune Funding. After the company has ceased all operations, clients are left empty handed and the chances they’ll ever see their well deserved payouts are slim.
What Should Traders Do To Trade With Minimal Risk?
There is always a risk to take into account when you start to trade with a prop firm. But finding an honest prop firm does reduce the risk of regulators closing the business out of nowhere. If you look at all the prop firms that have closed in the past you’ll find that they all have one thing in common.
They are all simulated prop firms that offer traders false capital and the firms make most of their money from customers’ failed challenges. Some of these firms have disappeared into thin air without even giving an excuse (Fortunes Funding for example). The business model of these companies relies on traders to fail their challenges to pay out the withdrawal of profitable funded traders. A business model that constantly requires new sign-ups to pay for the existing sign-ups is a Ponzi scheme – which regulators are not so thrilled about.
Stay Safe With Trusted Prop Firms
However, not all firms operate like this! Look at OFP Instant Funding for example.
OFP is a real money prop firm and has an entirely different business model from all these Ponzi-based prop firms. In fact, OFP was founded specifically because of this unethical approach prop firms have towards their clients. OFP dedicates itself to its clients and makes our community a priority.
OFP doesn’t scam its clients so that means that OFP doesn’t need the constant sign-ups that most prop firms make a living out of. We offer honest and ethical trading. by honest traders, for honest traders. OFP has 3 guidelines traders must follow and each of them are very clear so no one in our community feels like they have been scammed.
In Conclusion – Fortunes Funding Shut Down!
In summary, Fortunes Funding ceasing their operations is not surprising to us, it’s likely another Ponzi-based firm just looking to make money fast at the expense of their community. If you’re serious about becoming a trader in a legit firm, think about joining OFP Funding where we actually care.
