Alpha says it delayed making promises until it had clarity following the Tradovate split.
The focus now shifts from announcements to execution traders will be watching how quickly the remaining approved payouts are completed.
Alpha Futures issues another update for Premium Plan traders.
The company says traders who were already approved for payout will still be paid despite last week's disruption.
Here's what traders need to know. 🧵👇
I'm sure the last few days have been hard for some of you that were on the Premium Plan. We also understand how difficult it is to trade let alone be successful at it.
We did not want to overpromise and underdeliver with the uncertainty we faced this week as a company.
Now that it is officially behind us, and after further talks with our current partners, we want to publicly announce that all of you in “approved for pay” on Premium Plans will be paid. You are currently seeing them as “Premium Pending” in dash.
This was always the plan, but with the unfortunate turn of events with our ex partner last week and the issues on the Premium Plan, the fairest way to address Premium Plan users in that moment was to issue refunds.
Zero & Advanced Account payouts will be back to the same day as of tomorrow and those Premium Account payouts WILL be made in batches.
The first batch which equates to 10% of outstanding Premium Account payouts have been made today. We will be contacting the rest of you directly via email to make sure timelines are communicated effectively. Active Premium Account users are still receiving refunds as well, that has not changed.
All of you that have continued to choose Alpha and trading here, we cannot thank you enough for your support in these unusual times and very glad to get back to our typical service with you.
Thank you for your patience, understanding, and for sticking by Alpha.
According to Alpha:
• Premium payouts will be processed in batches
• Around 10% of outstanding payouts have already been sent
• Zero & Advanced account payouts return to same-day processing
• Premium refunds are still being issued
Tradovate says Alpha owed an overdue balance.
Alpha says every invoice was paid including a $1.2M payment in July and argues the real reason for the termination was AlphaTrader, not unpaid invoices.
Who's right?
https://t.co/6IiZ6huaew
FundingPredicts Commits $1M in Evaluations to Support Affected Traders $1,000,000 worth of evaluations to traders impacted by recent industry events.
Inspired by MyFundedFutures' support efforts, they said they will review every application and issue evaluation accounts to them
Funding Predicts is offering $1,000,000 in evaluations to traders affected by recent industry events.
If you haven't heard of us, we're the first prediction market prop firm, backed by MyFundedFutures.
We saw their extremely large commitment to support traders impacted by these same events, and that inspired us to do the same. We wanted to at least try to help out and give affected traders something new to try out.
We know there will be a lot of applications, and we won't be able to get to everyone, but we'll do our best. If you were affected, complete the form below. We'll review every submission, and anyone selected will get an account issued to the email they provided on the form.
https://t.co/eJ34k6Uskv
Alpha Futures is ending NinjaTrader/Tradovate support after NinjaTrader terminated the partnership. Premium Plan accounts will be refunded and closed due to unsustainable losses.
Other plans continue as normal, with accounts migrating to AlphaTrader.
Was this sudden ?
Please read below for some very important announcements
Firstly, Alpha and NinjaTrader (Tradovate) are parting ways. Since the launch of AlphaTrader, our partnership with NinjaTrader has been difficult due to the view that we now own and operate a competing platform, throughout discussions over the past 3 months we have not been able to come to an adequate agreement regarding
1) signing our platform AlphaTrader onto the NinjaTrader back end
2) their concerns that we would promote both platforms fairly and equally.
They have ultimately decided to terminate our contract effective 12th July, this further results in us not being able to issue new accounts on the ninja trader platform from the 12th (today)
This termination was ninjas decision, whilst this was not the outcome we wanted, we also respect their decision in putting their business and platform interests first as we have also done.
Next, the Premium Plan: we launched a plan that was a requested style as popular among the industry- we paid out more than $25m on this plan alone over the last two months, and at a significant loss.
As you have all seen, we were making tweaks to try to continue to offer this plan sustainably, however paired with this termination of our contract with ninja trader and the fact that the majority of premium plan accounts are on the Tradeovate platform, it is simply not possible to continue to run a plan that was already at a loss without this popular platform choice.
This would have only accelerated this plans losses over the coming weeks and months.
As a result, All active Premium Accounts will be refunded and closed. This includes all pending/unpaid payouts on the premium plan beyond the $25m + paid already on this plan.
All we can do is deeply apologise and refund users that have an active account on the premium plan.
We made a mistake launching a plan we thought would be great, and unfortunately it was not.
We are going back to our roots that made us a successful and leading futures firms for 2 years.
We are the first firm to ever payout $100m + in CFDs and $100m in Futures, we did not want it to come to this, but it is truthfully the best path forward to make sure we payout another $100m to our traders.
All other plans and accounts remain unaffected - service will resume as normal but with a change in platform.
All existing Zero, Advanced, and Direct Accounts on Ninja Trader /Tradovate will be transferred to AlphaTrader this week.
We will be getting back to same day payouts, our typical 5 star services, continuing to invest in our own ecosystem and support our healthy partnerships with other third party platforms.
We had every intention to continue the partnership with NinjaTrader as a typically offered 3rd party platform, but we respect their decision and wish them the best in future endeavors.
We will follow up with several updates throughout the week confirming successful completion of migrated accounts which we will aim to do fast in the coming days along with refunding active accounts on the premium plan (no need to create a ticket and request a refund, this will be automatic)
If you're just getting into prop firm trading,
Look for a firm with:
• Clear and fair rules
• Reliable payouts
• Responsive support
• Realistic drawdown limits
• A good reputation from actual traders
Are we getting @FundedNext on the list soon ?
@TheTrustedProp
@rise_pay I thought you guys have commission you charged for transactions made with your platform ?
Withholding 100% of his hard earned money can be tagged as fraudulent activity.
You know the rate of payout denials in this Propfirm space keep increasing it's like it's a new flex for them, but I'll tell you this though it may look like those faithful ones are dumb time will come when they'll be the only firm people go to.
Nothing beats integrity
#Trust.
Few things are as motivating as seeing people at the top of their game.
Their journey, decisions, and consistency make you believe bigger goals are within reach.
#ZamcoCapital