Prop firm MyFlashFunding suspended from Propfirmmatch for denying payouts

Prop trading comparison site Propfirmmatch.com has announced that US based retail prop trading firm MyFlashFunding has been suspended from its site.

According to Propfirmmatch, on May 1 MyFlashFunding reported they had experienced data feed issues, which according to their assessment created an unusually favorable environment for traders. As a result, they have apparently denied and adjusted payouts, attributing it to data feed problems.

Propfirmmatch stated that regardless of whether the reason is justified or not, it believes the responsibility for these issues rests with the firm – not the traders. Propfirmmatch reiterated that its policy is clear – if you trade with a Propfirmmatch-listed firm and stick to the firm’s defined rules, you should get paid. Consequently, they are suspending MyFlashFunding from its platform.

Propfirmmatch said that it hopes the firm will listen to the community and compensate the affected traders. Should this occur, it said that it will reconsider the suspension.

FNG received a copy of a letter emailed to a MyFlashFunding trader whose requested payout was “adjusted”:

Subject: Data Feed Discrepancy Adjustment

Hey there,

We have resolved a technical issue affecting the data feeds for indices, commodities, and cryptocurrencies, which did not reflect accurate market conditions from 3/22-4/15. All forex trades were unaffected and all profits were retained.

This problem, now rectified, previously provided a significant trading advantage to some traders leading to falsified profits for the instruments mentioned above. We have now fixed the issue to ensure accurate, real market conditions which ensures reliability moving forward.

We have reviewed your payout request, and we have made necessary adjustments to the profits gained on your account by trading the affected instruments during this period.

The assessed adjustment to your balance would result in a removal of your payout request which is the deduction of your P/L on these instruments during the affected time. Your balance was not deducted below your initial balance to ensure fairness.

Because this issue fully affected the instruments you traded within your payout request, we have added the account purchase amount to your account balance.

Thank you for your unwavering support and understanding.

Thanks,
Risk Team