Prop deal comparison site Propfirmmatch.com has announced that US-based prop retailer MyFlashFunding has been suspended from its site.
According to Propfirmmatch, on May 1 MyFlashFunding reported that they were experiencing data feed issues, which in their estimation created an unusually favorable environment for merchants. As a result, they apparently refused and adjusted payments, attributing it to data feed issues.
Propfirmmatch stated that regardless of whether the reason is justified or not, it believes that the responsibility for these issues lies with the company – not the merchants. Propfirmmatch reiterated that their policy is clear – if you trade with a company listed on Propfirmmatch and adhere to the company’s set rules, you should get paid. Consequently, they are suspending MyFlashFunding from their platform.
Propfirmmatch said it hopes the company will listen to the community and compensate affected merchants. Should that happen, he said he would reconsider the suspension.
FNG obtained a copy of a letter emailed to a MyFlashFunding merchant whose payment request was “adjusted”:
Subject: Adjust data flow difference
Hello,
We have resolved a technical issue affecting data feeds for indices, commodities and cryptocurrencies not accurately reflecting market conditions from 3/22-4/15. All forex trades were unaffected and all profits were retained.
This problem, now fixed, previously provided a significant trading advantage to some traders leading to falsified profits for the instruments listed above. We have now fixed the issue to ensure accurate, real market conditions that ensure reliability going forward.
We have reviewed your payment request and made the necessary adjustments to the profits earned in your account from trading the affected instruments during this period.
The estimated adjustment to your balance would have the effect of removing your payment request, which is the subtraction of your P/L in those instruments during the affected time. Your balance was not deducted below your original balance to ensure fairness.
Because this issue fully affected the funds you exchanged as part of your payment request, we added the account purchase amount to your account balance.
Thank you for your unwavering support and understanding.
Thanks,
Risk group
MyFlashFunding was founded in 2023 and is led by US-based CEO Blake Carter. MyFlashFunding – FZCO is based in Dubai.