The prop trading world faced explosive revelations this past week with Fast Track Trading’s abrupt shutdown, leaving many traders shocked and frustrated. As the fallout continues, competing prop firms like Apex are also in the spotlight amid widespread community concerns.
Fast Track Trading’s Sudden Closure
Last Thursday, Fast Track Trading (FTT) shocked traders by announcing its closure. Although rumors of financial instability had circulated since September, many traders were blindsided by the finality of the shutdown. According to leaked internal communications, the decision was abrupt, with some recently hired employees left jobless almost immediately.
FTT’s end wasn’t just a quiet exit. Discord communities filled with former employees and affected traders quickly emerged, hosting both support discussions and frustrations. These channels even saw some unexpected leaks, such as alleged internal conversations and sensitive client data, raising serious privacy concerns for traders who had shared personal details with the company.
For traders affected, community figures have advised filing complaints with the New Jersey Division of Consumer Affairs, the FTC, and the New Jersey state attorney’s office. While refunds are unlikely given FTT’s financial troubles, legal avenues are being explored to assist traders left in the lurch.
Apex Under Scrutiny
While FTT’s abrupt exit grabbed headlines, prop trading giant Apex is also facing backlash. Apex is currently under fire from the trading community for past payout denials, restrictions on trading practices, and a controversial policy history that has left many traders wary. Previously criticized for rejecting traders using averaging-down strategies, Apex reversed its stance by allowing these strategies back.
The reaction to Apex’s policy shifts has been mixed. Some traders argue that Apex’s initial ban on “Dollar-Cost Averaging” (DCA) strategies and subsequent probation letters felt punitive and inconsistent. Meanwhile, Apex Affiliates, who profit from referrals, are facing community frustration, especially as many had promoted Apex amid rising complaints. Despite the controversies, Apex has announced plans to introduce “Apex 3.0” accounts with direct funding, raising questions about the firm’s long-term reputation.
Affiliates and Ethical Concerns
The role of affiliates promoting both Fast Track and Apex also came under scrutiny this week. Traders voiced frustrations over affiliates who continued promoting Fast Track until the company’s final days, despite clear signs of trouble. This has spurred a broader conversation on ethical responsibility in affiliate marketing, as some traders feel misled by endorsements of firms that later faced significant financial and ethical issues.
Advice for Prop Traders Going Forward
For traders navigating the turbulent prop trading landscape, diversification remains key. Many influencers are now advising to work with multiple prop firms and to consider opening personal trading accounts to reduce reliance on any single firm. In the wake of these events, transparency and cautious engagement with prop firms are increasingly seen as essential strategies.
Closing Thoughts
The downfall of Fast Track and the ongoing controversies surrounding Apex have rattled the prop trading community. While these events have brought challenges, they’ve also highlighted the importance of vigilance, transparency, and community support in an industry facing rapid changes. Stay tuned as this story continues to unfold, with further updates on regulatory actions and industry shifts expected in the coming weeks.
