Fast Track Trading just announced some significant rule changes a few days ago, and these are being applied retroactively, which has understandably sparked outrage. In this post, I’ll break down what’s happening, why it’s such a disaster for traders, and what you can do if you’re affected.
Retroactive Rule Changes: A Massive Red Flag
Fast Track’s new rules include a “no flipping” policy, which retroactively disqualifies many traders from receiving payouts. Previously, traders could flip small trades over a 10-day period to meet payout eligibility. Now, under the new rules, you must make at least the same amount as your payout request within the last 10 trading days to qualify for a withdrawal. These changes affect traders across the board, from the Rally and Daytona accounts to the newly implemented minimum balance requirements (also known as the buffer zone).
For instance, if you’re in a Daytona account, you must maintain a $2,500 buffer to request a payout, and you can no longer withdraw below that buffer. This alone has canceled many payouts that were previously approved. Additionally, traders who were flipping trades—previously allowed under Fast Track’s rules—are now required to trade for another 10 days before requesting a payout. This rule has caught many traders off guard.
Denied Payouts and Cancellations
Thousands of traders received emails stating their payouts were canceled, including those who had been told they were on the pay by date list. This is supposed to include 1,700 traders who were waiting on payouts, but it seems that even these traders are getting cancellation notices. Whether this is an error or intentional remains unclear, but it’s clear that Fast Track Trading is struggling to pay its traders.
The company’s messaging is frustrating, to say the least. They’ve been telling traders to look on the bright side—after all, you’ll get a free Daytona account and a 10% bonus on your next payout if you survive another 10 trading days. But most of us know what’s really going on here: they don’t have enough funds to pay out what they owe.
What’s the Real Issue?
The real issue seems to be a liquidity crisis. Traders have been strung along for over 30 days with promises of payouts “in another 10 days.” Now, it seems those promises are hollow. The problem isn’t just the new rules—it’s that Fast Track Trading can’t pay all of its traders.
The company has implemented these changes retroactively to delay or avoid paying out the money it owes. Many traders were expecting this income to cover rent, mortgage payments, and other critical expenses. Instead, they’ve been left in the lurch, and Fast Track’s leadership doesn’t seem too concerned about the harm they’ve caused.
Scott’s Response: Cold and Callous
One of the most disturbing aspects of this situation is how Scott, Fast Track Trading’s CEO, has responded. His comments in the Discord have been dismissive of traders’ concerns, calling them “babies” and “stress mongers.” He even admitted that the negative press and complaints mean nothing to him, because, in his words, “feelings won’t solve this problem.” He’s clearly more concerned with protecting the company’s bottom line than with paying the traders who trusted him.
For a man who just recently settled an eviction lawsuit after being unable to afford a $7,000 per month beach house, it’s ironic that he would talk so callously about traders needing “less than $30,000.” The whole situation reeks of arrogance and disregard for the people who’ve helped make Fast Track profitable.
What You Can Do if You’re Affected
If you’re one of the many traders affected by this scandal, here are a few steps you can take:
- File a Consumer Affairs Report: You can file a complaint online, via email, or by calling. This can help get the issue on record with the appropriate authorities.
- Contact a Lawyer: While class-action lawsuits might seem like a tempting option, it’s unlikely that lawyers will take on a case if there’s no money to be recovered. However, you could still consult with legal professionals who specialize in consumer protection.
- File Chargebacks: If you purchased accounts and feel you’ve been scammed, filing a chargeback with your bank or credit card company is a possible solution. Be detailed in your explanation and include all relevant evidence.
Updated Terms of Service: Proceed With Caution
If you’ve purchased a Fast Track Trading account recently, you may not have noticed that they’ve updated their terms of service. According to the new terms, the accounts are simulation accounts, and you have no claim to real money payouts—they’re entirely at Fast Track’s discretion. This essentially means that Fast Track can decide not to pay you whenever they want. So, if you’re considering purchasing a new account, think twice.
Affiliates and the Role They Play
The role of affiliates in this situation is complex. Many content creators and affiliates are just traders trying to support their families, but there are some who continue to push Fast Track Trading despite knowing the company is failing to pay its traders. Decent affiliates, like Methodical Man and Cator Trades, have already ended their relationships with Fast Track after seeing how their subscribers were treated.
However, some affiliates are continuing to promote Fast Track, encouraging people to “just keep swimming” and buy more accounts, knowing full well that the payouts may never come. These affiliates are putting their own profits ahead of the community they claim to support, and it’s crucial to be aware of who you’re listening to.
Final Thoughts: Be Cautious
At the end of the day, the best thing we can do as traders is to be cautious and informed. This situation with Fast Track Trading is a reminder that not all prop firms are created equal, and we need to stick together as a community to force better terms and transparency from these companies.
If you’re waiting on a payout from Fast Track, I’m sorry to say it’s looking unlikely that you’ll get paid anytime soon.
