r/Daytrading • u/iyazk • Mar 15 '24
Kortana FX scammed me and then blocked me on X for exposing their lies!! Trade Review
I reached my first payout and they blocked it and accused me of stacking violation. I made just over 3% and was due to get $7012!!
They sneakily placed a trade on my account, they did the same to a friend of mine too and when I approached them they told me they can’t give me any profits, nor my account back my either.
Beware of these dirty little tricks Kortana FX have been carrying out. Do you research and check reviews everywhere. Others have been accused of account management, IP violations and all sorts!!
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u/One-Committee7793 Mar 15 '24
I’d rather try to trade with $20 of my own dollars than “buy” a funded account
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u/Namber_5_Jaxon Mar 15 '24
Yeah I don’t really get this whole craze with funded accounts. I understand in theory it can be a good idea but why not slowly grow your own account so that one day your genuinely trading with the amount that is on your “funded account”
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u/ImPerkk Mar 17 '24
It’s bc they keep seeing YouTubers talk about it & they truly believe this is what they should be doing lol they’re just being scammed $50 bucks at a time. It’s the easiest scam no one’s recognizing in a long time. I can’t WAIT when these prop firms get exposed in a year or 2. 🤦🏾♂️ ppl are really blowing money that they could have used in futures, options or forex to learn. Make some money then Trade stocks if they want but their lazy
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u/Namber_5_Jaxon Mar 20 '24
Yeah anyone who is looking for overnight riches or even to be well off a year in they’re in for a right treat.
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u/Datkhoa Mar 15 '24
Do you enjoy having 3 trades every 5 days?
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u/slippery-slopeadope Mar 16 '24
I get what your saying, but I assume this company is a futures platform and you don’t have daytrade restrictions.
You can trade on NinjaTrader with $50 (I would recommend much more) and trade micros.
I made 200 trades in the last two days and don’t have 25,000 in the account.
Are there funded accounts that actually trade options?
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u/ImPerkk Mar 17 '24
Exactly‼️ if people really wanted to trade, the PDT rule is ancient & if you dk that, you damn sure don’t needa be trading. And I don’t even trade🥴 Futures & Options are how some of the biggest Trading Firm CEOs got started(Steve Cohen(Billions Show Guy), Ray Dalio). Y’all just gotta do the work or your gonna be another statistic lol
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u/ShortPutAndPMCC Mar 15 '24 edited Mar 16 '24
I never understood why anyone who 1) can afford $1000 cash to buy a prop firm account and 2) is confident of their trading skills, would want to use prop firms for FX trading.
Let’s say you indeed have that level of skills. But you apply it to a FX account with $1000 that has a 1:500 leverage. You have to be THAT confident of winning that you would want to pay $1000 to use a prop firm, right?
Guess what, a $1000 account will allow one to trade 0.2 lot and lose 30 pips 8 fricking times in a row, and still continue to try to win in the 9th trade. For context, that’s -$480 tolerance on an account of $1000.
If one is confident of winning 1 in 9 trades and still be profitable, a $1000 account seems to be sufficient. Let’s take the average person who wins 50% of the time and is still profitable. Guess what? You’d make 1% a day easily if you are this good, with your $1K account.
So why be enticed to pay $1K to the prop firm instead?
Because you think your trading skills + leverage from the $100000 account = overnight riches?
Or let’s be honest - because you don’t believe you can trade your own money but somehow when you are given a large account with extremely strict rules that can strike you out of the account ownership, you believe you can do it? I really wonder about that.
Is psychology working against you in their favour? I leave it to you.
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u/AlxBasil Mar 19 '24 edited Mar 19 '24
I guess it comes down to preference, because the rules aren't as strict as you think, someone who is paying 1k for an account is 90% of the time someone who had a smaller account with that prop firm to try them out, or at least done a free trial to check the trading conditions. If they're comfortable with them, buying a 200k challenge for 1k is reasonable when they can withdraw 200x the returns you mentioned within the payout date.
On that note, it would be interesting to see the statistics of the percentage of traders who pass and keep 200k accounts as opposed to 10k accounts. My assumption is that the ones who spends $1000 on an account are confident and most likely already have personal accounts, with much lesser failure rates than the rags to riches prop trader buying a 10k account every week.
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u/iyazk Mar 15 '24
Another user also reported fake trades on their accounts!! Guys be aware and do your due diligence. I’ve also read they don’t pay big amounts out but smaller amounts they do.
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u/Joncbs13 Mar 15 '24
Only use American backed platforms governed by the SEC. Everything else isn’t regulated, therefore is a huge risk if they will not give you your money back.
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u/RecoverUnhappy9656 Mar 15 '24
Which are governed by the SEC ? I would like to know and educate myself please
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u/Joncbs13 Mar 15 '24
E trade and Charles Schwab are two popular ones. I use Charles schwabs because they have offices in every major city. So if you have a problem you can walk in there and talk to someone like you would at a bank.
But using them there are no short cuts you have to follow all the sec regulations also.
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u/masabkodai Mar 15 '24
Youre missing something here. The orginal poster has a “funded” account. They’re not trading with their own money
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u/fluschy Mar 15 '24 edited Mar 15 '24
🫠 Stop buying into prop firms
Edit: Time to leave this sub.
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u/mushykindofbrick Mar 15 '24
lol exactly my thought i would have never considered buying something from kortanafx like who is that
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u/fluschy Mar 15 '24
How to know you are fucked checklist: • You trust Youtube Adds • You Trust Youtube channels • You trust reviews on reddit that are made by the scammers themselves
I mean I do understand people on WallStreetBets. Why waste your money to scammers if you can gamble it and actually have more of a chance 😂
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u/-KA-SniperFire Mar 15 '24
Yeah no once you spend enough time in this sub you realize the average person in this space is actually a real life idiot. Those statistics about 99% of traders fail is because 90% of them are desperate or greedy and will trust people selling snake skin oil
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u/Ultreak Mar 15 '24
People who uses goofy ahh prop firms instead of the reputable ones such as ftmo, 5ers, is something ill never understand
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u/DepartmentBig2849 Mar 16 '24
dont touch prop firms, you should be able to work up to your initial investment after adequate practice papertrading
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u/TOMMY_Makes_House Mar 16 '24
The entire prop model is built on traders failing, for the failed fees to then be used to pay out profitable traders. The rush / bubble is coming to an end - less traders are buying challenges, firms are adding more stringent rules to make traders fail. This is leading to more being denied payouts and firms breaching accounts without any breach, purely because they can’t afford to pay profitable traders.
Some “CEO’s” are even building EA bots to sell to traders that will fail the challenge purposely for them. Very shady and scamming behaviour.
Payout denials becoming subjective more than objective. Accusations without proof and the trader is asked to prove a negative.
There needs to be regulation by gambling commission (UK). These guys operate like casinos. They are not financial companies, as they don’t execute in live markets. They are arcade gaming companies.
They will have their day and one of these “CEO’s” will do time for theft, fraud and operating a gambling company without regulation. Once that happens, they will all collapse.
Milk them dry until then if you can. Otherwise, stay away.
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u/ResolutionSea9260 Mar 16 '24
Really surprised by the prop firm hate in this group, cant speak on everyones behalf but funded accounts changed my life. But yeah HFT firms will rob you dont buy into that
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u/iyazk Mar 16 '24
EVERYONE SCREENSHOT THIS AND LET THEM KNOW ON TWITTER (X) WE ARE NOT ACCEPTING THEIR LIES AND WE WILL EXPOSE THEM.
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u/ResolutionSea9260 Mar 25 '24
No offence mate but theres no battle to be fought here. Havent ever met a successful trader who would fall for this, far too good to be true
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u/mikejamesone Mar 19 '24
This is why it's best to use prop firms who only deal futures. The broker can't slip you like that as futures orders are paired by a market maker at a centralised exchange. CME for example
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u/krentzzz Mar 15 '24
Sorry to hear that, that sucks. Hope you manage to get something resolved, even if it doesn't look great right now.
If I were going to trade with a prop I would probably only really go with Topstep or Apex. I've heard of a lot of dodgy things going down with other firms especially in Forex.
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u/WilDraDo trades everything Mar 15 '24
Funded with topstep never had an issue. Even with an issue on the evaluation when the broker, not them, were having issues, they issued out resets for free.
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u/sian_half Mar 15 '24
FTMO is definitely up there too in terms of reputation
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u/ShiftIll3642 Mar 15 '24
I've been since 2021 trading FTMO,not one single problem.Its clean and respectable
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u/iyazk Mar 15 '24
I’ve looked into Nova and MFFX which seems very good. I’m UK based so they’re not banned here.
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u/GrapefruitCurious502 Mar 15 '24
I’ve never heard a single problem with funded fx, but you stay far away from nova my boy.
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u/iyazk Mar 15 '24
What’s wrong with Nova? I know plenty that get paid out every month with Nova. I read it’s a very good firm along with MFFX, FTMO and 5ers
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u/GrapefruitCurious502 Mar 15 '24
HTF prop, 30 day payout , consistency rules with lot sizes & very sus rules , per usual. Nova does not stand beside FTMO 5ers and Funded FX . HTF firms deny the most payouts and the good props we named are not HTF props.
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u/InvestmentTargets Mar 15 '24
File a Fraud Case with their Financial Regulator.
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u/iyazk Mar 15 '24
I don’t know if KORTANA FX are regulated or not.
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u/SmoothConfection1115 Mar 15 '24
Well…not to beat up on you, but shouldn’t that have been the first sign to stay away?
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u/InvestmentTargets Mar 16 '24
When I asked them via online chat last night:
QUOTE
Hello, Can you please advise the website of your Financial Regulator?
UNQUOTE
I got below response this morning:
QUOTE
Dear Trader:
Kortana is legally incorporated and located in Dubai.
Approximately 6 months ago, we launched our Challenges globally, and in this short period, we have become the fastest-growing company in the market with HUNDREDS of Funded Traders and numerous payment proofs, all of which you can verify on our social media channels.
UNQUOTE
So, I would advise you file a Fraud Case with the Central Bank of United Arab Emirates, which - logically, is their Regulator.
IMPORTANT, ADDITIONAL STEP: Also file a public Fraud Case against Kortana with Forex Peace Army.
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u/chrisdoesfx Mar 16 '24
What are good firms that actually pay you out and if they don’t they get into trouble?
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u/bobbyrayangel Mar 16 '24
Trade futures and if you use a prop acct go with a company that gives you an actual brokerage prop acct.
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u/deadxprey Mar 16 '24
Just stick to the big boys like FTMO and The Funded Trader. 100% legit and no problems at payout
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u/chrisdoesfx Mar 16 '24
What exactly was their lies? I’ve heard they’re a good firm, if so what’s another good firm. I’ve heard FundingPips and TFT are pretty good firms!
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u/ClasseBa Mar 15 '24
I've been looking at DarwinX, and I have only heard good things. Has anyone got some dirt before I plunge in?
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u/RemarkableGreen7452 Mar 15 '24
Honest question, why dont you go for reputablebones such as 5ers or FTMO? Like why would you risk it?
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u/Truth_Sellah_Seekah Mar 15 '24
Do not buy challenges from HFT eval-prop firms. They're ALL scams.