OnlyFunds Reviews 148

During the night PTT get control over OF. Don’t know how they come into control. During night chat gets closed. Sad thst this is now a usual hft scam firm. !! 🤡
Sad what happened

So what i discovered about the normal challenges that is different from other firms. (i lost my 300k to this)

For The Maximum Daily Drawdown it is measured by the sum of total losses in one day, without considering the profitable trades. That means all losses cannot surpass the determined limit, disregarding the profits made.

For example (all trades in same day):
Start balance $10.000 > you make a losing trade -1% > balance $9.900

You place a next trade > you make profit 2% > balance $10.100

Now you place again a trade > losing trade of 2% > balance $9.900

You only have a drawdown for -$100, well for Onlyfunds you have a DD of -$300 Because you made a losing trade of -$100 and -$200 (total of $300).

I Find this just not right, i had high hopes for this firm but it slowly getting worse and worse.. im not someone that writes reviews fast but I feel people need to know this before buying a challenge.

Their 40% daily Profit rule is worst.. my Entire Profit has been declined with Inconsistency and 40% Profit Rule... Now News trading also been Restricted for 10 mins before and After.. This New Rule Make my Profit Unable to Book on the Time.. Worst Rules..
Then How can a trader Trade

Need to Reconsider the news Trading.
Need to Remove the 40$ daily profit Cap.

SCÀMMERS THEY CHANGE RULES EVERYDAY, THEY HAVE SCAMMED ME A 3$K PAYOUT AN DELETED THEIR INSTAGRAM

This firm came out with a bang, and used a well known robot founder as one of the founders to attract clients.

A couple of weeks ago they started to announce rule changes in mid stride, on their HFT accounts. One of their main founders left the company without word to the discord community. I saw some writing on the wall.

Today they announced the final rule changes and they are quite restrictive, with the rules being retroactive to all trading history!

This is absolutely absurd, as you have them giving a smaller profit cap with a more strict daily profit cap. With this being retroactive, almost everyone on one of these accounts is going to be affected in some way.

Even if they do get it sorted out, they are blaming it all on their risk provider, which is a notorious prop firm company called Proprietary Trade Tech.

If you're looking for an HFT account with these guys, don't do it. At this point, I would not even go with a standard account if they can't control their business partners.

I had anticipated some growing pains, but didn't anticipate a complete annulment of weeks of trading.

I won't be doing further business with OF.

PS: Fanboys in the discord community are trying to stop people from making bad reviews. No, people, this is what reviews are for. They are here to keep companies honest.

*Update - May 18, 2024*

They have pushed the retroactive nature of the new rules up to June 1st. This is helpful to about 70% of clients, according to the managers. Because they were able to try and fight with their risk provider and buy some time, I'll upgrade to 2 stars.

*update - May 21, 2024*

After a lot of debate and a bunch of people having rejected payouts on Monday, we have a new revelation. Last night they announced that they are magically under new management, and they turned off the discord chat. They have also removed any negative comments on instagram. Their announcement states that nothing will change with current accounts or withdrawal timings. Time will tell. Sorry guys, back to 1 star. Connor and Joel have screwed their loyal clients and they will probably not recover from this. I wish I was a member of POW, so I could see how their discord is lighting up.

*update - May 23,2024*

Ok, here we go again. Another update to keep all potential client informed. 2 stage HFT was brought back online. They also opened up commenting on the payout proof channel in discord, but they have set it up with bots who are posting cringy positive comments. If you sit and watch it, they remove comments from real people. I will be submitting a withdrawal request on the 27th and I'll update the result of that as I have everything with the consistency requirements that are supposed to be in place until June 1st. They also tried to have this review removed, but I submitted all of the required evidence to Trust Pilot to show that I am a legit client.

*update May, 25, 2024* response to their reply

The fact that rules are being applied to all account history while clients are actively trading is an absolute scam. An honest company, broker, or risk partner would apply changes to a client's upcoming accounts. You have changed the rules from a 5% cap to a 3% cap. That would be fine had you not also implied a 25% daily cap and removing the existing 40% cap. The rules that I began with would have allotted a maximum of $2000 per day if I achieved 5%. With the new rules, I can only make $750 per day and I already have days that far exceed that amount. My account is maxed out at 5%, now, and I have withdrawal request on the 27th. With the new rules, all of my profits will be wiped out. This is disturbing, and just becomes a colossal waste of my time. The fact that you guys can penalize an active trading history with more restrictive rules is disgusting. If I am presented with a payout rejection, I will pursue a chargeback on my credit card, which from what I hear, is already happening with many traders inside of only funds.

*update - May 30, 2024*

Today was the day of judgement, and as expected, they didn't just deny my payout due to the new rules, they claimed that I am using account management! hahaha! This is total insanity. They claim that my device was being used on about 10 other accounts as well. I am using a VPS that uses slices, but they don't even want to see evidence, nor were they even going to give me any reasoning until I told them they are scammers. All in all a super poor experience. This firm won't be around for long. Just long enough to squeeze fees out of people for a while, without payouts. This company has been reported to Australian securites (ASIC), along with prop trade tech who is the main culprit behind all of these HFT scams.

I will reiterate that I still hold a lot of the blame on the founders that sucked a lot of their following into this scam with their familiar faces, and then they exited. Darren Hill (POW)

Excellent service

Amazing experience with OF. Lots of hate from recent changes made to HFT accounts but they’re never going to be a stable, serious offering for prop firms.
5/5 experience on the standard account, first payout and refund approved within 48 hours and paid less than 24 hours after that.

Great company, great service.

Received my first payout very fast (under 48h) and the service they deliver is top notch, especially compared to other (HFT) firms. Would recommend to anyone!

I see alot of people have written 1-star reviews after the new changes and stricter rules. This is purely because OF actually wants to provide payouts to people who can follow their rules and not deny payouts like many other HFT firms does. When people get mad and write a 1-star review in pure anger, this only damages the firms reputation when all they are trying to do is be able to sustain for longevity and payout good traders.

From what i have seen, people who follow rules are getting paid out with no issues from OF. I can update this review after i send in my own payouts as im waiting the remaining days

Very disappointing to see this prop firm establish a set of rules that almost destroys your strategy after you've signed up.

This prop firmestablished a new set of rules (3 sets within 60 days now)...

And one of them is no closing or opening trades on news.

If you deny closing trades during news. Ie a stop loss or take profit being hit..

Your only goal is to collect signup fees and not a-book serious traders.

Who would penalise someone for using a stop loss or take profit!!!

They also blocked being able to hold trades over the weekend, which was previously allowed. It's now a hard breach, account lost, if it occurs.

Pathetic!


You scammed all current users.

Do NOT Buy!!!

DO NOT purchase an account from these scammers, promise you the World and then under the umbrella of "sustainable" they change rules and make it impossible to get payouts. I purchased 2 accounts based on certain rules promised at the time which suited my trading strategy, also purchased an EA and now with 48 hours notice change rules, disgusting behavior. Where is my refund? Long story short, STAY AWAY!!!

So far I'm happy with the overall feedback on the Discord community and the fact that they publically share their score from Trustpilot on both their website and Discord. It shows how important it is to them to maintain a good reputation.

Currently have two accounts with only funds payouts have always been quick.
New rules have been implemented but you can still work around them.

I bought the 2-Stage HFT now they are switching up the rules to make it almost impossible to turn a profit. If I knew these were the rules, I would have never bought a challenge. BEWARE ARE BUYING!!! We will see what they will do to make this right with their existing customers.

Avoid purchasing challenges from Onlyfunds AKA OnlyScam. Despite claiming to be different, they change the rules to make it nearly impossible to profit, leading to failure. Don't be fooled by their promises. They've done this twice already( changed rule after purchase) and will likely do it again in the future. Stay away from OnlyScam, disabled their instagram and slowed down discord so new users cant see them people being cheated

They keep changing rules month by month in order to get rid of traders. One of their founders left as soon as he realized that they were scamming people, 4 months has this prop firm and they are so close to become one of those sketchy firms that deny every single payout. As a word of advice from someone who's been trading since day 1 with Onlyfunds, look for an alternative, look for something more stable, try to stay away from this one, I'm staying because I already paid but if I can help someone from misspending their money here that'll mean the world to me!

They changed there terms for current funded accounts. Making new rules on the spot for current traders so they can fail more often. Theres main owner Darren has left the company.

Having passed the initial challenges and then traded for my first month. Everything is very slick. Communication although automated, is very good. No ambiguity!!These guys are straight down the line. Long may this level of quality remain!
First drawdown amount is on its way. I will be going with another challenge from Monday.
Keep it up !

I have just been paid took 2 days no quibble, unlike other firms I have used and not got paid out. Highly recommend keep up the good prompt work OF

One of the best new starter prop firms around, pay outs speak for themselves, service 10/10.