Alpha Futures@Alpha_Futures_
Please read below for some very important announcements
Firstly, Alpha and NinjaTrader (Tradovate) are parting ways. Since the launch of AlphaTrader, our partnership with NinjaTrader has been difficult due to the view that we now own and operate a competing platform, throughout discussions over the past 3 months we have not been able to come to an adequate agreement regarding
1) signing our platform AlphaTrader onto the NinjaTrader back end
2) their concerns that we would promote both platforms fairly and equally.
They have ultimately decided to terminate our contract effective 12th July, this further results in us not being able to issue new accounts on the ninja trader platform from the 12th (today)
This termination was ninjas decision, whilst this was not the outcome we wanted, we also respect their decision in putting their business and platform interests first as we have also done.
Next, the Premium Plan: we launched a plan that was a requested style as popular among the industry- we paid out more than $25m on this plan alone over the last two months, and at a significant loss.
As you have all seen, we were making tweaks to try to continue to offer this plan sustainably, however paired with this termination of our contract with ninja trader and the fact that the majority of premium plan accounts are on the Tradeovate platform, it is simply not possible to continue to run a plan that was already at a loss without this popular platform choice.
This would have only accelerated this plans losses over the coming weeks and months.
As a result, All active Premium Accounts will be refunded and closed. This includes all pending/unpaid payouts on the premium plan beyond the $25m + paid already on this plan.
All we can do is deeply apologise and refund users that have an active account on the premium plan.
We made a mistake launching a plan we thought would be great, and unfortunately it was not.
We are going back to our roots that made us a successful and leading futures firms for 2 years.
We are the first firm to ever payout $100m + in CFDs and $100m in Futures, we did not want it to come to this, but it is truthfully the best path forward to make sure we payout another $100m to our traders.
All other plans and accounts remain unaffected - service will resume as normal but with a change in platform.
All existing Zero, Advanced, and Direct Accounts on Ninja Trader /Tradovate will be transferred to AlphaTrader this week.
We will be getting back to same day payouts, our typical 5 star services, continuing to invest in our own ecosystem and support our healthy partnerships with other third party platforms.
We had every intention to continue the partnership with NinjaTrader as a typically offered 3rd party platform, but we respect their decision and wish them the best in future endeavors.
We will follow up with several updates throughout the week confirming successful completion of migrated accounts which we will aim to do fast in the coming days along with refunding active accounts on the premium plan (no need to create a ticket and request a refund, this will be automatic)
