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Prop Firm Alpha Capital Bans 150 Traders Due to Group Trading Allegations

Monday, 10/06/2024 | 06:26 GMT by Damian Chmiel
  • The company acknowledges that some accounts may have been banned unjustly.
  • An investigation is underway, and trading will be reinstated for improperly blocked traders.
Prop trading

The prop trading firm Alpha Capital Group has come under fire from some clients after their accounts were blocked. However, the mass blocking of access to trading for 150 different users was allegedly due to suspicions of engaging in "group trading" and "account management practices," which violate the platform's rules.

300 Accounts Linked to a Single CID

In a social media post on Sunday, Alpha Capital Group admitted that it identified over 300 accounts linked to a single "Computer ID," a unique serial number for each personal computer and smartphone. This means that one person created several hundred accounts within Alpha Capital Group.

"Upon further investigation, this device CID may be linked to MYFXBook connecting to those accounts, and unfortunately led to our system flagging these accounts which then led to incorrect breaches for the traders involved," Alpha Capital Group explained.

The prop trading firm also acknowledged that it aims to finalize the investigation this week, contact each of the banned traders, and restore the accounts of those who were "banned incorrectly."

"All accounts affected in the above will receive an email today, and will be rectified tomorrow," Alpha Capital Group summarized in their Sunday post.

Alpha Capital Group Returns after February Turmoil

Alpha Capital Group was one of the prop trading firms that suspended the ability for new clients from the USA to open accounts and join new challenges in mid-February due to regulatory pressure.

This was due to a decision by MetaQuotes, the provider of the widely used MetaTrader platform by prop trading firms, to suspend licensing and cooperation with a significant portion of companies in the sector.

However, at the end of May, the company announced a comeback for US investors thanks to the launch of a separate service called Alpha Futures and a Seychelles-regulated broker.

In other trading world updates, Finance Magnates reported last week that Nicola Berardi, the CEO of Traders Trust, announced the launch of a new trading firm called TradingCult.

The prop trading firm Alpha Capital Group has come under fire from some clients after their accounts were blocked. However, the mass blocking of access to trading for 150 different users was allegedly due to suspicions of engaging in "group trading" and "account management practices," which violate the platform's rules.

300 Accounts Linked to a Single CID

In a social media post on Sunday, Alpha Capital Group admitted that it identified over 300 accounts linked to a single "Computer ID," a unique serial number for each personal computer and smartphone. This means that one person created several hundred accounts within Alpha Capital Group.

"Upon further investigation, this device CID may be linked to MYFXBook connecting to those accounts, and unfortunately led to our system flagging these accounts which then led to incorrect breaches for the traders involved," Alpha Capital Group explained.

The prop trading firm also acknowledged that it aims to finalize the investigation this week, contact each of the banned traders, and restore the accounts of those who were "banned incorrectly."

"All accounts affected in the above will receive an email today, and will be rectified tomorrow," Alpha Capital Group summarized in their Sunday post.

Alpha Capital Group Returns after February Turmoil

Alpha Capital Group was one of the prop trading firms that suspended the ability for new clients from the USA to open accounts and join new challenges in mid-February due to regulatory pressure.

This was due to a decision by MetaQuotes, the provider of the widely used MetaTrader platform by prop trading firms, to suspend licensing and cooperation with a significant portion of companies in the sector.

However, at the end of May, the company announced a comeback for US investors thanks to the launch of a separate service called Alpha Futures and a Seychelles-regulated broker.

In other trading world updates, Finance Magnates reported last week that Nicola Berardi, the CEO of Traders Trust, announced the launch of a new trading firm called TradingCult.

Topics
prop trading
prop firms
Alpha Capital Group
About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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