Within the last few hours the stack of cards that was Fast Track Trading has crumbled. The CEO, Scott Trieste, made a last ditch effort to save the company by purchasing a range of luxury watches, including a $24k Rolex, along with several high-end cars. But unfortunately, this proved fruitless and the firm officially closed on November 7th 2024, owing traders millions.
The Official Fast Track Trading Statement
Dear Fast Track Trading Community,
It is with a heavy heart that I share the news that Fast Track Trading has officially ceased operations. This decision was not made lightly, and it comes after many weeks of grappling with the challenges of disrupting an established industry. In the short time we’ve been here, we’ve worked hard to make an impact, introducing affordable instant-funded futures accounts and pushing major players to rethink their offerings. This was a new frontier for all of us, and we’re immensely proud of the mark we’ve made together.
As a young, growing company, we faced immense pressure while striving to bring change to a space that’s been set in its ways for years. Unfortunately, these pressures ultimately proved more than we could manage, bringing us to this difficult point. We are deeply sorry to all of you who believed in us and joined us on this journey.
For those with active accounts, we have set up a refunds inbox at refunds@fasttracktrading.net. We are committed to doing our very best to provide refunds as quickly and fairly as possible. Please reach out, and we will handle each request with care and integrity.
Thank you, truly, for your support, trust, and the time you’ve spent with us. I am profoundly grateful for each one of you, and I am hopeful that the changes we made will continue to benefit traders in the future.
With warmest wishes,
Scott Trieste
CEO & Founder,
Fast Track Trading
So, What Went Wrong with Fast Track Trading?
When operating a prop firm, it is vital to have a solid understanding of several key areas of trading and finance. These include:
- Risk Management (a big one)
- A deep understanding of the markets
- A team of qualified and experienced professionals
- A large amount of working capital
- A bit of common sense
Unfortunately, the creator of Fast Track Trading possessed none of these. It is still a little early to tell whether this was set up to be a rug-pull or if this was simply the result of a naive attempt at reforming the futures trading prop industry.
In any way, it was clear it was an unsustainable model and many industry professionals managed to call this outcome pretty much from the start.
What About Payouts and Refunds?
It would appear that FTT are able to refund the sign-up fees for those who had an active account. They have not yet made any statement about pending payouts, which I would imagine have been sucked out of the company already.
To request a refund of your funded account you can email:
refunds@fasttracktrading.net
What Now? Our Top Alternatives to Fast Track Trading
For those who would like to continue trading with a futures prop firm, there are several reliable options. It’s important to note however, these may cost more or require an evaluation. This is a vital part of running a prop firm which is sustainable.
TopStep – The OG Futures Trading Firm
Topstep has been around for over a decade and has fine-tuned their funding model. They have paid out over $100m and have thousands of traders who achieve consistent gains and profit splits.
Their challenge (called a combine) provides between $50k and $150k of buying power and the cost to start is from just $49.
Savius – Instant Funding Futures
Savius is another prop firm which has been around for over a decade and has a strong team behind them. They are lesser known due to the fact they have been operating solely in Italy for many years, however they have recently opened their doors to traders globally.
Savius is a partner of Prop Traders Club and we are in regular communication with their team. We are therefore on hand to help with any questions or queries both before and after opening an account.
They have recently launched their new funding model which is an instant funding account. In order to reach payout traders must hit a 7% profit target while sticking within the drawdown and consistency rules. You can read more about this firm below or you can head to Savius here (this link provides a 20% discount on all account):
Update: Savius is now offering a 30% discount for anyone affected by FTT closure. Must use this link. Details below:
MyFunded Futures – Fast and Reliable Payouts
Anyone who is active within the X trading circles will be familiar with MyFunded Futures and their outspoken CEO, Matt Leech. This firm offers a range of accounts with slightly different features.
This firm receives a lot of praise for their fast and efficient payouts and general fairness towards traders.
