EnFoid Pte. Ltd. becomes EnFoid LLC. (leaving Singapore)
as announced in end 2019, we will move forward merging EnFoid Pte. Ltd.'s activities with EnFoid LLC.this is partly reasoned due to legislative issues, and regulatory issues in Singapore.
which resulted in the halt of Proprietary Trading activities.
the timeline is planned like this:
- Q1 2022: Risk Products being moved to EnFoid Traders Inc.
this is the most serious change and has to be completed first.
Our current model, does not perfectly align with Regulatory requirements in Singapore.
As a result we will pause the Prop Project during this time. - Q2 2022: Clients move internally to EnFoid LLC.
- Q4 2022: Striking off or releasing EnFoid Pte. Ltd.
- Q3 2022: change base currency to US Dollars.
- Q4 2022: sale of SG Assets that are not moving to the United States.
some of those tasks are major, others are just minor changes.
most of these things will take place in the background, and not affect any operations at all.
the only exception to this is the Proprietary Trading project, Prop Trading will be halted until the change is complete, to make sure the Law is on our side.
EnFoid has no (and never had) any interest in "Selling trading accounts" as this is in direct conflict with our mission statement,
as a result, we will also use this chance to re-launch Prop Trading in a new form, which will be far more selective in enrolling traders, and in exchange more lenient towards the ones that do qualify.
What does this mean for Lenders/Investors?
new contracts however may be different due to a different set of regulatory requirements.
if you are already a active client, no new contract will be required, guaranteeing the benefits to continue without interruption.
this is to ensure liquidity is legally separated at all times. and adds an additional layer of security to client funds.
this does not effect client currencies, and has no effect to clients, just the way we internally handle funds.
products like "ProfitShare" are only available in USD, assignments will be converted at the moment of transaction in Realtime.
What does this mean for Proprietary Traders?
(we would break the law if we would do otherwise.)
there will be no interruption on this as this funds are considered Lended by the Management System.
Failed Challenges or Trading accounts are not eligible for refunds!
but we do keep the promise that we will grand a 100% refund once profits have exceeded the amounts paid. this will include Interests, Dividends and IB Profits, except PropShare Profits.
on account closure this limit is not enforced.
why there are no refunds?
first of all, we do pay interest since day one, on all funds transferred to us, even if you fail or generate major losses to our portfolio, we still pay you the interest. if you do have funds in your Vault, that is simple a result of failure to deliver on your end as a trader, we never claimed to provide free money, instead we give you as a trader the chance to still get a 100% return/refund via interest paid to you, which is very unique, which is also something no other firm does!
This makes the refund "a matter of when",
us temporary not providing Prop services does not mean we stop paying interests. you get paid either way, at our expense!
also keep in mind that we do have no legal obligation to either pay interest or refund you at all, if the vault balance is a result of failed challenges, yet we do it anyway! We always provided all the support we could during the time the service was provided, free of charge.