GOAT Funded Traders Unban Pakistani Traders

Nine months ago, almost all proprietary trading firms banned traders from Pakistan and Vietnam. This was due to issues like fake KYCs (Know Your Customer) and reverse trading. Recently, GOAT Funded Trader made headlines by unbanning Pakistani traders, becoming the second firm to do so. Let's dive into what led to the ban, its impact, and what this unban means for the prop trading community.

Background

The ban on Pakistani and Vietnamese traders created a significant stir in the prop trading world. These traders were accused of submitting fraudulent KYC documents and engaging in reverse trading, leading firms to take drastic measures. As a result, all the traders from these countries were left with very few legitimate options, pushing them towards risky and often scammy firms.

The initial ban was spearheaded by Blue Guardian, a major player in the proprietary trading industry. Their decision set off a domino effect, with nearly all other firms following suit. This mass exodus of firms from these markets left Pakistani and Vietnamese traders in a lurch, struggling to find trustworthy platforms.

The Only Exceptions

Amid the widespread bans, a few firms stood their ground and continued to serve Pakistani and Vietnamese traders. These included 5ers, City Trader Imperium, Funded Next, and FTMO. However, these firms were often premium-priced, making them less accessible to many traders from Pakistan and Vietnam.

The Impact of the Ban

The bans had a profound impact. With limited options, many Pakistani and Vietnamese traders turned to lesser-known, often dubious firms like Firmity Funding and DeiFunded. Unfortunately, these traders often fell victim to scams, losing their account, payouts and eroding trust in the prop trading industry.

MyFundedFX Unbans Traders

The first positive change came when MyFundedFX announced that they would lift the ban on Pakistani and Vietnamese traders. However, this unban came with restrictions. Traders from these countries were allowed to purchase only one-step max challenges, a limitation designed to mitigate the risks that had led to the initial bans.

Following MyFundedFX's lead, GOAT Funded Trader decided to unban Pakistani traders. This move marked a significant development in the industry, offering renewed hope to many traders. GOAT Funded Trader has set specific guidelines for Pakistani traders, including restrictions on account types and payment methods.

Pakistani traders can now purchase any account up to 50k challenge accounts from GOAT Funded Trader. This gives traders a substantial opportunity to prove their skills and grow their trading careers. However, these accounts come with their own set of rules and limitations, which traders must adhere to.

One notable aspect of GOAT Funded Trader's unban is the exclusive use of crypto as the preferred payment method for Pakistani traders. 

While GOAT Funded Trader has made strides with Pakistani traders, the status of Vietnamese traders remains uncertain. The firm has yet to announce whether they will extend the same unbanning to Vietnamese traders. This leaves many hopeful yet cautious about potential future developments.

The reaction within the trading community has been mixed. Some view the unban as a positive step towards inclusivity and growth, while others remain skeptical, citing the risks that led to the initial bans. Other proprietary trading firms are closely watching these developments, weighing the benefits and drawbacks of following suit.

GOAT Funded Trader's decision could set a trend in the industry, with other firms potentially reconsidering their stance on bans. However, it is likely that any future unbans will come with similar restrictions to mitigate risks. This cautious approach aims to balance the need for security with the desire for market inclusivity.

The unban offers several benefits to Pakistani traders, including increased opportunities and access to reputable trading firms. However, the imposed restrictions and the exclusive use of crypto present challenges that traders must navigate. Balancing these pros and cons will be crucial for traders moving forward.

The future looks cautiously optimistic for Pakistani and Vietnamese traders. As more firms potentially follow the unban trend, traders may find themselves with more options and opportunities.

GOAT Funded Trader's decision to unban Pakistani traders marks a significant shift in the proprietary trading landscape. This move, following MyFundedFX's similar action, opens doors for many traders who were previously sidelined. While challenges and restrictions remain, this could be the beginning of a new trend towards greater inclusivity and opportunity in the trading world.