The proprietary trading platform Level Up Society was abruptly shut down at the end of last month, and a message displayed on its website said the shutdown was significantly linked to a break with management at Easton Consulting Technologies。

According to a press release issued by Leveled Up Trading, Easton Consulting Technologies, a shadow company that operates more than 13 proprietary trading platforms, is a limited liability company registered in Florida in 2021 and operated by CEO Angelo Ciaramello (who is also co-founder) and managing partner Carlos Rico-Ospina.。They are also the CEO and CFO of another proprietary trading company, The Funded Trader.。

Leveled Up Society added: "While we may have chosen different paths, it is important to acknowledge and respect the different views of both parties.。These different perspectives have allowed the business world to progress and innovate, but we at Leveled Up and Easton Technologies are no longer aligned and have decided to go our separate ways. "。

"Currently, all services are temporarily suspended as we are implementing a new transition."。

Customer Complaints

However, things are not so simple。On social media, especially on X, Leveled Up Society faces some demands。The platform has been accused of telling users to suspend services for updating servers and publicly announcing a suspension of operations.。X handle DezziFinance discloses information sent to customers by Leveled Up customer support team。

While Leveled Up suspended the payment service, it said in a public message that it had resumed payments, with a message on its website saying: "For all our traders who are currently waiting to be paid, payments have been resumed and if you have not yet received a payment, we will contact you in a timely manner to deliver your money.。

Some traders claim the platform has been rejecting claims for payouts。

"I applied for a payout from @ leveledups on September 29 and got an email from them today saying my account had been hacked and the payout had been rejected due to account management.。"User thewolf (@ Stevetradingfx _) wrote。

However, the platform promised to resume business after "a series of reforms to improve the trading experience."。In addition, the platform also waived 8 Cap's partner broker status without stating any reason.。

Proprietary trading model

The Leveled Up Society, which operates as a proprietary trading platform that has become so popular lately, promises up to $200,000 for traders "challenged" through its trading.。

The Challenge is conducted in two stages, charging traders who participate in the Challenge a fee ranging from $109 to $1,069 and offering a profit share of up to 80% to 85%.。

According to the Leveled Up Society website's August archive, the site, which has 76,403 members, paid $1.9 million, with an average compensation of $7,000.。However, the authenticity of these figures is questionable, as they have remained unchanged for months.。

The website archives for August 2022 and April 2023 also show the same number of "upgraded members," 46,383。

The popularity of proprietary trading platforms has exploded in recent years。While some well-known brands offer proprietary trading services, many small brands are encouraged by influencers to adopt aggressive marketing strategies.。

Recently, U.S. and Canadian regulators recently accused My Forex Funds and its CEO of fraud..$100 million in revenue, but its assets have now been frozen。

GoldenOwl Bot

In the story of the Leveled Up Society, a trading robot named GoldenOwl appears。To be precise, it is a MetaTrader 4 expert advisor that guarantees traders the challenge of trading props through Leveled Up Society and another prop trading platform, Rocket 21.。

Many Forex Reds have promoted the robot on social media, with some customers who bought the GoldenOwl robot complaining that it never worked.。Many people say that the robot made a profit in one day and began to lose money again and again the next day。According to the complaint, the user cannot fix the performance after the adjustment, and even does not get any support from the developer。

Now, some buyers are asking for refunds, however many of them don't seem to have received any。

Gonzalez, meanwhile, is trying to get rid of allegations of fraud in selling the GoldenOwl bot, and he is a brand ambassador for Rocket 21, a platform that once blocked user accounts trying to use the GoldenOwn bot for breaking rules.。

During a Zoom call, many users accused him of owning the company behind Rocket 21 and Leveled Up Society.。However, he began to defend himself and clarified that he was not the owner of the company。He also put the blame on the "Reds" who promoted these platforms and the GoldenOwl robot.。

A representative for the company said: "Thank you for your attention, but we are unable to be interviewed at this time.。Ciaramello, CEO of Easton Consulting Technologies, declined to comment on the issue, and Raul did not respond as of press time.。