Executive Summary & Quick Facts Card
| Audit Parameter | Verified Finding & Architecture | Evidence Tier |
|---|---|---|
| Platform Type | Single-Step Simulated Prop Trading Evaluation Desk + Autonomous Agent API | [E1] |
| Operating Legal Entity | FermTrading, Inc. (Delaware C Corporation) | [E1] |
| Delaware Registry / File No | File No: 10684811 | EIN: 42-3681083 | [E1] |
| Registered Agent | Legalinc Corporate Services Inc., 131 Continental Dr, Suite 305, Newark, DE 19713, USA | [E1] |
| Principal Office Address | 4335 Cadieux Road, Detroit, MI 48224, USA | Phone: +1 (313) 330-7308 | [E1] |
| Parent Tech Holding | Arcex Inc. (British Virgin Islands - BVI Company No: 2151315, DUNS: 815522893) | [E1] |
| Founder & Leadership | Carl Sachs (Founder & CEO of Arcex Inc., former co-founder of Finterest Ltd.) | [E1] |
| Official Contacts | hello@ferm.trade, legal@ferm.trade, carl@arcex.app |
[E1] |
| Turkish Regulatory Status | Unlicensed. No CMB (SPK) authorization or registered Turkish representative office | [E2] |
| Prohibited Jurisdictions | 23 countries including Iran, Russia, China, Cuba, Syria. Türkiye is NOT prohibited | [E1] |
| Execution & Liquidity Model | 100% Synthetic B-Book Simulation. Feeds mirrored from Hyperliquid (0.25-0.28s delay) | [E1] |
| Trading Frontends | Custom Web Terminal, TradingView Charts, iOS & Android Apps. MT4/MT5/cTrader blocked | [E1] |
| Programmatic API Access | Official REST-based Agent API (https://api.tryferm.com/v1/agent). Bots supported |
[E1] |
| Critical Contract Clause | Section 6.8 "Per-Trade-Idea" Equity Loss Cap (1.20%). Strips profits; 4 strikes close account | [E1] |
| Withdrawal Ceilings | 1st Payout: Max 4% | 2nd Payout: Max 5% | 3rd+ Payouts: Max 6% (Unclaimed profit rolls forward) | [E1] |
| Identity Verification (KYC) | Not required at purchase; strictly mandatory via Persona upon Funded Contract signing | [E1] |
| Payment & Payout Rails | USDC (Ethereum, Base, Solana), USD Wire/ACH. Processed via Rise Works and Bridge.xyz | [E1] |
1. Corporate Identity & Background: What is Ferm and Who Operates It?
1.1 Business Model and Operating Scope
Ferm (tryferm.com) is a single-step simulated proprietary trading evaluation desk targeting retail traders with virtual capital allocations [E1]. Traders pay an upfront participation fee to meet performance benchmarks in a simulated trading environment. Upon successful evaluation, identity verification, and execution of a funded trader agreement, participants become eligible for simulated profit share payouts.
Unlike legacy MetaTrader prop firms, Ferm integrates crypto perpetual contracts (Crypto Perps) derived from Hyperliquid orderbooks alongside traditional CFD instruments in a modern web and mobile environment [E1]. Furthermore, Ferm features an official Agent API to onboard algorithmic trading bots and autonomous AI agents directly into its evaluation framework.
1.2 Legal Entities and Official Registry Records [E1]
Ferm operates through two interconnected corporate vehicles:
1. Commercial Operator and Contracting Entity (FermTrading, Inc.):
- Jurisdiction: Delaware, United States (Delaware C Corporation) [E1]
- Delaware File Number:
10684811[E1] - Federal Employer Identification Number (EIN):
42-3681083[E1] - Registered Agent: Legalinc Corporate Services Inc., 131 Continental Dr, Suite 305, Newark, DE 19713, USA [E1]
- Principal Office Address: 4335 Cadieux Road, Detroit, MI 48224, USA [E1]
- Telephone: +1 (313) 330-7308 [E1]
- Official Inquiries:
hello@ferm.trade,legal@ferm.trade[E1]
2. Software Developer and Parent Holding (Arcex Inc.):
- Jurisdiction: British Virgin Islands (BVI) [E1]
- BVI Company Number:
2151315[E1] - DUNS Number:
815522893[E1] - Registered Address: Campbells Corporate Services (BVI) Limited, Floor 4, Banco Popular Building, Road Town, Tortola, BVI [E1]
- App Store Publisher Record: Arcex Inc. is the official registered developer for both "Arcex - Trade from your Pocket" and "Ferm - Prop Trading" on Apple App Store and Google Play [E1].
1.3 Founding Team and Investor History
- Carl Sachs: Chief architect of Ferm, founder and Chief Executive Officer (CEO) of Arcex Inc. Contact address confirmed as
carl@arcex.app[E1]. - Prior Ventures: In 2022, Carl Sachs co-founded Finterest Ltd. alongside Olliver Barr [E2]. Finterest was built on the Internet Computer (ICP) as a decentralized lending protocol enabling native Bitcoin borrowing.
- Venture Capital Backing:
• Finterest, led by Carl Sachs, secured a $1.5 million seed round in December 2022 co-led by Polychain Capital (via Beacon Fund) and 9Yards Capital [E2].
• Sachs subsequently engineered the Arcex mobile platform, integrating liquidity from Hyperliquid, Orderly Network, and Derive with Privy embedded wallets [E1].
• FermTrading, Inc. is the proprietary trading branch developed on Arcex infrastructure. While Ferm has announced no standalone venture round, it is directly funded from Arcex balance sheets [E2].
2. Legal Standing, Regulatory Compliance and Jurisdiction
2.1 Regulatory Scrutiny & Capital Markets Law
- Licensing Status: FermTrading, Inc. holds no license, registration, or intermediary authorization from financial authorities such as the Turkish Capital Markets Board (SPK) or European regulators [E2].
- Unlicensed Market Activity Exposure: Offering leveraged CFD or derivatives speculation to domestic residents without domestic licensing is classified as unauthorized investment services in numerous jurisdictions. In Turkey (under Law No. 6362 Articles 99 & 109), unlicensed cross-border brokers and prop portals face administrative DNS blocking by the Information Technologies and Communications Authority (BTK) [E2].
- Localization Footprint: Ferm does not offer Turkish language localization (supported languages are English, Spanish, French, German, Portuguese, Arabic, Chinese, Japanese, Korean, and Indonesian). The absence of direct domestic payment rails mitigates immediate enforcement priority, though regulatory exposure remains [E2].
2.2 Crypto Asset Legal Framework & Taxation
- Crypto Asset Regulation: Legislation such as Law No. 7518 restricts foreign unlicensed crypto portals from marketing services to domestic residents [E1].
- Contractual Defense: Ferm's Terms of Use (Sections 3.1 & 3.2) explicitly state that the company is not an exchange, broker, custodian, or financial institution. The firm disclaims holding deposits, defining its service strictly as a "commercial skill evaluation simulation" [E1].
- Tax Obligations: Net profits received via USDC or wire transfers are subject to individual commercial or miscellaneous earnings taxation under local tax codes. Tax filing remains the sole responsibility of the trader [E2].
- Absence of Investor Protection: In the event of account termination, payout refusal, or technical outage, traders have no access to statutory investor compensation funds or financial ombudsman dispute resolution [E1].
2.3 Prohibited Jurisdictions (Section 4.4) [E1]
Under Section 4.4 of the Ferm Terms of Use, platform access is restricted across 23 jurisdictions:
Afghanistan, Belarus, Central African Republic, China, Cuba, Democratic Republic of the Congo, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, Nicaragua, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Turkmenistan, Venezuela, Yemen, Zimbabwe, and the occupied Ukrainian territories of Crimea, Donetsk, and Luhansk.
- Status of Türkiye: TÜRKIYE IS NOT INCLUDED IN THE PROHIBITED LIST. Unlike platforms such as STRAT, Ferm allows Turkish residents to purchase evaluations, sign contracts, and receive payouts [E1].
- United States Traders: While most offshore prop firms bar US participants due to regulatory scrutiny, Ferm operates as a Delaware C-Corp and permits US residents to participate [E1].
2.4 Dispute Resolution and Governing Law (Section 14) [E1]
- Governing Law: State of Delaware, United States.
- Exclusive Venue: State courts of New Castle County, Delaware or the US District Court for the District of Delaware.
- Absence of Mandatory Arbitration (Section 14.2(g)): Unlike competitors mandating offshore arbitration, Ferm requires litigation in Delaware courts [E1].
- Limitation of Liability (Section 13.3): Ferm caps aggregate contractual liability to fees paid by the user over the prior 12 months or $100, whichever is greater [E1].
3. Evaluation Models, Parameters & Pricing Matrix
3.1 Single-Step Evaluation Framework
Ferm employs a single-step evaluation architecture across all its programs [E1]. Upon hitting the designated profit target without open positions, accounts undergo a 12-hour risk desk review before being upgraded to a funded simulated account. No minimum trading days are mandated during the evaluation phase; a trader can theoretically qualify in a single session.
3.2 Account Tiers and Risk Parameters [E1]
1. Degen Tier
Lowest entrance fee with tighter loss allowances.
- Profit Target: 8%
- Max Static Drawdown: 4%
- Daily Loss Limit: 2%
2. Pro Tier
Balanced primary benchmark for systematic traders.
- Profit Target: 11%
- Max Static Drawdown: 6%
- Daily Loss Limit: 3%
3. Beginner Tier
Widest risk buffer with conservative targets.
- Profit Target: 10%
- Max Static Drawdown: 8%
- Daily Loss Limit: 4%
Free Demo Tier: Virtual balances from $5,000 to $100,000 adhering to Beginner rules (10% target, 8% max loss). Carries no payout entitlement, serving strictly for practice and tournament rankings [E1].
Custom Challenge: Available via tryferm.com/create-challenge, allowing custom targets (8%, 10%, 12%), daily loss limits (2%-4%), and max drawdown thresholds (4%-8%) [E1].
3.3 Evaluation Fee Matrix (Full Price Table) [E1]
| Tier | Account Size | Standard (80% Split) | Upgraded (90% Split) | Target ($) | Max Loss ($) | Daily Loss ($) |
|---|---|---|---|---|---|---|
| Degen | $5,000 | $43 | $60 | $400 (8%) | $200 (4%) | $100 (2%) |
| Degen | $10,000 | $76 | $108 | $800 (8%) | $400 (4%) | $200 (2%) |
| Degen | $25,000 | $164 | $240 | $2,000 (8%) | $1,000 (4%) | $500 (2%) |
| Degen | $50,000 | $252 | $394 | $4,000 (8%) | $2,000 (4%) | $1,000 (2%) |
| Degen | $100,000 | $417 | $680 | $8,000 (8%) | $4,000 (4%) | $2,000 (2%) |
| Pro | $5,000 | $54 | $71 | $550 (11%) | $300 (6%) | $150 (3%) |
| Pro | $10,000 | $98 | $130 | $1,100 (11%) | $600 (6%) | $300 (3%) |
| Pro | $25,000 | $208 | $284 | $2,750 (11%) | $1,500 (6%) | $750 (3%) |
| Pro | $50,000 | $318 | $460 | $5,500 (11%) | $3,000 (6%) | $1,500 (3%) |
| Pro | $100,000 | $527 | $790 | $11,000 (11%) | $6,000 (6%) | $3,000 (3%) |
| Beginner | $5,000 | $65 | $82 | $500 (10%) | $400 (8%) | $200 (4%) |
| Beginner | $10,000 | $120 | $152 | $1,000 (10%) | $800 (8%) | $400 (4%) |
| Beginner | $25,000 | $252 | $328 | $2,500 (10%) | $2,000 (8%) | $1,000 (4%) |
| Beginner | $50,000 | $395 | $537 | $5,000 (10%) | $4,000 (8%) | $2,000 (4%) |
| Beginner | $100,000 | $637 | $900 | $10,000 (10%) | $8,000 (8%) | $4,000 (4%) |
Capital Cap: Total aggregate active or funded balance allocation per individual user is strictly capped at $150,000 [E1].
3.4 Drawdown Mechanics and Floating Equity Tracking [E1]
- Static Maximum Drawdown Floor: Anchored once to initial starting balance; does not trail upward with closed profits [E1].
- Equity-Based Intraday Monitoring: Both daily loss and maximum drawdown limits are evaluated in real time against unrealized floating equity. Any momentary intraday wick touching the loss boundary triggers immediate permanent breach [E1].
- Daily Loss Reset Mechanism: Resets daily at 00:30 UTC, benchmarked against the account opening equity at that timestamp [E1].
- Inactivity Breach (Section 5.7): If no order is placed or closed for 30 consecutive calendar days, the account is permanently closed. Open active positions exempt accounts from this rule [E1].
4. Critical Contract Clauses & Payout Terms
While marketing highlights "No time limits, no minimum days, no consistency rule", rigorous scrutiny of the legal contract and rulebook exposes restrictive contract rules that systematically eliminate funded traders:
4.1 Critical Rule: Section 6.8 Per-Trade-Idea Live Equity Loss Cap (1.20%) [E1]
The most decisive constraint in Ferm's contract is Section 6.8, which activates strictly on funded accounts:
- Scope: Completely inactive during the evaluation phase; goes live the moment an account becomes funded [E1].
- The Rule: Across any single instrument and direction representing a single trade idea, unrealized floating loss cannot exceed 1.20% (120 bps) of starting balance [E1].
- 10-Minute Loss Chaining: If a position closes at a loss and a new trade opens in the same direction within 10 minutes, the realized loss is chained to the new trade's floating loss against the 1.20% ceiling [E1].
- Penalty & Complete Profit Forfeiture: Exceeding 1.20% open drawdown does not trigger an auto-close; instead, the system logs a "Funded Risk Warning". Even if the trade reverses into massive profit, 100% OF POSITIVE PROFIT IS CONFISCATED (WIPED), while all losses and execution fees remain debited to the trader [E1].
- Four-Strike Termination: A maximum of 3 warnings are permitted. A fourth infraction terminates and liquidates the funded account permanently [E1].
- Pay-to-Waive Upsell: At checkout, Ferm markets an "Idea-Cap Waiver" for a 75% fee surcharge. Traders who decline this add-on face near-certain profit forfeiture during standard market volatility [E1].
4.2 3 Qualifying Trading Days Requirement (Sections 5.5 & 9.1) [E1]
- Qualifying for a funded account does not grant immediate profit withdrawal rights.
- Traders must log at least 3 qualifying trading days prior to each payout cycle [E1].
- A day only qualifies if net closed profit equals at least 0.40% of starting balance ($400 on $100K; $20 on $5K). Placing minimal 0.01 lot token trades to satisfy day counts is explicitly blocked [E1].
4.3 Tiered Release Ceilings (Section 9.5) [E1]
Regardless of total accumulated profit, payouts are throttled by strict percentage ceilings:
- 1st Payout: Capped at a maximum of 4% of starting balance ($4,000 on a $100,000 account) [E1].
- 2nd Payout: Capped at a maximum of 5% of starting balance ($5,000 on a $100,000 account) [E1].
- 3rd & Subsequent Payouts: Capped at a maximum of 6% of starting balance ($6,000 on a $100,000 account) [E1].
- Excess profit is not confiscated; it remains escrowed in the account, requiring another 3 qualifying days and payout cycle to claim [E1].
4.4 Trading Lockout During Payout Review (Section 9.7) [E1]
From the instant a payout request is submitted until the risk desk completes its review (2 to 12 hours), the account is placed on an administrative Trading Lock. All open positions must be flat, and no new orders may be initiated [E1].
4.5 Weekend CFD Blackout (Section 6.6) [E1]
- Crypto perpetual contracts may be held 24/7 across weekends.
- Forex, equity index, and commodity CFD positions cannot be held over weekends [E1].
- All open CFD positions are forcibly closed by the system between Friday 21:00 UTC and Sunday 22:00 UTC, and pending orders are deleted [E1].
- Relying repeatedly on automated system closures triggers an account review under Section 6.4(b). Traders wishing to hold weekend CFD positions must pay a 10% fee surcharge for the "Weekend Hold" add-on [E1].
4.6 Sub-10-Second Tick Scalping Ban & Profit Concentration (Section 6.4) [E1]
- Holding a substantial volume of trades for under 10 seconds (tick scalping) triggers compliance investigations and payout halts [E1].
- Deriving the overwhelming majority of profit from a single outlier trade triggers manual concentration reviews [E1].
4.7 "Live Account" Promotion & Termination Hazard (Section 5.9) [E1]
Traders completing 4 successful payout cycles are reviewed for transition to an external institutional "Live Account" (25K, 50K, or 75K). If the risk desk rejects the trader during this assessment, the firm reserves the right under Section 5.9 to TERMINATE ALL EXISTING FUNDED ACCOUNTS and withhold remaining profit allocations [E1].
5. Technical Architecture, Execution Engine & Agent API
5.1 Execution Model & Synthetic Delay Mechanics [E1]
Ferm does not route customer orders to external liquidity providers or regulated exchanges; it operates a 100% synthetic B-Book:
- Crypto Quotations: Crypto perps prices and funding rates mirror Hyperliquid L1 orderbooks directly [E1].
- Synthetic Latency: Crypto market orders and manual liquidations incur an intentional 0.25 to 0.28-second execution delay to prevent latency arbitrage against Hyperliquid price feeds [E1].
- CFD Slippage Modeling: CFD orders exceeding $250,000 nominal value incur tiered slippage curves capped at 0.01% [E1].
5.2 Agent API: AI Trading Bots & Algorithmic Integration [E1]
Ferm has replaced legacy MetaTrader bridges with a dedicated modern REST API designed for algorithmic traders and autonomous AI agents:
- Primary Endpoint:
https://api.tryferm.com/v1/agent(Core engine:https://api.ferm.trade) [E1]. - Authentication: Granular API keys provisioned via user portal (
account:read,order:write) [E1]. - Rate Limits: Up to 600 requests per minute (600 req/min) [E1].
- Idempotency: Requires a unique UUID
clientOrderIdon order placements to prevent duplicate fills during socket disconnects [E1]. - Sequential Event Stream:
GET /v1/agent/eventsprovides an indexed, replayable event log for post-crash state reconciliation [E1].
5.3 Debunking Robots.txt Myths: The Truth Behind "Withdraw From Contract" [E1]
Forensic scanning of Ferm's sitemap and robots.txt uncovered two obscure routes that sparked community misconceptions:
1. /withdraw-from-contract Route:
Myth: Direct on-chain smart contract withdrawal functionality.
Fact: Statutory 14-day cancellation and refund form complying with EU/UK Consumer Rights Directive (2011/83/EU). Has no blockchain connection [E1].
2. /family-web-embed Route:
Myth: Integration with Family Web3 crypto wallet.
Fact: Webview container for Ferm's "Family" affiliate program embedded into iOS/Android mobile clients [E1].
5.4 Payment, Withdrawal & KYC Infrastructure [E1]
- Inbound Payment Gateways: BTCPay Server (Bitcoin, Lightning), NOWPayments (USDC, USDT, crypto), and TailoredPay / NMI Gateway (Credit Cards, Apple Pay) [E1].
- Outbound Payout Rails: USDC (Ethereum, Base, Solana) and USD Bank Wire/ACH [E1].
- Payout Intermediaries: Rise Works (
riseworks.io) and Bridge (bridge.xyz) [E1]. - KYC Identity Verification: Persona (
withpersona.com). Requires government ID capture and 3D biometric facial scanning [E1].
5.5 Client Logic & Risk Engine Parameters [E1]
Analysis of compiled client bundles reveals the risk engine logic and threshold constants configured within the platform:
IDEA_CAP_BPS: 120, // Section 6.8: 1.20% of initial balance (120 basis points)
LOSS_CHAINING_WINDOW_MS: 600000, // 10 minutes (loss combination window)
MAX_RISK_WARNINGS: 4, // 4th warning results in permanent account forfeiture
QUALIFYING_DAY_PROFIT_RATIO: 0.004, // 0.40% minimum daily gain required for qualifying day
TIERED_PAYOUT_CAPS: [0.04, 0.05, 0.06], // 1st, 2nd, and 3rd+ withdrawal ceilings (4%, 5%, 6%)
SYNTHETIC_DELAY_MIN_MS: 250, // Synthetic market order delay floor
SYNTHETIC_DELAY_MAX_MS: 280 // Synthetic market order delay ceiling
};
The most critical architectural finding from the decompilation is that the checkIdeaCap() routine is completely bypassed while account.tier === 'evaluation', but is immediately linked to an active balance-monitoring web worker once account.tier === 'funded' unless hasIdeaCapWaiver is explicitly true [E1]. This confirms beyond ambiguity that this restrictive threshold is concealed during evaluation and activated only upon funding.
6. Social Footprint, Community Sentiment & Reliability
6.1 Social Presence
- X (Twitter):
@tryferm(https://x.com/tryferm). Engages crypto derivative communities and broadcasts "Ferm Tournament" leagues [E1]. - Discord Community: Active community at
https://discord.gg/92mpZm8qte[E1]. - Trustpilot: ~4.5 / 5 rating based on limited early sample size (~16 reviews) [E2].
6.2 Prominent Community Disputes & Feedback
- 1.20% Live Loss Shock: Traders qualifying for funded accounts frequently express frustration over Section 6.8 activating abruptly, stripping accumulated profits on otherwise winning positions [E3].
- Tiered Payout Release Cap Discontent: High earners voice dissatisfaction over the 4% first payout ceiling and having to wait through subsequent 3-qualifying-day cycles to unlock remaining balances [E3].
- Hyperliquid Price Lag: Traders accustomed to direct Hyperliquid execution note minor slippage caused by Ferm's 250-280ms artificial delay [E3].
- Exit Scam Risk: No systemic payout default or exit scam has been recorded to date; however, rigorous rules result in high account forfeiture rates [E2].
6.3 Live Leaderboard (The Ferm Tournament) & Verified Turkish Participation [E1]
Forensic analysis of Ferm's production database leaderboard (tryferm.com/leaderboard) confirms active participation from Turkish traders:
- Total Ranked Traders: 24 active tournament competitors [E1].
- Tournament Leader:
folioiofrom Indonesia (ID) leading with +$4,806.43 PnL [E1]. - Turkish Resident Participant: In 21st place, user
deft-mesacarrying the Turkish (TR) flag ($100,000 balance, -$2,311.92 PnL) [E1]. - Key Finding: Confirms that Turkish residents actively open accounts, place trades, and are not geo-blocked by Ferm infrastructure [E1].
7. Comparative Matrix: FERM vs STRAT vs VEST MARKETS
| Audit Metric | FERM (@tryferm) |
STRAT (@TradeOnStrat) |
VEST MARKETS (@VestExchange) |
|---|---|---|---|
| Core Platform Model | Simulated Prop Trading Evaluation | Crypto & Synthetic Perp DEX | Decentralized Perp Exchange (Perp DEX) |
| Operating Entity | FermTrading, Inc. (Delaware, USA) | Decentralized Foundation / Protocol | Vest Labs Inc. (Delaware, USA) |
| CMB / SPK Regulatory Status | Unlicensed (DNS blocking risk) | Unlicensed (Unauthorized investment services) | Unlicensed (Subject to Law 7518) |
| Contractual Türkiye Ban | Not Prohibited (Accepted) [E1] | PROHIBITED (ToS Section 2.3 Blocks TR) [E1] | Not Prohibited (Direct Web3 access) |
| Capital at Risk | Evaluation Fee Only ($43 - $637) [E1] | Trader's Own Deposited Balance | Trader's Own Deposited Balance |
| Execution Architecture | 100% Synthetic B-Book Simulation [E1] | vAMM / Oracle Matching | Hybrid vAMM & Off-chain CLOB |
| Pricing Oracle / Data Feed | Hyperliquid + CFD Feeds [E1] | Pyth Network / Stork Oracle | Pyth Network Oracle |
| Available Leverage | Crypto 1x-4x, CFD 10x-30x [E1] | Crypto 50x, FX 100x | Crypto 20x-50x |
| Profit Split Allocation | 80% standard, 90% upgrade, 100% live [E1] | 100% Retained by User | 100% Retained by User |
| Key Operational Risk | 1.20% Loss Cap & 4%/5%/6% Payout Caps [E1] | Liquidation & Slippage Hazards | Liquidation & Arbitrage Penalties |
| Programmatic API Support | Official REST Agent API (600 req/min) [E1] | Web3 RPC / Smart Contracts | REST API & Client SDKs |
8. Strategic Verdict & Trader Recommendations
- 1. Evaluation Phase is Forgiving; Funded Accounts are Dangerous: The lack of time limits and reasonable targets makes passing the evaluation straightforward. However, the funded stage's 1.20% per-trade-idea loss cap swiftly penalizes traders who operate without tight stop-losses.
- 2. Checkout Add-ons Double Starting Costs: Operating without restrictive handicaps effectively requires purchasing the "Idea-Cap Waiver" (+75% fee) and "Weekend Hold" (+10% fee), substantially increasing upfront commitments.
- 3. Build a Tiered Withdrawal Strategy: Rather than pursuing massive balances, target 4% to 5% incremental milestones to match withdrawal ceilings, factoring in the 3 qualifying trading days requirement (0.40% daily net gain hurdle).
- 4. Legal & Counterparty Exposure: While Turkish residents face no contractual bans, the lack of local regulatory protections and exclusive Delaware jurisdiction dictate committing only risk capital whose loss will not disrupt operations.
9. References & Evidentiary Sources
- Ferm Terms of Use (Revision 15,
tryferm.com/terms) - Ferm Official Rulebook (v15,
tryferm.com/rulebook) - Ferm Live Web Route Tree & Robots Records
- Client Code Bundles & Runtime Configuration Parameters
- Network Traffic & Order Execution Latency Measurements (0.25-0.28s synthetic delay)
- Delaware Division of Corporations Filing No: 10684811 (FermTrading, Inc.)
- BVI Financial Services Commission Registry: Arcex Inc. No: 2151315, DUNS: 815522893
- Agent API Specification & Swagger Docs:
api.tryferm.com/v1/agent(Core:api.ferm.trade) - Tournament Database Records:
tryferm.com/leaderboard(October 2026, TR participantdeft-mesa) - Hyperliquid L1 Protocol Orderbook & Funding Stream Specifications
- Polychain Capital & 9Yards Capital Investment Disclosures (Finterest Ltd. $1.5M Seed, 2022)
- Independent Community Reviews: Trustpilot (tryferm.com), X (@tryferm), Discord incident logs