This FAQ explains the rules every analyst on PayoutProofs must follow. It is general guidance, not legal advice. PayoutProofs cannot tell you whether you personally must register. If this FAQ conflicts with your Analyst Platform Agreement, the Agreement governs.
1.1 It depends on your own situation. Futures trading advice for pay is regulated by the Commodity Futures Trading Commission (CFTC), and registered advisors must also be members of the National Futures Association (NFA). Some advisors must register; others qualify for an exemption. Whether you qualify depends on how you give advice, what you trade, how and where you market yourself (including outside PayoutProofs), and where you live.
1.2 You are responsible for your own status. PayoutProofs publishes your signals the same way to every subscriber, with no individualized advice. PayoutProofs’ setup does not register you or exempt you, and it does not ask for a registration number: you agree to the Analyst Agreement and you are responsible for any registration or exemption that applies to you.
1.3 If you also advise on stocks or options on stocks, the Securities and Exchange Commission and state securities regulators may also have rules for you.
1.4 Where to learn more. The CFTC (cftc.gov) and the NFA (nfa.futures.org) publish guidance on who must register as a commodity trading advisor and on exemptions. Anyone can look up registration status on NFA BASIC. For advice on your own situation, speak with a lawyer who handles futures and commodities regulation.
2.1 Only advice that is the same for everyone. You may publish Strategy Signals and general commentary that every subscriber receives equally. You may never give advice based on a particular subscriber’s account, positions, size or personal situation.
2.2 Examples.
Allowed: posting to all subscribers, “Long ES at 5,200, stop 5,190, first target 5,215.”
Allowed: a general Discord post, “Reminder to everyone: set your own size and stops in your own automation.”
Not allowed: a DM saying, “You’ve got 4 contracts on, so I’d take 2 off now.”
Not allowed: replying to a subscriber, “With a $50k account you should trade 3 MES on my signals.”
Not allowed: telling a subscriber, “Given how you trade, you should pick the Day-Close Feed.”
2.3 Discord counts. The rule applies everywhere: the web room, public channels, DMs, voice chat, X, Substack and any other place. If a subscriber asks about his or her own account, reply with a general answer anyone could use, or point to the FAQ and the subscriber’s own broker.
3.1 No. You must never accept or use any authority over a subscriber’s account, formal or informal. Do not ask for, accept or use broker logins, webhook URLs, passwords or API keys belonging to subscribers. Do not configure a subscriber’s automation for them.
3.2 Sizing belongs to subscribers. Signals use a one-contract reference format. Each subscriber sets his or her own size and limits in his or her own tools.
4.1 You do. You decide all exits in your own signals and you never have to close by any particular time.
4.2 The Day-Close Feed is PayoutProofs’ rule. Subscribers may choose the Day-Close Feed, in which PayoutProofs sends a standard close at 4:50 PM ET for any position still open. That close is not your decision, does not appear in your record, and must not be described as your trade.
4.3 No individual closes. Neither you nor PayoutProofs sends a close for an individual subscriber on request. Subscribers close or adjust positions through their own automation or broker.
5.1 Use the required disclosure. Your PayoutProofs record is hypothetical: it uses market- stamped reference prices, not customer fills. Wherever you show it or any simulated result, on or off PayoutProofs, include the CFTC-required hypothetical performance disclosure (or the NFA’s approved alternative) right next to the results, just as prominent. PayoutProofs shows it on the platform; you must add it everywhere else.
5.2 Do not undercut it. Do not call hypothetical results “real money,” “verified profits” or “member results,” and do not post screenshots that suggest typical member earnings.
5.3 No promises. Do not promise or imply profits, guaranteed results, “low risk,” “can’t lose” or income figures. Whop’s earnings-claims rules also apply to your listing.
5.4 Paid promotion. If you pay or reward anyone to promote your signals, including affiliates, they must clearly disclose that connection.
6.1 Never trade against subscribers. Do not use advance knowledge of your own signals or of the 4:50 PM close to trade ahead of subscribers or profit from their orders.
6.2 Disclose relationships. Disclose on your listing any payment you receive from brokers, prop firms or other businesses you promote.
7.1 Status changes. Update your Compliance Certification within 5 business days of any change in your registration or exemption status.
7.2 Regulator contact. Tell PayoutProofs within 2 business days if you receive an inquiry, subpoena, complaint or notice from the CFTC, the NFA or any other regulator about your trading advice, where you are legally allowed to.
PayoutProofs may suspend your listing and signal delivery immediately and may end your Agreement. You are responsible for your own regulatory compliance and for claims arising from your signals, commentary and marketing, as set out in your Agreement.
Yes. These rules apply to every analyst on PayoutProofs because PayoutProofs serves U.S. subscribers. Your own country’s laws may also apply to you, and you should check them with a local lawyer.
Questions about this FAQ: [email protected]. This FAQ is not legal advice.
Not legal or investment advice. Questions: [email protected]
