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> Prop Trading: True Forex Funds Shuts Down
by Jared Kirui
- The company has stopped all its operations and plans to permanently close down.
- True Forex Funds mentioned that it was unable to stabilize its financial position.
True Forex Funds has ended its operations and announcedplans to permanently close due to financial insolvency. According to astatement on the proprietary trading platform’s official website, the firm wasunable to improve its financial situation, leading to the discontinuation ofits services.
True Forex Funds mentioned: "We sincerely appreciate thededication and hard work of our employees, the trust our clients have placed inus, and the consistent support from our partners. Your commitment has been thefoundation of our endeavors, and for that, we are deeply grateful. Thank youfor your invaluable support and for being an essential part of True ForexFunds."
In February, True Forex Funds announced plans torelaunch its services after ceasing operations due to the alleged terminationof its MT4 and MT5 licenses by MetaQuotes.The firm's CEO, Richard Nagy, expressed frustration over the lack of warningand the subsequent challenges faced by traders in the proprietarytrading industry. Despite this, the company said it was determined to resumeits services, with plans to relaunch in the "week of February 19th."
Reacting to the abrupt closure, one user identified as Banjara on X mentioned: "True Forex Funds has shut down their shop and gone forever. They made millions and paid millions but at the end still it's traders who suffered. Funding gone and payouts blocked. It should be a lesson for other firms to manage risk well."
Another user identified on X as PropFirmDrama said: "True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates."
Setback from Industry Challenges
Earlier, True Forex Funds mentionedthat it was actively seeking the reinstatement of its licenses by MetaQuotes,although Nagy acknowledged the possibility of migrating trading accounts to adifferent broker if negotiations fail. Thecompany advised users to prepare for any outcome as the firm navigates uncertainties.
In anticipation of the relaunch, True ForexFunds promised users a seamless and superior trading experience. Last month, the firm introduced Match-Trader as a secondary tradingplatform available in select countries, including Germany, Austria, Sweden, and Hungary. This rollout was reportedly in response to the high demand, with approximately 10,000 accounts waiting for migration to the platform.
— True Forex Funds (@trueforexfunds) April 19, 2024📢 Words from our CEO 📢
Hello Traders,
We are thrilled to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in select countries including Germany, Austria, Sweden, and Hungary. This strategic rollout is in response…
The company's representative earlier mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless processes and trading conditions."
True Forex Funds has ended its operations and announcedplans to permanently close due to financial insolvency. According to astatement on the proprietary trading platform’s official website, the firm wasunable to improve its financial situation, leading to the discontinuation ofits services.
True Forex Funds mentioned: "We sincerely appreciate thededication and hard work of our employees, the trust our clients have placed inus, and the consistent support from our partners. Your commitment has been thefoundation of our endeavors, and for that, we are deeply grateful. Thank youfor your invaluable support and for being an essential part of True ForexFunds."
In February, True Forex Funds announced plans torelaunch its services after ceasing operations due to the alleged terminationof its MT4 and MT5 licenses by MetaQuotes.The firm's CEO, Richard Nagy, expressed frustration over the lack of warningand the subsequent challenges faced by traders in the proprietarytrading industry. Despite this, the company said it was determined to resumeits services, with plans to relaunch in the "week of February 19th."
Reacting to the abrupt closure, one user identified as Banjara on X mentioned: "True Forex Funds has shut down their shop and gone forever. They made millions and paid millions but at the end still it's traders who suffered. Funding gone and payouts blocked. It should be a lesson for other firms to manage risk well."
Another user identified on X as PropFirmDrama said: "True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates."
Setback from Industry Challenges
Earlier, True Forex Funds mentionedthat it was actively seeking the reinstatement of its licenses by MetaQuotes,although Nagy acknowledged the possibility of migrating trading accounts to adifferent broker if negotiations fail. Thecompany advised users to prepare for any outcome as the firm navigates uncertainties.
In anticipation of the relaunch, True ForexFunds promised users a seamless and superior trading experience. Last month, the firm introduced Match-Trader as a secondary tradingplatform available in select countries, including Germany, Austria, Sweden, and Hungary. This rollout was reportedly in response to the high demand, with approximately 10,000 accounts waiting for migration to the platform.
— True Forex Funds (@trueforexfunds) April 19, 2024📢 Words from our CEO 📢
Hello Traders,
We are thrilled to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in select countries including Germany, Austria, Sweden, and Hungary. This strategic rollout is in response…
The company's representative earlier mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless processes and trading conditions."
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About the Author: Jared Kirui
- 906 Articles
- 11 Followers
About the Author: Jared Kirui
Jared is an experienced financial journalist passionate about all things forex and CFDs.
- 906 Articles
- 11 Followers
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