Shutdown | trueforexfunds.com (2024)

FAQs

What happened to TrueForexfunds? ›

True Forex Funds Has Permanently Shut Down Due to Financial Insolvency. Prop trading firm “True Forex Funds” had ceased all operations as of May 13. It really seems like there's a new prop firm shutting down every other week! From the outside it looks like complete chaos.

Yes, you can close an account on a forex platform after depositing funds and trading with them. All you have to do is contact the customer service team on the platform and request to close your account.

My Forex Funds Refutes CFTC's Claims

The platform has had more than 135,000 customers sign up since November 2021. However, the regulatory action shuttered the business overnight with its temporary restraining and asset freeze order.

True Forex Funds has ended its operations and announced plans to permanently close due to financial insolvency. According to a statement on the proprietary trading platform's official website, the firm was unable to improve its financial situation, leading to the discontinuation of its services.

Prop trading firms have been shutting down or suspending their services, particularly to U.S.-based clients, because of a crackdown from MetaQuotes, the company behind the popular MetaTrader trading platforms.

One of the most common mistakes made by forex traders who quit is that they ignore the market and don't listen to what it says. While it may be easy to develop and enhance your trading skills, traders also need to have the intuition and sensitivity to adapt their knowledge to the real conditions of the market.

If you intend to close your trading account, you first need to notify your stockbroker and provide the reason for closure. Once you've notified your stockbroker, the next step is to clear all pending dues, if any. Usually, the pending dues will show up as a negative balance on your trading account.

What information do I need when opening an account? We will need you to provide us with your name, address, and tax ID number (SSN or ITIN) to establish your identity. Typically, we can verify your identity instantly.

The CFTC closed MFF's accounts due to their allegation that MFF was defrauding its clients by actively trying to prevent them from becoming funded traders, while promising the opposite.

The Funded Trader shut down their website, trading platform and operations. In this video I talk about what happened, whether they are gone forever, what it means for anyone trading with the Funded Trader and what to do now, what prop firms to look at.

Do my forex funds still exist? ›

My Forex Funds, a well-known prop trading firm, experienced an abrupt shutdown due to freeze orders issued by Canadian provincial securities regulators and U.S. commodities regulators. The reasons behind these orders are undisclosed.

In late August, the CFTC filed a complaint against My Forex Funds, its CEO, and associated entities, alleging fraudulent activities. This complaint accused the defendants of deceptive practices related to leveraged retail foreign exchange and leveraged retail commodity transactions.

There is a very slim likelihood that they will succeed if the prop firm does not have their best interests in mind. Actually, one could compare the 95% of prop companies to a pyramid scheme. They either set you up to fail or compensate you with other traders' losses.

The Forex Funder is among the most popular prop trading firms globally. The UK-based prop firm offers a 1-step and 2-step evaluation process, which allows traders to choose the most suitable one based on their experience and strategy.

Which broker does True Forex Funds use? True Forex Funds does not use common broker brands for its trading. Instead, they partner with a tier-1 liquidity provider that provides institutional data feeds and direct market access execution on their corporate accounts.

Regulatory Challenges in Proprietary Trading Sector

Last week, Finance Magnates reported the abrupt cessation of operations by True Forex Funds, a Hungary-based online proprietary trading firm, following the alleged termination of its MT4 and MT5 licenses by MetaQuotes.

cTrader. We offer our clients access to all accounts on the widely acknowledged, high-performing and robust cTrader trading platform, enabling you to take your trading to the next level. To access your True Forex Funds trading account log in here: https://ct.trueforexfunds.com/ or download cTrader now!