The firm’s CEO, Richard Nagy, has emphasized the commitment to restoring normal operations.
The company mentioned MetaQuote's decision to terminate TFF's licenses as the reason behind the disruption.
True Forex Funds
The prop trading firm True
Forex Funds experienced a disruption after claiming that MetaQuotes, the operator of MT4 and
MT5, terminated the licenses for its trading platform. This resulted in a temporary
cessation of its services.
This development represents the second instance in
recent months where a notable name in the proprietary trading sector for
foreign exchange and contract for difference has faced disruption. It follows the shutdown of Canada's My Forex Funds by US
and Canadian regulators last September.
True Forex Funds' CEO Pledges Resolution
In response to the disruption, True Forex Funds'
CEO, Richard Nagy, expressed the team's commitment to finding a solution and
continuing to serve its traders. Currently, the firm is persuading MetaQuotes
to reconsider its decision while plans are being explored, including the
potential migration of trading accounts to alternative brokers.
Source: True Forex Funds
Despite the setback, True Forex Funds has reassured
its traders that it will resume operations. The firm has urged traders to
stay informed and prepare for potential developments, including the settlement
of remaining payouts and the possibility of account migration.
Finance Magnates has contacted MetaQuotes and True Forex Funds for comments about the development, and this story will be updated as soon as we receive their feedback. Notably, True Forex Funds was flagged by the Commodity Futures Trading Commission last year.
The Proprietary Trading Paradigm
According to a recent post by Finance Magnates,
proprietary trading firms operate on a fundamentally different model from Trader Funded Firms. They
engage in active trading activities, leveraging their resources and expertise
to capitalize on market opportunities. Besides that, the firms use quantitative
strategies, act as market makers or liquidity providers, and are subject to
regulatory oversight.
The misconception arises when trader funding
programs are erroneously equated with proprietary trading firms. While both may
share certain characteristics, such as evaluation processes and access to
capital, the underlying business models and operational dynamics differ.
Last year, a US court partially granted the CEO of My Forex
Funds' (Murtuza Kazmi) request, releasing approximately $100 million of his
assets while retaining $12 million. This decision followed the submission of "first
impression evidence" by the Commodity Futures Trading Commission against My Forex Funds, indicating deceptive practices within the company,
Finance Magnates reported.
Additionally, the court discharged the temporary
receiver earlier appointed, expressing confidence in the defendants' legal
representation and compliance with court orders.
The prop trading firm True
Forex Funds experienced a disruption after claiming that MetaQuotes, the operator of MT4 and
MT5, terminated the licenses for its trading platform. This resulted in a temporary
cessation of its services.
This development represents the second instance in
recent months where a notable name in the proprietary trading sector for
foreign exchange and contract for difference has faced disruption. It follows the shutdown of Canada's My Forex Funds by US
and Canadian regulators last September.
True Forex Funds' CEO Pledges Resolution
In response to the disruption, True Forex Funds'
CEO, Richard Nagy, expressed the team's commitment to finding a solution and
continuing to serve its traders. Currently, the firm is persuading MetaQuotes
to reconsider its decision while plans are being explored, including the
potential migration of trading accounts to alternative brokers.
Source: True Forex Funds
Despite the setback, True Forex Funds has reassured
its traders that it will resume operations. The firm has urged traders to
stay informed and prepare for potential developments, including the settlement
of remaining payouts and the possibility of account migration.
Finance Magnates has contacted MetaQuotes and True Forex Funds for comments about the development, and this story will be updated as soon as we receive their feedback. Notably, True Forex Funds was flagged by the Commodity Futures Trading Commission last year.
The Proprietary Trading Paradigm
According to a recent post by Finance Magnates,
proprietary trading firms operate on a fundamentally different model from Trader Funded Firms. They
engage in active trading activities, leveraging their resources and expertise
to capitalize on market opportunities. Besides that, the firms use quantitative
strategies, act as market makers or liquidity providers, and are subject to
regulatory oversight.
The misconception arises when trader funding
programs are erroneously equated with proprietary trading firms. While both may
share certain characteristics, such as evaluation processes and access to
capital, the underlying business models and operational dynamics differ.
Last year, a US court partially granted the CEO of My Forex
Funds' (Murtuza Kazmi) request, releasing approximately $100 million of his
assets while retaining $12 million. This decision followed the submission of "first
impression evidence" by the Commodity Futures Trading Commission against My Forex Funds, indicating deceptive practices within the company,
Finance Magnates reported.
Additionally, the court discharged the temporary
receiver earlier appointed, expressing confidence in the defendants' legal
representation and compliance with court orders.
Jared Kirui is an Editor at Finance Magnates with more than five years of experience in financial journalism. He covers online trading, fintech, payments, and crypto industries with a focus on companies, regulation and compliance, executive moves, trading technology, and market analysis.
His work has been featured in other media outlets, including Benzinga, ZyCrypto, The Distributed, and The Daily Hodl.
Education:
Bachelor of Commerce degree (Finance option), University of Nairobi
Retail Traders Can Now Access Prediction Markets Through Binance Wallet
FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
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FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
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Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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▶️ YouTube: /@financemagnates_official
#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
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▶️ YouTube: /@financemagnates_official
#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
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In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
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Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
