Beleaguered Prop Trading Firm True Forex Funds Announces Plans to Relaunch Next Week

by Jared Kirui
  • The company plans to launch its cTrader platform and integrate users’ accounts.
  • True Forex Funds is actively seeking the reinstatement of its license by MetaQuotes.
True Forex Funds
True Forex Funds

True Forex Funds recently ceased operations following the alleged termination of its MT4 and MT5 licenses by MetaQuotes. Despite this setback, the Hungary-based online proprietary trading firm has announced plans to restart its operations next week.

True Forex Funds Navigates Disruptions

In response to the disruption of services, True Forex Funds has announced its intention to resume operation in the "week of February 19th." Richard Nagy, the CEO of the company, recently expressed frustration over the lack of warning and the challenge related to trading services on the platform.

Source: Discord
Source: Discord

True Forex Funds is reportedly seeking the reinstatement of its licenses by MetaQuotes. However, Nagy has acknowledged the possibility of migrating trading accounts to a different broker if negotiations fail. The firm has advised traders to prepare for any outcome.

Preparing for Reopening

In an email sent to Finance Magnates, a representative from True Forex Funds mentioned: "It is with great enthusiasm that we announce that we will reopen in less than two weeks, promising an experience that will exceed your expectations."

"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."

Source: True Forex Funds
Source: True Forex Funds

True Forex Funds is not the only company grappling with challenges in the proprietary trading space. Last year, the Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC) took action against My Forex Funds and its owner, Murtuza Kazmi.

The CFTC and OSC brought charges against Kazmi and his companies, Traders Global Group Inc., in New Jersey and Canada. My Forex Funds purportedly offered retail customers the opportunity to become "professional traders" using the company's money.

However, investigations reveal that Traders Global operated as a counterparty to most customer trades, not as a liquidity provider as claimed. The CFTC obtained a restraining order freezing assets and mandating the submission of records for examination.

Meanwhile, FPFX Technologies, a technology firm in the proprietary trading industry, allegedly terminated its agreement with Funded Engineer recently. This decision marked the end of another partnership in the trading community, highlighting broader challenges in the sector.

True Forex Funds recently ceased operations following the alleged termination of its MT4 and MT5 licenses by MetaQuotes. Despite this setback, the Hungary-based online proprietary trading firm has announced plans to restart its operations next week.

True Forex Funds Navigates Disruptions

In response to the disruption of services, True Forex Funds has announced its intention to resume operation in the "week of February 19th." Richard Nagy, the CEO of the company, recently expressed frustration over the lack of warning and the challenge related to trading services on the platform.

Source: Discord
Source: Discord

True Forex Funds is reportedly seeking the reinstatement of its licenses by MetaQuotes. However, Nagy has acknowledged the possibility of migrating trading accounts to a different broker if negotiations fail. The firm has advised traders to prepare for any outcome.

Preparing for Reopening

In an email sent to Finance Magnates, a representative from True Forex Funds mentioned: "It is with great enthusiasm that we announce that we will reopen in less than two weeks, promising an experience that will exceed your expectations."

"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."

Source: True Forex Funds
Source: True Forex Funds

True Forex Funds is not the only company grappling with challenges in the proprietary trading space. Last year, the Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC) took action against My Forex Funds and its owner, Murtuza Kazmi.

The CFTC and OSC brought charges against Kazmi and his companies, Traders Global Group Inc., in New Jersey and Canada. My Forex Funds purportedly offered retail customers the opportunity to become "professional traders" using the company's money.

However, investigations reveal that Traders Global operated as a counterparty to most customer trades, not as a liquidity provider as claimed. The CFTC obtained a restraining order freezing assets and mandating the submission of records for examination.

Meanwhile, FPFX Technologies, a technology firm in the proprietary trading industry, allegedly terminated its agreement with Funded Engineer recently. This decision marked the end of another partnership in the trading community, highlighting broader challenges in the sector.

About the Author: Jared Kirui
Jared Kirui
  • 798 Articles
  • 10 Followers
About the Author: Jared Kirui
Jared is an experienced financial journalist passionate about all things forex and CFDs.
  • 798 Articles
  • 10 Followers

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