My Forex Funds had over 135,000 customers taking its 'challenge'.
The cost of its challenge fee was up to $4,900.
The fraud charges against My Forex Funds brought by the US commodities regulator have shocked the rapidly growing prop trading Industry. Since the charges were filed, the business of the prop trading firm has been shuttered, as its assets were frozen.
The Commodity Futures Trading Commission's (CFTC) lawsuit named New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., both operating as My Forex Funds, along with the CEO, Murtuza Kazmi.
Along with the US regulator, Canada's Ontario Securities Commission (OSC) issued a cease order against the local entity and Kazmi, prohibiting them from trading in securities.
The actions against My Forex Funds were not abrupt, as the CFTC has been investigating the company for about a year. The American regulator also assisted the Canadian state's counterpart with its investigation.
However, in an official response, My Forex Funds claimed that the actions by both regulators came without prior notice or discussion.
Serious Charges against My Forex Funds
The US regulator filed severe charges against the two entities operating the My Forex Funds brand and their CEO. The defendants have been accused of fraud.
The lawsuit highlighted that My Forex Funds offered retail customers to become "professional traders" by trading with Traders Global's money against third-party "liquidity providers" and splitting any trading profits. Although the platform assured the public that it makes money when customers make money, in reality, Traders Global operated as a counterparty to substantially all customer trades, not as a liquidity provider.
Furthermore, Traders Global was even accused of minimizing the probability of its customers' profitability with pretexts to terminate customer accounts, misleadingly assessing commissions to reduce customer account equity, and using manipulative software to execute orders at the worst possible prices.
According to the CFTC, the platform allegedly allowed only a "small number of successful customers to decrease customer profits and increase customer losses."
Boom in Business
With the alleged malpractices, the company generated at least $310 million in fees from a customer base of more than 135,000, who signed up since November 2021. The firm reported over $1 billion in user deposits.
My Forex Funds came into existence in 2020 when the popularity of prop trading was exploding. It ran extensive social media campaigns that bombarded potential customers with advertisements, especially on YouTube.
Prop trading firms target retail traders, evaluate their trading skills, and hand out the company's money to them for trading. The platforms then split the profits, if there are any. However, the profits were not the only source of revenue for prop trading firms or for My Forex Funds.
These platforms generate most of the income with fees from 'challenges' or the virtual trading that the traders must take to qualify to receive the funds to trade in live markets. The program fee for My Forex Funds ranged from $49 to $4,900. The higher the program fee paid by the traders, the more capital they will have access to.
Further, the profit splits varied from one program to another. My Forex Funds offered profit splits up to 85 percent.
Programs of My Forex Funds
My Forex Funds heavily boasted about its payouts on its social media channels. Its last update on payouts was reported on August 28 when it claimed that it made payouts worth $5,060,475.16 between August 18 and 24. It also lured traders with frequent offers and discounts.
My Forex Funds allowed traders to skip the so-called 'challenge'. For that, traders must deposit a sum, and My Forex Funds would match that. For instance, if the trader deposits $100, the prop trading would give them another $100. However, taking such deposits might violate existing regulations; after all, prop trading firms operate without any license.
Details of Accelerated program of My Forex Funds
Although some prop trading firms try to be transparent, the operations of My Forex Funds were not. According to the archived version of its website, the platform offered 100:1 leverage to some traders, meaning it would have used the services of some offshore brokers; no names are mentioned on the website.
"MyForexFunds does not directly solicit customers from Canada. People who register for our programs do so at their own volition," the archived website stated.
The Industry Is Adjusting
Although Finance Magnates approached multiple prop trading firms to know about their business model and their views on the situation at My Forex Funds, none have agreed to share their responses.
However, many prop trading firms, if not all, are carefully making many adjustments. A highlighted change on the website of several prop trading firms is in the language used, with the terms 'virtual' and 'simulated'. Companies like Funded Engineer, Bespoke Funding, and My Funded FX are now calling the challenges "simulated accounts" and the targets and losses "virtual trading targets and losses." These changes indicate the gamification of prop trading.
Another shift is the move towards offering futures prop trading. As one of the CFTC's allegations against My Forex Funds is the manipulation of market data, prop trading firms offering futures can take the feed directly from the Chicago Mercantile Exchange.
Meanwhile, HR startup Deel, a major payments provider to several prop trading firms, is now reviewing the businesses. According to The Information, Deel facilitated at least $72 million as payouts for My Forex Funds customers and is currently under investigation by the CFTC.
With all the rapid developments in the short period, it would be interesting to follow how the prop trading industry shapes in the future.
The fraud charges against My Forex Funds brought by the US commodities regulator have shocked the rapidly growing prop trading Industry. Since the charges were filed, the business of the prop trading firm has been shuttered, as its assets were frozen.
The Commodity Futures Trading Commission's (CFTC) lawsuit named New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., both operating as My Forex Funds, along with the CEO, Murtuza Kazmi.
Along with the US regulator, Canada's Ontario Securities Commission (OSC) issued a cease order against the local entity and Kazmi, prohibiting them from trading in securities.
The actions against My Forex Funds were not abrupt, as the CFTC has been investigating the company for about a year. The American regulator also assisted the Canadian state's counterpart with its investigation.
However, in an official response, My Forex Funds claimed that the actions by both regulators came without prior notice or discussion.
Serious Charges against My Forex Funds
The US regulator filed severe charges against the two entities operating the My Forex Funds brand and their CEO. The defendants have been accused of fraud.
The lawsuit highlighted that My Forex Funds offered retail customers to become "professional traders" by trading with Traders Global's money against third-party "liquidity providers" and splitting any trading profits. Although the platform assured the public that it makes money when customers make money, in reality, Traders Global operated as a counterparty to substantially all customer trades, not as a liquidity provider.
Furthermore, Traders Global was even accused of minimizing the probability of its customers' profitability with pretexts to terminate customer accounts, misleadingly assessing commissions to reduce customer account equity, and using manipulative software to execute orders at the worst possible prices.
According to the CFTC, the platform allegedly allowed only a "small number of successful customers to decrease customer profits and increase customer losses."
Boom in Business
With the alleged malpractices, the company generated at least $310 million in fees from a customer base of more than 135,000, who signed up since November 2021. The firm reported over $1 billion in user deposits.
My Forex Funds came into existence in 2020 when the popularity of prop trading was exploding. It ran extensive social media campaigns that bombarded potential customers with advertisements, especially on YouTube.
Prop trading firms target retail traders, evaluate their trading skills, and hand out the company's money to them for trading. The platforms then split the profits, if there are any. However, the profits were not the only source of revenue for prop trading firms or for My Forex Funds.
These platforms generate most of the income with fees from 'challenges' or the virtual trading that the traders must take to qualify to receive the funds to trade in live markets. The program fee for My Forex Funds ranged from $49 to $4,900. The higher the program fee paid by the traders, the more capital they will have access to.
Further, the profit splits varied from one program to another. My Forex Funds offered profit splits up to 85 percent.
Programs of My Forex Funds
My Forex Funds heavily boasted about its payouts on its social media channels. Its last update on payouts was reported on August 28 when it claimed that it made payouts worth $5,060,475.16 between August 18 and 24. It also lured traders with frequent offers and discounts.
My Forex Funds allowed traders to skip the so-called 'challenge'. For that, traders must deposit a sum, and My Forex Funds would match that. For instance, if the trader deposits $100, the prop trading would give them another $100. However, taking such deposits might violate existing regulations; after all, prop trading firms operate without any license.
Details of Accelerated program of My Forex Funds
Although some prop trading firms try to be transparent, the operations of My Forex Funds were not. According to the archived version of its website, the platform offered 100:1 leverage to some traders, meaning it would have used the services of some offshore brokers; no names are mentioned on the website.
"MyForexFunds does not directly solicit customers from Canada. People who register for our programs do so at their own volition," the archived website stated.
The Industry Is Adjusting
Although Finance Magnates approached multiple prop trading firms to know about their business model and their views on the situation at My Forex Funds, none have agreed to share their responses.
However, many prop trading firms, if not all, are carefully making many adjustments. A highlighted change on the website of several prop trading firms is in the language used, with the terms 'virtual' and 'simulated'. Companies like Funded Engineer, Bespoke Funding, and My Funded FX are now calling the challenges "simulated accounts" and the targets and losses "virtual trading targets and losses." These changes indicate the gamification of prop trading.
Another shift is the move towards offering futures prop trading. As one of the CFTC's allegations against My Forex Funds is the manipulation of market data, prop trading firms offering futures can take the feed directly from the Chicago Mercantile Exchange.
Meanwhile, HR startup Deel, a major payments provider to several prop trading firms, is now reviewing the businesses. According to The Information, Deel facilitated at least $72 million as payouts for My Forex Funds customers and is currently under investigation by the CFTC.
With all the rapid developments in the short period, it would be interesting to follow how the prop trading industry shapes in the future.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
