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.
Financial Commission Approves Monstrade Giving Clients Mediation and €20K Coverage
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 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
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 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
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
