Meanwhile, the operations of the real My Forex Funds remain shuttered.
A screenshot of the My Forex Funds clone website
While the troubled prop trading brand My Forex Funds is fighting the Commodity Futures Trading Commission (CFTC) in court, scammers are taking advantage. A clone of My Forex Funds has appeared, using the name and branding of the now-shuttered prop trading brand.
Finance Magnates has confirmed that the brand is a clone and has no ties with the real My Forex Funds or anyone in that company.
The Menace of Clones in the Trading Industry
Claimed to be registered in the Cayman Islands, the clone also has a decent social media following, with 28.1K followers on Instagram. However, the scammers have acquired an Instagram account with a follower base or purchased followers to make the account look authentic. The first active post from this Instagram account was made on 20 May.
Meanwhile, the real My Forex Funds Instagram account has 152K followers. However, that account has remained inactive since 1 September 2023, when the CFTC first brought the fraud charges against the company.
Instagram account of My Forex Funds clone
The Fight Between My Forex Funds and CFTC
The CFTC’s initial actions against My Forex Funds included freezing all assets, forcing the platform to shutter its operations overnight. Although the regulator initially gave control of the My Forex Funds website to the appointed temporary receiver, the court later overturned the order, giving the website’s control back to the prop trading company. However, the website offers no services yet and only displays the branding.
The My Forex Funds clone website and social media accounts look authentic, but users must be cautious when interacting with such scams. Furthermore, the lack of regulations on prop trading also makes the platforms and customers in this niche industry more vulnerable.
Meanwhile, the legal battle between the CFTC and My Forex Funds took a dramatic turn over the course of almost a year. The prop trading firm is seeking sanctions against the regulator over the misrepresentation of facts in court. Interestingly, CFTC’s Commissioner Caroline Pham recently pointed out the regulatory misconduct in the My Forex Funds case and heavily criticised the staff of the enforcement division.
While the troubled prop trading brand My Forex Funds is fighting the Commodity Futures Trading Commission (CFTC) in court, scammers are taking advantage. A clone of My Forex Funds has appeared, using the name and branding of the now-shuttered prop trading brand.
Finance Magnates has confirmed that the brand is a clone and has no ties with the real My Forex Funds or anyone in that company.
The Menace of Clones in the Trading Industry
Claimed to be registered in the Cayman Islands, the clone also has a decent social media following, with 28.1K followers on Instagram. However, the scammers have acquired an Instagram account with a follower base or purchased followers to make the account look authentic. The first active post from this Instagram account was made on 20 May.
Meanwhile, the real My Forex Funds Instagram account has 152K followers. However, that account has remained inactive since 1 September 2023, when the CFTC first brought the fraud charges against the company.
Instagram account of My Forex Funds clone
The Fight Between My Forex Funds and CFTC
The CFTC’s initial actions against My Forex Funds included freezing all assets, forcing the platform to shutter its operations overnight. Although the regulator initially gave control of the My Forex Funds website to the appointed temporary receiver, the court later overturned the order, giving the website’s control back to the prop trading company. However, the website offers no services yet and only displays the branding.
The My Forex Funds clone website and social media accounts look authentic, but users must be cautious when interacting with such scams. Furthermore, the lack of regulations on prop trading also makes the platforms and customers in this niche industry more vulnerable.
Meanwhile, the legal battle between the CFTC and My Forex Funds took a dramatic turn over the course of almost a year. The prop trading firm is seeking sanctions against the regulator over the misrepresentation of facts in court. Interestingly, CFTC’s Commissioner Caroline Pham recently pointed out the regulatory misconduct in the My Forex Funds case and heavily criticised the staff of the enforcement division.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Webull Spent Big to Hit Record Revenue, and the Bill Is in the Fine Print
FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
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
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.
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#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.
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#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
Hola Prime Review: What You Need to Know | Full Breakdown by Finance Magnates
Hola Prime Review: What You Need to Know | Full Breakdown by Finance Magnates
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:
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▶️ 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
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#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
Axi Winner Spotlight 🏆 | Global Most Innovative Broker 2025 #Innovation #Trading #Fintech #Broker
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
