True Forex Funds Ceases Operations
True Forex Funds has ceased operations and announced plans for permanent closure due to financial insolvency. According to a statement on their official website, the company was unable to improve its financial situation, leading to a suspension of services.
True Forex Funds stated: "We sincerely thank our staff for their dedication and hard work, our customers for their trust, and our partners for their consistent support. Your commitment has been the foundation of our efforts, for which we are deeply grateful. Thank you for your valuable support and for being an integral part of True Forex Funds."
In February this year, True Forex Funds had announced plans to restart services after previously halting operations due to MetaQuotes allegedly terminating their MT4 and MT5 licenses. Company CEO Richard Nagy expressed frustration at the lack of warning and the subsequent challenges faced by traders in the prop trading industry. Nevertheless, the company expressed determination to resume services, planning to restart in "the week of February 19th".
Regarding this sudden closure, a user named Banjara on the X platform stated: "True Forex Funds has shut its doors. They made millions and paid out millions, but in the end, traders suffer. Funds are gone, withdrawals are blocked. This should be a lesson for other companies in risk management."
Another user on the X platform named PropFirm Drama said: "True Forex Funds has officially closed, and we sincerely hope the prop trading industry can help those traders who have been devastatingly affected."
Setbacks Brought by Challenges in the Prop Trading Industry
Earlier, True Forex Funds mentioned actively seeking to have MetaQuotes restore their license, although Nagy admitted that if negotiations failed, they might migrate trading accounts to another broker.
The company advised users to be prepared for any outcome as they were dealing with uncertainties.
To restart, True Forex Funds promised users a seamless and excellent trading experience. Last month, they introduced Match-Trader as a second trading platform in countries such as Germany, Austria, Sweden, and Hungary. It was said to be due to high demand, with about 10,000 accounts waiting to migrate to this platform.
A company representative previously mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching the cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure perfect processes and trading conditions."
Key Points of True Forex Funds Closure Event
- True Forex Funds permanently closes due to financial issues
- The company had announced plans to restart services in February but ultimately failed to realize them
- The closure is related to MetaQuotes terminating MT4 and MT5 licenses
- Many traders are affected, with issues regarding funds and withdrawals
- The company had attempted to salvage the situation by introducing new platforms and improving services
- This closure highlights the challenges and risks faced by the prop trading industry
