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.
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
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
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.
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
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
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.
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- Source: https://www.financemagnates.com//forex/beleaguered-prop-trading-firm-true-forex-funds-announces-plans-to-relaunch-next-week/
