True Forex Funds has ended its operations and announced
plans to permanently close due to financial insolvency. According to a
statement on the proprietary trading platform’s official website, the firm was
unable to improve its financial situation, leading to the discontinuation of
its services.
End of the Road: True Forex Funds Closes
True Forex Funds mentioned: “We sincerely appreciate the
dedication and hard work of our employees, the trust our clients have placed in
us, and the consistent support from our partners. Your commitment has been the
foundation of our endeavors, and for that, we are deeply grateful. Thank you
for your invaluable support and for being an essential part of True Forex
Funds.”
In February, True Forex Funds announced plans to
relaunch its services after ceasing operations due to the alleged termination
of its MT4 and MT5 licenses by MetaQuotes.The firm’s CEO, Richard Nagy, expressed frustration over the lack of warning
and the subsequent challenges faced by traders in the proprietary
trading industry. Despite this, the company said it was determined to resume
its services, with plans to relaunch in the “week of February 19th.”
Reacting to the abrupt closure, one user identified as Banjara on X mentioned: “True Forex Funds has shut down their shop and gone forever.
They made millions and paid millions but at the end still it’s traders who suffered. Funding gone and payouts blocked.
It should be a lesson for other firms to manage risk well.”
Another user identified on X as PropFirmDrama said: “True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates.”
Setback from Industry Challenges
Besides that, True Forex Funds mentioned
that it was actively seeking the reinstatement of its licenses by MetaQuotes,
although Nagy acknowledged the possibility of migrating trading accounts to a
different broker if negotiations fail. The
company advised its users to prepare for any outcome as the firm navigates
these uncertainties.
In anticipation of the relaunch, True Forex
Funds promised users a seamless and superior trading experience. Besides that, the firm introduced Match-Trader as a secondary trading
platform last month. The proprietary trading firm said that Match-Trader was available in select countries, including Germany, Austria, Sweden, and Hungary. This strategic rollout was reportedly in response to the high demand, with approximately 10,000 accounts waiting for migration to the platform.
📢 Words from our CEO 📢Hello Traders,We are thrilled to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in select countries including Germany, Austria, Sweden, and Hungary. This strategic rollout is in response…
— True Forex Funds (@trueforexfunds) April 19, 2024
Earlier, the company’s representative mentioned: “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.”
This article was written by Jared Kirui at www.financemagnates.com.
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