True Forex Funds GONE Forever! Here’s What Happened
True Forex Funds, once a prominent name in the proprietary trading sector, has ceased operations permanently due to financial insolvency. This marks a significant and final shutdown in its history.
The company recently announced its closure, stressing that its financial predicaments were too severe to continue. This announcement followed various attempts to relaunch and stabilize the business, all of which ultimately proved fruitless.
TFF Closed Permanently
In a heartfelt goodbye on its official website, True Forex Funds expressed gratitude towards its employees, clients, and partners.
“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.” – the statement read.
The problems began earlier this year when TFF faced an abrupt termination of its MT4 and MT5 licenses by MetaQuotes. This sudden action left the firm scrambling to find solutions and prompted an initial temporary closure. Richard Nagy, the CEO of TFF, detailed the challenges they faced, describing the lack of warning as a major hurdle for both the company and its traders.
Despite these challenges, there was a glimmer of hope in February when the firm announced a potential relaunch scheduled for the week of February 19th. The company aimed to offer a seamless and superior trading experience, introducing a secondary platform, Match-Trader, and planning the launch of cTrader. The initiatives were intended to regain the trust of its clientele and stabilize the firm’s operations.
Community Reactions and the Final Bow
The closure was met with frustration from the trading community, with reactions pouring in on social media platforms like X (formerly Twitter). One user, Banjara, noted, “True Forex Funds has shut down their shop and gone forever. They made millions and paid millions but in the end, still, it’s traders who suffered. Funding is gone and payouts are blocked. It should be a lesson for other firms to manage risk well.”
Another user, PropFirmDrama, echoed the sentiment of loss and hope for community support: “True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates.”
The firm’s attempts to secure a relaunch and stabilize were ultimately unsuccessful. Despite introducing Match-Trader and having plans for cTrader, the firm could not overcome the financial hurdles and licensing issues. Approximately 10,000 accounts awaited migration to the new platform in countries like Germany, Austria, Sweden, and Hungary, but these plans will now remain unfulfilled.
📢 Words from our CEO 📢
— True Forex Funds (@trueforexfunds) April 19, 2024
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…
What Is The Lesson?
True Forex Funds’ abrupt end serves as a cautionary tale about the volatility and unpredictability within the proprietary trading industry. It highlights the importance of robust financial planning and risk management, especially in industries susceptible to sudden regulatory and market changes.
As the trading community reflects on this closure, the lessons from True Forex Funds’ rise and fall will likely influence how future firms navigate the complexities of financial management and regulatory compliance.
Due to this turn of events we have removed True Forex Funds from our list of prop firms. Changes regarding this update can be seen at https://fxprop.com/prop-comparer/.
