True Forex Funds Temporarily Suspends Its Operations
True Forex Funds, a notable player in the Prop Trading industry, has announced a temporary suspension of its services following the unexpected termination of its licenses by MetaQuotes – the developer behind the popular MetaTrader 4&5 trading platforms.
This surprising move has left the trading community uncertain as True Forex Funds scrambles to find a resolution to continue its operations.
Why Were True Forex Funds Suspended?
The cause of the termination, as stated by TFF, revolves around the use of a third-party provider for equity synchronization purposes. According to the firm, this provider, which has been in use since 2021 without any prior complaints from MetaQuotes, allegedly failed to connect to the MetaTrader client terminal in a manner fully approved by MetaQuotes.
For now, MetaQuotes does not comment on this situation. The company neither denies nor confirms the statement of TFF.
TFF’s CEO Statment
In response to the crisis, True Forex Funds CEO Richard Nagy has expressed a commitment to overcoming the obstacles presented by this unexpected event. Nagy reassured traders that the company is actively working on a plan to resume services, including the possibility of migrating trading accounts to another broker if necessary.
He emphasized the firm’s determination not to let this setback deter their mission to provide traders with the resources and support they need to succeed in the volatile world of Prop Trading. Nagy apologized for the inconvenience and assured their clients that all pending payouts would be processed once the platform was operational again.
He acknowledged the potential challenges in migrating open positions to a different broker due to discrepancies in offered symbols and advised traders to close their positions before market closure to avoid automatic closure. As True Forex Funds navigate through this predicament, the trading community watches closely, hoping for a swift resolution of the situation.
About True Forex Funds
TFF is a Hungarian-based Prop Trading firm. The company had been operating in the industry for over two years before it suspended its operations today. The firm has allowed traders to trade on MT4 & MT5 platforms, collaborating with liquidity provider for brokerage services.
True Forex Funds provided traders a range of account sizes from $10,000 to $200,000 and one or two-phase challenges. The firm also offered their clients to trade in esteemed metals, including Gold and Silver, Palladium, and Platinum – all against the US dollar.
