Key Insights
- True Forex Funds has permanently ceased operations due to financial insolvency.
- The closure comes after failed attempts to relaunch services following a temporary halt in February over licensing issues.
- Traders expressed frustration over losses suffered due to True Forex Funds’ shutdown after the firm struggled to recover.
LONDON (MarketsXplora) – Proprietary trading platform True Forex Funds has permanently shut down operations after being unable to overcome financial difficulties, the firm said on Tuesday, marking the end of the road for the prop trading service provider.
In a statement on its website, True Forex Funds cited insolvency as the reason behind the closure, thanking employees, clients and partners for their support over the years.
“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,” the company said.
The shutdown comes just months after True Forex Funds was forced to halt services temporarily following the alleged termination of its MetaTrader 4 and 5 licenses by MetaQuotes Software Corp in February.
At the time, the firm’s CEO Richard Nagy had expressed frustration over the lack of warning from MetaQuotes, which provides the widely used MT4/MT5 trading platforms.
True Forex Funds had hoped to relaunch services in late February after attempting to have the licenses reinstated or migrating client accounts to a different broker.
Those efforts appear to have been in vain, with the company unable to overcome the financial fallout from the service disruption earlier this year.
The closure sparked an outcry from prop traders who said they had suffered losses due to the situation at True Forex Funds.
“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,” one user wrote on social media platform X.
The company had rolled out alternative trading platforms like Match-Trader in recent months as it sought to resume operations and migrated thousands of client accounts.
True Forex Funds did not immediately respond to a request for comment.