True Forex Funds permanently stopped operating in May 2024 after telling clients it could not overcome financial insolvency. The closure followed the loss of its MetaTrader licenses, an attempted platform replacement and a large account-migration backlog.
MetaTrader Licenses Terminated
MetaQuotes terminated the firm's MetaTrader 4 and MetaTrader 5 licenses in February 2024. True Forex Funds chief executive Richard Nagy publicly criticized the abrupt decision, while customers were urged to close open positions before the market closed.
The company announced plans to relaunch and added Match-Trader for selected European countries in April 2024. Approximately 10,000 accounts reportedly awaited migration from the previous platform. On 13 May 2024, however, the firm announced that all operations had ceased permanently because attempts to stabilize its finances had failed.
Accounts and Payouts Left in Question
Traders described funding as gone and payouts as blocked during the collapse. Those reports should be treated as customer accounts rather than judicial findings, but the company's own insolvency announcement confirms that the shutdown was permanent, not a routine service interruption.
The former firm's website continued to display its closure notice when the source review was prepared. There is no verified relaunch. Customers should be cautious of any new website or social account suggesting that the old company has returned unless the legal entity and ownership can be independently confirmed.
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Platform dependency became a business-continuity failure
Losing a software license should not determine whether customer records and obligations survive. Here, the license termination, migration backlog and insolvency arrived within months. Prop-firm customers should examine platform contingency plans and the legal treatment of evaluation fees before paying.
About True Forex Funds
Business type
Former prop-trading challenge firm
Closure date
13 May 2024
Stated reason
Financial insolvency
Current status
Permanently closed
Frequently Asked Questions
Is True Forex Funds still operating?
No. It announced a permanent cessation of operations in May 2024, citing financial insolvency.
Why did True Forex Funds close?
The shutdown followed the termination of its MetaTrader licenses and an attempted migration to Match-Trader. The company said it could not stabilize its finances.
What happened to trader accounts?
Approximately 10,000 accounts reportedly awaited migration, while users alleged funding and payouts became inaccessible.
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