The firmโs CEO, Richard Nagy, has emphasized the commitment to restoring normal operations.
The company mentioned MetaQuote's decision to terminate TFF's licenses as the reason behind the disruption.
The prop trading firm True
Forex Funds experienced a disruption after claiming that MetaQuotes, the operator of MT4 and
MT5, terminated the licenses for its trading platform. This resulted in a temporary
cessation of its services.
This development represents the second instance in
recent months where a notable name in the proprietary trading sector for
foreign exchange and contract for difference has faced disruption. It follows the shutdown of Canada's My Forex Funds by US
and Canadian regulators last September.
True Forex Funds' CEO Pledges Resolution
In response to the disruption, True Forex Funds'
CEO, Richard Nagy, expressed the team's commitment to finding a solution and
continuing to serve its traders. Currently, the firm is persuading MetaQuotes
to reconsider its decision while plans are being explored, including the
potential migration of trading accounts to alternative brokers.
Despite the setback, True Forex Funds has reassured
its traders that it will resume operations. The firm has urged traders to
stay informed and prepare for potential developments, including the settlement
of remaining payouts and the possibility of account migration.
Finance Magnates has contacted MetaQuotes and True Forex Funds for comments about the development, and this story will be updated as soon as we receive their feedback. Notably, True Forex Funds was flagged by the Commodity Futures Trading Commission last year.
The Proprietary Trading Paradigm
According to a recent post by Finance Magnates,
proprietary trading firms operate on a fundamentally different model from Trader Funded Firms. They
engage in active trading activities, leveraging their resources and expertise
to capitalize on market opportunities. Besides that, the firms use quantitative
strategies, act as market makers or liquidity providers, and are subject to
regulatory oversight.
The misconception arises when trader funding
programs are erroneously equated with proprietary trading firms. While both may
share certain characteristics, such as evaluation processes and access to
capital, the underlying business models and operational dynamics differ.
Last year, a US court partially granted the CEO of My Forex
Funds' (Murtuza Kazmi) request, releasing approximately $100 million of his
assets while retaining $12 million. This decision followed the submission of "first
impression evidence" by the Commodity Futures Trading Commission against My Forex Funds, indicating deceptive practices within the company,
Finance Magnates reported.
Additionally, the court discharged the temporary
receiver earlier appointed, expressing confidence in the defendants' legal
representation and compliance with court orders.
The prop trading firm True
Forex Funds experienced a disruption after claiming that MetaQuotes, the operator of MT4 and
MT5, terminated the licenses for its trading platform. This resulted in a temporary
cessation of its services.
This development represents the second instance in
recent months where a notable name in the proprietary trading sector for
foreign exchange and contract for difference has faced disruption. It follows the shutdown of Canada's My Forex Funds by US
and Canadian regulators last September.
True Forex Funds' CEO Pledges Resolution
In response to the disruption, True Forex Funds'
CEO, Richard Nagy, expressed the team's commitment to finding a solution and
continuing to serve its traders. Currently, the firm is persuading MetaQuotes
to reconsider its decision while plans are being explored, including the
potential migration of trading accounts to alternative brokers.
Despite the setback, True Forex Funds has reassured
its traders that it will resume operations. The firm has urged traders to
stay informed and prepare for potential developments, including the settlement
of remaining payouts and the possibility of account migration.
Finance Magnates has contacted MetaQuotes and True Forex Funds for comments about the development, and this story will be updated as soon as we receive their feedback. Notably, True Forex Funds was flagged by the Commodity Futures Trading Commission last year.
The Proprietary Trading Paradigm
According to a recent post by Finance Magnates,
proprietary trading firms operate on a fundamentally different model from Trader Funded Firms. They
engage in active trading activities, leveraging their resources and expertise
to capitalize on market opportunities. Besides that, the firms use quantitative
strategies, act as market makers or liquidity providers, and are subject to
regulatory oversight.
The misconception arises when trader funding
programs are erroneously equated with proprietary trading firms. While both may
share certain characteristics, such as evaluation processes and access to
capital, the underlying business models and operational dynamics differ.
Last year, a US court partially granted the CEO of My Forex
Funds' (Murtuza Kazmi) request, releasing approximately $100 million of his
assets while retaining $12 million. This decision followed the submission of "first
impression evidence" by the Commodity Futures Trading Commission against My Forex Funds, indicating deceptive practices within the company,
Finance Magnates reported.
Additionally, the court discharged the temporary
receiver earlier appointed, expressing confidence in the defendants' legal
representation and compliance with court orders.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
๐ฅCatch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
๐ฅCatch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
๐ฃ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
๐ Facebook: https://www.facebook.com/FinanceMagnatesEvents
๐ธ Instagram: https://www.instagram.com/fmevents_official
๐ฆ Twitter: https://twitter.com/F_M_events
๐ฅ TikTok: https://www.tiktok.com/@fmevents_official
โถ๏ธ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 โ the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether youโre in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
๐ Don't miss out โ secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
๐ฃ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
๐ Facebook: https://www.facebook.com/FinanceMagnatesEvents
๐ธ Instagram: https://www.instagram.com/fmevents_official
๐ฆ Twitter: https://twitter.com/F_M_events
๐ฅ TikTok: https://www.tiktok.com/@fmevents_official
โถ๏ธ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!