True Forex Funds, an online proprietary trading firm based in Hungary, has announced its return to the trading scene in a recent post on the social media platform X (formerly Twitter). In the announcement, the company declared its resurgence with the statement: "True Forex Funds is BACK in the game."
Adopting Own-Branded cTrader for Proprietary Trading
The announcement emphasized the firm's relaunch on the cTrader platform, which they asserted is one of the safest platforms for proprietary trading.
“We are proud to announce that we are relaunching with one of the safest platforms for prop trading: our own-branded cTrader!”, shared on platform X.
Regulatory Challenges in Proprietary Trading Sector
Last week, Finance Magnates reported the abrupt cessation of operations by True Forex Funds, a Hungary-based online proprietary trading firm, following the alleged termination of its MT4 and MT5 licenses by MetaQuotes.
In response to the disruption, True Forex Funds has been preparing for its reopening in the "week of February 19th." The CEO, Richard Nagy, expressed his frustration over the lack of warning and the challenges traders faced due to the service interruption. The firm is reportedly seeking reinstatement of its licenses by MetaQuotes but acknowledges the possibility of migrating trading accounts to a different broker if negotiations fail. Traders were advised to prepare for any outcome.
A representative mentioned in an email to Finance Magnates that they were working diligently to improve services and ensure a seamless experience for traders. True Forex Funds planned to launch its cTrader platform and synchronize all accounts, including MetaTrader.
The challenges in proprietary trading extend beyond True Forex Funds. Last year, regulatory authorities took action against My Forex Funds and its owner, Murtuza Kazmi, for allegedly misleading retail customers. Additionally, FPFX Technologies terminated its agreement with Funded Engineer, reflecting broader challenges in the sector.
