True Forex Funds

What happened

True Forex Funds was a Hungary-based firm that sold evaluation accounts to retail forex traders. In early February 2024 it stopped providing services after MetaQuotes, the developer of MetaTrader 4 and 5, ended its platform licences. Chief executive Richard Nagy linked the decision to a third-party equity synchronisation provider the firm had used since 2021, and said MetaQuotes gave no warning or chance to replace it. He described the halt as temporary and said outstanding payouts would be settled once the platform was available again.

FX News Group reported at the time that the firm had been on the US Commodity Futures Trading Commission’s RED list (Registration Deficient) since June 2023. That list names non-US entities that the CFTC says appear to solicit or accept funds from US customers without the required registration.

After its attempts to get the licences reinstated apparently failed, the firm moved accounts to cTrader in February 2024 and in April 2024 added Match-Trader as a second platform in some countries. On 13 and 14 May 2024 the trade press reported that the firm’s website had been replaced by a notice saying it had ceased all operations and would close permanently because of financial insolvency, despite efforts to stabilise its finances. FX News Group reported that several restart attempts had not succeeded.

Timeline

• June 2023: Firm appears on the CFTC RED list, according to FX News Group.
• 6 February 2024: Firm announces a temporary halt after MetaQuotes ends its MT4 and MT5 licences.
• February 2024: Accounts move to cTrader.
• 19 April 2024: Firm announces Match-Trader as a secondary platform in selected countries.
• May 2024: Website notice announces permanent closure because of financial insolvency.

What it meant for traders

During the February 2024 halt, traders could not use their accounts until the platform migration, and the firm said remaining payouts would be paid once trading resumed. The May 2024 closure notice did not set out any plan for refunds or outstanding payouts, and none of the sources listed here report one.

Current status

The firm’s website still shows the closure notice as of October 2026. None of the sources listed here report a relaunch.