Proprietary trading firm True Forex Funds announced that it is shutting down all operations permanently due to financial insolvency. Despite “numerous efforts” to rectify its financial situation, the company could not continue its operations.
“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. Your commitment has been the foundation of our endeavors, and for that, we are deeply grateful,” the statement read.
True Forex Funds celebrated in February that its business is finally “back in the game” after it switched its trading accounts to the cTrader platform.
The move came more than two weeks after the firm announced a “temporary halt” to its services in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses.
Richard Nagy, CEO of True Forex Funds, explained earlier that the license termination by MetaQuotes stemmed from True Forex Funds’ use of a third-party provider for equity synchronization. The provider, whose services have been used since 2021, is alleged to have connected to MetaTrader’s client terminal in a manner not fully acceptable by MetaQuotes.
Nagy expressed frustration over the abruptness of MetaQuotes’ decision, noting the absence of prior warnings or opportunities to replace the third-party provider. He highlighted the challenge of investigating a partner or supplier’s source code for legitimacy, which seems to be at the heart of MetaQuotes’ dispute.
True Forex Funds said it was actively seeking to convince MetaQuotes to reinstate its licenses. However, the company ultimately migrated trading accounts to different technology providers as these efforts apparently failed.
The closure also comes barely three weeks after the prop firm announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies. True Forex Funds said Match-Trader, which was introduced as a secondary trading platform, was made available in select countries including Germany, Austria, Sweden, and Hungary.
