True Forex Funds review: permanently closed for insolvency

Verdict: True Forex Funds suits no one who wants to buy a challenge, because the homepage opened on 29 October 2026 is a closure notice stating that the firm has ceased all operations and is closing permanently due to financial insolvency. It does not suit a trader with a fee outstanding, a funded login or an unpaid profit share: the notice names no refund, no claims window and no paying entity. The biggest caveat is that fee, split and drawdown figures elsewhere are historical. The live page publishes none of them.

Historical key terms from 2 November 2023

Every figure below is historical, from the homepage the Internet Archive captured on 2 November 2023. On 29 October 2026 the domain showed only the closure notice, and the terms, contact, privacy, about and FAQ paths resolved to that homepage URL.

• Challenge fee, historical, 2 November 2023: €89 in phase one, phase two free, funded column marked refundable. Source: archived homepage.
• Configurator balances: $10,000, $25,000, $50,000, $100,000 and $200,000, plus euro and sterling rows. Other lines claimed up to $400,000 funded and scaling to $2,500,000.
• Profit split: 80/20, with no higher tier printed on that page.
• Profit target: 8% then 5%. A one-phase path was advertised without a separate numeric table in the capture.
• Maximum overall loss: 10%, printed as $1,000 beside the $10,000 balance. Static versus trailing was not stated.
• Maximum daily loss: 5%, printed as $500. Balance versus equity was not stated.
• Payout cadence claimed: bi-weekly, and within 24 hours on weekdays. No minimum withdrawal amount was printed.
• Minimum trading days: 0, with no time limit on the trading period.

What the homepage says now

The page at trueforexfunds.com answered HTTP 200 on 29 October 2026 as a short shutdown template. The heading is "Official Closure of True Forex Funds". The operative sentences on that page are:

We regret to inform you that True Forex Funds has ceased all operations and will be closing permanently due to financial insolvency.

Despite extensive efforts to stabilize and improve our financial health, we have been unable to continue our operations.

The remaining lines thank employees, clients and partners, without a date, a balance or an address for a claim. TradeInformer's David Kimberley, on 13 May 2024, had already quoted the insolvency sentence, so the wording was public then and was still the whole homepage on 29 October 2026. He also reported a February 2024 stop after MetaQuotes revoked the firm's licence, then a relaunch on cTrader and Match-Trade Technologies. That is trade press, not a MetaQuotes registry extract, and the live notice is silent on software.

Related:NairaProp review: payout rules clash across the site

On the prop firms desk, Infinity Forex Funds kept a site after the evaluation pages vanished, and OANDA Prop Trader closed on a published timetable. True Forex Funds has left the insolvency text alone. The note on what a funded account is separates a fee from capital.

What the firm published about payouts

The 2 November 2023 homepage printed two counters of the firm's own making: $54,168,461.46 labelled "All-time payout" and $33,718,828.74 labelled "Payouts in 2023". The same screen promised an 80% share, bi-weekly payouts, and a profit share within 24 hours on weekdays, using the word "guaranteed" on that last line. No auditor, bank or paying company sat next to the counters.

The capture also showed comments the firm had selected, including "The payouts are very quick and easy" under David Braithwaite and a claim of about $11,000 across three payouts under Tajnur Zihan. Those 2023 selections are not a transfer ledger and cannot confirm a withdrawal after the closure wording went up.

What could not be verified is the $54,168,461.46 counter, the $33,718,828.74 counter, any withdrawal after that wording appeared, and whether a person with an open profit share has a debtor. The live notice says nothing about unpaid balances, refunds or a claims window. FTMO's withdrawal FAQ, modified on 13 October 2026, still describes a reward process, which the FTMO review on this site also covers. True Forex Funds publishes no equivalent page.

Rules that could void an account

The only numeric rules we could open were on that November 2023 homepage, for a programme the live site says has stopped. The printed dollar losses, $500 and $1,000, match 5% and 10% of the $10,000 balance, and the captured source stops at that one row, without a recalculated table for the $25,000 to $200,000 choices.

Whether the daily loss was balance or equity, and whether the 10% overall loss was static or trailed a high-water mark, is absent from the capture. Those definitions usually decide a breach, so the percentages alone are an incomplete rule, and the live notice puts nothing in their place.

The same homepage advertised permissions rather than bans: news trading, expert advisors, no maximum lot, no required stop-loss, weekend holding, a swap-free option and "no consistency rules". Those were bullets, not a numbered list of banned strategies. MetaTrader 4 and MetaTrader 5 were named in November 2023, while the live notice names no platform, and the cTrader and Match-Trade report stays with Kimberley.

Regulatory posture

The closure notice names no company, no company number and no country. The "About Us" page captured on 27 September 2022 said management had incorporated a company and withheld the name. The contact page captured on 11 October 2023 listed "Móricz Zsigmond rkp. 1/B. fszt. 14, 9022, Győr, Hungary". That Győr line is a historical contact detail. We opened no Hungarian company register, so the street is not treated as a current registered office and no legal name is supplied from memory.

The record we did open is the CFTC RED List profile, read on 29 October 2026: trueforexfunds.com, origin Hungary, owner stated only as "True Forex Funds", forex, RED List date 12 June 2023. It describes a firm outside the United States that appears to require registration while remaining unregistered, after soliciting US customers. Inclusion, the profile says, falls short of a finding that the Commodity Exchange Act was broken. Press release 8716-23 lists the firm among 45 additions that day.

For nearly 10 years, the CFTC has listed entities on the RED List that have the potential to do irreparable financial harm to unsuspecting Americans.

Ian McGinley, then Director of Enforcement, said that about the list as a whole. Where the entry sits against a prop book is covered in the perimeter piece on prop firm regulation. The 2023 homepage sold an evaluation and a funded stage without saying whether the balance was simulated or cash at a broker, and the live notice leaves that gap too.

How the old terms compare

The table records three dated sources rather than offers still for sale. True Forex Funds percentages are from 2 November 2023, and the zero in row 4 is the live site on 29 October 2026. FTMO's figures are from its withdrawal FAQ modified on 13 October 2026, and OANDA's are from rules dated 30 January 2026 for a book that stopped after 31 March 2026.

Row 4 is the difference that matters. FTMO still allows a reward request from day 14 and still calls the account simulated, OANDA published an end date, and True Forex Funds published an insolvency sentence and removed the rulebook. The $2,500,000 scaling line is separate from the $200,000 configurator maximum in row 3.

FAQ

Is True Forex Funds still accepting challenges?

The homepage opened on 29 October 2026 says True Forex Funds has ceased all operations and will close permanently because of financial insolvency. Requests for the old terms, contact, privacy and FAQ paths resolved to that same homepage URL. The page carries no challenge catalogue and no login. A fee should not be paid against a programme the firm itself says has stopped, whatever a search result still claims to sell.

Can a trader still withdraw a profit share?

The notice thanks clients and partners and then stops, with no unpaid balance, no refund, no deadline and no address for a claim. The payout counters and the bi-weekly promise sat on the 2 November 2023 homepage, a marketing screen rather than a payment record. What could not be verified is any later withdrawal, or whether an open profit share still has a debtor behind it.

Are the old fee and the 80% split still the terms?

The €89 fee, the 8% and 5% targets, the 5% daily loss, the 10% overall loss and the 80/20 split come from the 2 November 2023 homepage, where a $500 daily loss and a $1,000 overall loss sat beside the $10,000 balance. The live notice publishes no fee and no split, so that archive cannot be treated as the contract today.

Why is True Forex Funds on the CFTC RED List?

The profile opened on 29 October 2026 lists trueforexfunds.com, an origin of Hungary, forex as the offering, and a RED List date of 12 June 2023. Press release 8716-23 from that day names the firm among 45 additions and describes it as unregistered. A place on the list, the profile adds, falls short of a finding that the Commodity Exchange Act has been broken.

Did the closure notice name an operator, a platform or a city?

The live notice names no company, no platform and no city. A contact page captured on 11 October 2023 gave an address in Győr, Hungary, and the November 2023 homepage named MetaTrader 4 and MetaTrader 5. The September 2022 about page said a company had been incorporated and withheld the name. TradeInformer later reported cTrader and Match-Trade. None of that is on the notice, so none of it is a current term.

This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm's capital, not the trader's. Terms change frequently — always verify current rules directly with the firm before paying any fee.