True Forex Funds has ceased operations and announced plans to permanently shut down due to financial insolvency. According to a statement released on the company's official trading platform website, the company was unable to improve its financial situation, resulting in the termination of its services.

True Forex Funds Shutdown

True Forex Funds stated, "We sincerely appreciate the dedication and efforts of our employees, the trust of our clients, and the consistent support of our partners. Thank you for your invaluable support and for being an indispensable part of True Forex Funds."

In February of this year, True Forex Funds announced plans to restart services after ceasing operations due to MetaQuotes revoking its MT4 and MT5 licenses. The company's CEO, Richard Nagy, expressed frustration over the lack of warning and the challenges faced by traders in the independent trading industry. Nonetheless, the company expressed determination to resume services and planned to relaunch during the "week of February 19th."

Reacting to the sudden closure, a user named Banjara on the X platform said, "True Forex Funds has closed and disappeared forever. They made millions and paid out millions, but in the end, it's the traders who suffer losses. Funds vanish, payments are blocked. Other companies should take heed and manage risks properly."

Another user named PropFirmDrama on the X platform commented, "True Forex Funds has officially closed. We sincerely hope the independent trading community can help traders who are suffering from these devastating news."

Challenges in the Industry

Previously, True Forex Funds stated that it was actively seeking MetaQuotes to restore its license, although Nagy admitted that if negotiations failed, trading accounts might be migrated to other brokers. The company advised users to prepare for any possible outcome as it navigated through uncertainty.

Before the relaunch, True Forex Funds pledged to provide a seamless and premium trading experience to users. Last month, the company introduced Match-Trader as an auxiliary trading platform in some countries, including Germany, Austria, Sweden, and Hungary. It was reported that this launch was in response to high demand, with approximately 10,000 accounts waiting to be migrated to the platform.

A representative of the company earlier stated, "Our team is working tirelessly to improve our services to ensure a seamless and excellent experience. As we look forward to launching the cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure perfect processes and trading conditions."