True Forex Funds has ended operations and announced plans to permanently close due to financial insolvency. According to a statement on the official website of the private trading platform, the company was unable to improve its financial situation, which led to the cessation of its services.
End of the road: closing real Forex funds
True Forex Funds stated: “We deeply appreciate the dedication and hard work of our employees, the trust our clients have placed in us, and the ongoing support of our partners. Your commitment has been the foundation of our endeavors, and for this reason, we are extremely grateful to you for your invaluable support and for being an essential part of True Forex Funds.
In February, True Forex Funds announced plans to relaunch its services after operations were halted due to the alleged termination of MT4 and MT5 licenses by MetaQuotes. The company's CEO, Richard Nagy, expressed his frustration at the lack of warning and the subsequent challenges faced by traders in the private trading industry. Despite this, the company said it was determined to resume its services, with plans to relaunch it “the week of February 19.”
Setback is one of the industry challenges
Additionally, True Forex Funds stated that it is actively seeking to have its licenses reinstated by MetaQuotes, although Nagy acknowledged that trading accounts could be migrated to a different broker if negotiations fail. The company advised its users to prepare for any outcome while the company overcomes these doubts.
In anticipation of the relaunch, True Forex Funds promised users a seamless and superior trading experience. In addition, the company introduced Match-Trader as a secondary trading platform last month. Match-Trader is available in select countries, including Germany, Austria, Sweden and Hungary, the private trading company said. This strategic rollout was reportedly in response to high demand, with nearly 10,000 accounts waiting to migrate to the platform.
📢 Words from our CEO 📢 Hello traders, we are happy to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in selected countries including Germany, Austria, Sweden and Hungary. This strategic proposal comes in response…
— True Forex Funds (@trueforexfunds) April 19, 2024
Earlier, a company representative stated: “Our team is working tirelessly to improve our services, ensuring a smooth and excellent experience. As we look forward to the launch of our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless operations and trading conditions. “
This article was written by Jared Kirroy at www.financemagnates.com.