It has come to light that Hungary-based online prop trading firm True Forex Funds has temporarily ceased operations following the termination of its MT4/MT5 trading platform licenses by MetaQuotes. This development marks the second disruption in the prop trading sector within a few months, echoing the shutdown of Canada’s My Forex Funds by US and Canadian regulators last September.
True Forex Funds has been on the US CFTC’s RED List since June, highlighting regulatory concerns surrounding the firm’s solicitation and acceptance of funds from US customers. The CFTC’s RED List features foreign entities seemingly engaging in activities requiring registration with the CFTC, but lacking proper registration.
True Forex Funds ‘ Response: A Temporary Shutdown and Future Plans
In response to the unexpected license termination, True Forex Funds, through CEO Richard Nagy, issued a note on its currently unavailable website. Nagy cites MetaQuotes’ termination as a result of using a third-party provider for equity synchronization, a practice in place since 2021 without prior complaints from MetaQuotes.
Expressing commitment, Nagy assures traders that despite the turbulence, True Forex Funds is actively working on a plan to resume services. The note details the challenges faced by the company, the lack of warning from MetaQuotes, and the effort to convince MetaQuotes to reconsider the license termination.
Regulatory Resilience and Global Accessibility: OFP Funding’s Edge
OFP Funding distinguishes itself as the epitome of stability in a tumultuous prop trading landscape. The firm’s unwavering commitment to regulatory compliance ensures a secure trading environment. Unlike the challenges faced by True Forex Funds, OFP Funding stands out by warmly welcoming traders from every corner of the globe, without restrictions based on location and with no challenges to pass in order to start trading.
The OFP Funding Advantage: Propelling Traders Beyond Limitations
As traders reassess their options in the wake of True Forex Funds’ temporary shutdown, OFP Funding emerges as the unmatched choice. The firm’s proactive approach to regulatory adherence, global accessibility, and a trader-centric focus positions it as a resilient force in the prop trading arena.
While the prop trading industry experiences tremors with the halt of True Forex Funds, prop traders have the opportunity to shift towards a more stable and secure choice. OFP Funding stands ready to provide a haven for traders, offering regulatory resilience, global accessibility, and a commitment to empowering traders on their financial journey. As the industry adapts, OFP Funding remains unwavering, presenting itself as the ultimate choice for prop traders navigating the evolving landscape with confidence and certainty.
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