Broker review

MyForexFunds review

MyForexFunds stopped trading in August 2023 under a CFTC fraud complaint and a parallel Ontario Securities Commission case that froze about $90 million. In May 2025 a federal judge dismissed the US case with prejudice and sanctioned the CFTC itself; the Ontario receivership was never reported dismissed. The domain now carries a countdown to a 23 November 2026 relaunch, split across two new offshore entities neither of which is a financial regulator we can check.

Last verified 14 October 2026 · how we check

Verdict	closed
Stopped operating	29 August 2023, when a CFTC asset freeze stopped operations; the case was later dismissed and the brand now says it reopens 23 November 2026
Regulators	not verified
Platforms	MT4

MyForexFunds has not taken a customer since 29 August 2023, and the thing that shut it down is not the thing you’d expect from the brand’s own current homepage. A federal regulator sued it for fraud, then lost, then got sanctioned for how it handled the case. The site now counts down to a relaunch under two companies that didn’t exist when the original firm closed.

Why it stopped

On 29 August 2023 the CFTC filed a complaint in the District of New Jersey against Traders Global Group Inc., doing business as My Forex Funds, and its principal Murtuza Kazmi. The agency said roughly 135,000 prospective traders had paid a combined $310 million in evaluation fees to become “funded” traders, and that Traders Global, not the third-party “liquidity providers” it advertised, was quietly the counterparty on nearly all of those customer trades. A judge signed a statutory restraining order the same day: assets frozen, books opened to the CFTC, a temporary receiver installed. That order is what ended operations overnight, not an announced wind-down.

The fraud theory turned on who was on the other side of the trade. My Forex Funds marketed itself as connecting evaluated traders to third-party “liquidity providers,” so a trader’s wins and losses were supposedly someone else’s problem. The CFTC’s complaint alleged the opposite: Traders Global itself was the counterparty on nearly all customer trades, which means every dollar a funded trader lost was a dollar the firm kept, and every dollar a trader made was a dollar the firm owed directly. That structure, if true, turns the evaluation fee and the payout model into opposing incentives rather than the arm’s-length relationship the marketing described.

Why the case fell apart

The CFTC’s own case did not survive. A Special Master’s report, later adopted by the court, found the agency had sworn to the court that a CAD $31.5 million transfer was an “unidentified Kazmi account,” when internal CFTC emails from months earlier already showed the money was payments to the Canadian tax authority. The report found the CFTC “relied on what it already knew by then was an erroneous statement” in a later brief and acted “willfully and in bad faith.”

On 13 May 2025, Judge Edward S. Kiel dismissed the case with prejudice and sanctioned the CFTC itself under Rule 11 and the court’s inherent authority, ordering the agency to cover the defendants’ legal costs tied to the sanctions motion. It is a rare outcome: a US federal regulator disciplined by its own court for how it prosecuted a case, not for bringing one.

The agency’s own lead attorney on the matter, Ashley Burden, described the errors as “careless and sloppy” rather than denying them. The following month the CFTC placed four lawyers and one investigator connected to the case on administrative leave over possible professional and government-ethics violations, a response that treated the misconduct as an internal personnel matter rather than only a litigation setback.

A second regulator, in a different country, that the dismissal doesn’t touch

Traders Global Group is a Vaughan, Ontario company, and the CFTC wasn’t the only regulator that moved against it in 2023. The Ontario Securities Commission opened its own proceeding the same day as the CFTC’s restraining order, 29 August 2023, and extended it twice before the Ontario Superior Court of Justice placed the company into receivership on 21 December 2023, appointing Grant Thornton Limited as receiver and manager over roughly USD $90 million in frozen assets. Ontario’s Capital Markets Tribunal continued the trading ban on 25 January 2024, citing the same counterparty-fraud concern the CFTC later alleged in New Jersey.

The May 2025 dismissal is a fact about the CFTC’s US case only. Nothing we found indicates the Ontario receivership was dismissed, withdrawn or resolved, and a sanctions order against one regulator in one country has no bearing on a different regulator’s separate proceeding. Anyone treating “the case was dismissed” as the end of the regulatory story is reading only the half of it that happened in New Jersey.

What the domain shows now

myforexfunds.com is not a closure notice. It is a countdown page, and as of today it reads “MyForexFunds Is On Its Way: Relaunching November 23, 2026,” built around the firm’s old numbers (writes of “450,000+ Unique Traders” and “$290+ Million in Rewards Distributed” from before the shutdown) and a message from Kazmi promising to “bring back what made us great.”

That date is a claim, not an event. It sits five weeks past the date this page was checked, and a firm whose last public move was a frozen-asset shutdown is worth watching for whether the date holds rather than taking on faith.

The footer discloses something the homepage doesn’t say out loud: the brand is now split across two companies, neither based where the original one was.

Function	Entity	Where
“Simulated trading services, evaluation programs, and trading education only”	Global Solutions Operations FZE, licence L-4713	Dubai World Trade Centre, UAE
“Live trading services, trading technology, and access to the MetaTrader platform”	Globeline Markets Ltd, registration 2026-00192	Rodney Bay, Gros-Islet, Saint Lucia

Neither entity is a financial regulator’s authorisation. A Dubai free-zone licence registers a business in that free zone; it is not a licence from the UAE’s financial regulators, DFSA or SCA. A Saint Lucia company registration number is a corporate registry entry, not a trading licence. Both of these are checkable directly: the DWTC licensing authority for the first, Saint Lucia’s International Business Companies registry for the second. We have not run either check, so we’re not reporting a result, only where to get one.

The split itself follows the same logic already seen across this sector: the entity selling the evaluation explicitly disclaims being anything other than a simulator and education provider, while a second entity, in a different country, is named for anything that touches real execution. See futures prop trading firms for why that separation is the industry’s standard legal position, not something specific to this brand.

If you had a balance there in 2023

Grant Thornton Limited, as Ontario’s court-appointed receiver, is the channel for a claim tied to the frozen assets, not the relaunch page. That receivership is the actual process holding money back; the CFTC case, dismissed or not, never controlled customer funds directly. If you’re still owed money from before the shutdown, start with the receivership record, not with signing up for whatever launches on 23 November.

Keep records from the closure period separately from anything new. Account statements, deposit confirmations, and correspondence from 2023 relate to a different legal entity than the one now disclosed in the footer.

Treat the relaunch as a new counterparty, not a reopened account. Two new companies, in two new jurisdictions, are not the firm you originally funded, whatever the branding says about continuity.

The dismissal and the relaunch, read together

The regulator’s complaint and the regulator’s own sanction are both public record, and together they say less about guilt or innocence than about how little either one settles on its own. A $310 million fraud allegation did not survive discovery of the agency’s own sworn errors, and the result is a dismissal with prejudice rather than a verdict on the underlying conduct. Neither fact cancels the other: the asset freeze was real, and so was the court’s finding against the CFTC’s conduct of the case.

Dismissal with prejudice means the CFTC cannot refile this specific case against these specific defendants; it doesn’t mean a different regulator, in a different jurisdiction, is barred from looking at the Dubai or Saint Lucia entities now carrying the brand. A clean record in one court case is a fact about that case, not a licence for whatever comes next under the same name.

What’s checkable today is the structure the brand is relaunching under, not the history. Two offshore entities, one explicitly limited to simulation and education, one explicitly carved out for execution, is the same shape this sector’s legal argument has taken since before this firm existed. The relaunch date is the only new fact, and it hasn’t happened yet.

The rest of the sector didn’t wait for a court to settle the underlying question of who’s really on the other side of a funded account. The largest prop firm in the space took the other route entirely: FTMO completed a $422 million acquisition of the regulated broker OANDA on 1 December 2025, buying its way into an entity that already answers the counterparty question rather than litigating it. MyForexFunds, on the same timeline, is relaunching through a free-zone licence and a fresh company number instead.

Sources

Scored against the published methodology. Figures were accurate on 14 October 2026 and change frequently — confirm current terms with the provider. Not investment advice; see the risk disclaimer.