Broker review

True Forex Funds review

True Forex Funds was on the CFTC's unregistered-entity list for eight months before MetaQuotes pulled its MetaTrader licence in February 2024. The firm called that freeze temporary; by May 2024 it closed permanently, citing insolvency. The closure notice is still the entire site today.

Last verified 19 October 2026 · how we check

Verdict	closed
Stopped operating	Permanently, announced mid-May 2024, citing financial insolvency; the notice is unchanged as of October 2026
Regulators	not verified

True Forex Funds was flagged by a US regulator eight months before the event that actually ended it. The sequence runs from an unregistered-entity listing in mid-2023, through a platform licence loss the firm called temporary in February 2024, to a permanent closure for insolvency three months later. The notice from that closure is still the whole website today.

The regulator flagged it first: CFTC RED List, 12 June 2023

The CFTC added True Forex Funds to its Registration Deficient (RED) List on 12 June 2023, naming the firm’s base as Hungary and its domain as trueforexfunds.com. The listing’s stated reason is specific: the entity “is acting in a capacity that appears to require registration, but it is not registered with the CFTC,” while “soliciting and/or accepting funds from U.S. customers and offering a product within the CFTC’s jurisdiction.” The RED List doesn’t allege fraud; it names firms the CFTC believes are operating in US-regulated territory without the registration that territory requires. That listing was public for anyone checking before depositing, for the better part of a year before anything else happened.

The entity behind the RED List listing

The CFTC’s listing names the brand and the domain, not a legal entity, and third-party reviews don’t fully agree on the company behind it: some name TFF International Kft., others True Proprietary Funds Kft., both pointing to the same Győr, Hungary address, with the firm reportedly established in October 2021. We’re flagging the discrepancy rather than picking one name, because the site that would settle it no longer operates. One review that checked Hungary’s own central bank register reported no matching entry there either, which would mean the firm sat outside both its home country’s financial registry and the CFTC’s list of registered entities, not just the latter.

The licence loss the firm called temporary

On 2 February 2024, MetaQuotes terminated True Forex Funds’ MT4/MT5 licences, the first publicly reported case in what became a wave hitting dozens of prop firms over the following months, SurgeTrader among them later that spring. True Forex Funds’ own response, from CEO Richard Nagy, was pointed: “Due to a non-sense reason, MetaQuotes has terminated our licenses, and therefore, we have to freeze our services TEMPORARILY.” The firm said the trigger was a third-party equity-synchronisation provider it had used “since 2021 without any complaint from MetaQuotes,” and that MetaQuotes gave no warning and no chance to swap the provider before pulling the licence.

That framing, a temporary freeze over a disputed technical issue, is not what happened next.

Three months later: permanent, and a different reason

By mid-May 2024, True Forex Funds announced it was closing for good. The statement dropped the “temporary” language entirely and gave a different cause: the firm “was unable to improve its financial situation, leading to the discontinuation of its services.” Whatever the merits of the MetaQuotes dispute, the firm’s own final word on why it closed was insolvency, not a licensing technicality.

The current site, checked today, still carries that notice word for word: “True Forex Funds has ceased all operations and will be closing permanently due to financial insolvency.” Two and a half years on, nothing about the page has moved past that sentence, no relaunch tease, no new entity, no update of any kind.

The sequence, dated

Date	Event
12 June 2023	CFTC adds True Forex Funds to the RED List as an unregistered entity soliciting US clients
2 February 2024	MetaQuotes terminates the firm’s MT4/MT5 licences; CEO Richard Nagy calls the freeze temporary and blames a third-party equity-synchronisation provider used “since 2021 without complaint”
Mid-May 2024	Firm announces permanent closure, citing financial insolvency rather than the licensing dispute
19 October 2026	Site still displays the same closure notice, unchanged

Eleven months separate the regulator’s first public flag and the final closure notice. Nothing in that gap was hidden: the RED List entry, the licence dispute and the insolvency statement were each public the day they happened.

Why the February explanation and the May explanation don’t have to agree

A firm can lose a critical piece of infrastructure and call it survivable, then discover months later that the gap it created was not. Nothing here requires picking one explanation as the “real” one over the other: losing MetaTrader access cuts off a prop firm’s ability to run evaluations or funded accounts at all, and three months without that ability is a plausible route to the insolvency the firm named in May. What’s notable is that the firm itself didn’t maintain the temporary framing once the deeper problem became undeniable.

Which register would even apply

True Forex Funds sold evaluation accounts on simulated balances, the same structure covered in futures prop trading firms, which is why the firm never held an ASIC or CySEC licence to check in the first place. The one register that did apply, and did catch it, was the CFTC’s RED List, flagging the firm for soliciting US clients without registration, not for trading conduct. That’s the whole reason we’re not writing a “not found in ASIC/CySEC” line here: it isn’t the right register for a Hungary-based forex evaluation firm aimed at US traders, and the CFTC list above already is.

If you had a balance there

The February “temporary” framing is no longer operative. Any plan premised on the firm resuming service after a short freeze was overtaken by the May closure.

The insolvency announcement is the operative fact for any claim. Treat the firm as closed for good, not paused, when deciding what to do with records and correspondence.

Watch for recovery-scam contact specifically because this closure was public. A widely reported shutdown is exactly the kind of case recovery scammers target with unsolicited offers; see forex scam recovery for the pattern and the channels that actually exist.

Public the whole time

The CFTC’s RED List entry sat untouched for eight months, visible to anyone who looked, while the firm kept operating normally from the outside. The platform licence loss in February was the first external event anyone could point to; the insolvency that followed in May was the firm’s own admission, not a regulator’s finding. Both were checkable before most of this firm’s remaining clients lost access, and neither required anything beyond reading a public list and watching what a CEO said change between two statements three months apart.

Sources

Scored against the published methodology. Figures were accurate on 19 October 2026 and change frequently — confirm current terms with the provider. Not investment advice; see the risk disclaimer.