What Happened to My Forex Funds?
My Forex Funds is closed down as of Aug 2023, after launching in 2020, and its brand has since been sold to Global Solutions Operations FZE. My Forex Funds (MFF), a forex prop evaluation firm, shut down in late August 2023 after a US CFTC lawsuit. Its operator was Traders Global Group Inc., based in Vaughan, Ontario, with Murtuza Kazmi as owner and CEO. The firm dates its start to 2020. In New Jersey, the CFTC alleged fraud and won an asset freeze and a temporary receiver. In Canada, the Ontario Securities Commission issued a temporary cease trade order and later obtained a receivership. The US court went on to rule that the CFTC had acted in bad faith. It threw the case out with prejudice in May 2025. In July 2025 it ordered the CFTC to cover about $3.1 million in defence fees. The Ontario receivership shrank in 2025, and business assets came back in December 2025. The OSC made no finding against the firm. As of late 2025 it had published no formal allegations. On 28 September 2026, a sale of the MFF brand, domain and social accounts to Global Solutions Operations FZE (Dubai) was announced. The new owner says it sells no products under the brand for now, so you cannot buy a challenge.
My Forex Funds at a glance
- Current status
- Closed down
- Launched
- 2020
- Ceased trading
- Aug 2023
- Legal entity
- Traders Global Group Inc. (Canada (Ontario))
- Old website
- myforexfunds.com
- Trustpilot
- 4.8 · 16,424 reviews
- Brand sold to
- Global Solutions Operations FZE
My Forex Funds timeline
| When | What happened | Source |
|---|---|---|
| 2020 | Founding year 2020, per the firm's own website | myforexfunds.com |
| 28 Aug 2023 | The CFTC sues Traders Global Group Inc. and Murtuza Kazmi in the US District Court for the District of New Jersey (No. 23-cv-11808). Among its claims: about 135,000 customers paid at least $310 million in fees from November 2021. It also claims the firm secretly took the other side of trades and used tactics to deny payouts. All of these were allegations only | cftc.gov |
| 29 Aug 2023 | MFF stops operating after Judge Robert B. Kugler signs an ex parte order. The order freezes assets and appoints a temporary receiver | cftc.gov |
| 1 Sep 2023 | Citing a probe into possible fraud, unregistered trading and illegal distribution, the Ontario Securities Commission issues a temporary cease trade order. It names Traders Global Group Inc. (myforexfunds.com) and Kazmi. None of this was a finding | newswire.ca |
| Dec 2023 | Grant Thornton becomes receiver of Traders Global, appointed by the Ontario Superior Court (Justice Kimmel) at the OSC's request | theglobeandmail.com |
| 7 Mar 2024 | In the US case, the defendants ask the court to sanction the CFTC | myforexfunds.com |
| 30 Apr 2025 | Special Master Jose L. Linares advises dismissing the CFTC's complaint with prejudice and awarding fees. In his view, the CFTC mislabelled about C$31.5 million of Canadian corporate tax payments as transfers to an unidentified Kazmi account | cftc.gov |
| 13 May 2025 | As a sanction, Judge Edward S. Kiel adopts that advice and dismisses the CFTC case with prejudice. CFTC Acting Chairman Pham calls the agency's conduct 'inexcusable' and says staff went on administrative leave | cftc.gov |
| Jul 2025 | The court makes the CFTC pay about $3.1 million in defence attorneys' fees. It finds the agency acted willfully and in bad faith | usaherald.com |
| 5 Aug 2025 | The firm's own timeline shows the Ontario receivership being reduced. Its October 2025 release says the Ontario court significantly scaled it back and ordered business assets returned | newswire.ca |
| 6 Oct 2025 | A post from MFF on X promises to 'tell our story soon', a hint at a comeback | financemagnates.com |
| 6 Nov 2025 | MFF sets out a roadmap: get its assets, data and systems back first, then run a review. A relaunch is not confirmed | financemagnates.com |
| 9 Dec 2025 | An order of the Ontario Superior Court returns Canadian assets to Traders Global. Reports put about $10 million in escrow and say the OSC investigation remains open without formal allegations | financemagnates.com |
| 2 Feb 2026 | Traders who asked for payouts before the freeze should hear from the company soon, Kazmi says | financemagnates.com |
| 25 Feb 2026 | An MFF press release says the Ontario Superior Court ordered the OSC to pay C$80,000 in costs (Court File CV-23-00709536-00CL) | newswire.ca |
| 1 Aug 2026 | Traders Global Group Inc. completes the sale of the MyForexFunds trademarks, domain, websites and social accounts. The buyer is Global Solutions Operations FZE, in the Dubai World Trade Centre free zone (per a syndicated press release; the official announcement gives no closing date) | swacenews.com |
| 28 Sep 2026 | myforexfunds.com announces the brand sale, and the site terms now list Global Solutions Operations FZE as operator. For now the new owner offers no products under the brand and plans an announcement 'in the coming weeks' | myforexfunds.com |
Were traders paid?
By the firm's own account, it paid more than $290 million in rewards before the August 2023 shutdown. Requests still open when the freeze hit went unpaid while the assets stayed frozen. The firm got its Canadian assets back in December 2025. In February 2026, Kazmi said affected traders would be contacted. Under the September 2026 sale announcement, Traders Global keeps control of a 'discretionary rewards program' for affected accounts. Global Solutions runs the remaining phases of that program under a services agreement. Nobody has published amounts or a completion date.
Still waiting on money from a closed firm? Save your account statements, payout requests and every message. Look up the legal entity and jurisdiction named in its terms, and rely on official announcements. Third-party “fund recovery” services are a frequent scam.
Live firms to use instead of My Forex Funds
| # | Firm | Score | From | Per $10K | Payouts | |
|---|---|---|---|---|---|---|
| 1 |  FundingPips | 4.5 | $33 | $69.80 | Weekly | Go to site |
| 2 |  FundedNext | 4.4 | $32.99 | $65.99 | On request | Go to site |
| 3 |  The5ers | 4.3 | $22 | $65.80 | Every 14 days | Go to site |
| 4 |  Finotive Funding | 4.3 | $25 | $96.90 | Weekly | Go to site |
| 5 |  Equity Edge | 4.2 | $15 | $57.40 | Every 14 days | Go to site |
| 6 |  Atmos Funded | 4.1 | $28 | $56.70 | On request after 7 profitable days | Go to site |
| 7 |  Hola Prime | 4.1 | $39 | $77.40 | Every 14 days | Go to site |
| 8 |  FXIFY | 4.1 | $19 | $75.80 | Every 10 days | Go to site |
Operating forex firms with no open warnings, sorted by our score. You may also want our list of long-established prop firms and our guide to vetting a firm before paying.
My Forex Funds: common questions
Is My Forex Funds still in business?
No. Our records list it as closed down since Aug 2023, checked on September 29, 2026. My Forex Funds (MFF), a forex prop evaluation firm, shut down in late August 2023 after a US CFTC lawsuit.
Were My Forex Funds traders paid?
By the firm's own account, it paid more than $290 million in rewards before the August 2023 shutdown. Requests still open when the freeze hit went unpaid while the assets stayed frozen. The firm got its Canadian assets back in December 2025. In February 2026, Kazmi said affected traders would be contacted. Under the September 2026 sale announcement, Traders Global keeps control of a 'discretionary rewards program' for affected accounts. Global Solutions runs the remaining phases of that program under a services agreement. Nobody has published amounts or a completion date.
Which firms are good alternatives to My Forex Funds?
The top-scoring live forex firms in our data are FundingPips, FundedNext, The5ers.
Who owns the My Forex Funds brand now?
In September 2026 Traders Global Group sold the MyForexFunds brand, domain and social accounts to Global Solutions Operations FZE (Dubai). The buyer says it offers no products under the brand for now, so nothing operates under the MFF name.
Where the facts come from
- cftc.gov: Aug 2023: the CFTC complaint and its allegations, the ex parte asset freeze and the temporary receiver
- newswire.ca: 1 Sep 2023 OSC temporary cease trade order, naming the entity and the matters under investigation
- theglobeandmail.com: Vaughan ON base, Kazmi as owner/CEO, and the Dec 2023 Ontario receivership (Grant Thornton, Justice Kimmel)
- cftc.gov: 30 Apr 2025 Special Master report and recommendation: case number and the C$31.55M tax payment finding
- cftc.gov: 13 May 2025 CFTC statement on the court sanctions; staff put on leave
- financemagnates.com: Judge Kiel's May 2025 dismissal with prejudice
- usaherald.com: July 2025 award of $3.1M in fees
- quinnemanuel.com: Defence counsel confirms the Rule 11 dismissal and a fee award above $3M
- newswire.ca: Company release, Oct 2025: Ontario receivership scaled back; review planned before any relaunch
- financemagnates.com: Comeback hint, Oct 2025
- financemagnates.com: Roadmap published Nov 2025
- financemagnates.com: Order of 9 Dec 2025 handing back Canadian assets
- wealthprofessional.ca: Dec 2025: escrow terms; OSC probe still open, no formal allegations
- financemagnates.com: Statement on pending payouts, Feb 2026
- newswire.ca: Company release, Feb 2026: C$80,000 costs awarded against the OSC
- myforexfunds.com: Sale of the brand to Global Solutions Operations FZE; nothing on offer now; who administers the rewards program
- swacenews.com: Syndicated press release: sale closed 1 Aug 2026, buyer in the Dubai DWTC free zone, announcement planned
- myforexfunds.com: Site status today (informational, no challenges on sale), 2020 founding year, the firm's timeline and its $290M+ rewards claim
- myforexfunds.com: Terms updated 28 Sep 2026 naming Global Solutions Operations FZE as site operator
- trustpilot.com: Trustpilot score and review count (reviews closed because the website closed)
Last reviewed September 29, 2026. Have more recent news? Let us know. Browse the full list of prop firms that closed.