What Happened to True Forex Funds?
True Forex Funds is closed down as of 13 May 2024. True Forex Funds was a Hungarian forex prop firm based in Győr and led by CEO Richard Nagy. It sold two-phase MetaTrader evaluations with funding of up to $400,000 and an 80% split. In February 2024 MetaQuotes terminated its MT4 and MT5 licences, and the firm froze its services. Within weeks it relaunched on its own-branded cTrader platform and later added Match-Trader in some European countries. On 13 May 2024 it said it had ended all operations and would close permanently due to financial insolvency. Its website still shows that closure notice.
True Forex Funds at a glance
- Current status
- Closed down
- Launched
- —
- Ceased trading
- 13 May 2024
- Old website
- trueforexfunds.com
True Forex Funds timeline
| When | What happened | Source |
|---|---|---|
| 27 Jan 2023 | A press release from Győr, Hungary, presents its two-phase evaluation: funding up to $400,000, an 80% split, MT4 and MT5 | newsfilecorp.com |
| Jun 2023 | The US CFTC adds the firm to its RED list of foreign firms soliciting US customers without registration, as reported by FX News Group | fxnewsgroup.com |
| 6 Feb 2024 | MetaQuotes terminates its MT4 and MT5 licences. The firm freezes its services and says remaining payouts will be settled once the platform is unfrozen | fxnewsgroup.com |
| Feb 2024 | The firm relaunches on its own-branded cTrader platform | financemagnates.com |
| Apr 2024 | Match-Trader is added as a second platform in Germany, Austria, Sweden and Hungary, with about 10,000 accounts waiting to migrate | financemagnates.com |
| 13 May 2024 | The firm announces it has ended its operations and will close permanently due to financial insolvency | financemagnates.com |
| 5 Oct 2026 | trueforexfunds.com shows only the closure notice; no challenges are on sale | trueforexfunds.com |
Were traders paid?
In February 2024 the firm said remaining payouts would be settled once its platform was unfrozen. The May 2024 closure notice cited financial insolvency and set out no payout or refund plan. Traders quoted by Finance Magnates said their funding was gone and payouts were blocked. We found no public record of a later settlement.
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 True 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.
True Forex Funds: common questions
Is True Forex Funds still in business?
No. Our records list it as closed down since 13 May 2024, checked on October 5, 2026. True Forex Funds was a Hungarian forex prop firm based in Győr and led by CEO Richard Nagy.
Were True Forex Funds traders paid?
In February 2024 the firm said remaining payouts would be settled once its platform was unfrozen. The May 2024 closure notice cited financial insolvency and set out no payout or refund plan. Traders quoted by Finance Magnates said their funding was gone and payouts were blocked. We found no public record of a later settlement.
Which firms are good alternatives to True Forex Funds?
The top-scoring live forex firms in our data are FundingPips, FundedNext, The5ers.
Where the facts come from
- trueforexfunds.com: the closure notice on the official site
- newsfilecorp.com: location, CEO and programme terms in the January 2023 press release
- fxnewsgroup.com: the MetaQuotes licence termination, the payout statement and the CFTC RED list entry
- financemagnates.com: the February 2024 cTrader relaunch
- financemagnates.com: the May 2024 closure, the insolvency statement, Match-Trader and trader reactions
Last reviewed October 5, 2026. Have more recent news? Let us know. Browse the full list of prop firms that closed.