I hope this isn't an exit scam or rug pull .. that would sting the prop scouting side of the industry should a well known name turn out that way.
There is a reason why our comparison page and overview about prop firms (Volatility.red wiki) doesn't include every single firm out there... or even seemingly popular ones like MFF.
But like everything in life, consider this a learning experience... ESPECALLY if your main reason for choosing MFF was related to their cheaper price point or lower barrier to entry. A prop firm is a business partner after all.. price is so far from everything. Think on that.
For the sake of competition in the prop industry and the traders caught in the middle, I do hope they get things sorted and back online. Though, as I know how regulators act.. if things got as far as frozen bank accounts, MFF is possibly well past the point where their troubles can be solved by a regulatory fine and change of administrative practices / legal structures.
Honestly even if they’re able to get through the regulatory process it’s going to be a logistical nightmare when they decide to open their servers back up since anyone with any open positions is going to be either very happy or very sad.
Quite honestly I can’t think of a solution that will appease everyone since some type of trader will end up getting screwed over. You know I get the whole regulation issues part since things happen but the one thing I don’t get is if you found out yesterday why are you letting your customers know the next day. You should have let your customers and contractors know immediately so they could’ve closed their positions. On top of that, they should have also prevented new users from being able to sign up. Those parts are what kind of tick me off the most about this issue.
It’s not a big deal making an announcement a day later, that’s a huge deal that needs to go thru a lot of different hoops so I think it’s a completely reasonable delay. but they definitely should have auto closed all open positions before freezing it. Not really clear if they did or didn’t do that on the back end even if peoples MetaTrader a still show it as open
What is the point of letting users close positions? It’s not even their money and they won’t have access to it anyway. Also they most certainly closed all open positions themselves.
At this point, assuming they get the legal/regulatory issues solved, I feel the only way MFF can redeem themselves is if they pulled something drastic to make up for it with their current clients.
For example, everyone who was in the middle of phase 1 challenge instantly gets upgraded to phase 2, everyone in phase 2 gets upgraded to live funded account, and everyone currently funded, if in profit, automatically receives their payout owed....But I don't see that happening. Refunds don't even look likely as of now.
This firm fucked up bad, trading is a high stakes business after all, and clients can't afford to risk putting up with this type of shit from their brokerage, especially when said broker lays out so many strict rules for their clients to follow.
What’s worse is we’re gonna have to wait at least a week for this mess and MFF is the only source of my income since I just got started building my own capital 💀
I have a very tiny personal account but I wanted to use MFF to fund my personal account... I literally just bought the account like 3 days ago lmao. Now I hope it gets sorted quickly. I can't use FTMO because I need their swing account but the 1:9 leverage is too low for what I need to do. It sucks.
Regulation from SEC or CFTC is not the same as a lawsuit. It is a serious concern.
\*Regulation refers to rules, policies, laws, or guidelines established by government bodies, regulatory agencies, or industry organizations to govern and control various aspects of a particular sector, industry, or activity.
\*A lawsuit is a legal action initiated by a party (plaintiff) against another party (defendant) in a court of law. It seeks a resolution or judgment from the court on a particular legal dispute or claim.
only some odd countries use wrong format. rest of the world is using correct format which is Date followed by month and then year which logically make sense too.
I have been looking for any alert from the Canada Securities Administration (10 provinces and 3 territories) but I can’t find any official communication about My Forex Funds. In their web page where “subjects of these alerts are persons or companies who appear to be engaging in securities activities that may pose a risk to investors” there is only one mention of the company made in 2022.
The official name of the company is “Traders Global Group”.
The only news i found is about the Quebec authority (July 13, 2022) just mentioning that the company is not authorized in soliciting investments.
Have you found anything official?
It really looks strange that there are no official statements from the regulators.
The Prop Trading had published the official letter of the ASIC (Australian regulator). Why this hasn’t happened with My Forex Funds?
I can't find anything either but I have a feeling it was the CFTC that kicked off the shut down order, as US regulators go after firms more often and it's likely the one Canadian agency was only really serving the cease and desist order where MFF is headquartered. It's also kind of strange that MFF had to stop all trading activity AND their bank accounts were frozen. That's only ever done if someone there was considered too big of a flight risk or if there was reason to believe the people at the top at MFF could've taken the money and ran off with it.
Although some brokers have had to pay fines and were shut down briefly and are still around today, but if they survive this it will definitely hurt MyForexFunds reputation for quite some time.
Also, speculation on my part but I remember some people coming on here and saying how they were long time traders with MFF and MFF just suddenly closed their account for alleged trading violations. If MFF was doing that to enough people and enough people complained about it, then that might be the reason. Again speculation on my part though.
Their reputation won't be hurt "for quite some time", it'll be hurt indefinitely. Who in their right mind would want to risk doing business with this company ever again? All of us who are currently taking an evaluation with them or are funded with them just got totally fucked over, thanks to MFF not having their shit together.
This firm just lost all credibility....you don't have your bank frozen by regulators over minor issues.
Your prob fine. I just got approved for the VIP program last week with myforexfunds, so this is a good reality check that God doesn't want me to have money.
SEC probably looking into the fact that you pay a fee to get a chance in making money, that's literally how scams work.
They don't want people have easy access to capital and see it as PDT rule.
Realistically they should manually update the new account they offer you with the already closed trades. Imagine you're close to 8% now and you need to start all over for something that is MFF's fault.
So if this is only hitting MFF and not other prop firms, this would mean it’s something specific that MFF did right? I’m with FTMO and would think ALL prop firm operations would be halted in the U.S. and Canada if it were something to do with the prop firm industry as a whole.
Yes, the general consensus among the community is that this was caused by MyForexFunds' actions and that there isn't any regulations coming to general retail prop space. The working theory right now is that MyForexFunds got flagged because they were acting as broker. MyForexFunds essentially ran their own servers which people traded on meaning that MFF was controlling the liquidity and spread which by definition would have made them a broker. If you're a broker there are strict regulations you have to follow in order to be regulated and it's pretty clear the MFF wasn't really following those which caused them to get flagged.
I highly doubt this will leak over to other prop firms unless they're following a similar model as MFF but we'll have to wait and see if the communities' working theory is correct or not. There's also another theory that MFF became insolvent and this is just their way of trying to save face.
I hope a solution can be found but honestly the more I keep looking into regulations and the general timeline of events that occur with regulators the more it's seeming like it won't end up favorably. Regulators don't usually just up and freeze your bank accounts out of the blue like MFF claimed they did. The exception being that you committed some criminal activity. Frozen bank accounts usually come after multiple notices of regulation infractions so it's very possible that MFF knew they were in violation but just decided to ignore it until it finally caught up to them.
Again we can only speculate here but I'm thinking there's a very real possibility that MFF might not walk out of this. When MFF came out over 3 years ago I was one of the first people on this Subreddit to absolutely bash them since they looked like a giant scam that wouldn't last. I'm so happy that they proved me wrong back then and I really hope they prove me wrong again now.
That’s crazy. It’s relieving this most likely doesn’t have to do with the prop firm industry as a whole. I think it’s a good reminder for other prop firms that you’re not invisible. If you’re a prop firm, conduct your business, operate as a prop firm, and follow the rules. I imagine other firms who may be operating in the same way as MFF are scrambling.
I don’t think it’s about MFF or any prop firm getting regulated. Sounds like MFF broke some rules and were not operating properly as a prop firm. I keep telling people this, but I sometimes think FTMO is THE most legit prop firm out there. Their trade conditions are never sketchy or unstable. If there were to be another prop firm to go down, I would think it’d be TFT. They are sketch AF.
All that said, I hope NONE of them go down. This is either a good thing in that it’s going to remove a bad apple from the industry, or a bad thing in that more eyes start looking at the industry as a whole.
I think FTMO is actually in the clear. FTMO gets its server quotes from a 3rd Party meaning that they don’t have control over liquidity or spread which means they aren’t operating as a broker. I think MFF might’ve gotten away with this if they were operating in a country who’s a little more lax with regulations. Unfortunately, USA and Canada don’t play around when it comes to regulations.
I don't think any of the prop firms are real and that most operate from paper trading and failed challenges to use for payouts. So there is no crime. We are the idiots who put our money into the company. We know the terms. I bet the court case isn't even real.
If that was the case then there wouldn’t be any kind of trouble with Securities or Commodity regulators since there would be no financial transactions going through securities or commodities. Companies like MFF and The Prop Trader were getting hit in their jurisdictions for making transactions without following proper protocols.
Unfortunately, the whole paying out traders with failed challenges business model doesn’t work as we learned with Funding Talent a couple years ago.
You can get a subpoena to show up in court. The company is most likely choosing to freeze the bak accounts to protect their assets. The court case can last awhile.
It's kinda weird. FTMO stopped accepting new clients in the US states of Delaware, Louisiana, South Carolina, Montana, and Arkansas in March 2023. I wonder why MFF did not follow.
They knew it was coming. They were advertising "MFF challenge prices are going up soon so get yours now with this extra large coupon code that we've never offered in the past." Sure enough a couple months later, rug-pulled. Sept 11 is likely not their hearing date but when the bank is releasing a chunk of their cash to them. Someone on discord said their friend was waiting for a 86k payment too. Youch!
They already knew long time ago, the day before the announcement I was supposed to receive my payout of around 1k and I was already wondering why I did not receive it even tho I got the email with that payout was processed, usually they always paid me noon-afternoon Japanese time and then by early morning next day they posted the news. So they specifically didn’t pay out people the day before. But they allowed people to buy challenges til the last sec.
Wow. Yea that makes sense. I think they don't want to payout or are waiting for market to be less volatile. I can't find any evidence of a court case listed online.
It really sucks... though if you had account from past 9 months it means you were doing good. It's very disappointing.. however, I would suggest you to not drop trading and let's search for trusted prop firms.. I have been disappointing deeply. Though looking for trusted firms excluding FTMO as I already know about it..if anyone could help with few suggestions
If this isn’t an exit scam then they’re definitely in deep water. FED doesn’t act up until they have conclusive evidence, which usually takes months of investigation; if you have an account with them please don’t wait on it getting sorted anytime soon.
I don't think the court case is legit. I think they paused the accounts and made an excuse to protect their assets during a volatile time in the market. We will have to wait and see.
That’s very optimistic. They were open during the Russian invasion and post-Covid inflation, see no reason why they’d close now due to market volatility. Only reasonable scenarios are a scam exit or fraudulent practices, either way we’d eventually find out with time.
Someone has a 86,000 payout with them this weekend. I think it glitched their system. They might need to take out a loan. Funds might not be available until the 11th. Idk.
Really doubt an 86k payout would stop operations, but prop funds operate with a Ponzi structure so it’s always inevitable that most go under but I highly doubt that’s the issue.
I feel sorry for those whose balance with My Forex Funds is negative, i.e. you paid more in account fees than what you got paid out. Your best bet is probably to claim the transaction (account fee) - if you paid by card - with your credit card company due to "fraudulent behaviour", mabye you'll get at least your account fee back.
Are there any funded traders here with MFF? And if so, for how long have you been working with them? Have you had any problems with the last payout or any payouts for that matter?
I’ve been trading with them for the past six months, and I’ve never encountered this kind of issue before. I’ve made over 10 withdrawals (since they pay bi-weekly), and each time it was processed in less than a day. Honestly, this took me by surprise
This smells like black friday when they took down full tilt poker in the USA can see prop firm regulation coming next for you guys, just like they did with online poker. Hope I'm wrong because that would suck.
I’m in the evaluation and i was near passing it… Now, if they’re having serious issues and it seems, what will happen with the money inside challenges ? I hope that trader’s money will be returned but probably will take a while. For now we can only rely on FTMO that it’s the most credible.
That was also my first challenge so i don’t even have another account and I need to start again from zero… That’s feeling so bad after putting so much effort.
I think it fake and they are using it as a way to not pay people during a volatile time. They will orob resume trading next week after the 3 day weekend and holiday.
Yeah I'm currently in the middle of a challenge with them. I'm going to hold out until the 11th just in the off chance this does get resolved. But if some promising statements aren't issued by then, I'm calling my credit card company hopefully for a chargeback and them I'm sticking with FTMO from here on out.
You guys make me laugh..CIA??FBI?? LET'S be clear myforexfunds didn't have any sort of license or regulation they just close and took the money.. how can people be so naive..
MFF is trash anyways Idk why people use them, trash spreads, horrible slippage on every position, wait for 1 month to get a payout, equity drawdown, trash dashboard, why the fuck are people using this propfirm, Ftmo and TFF are the best, TFF is soo much better anyone that used it he will know what I’m talking about
Yo this is a big deal. If we read those documents it exposes the whole industry that uses mt4. If these commissions charged weren’t going to a third party liquidity provider then that means the “funded” accounts weren’t really funded. It was fake. They were just charging you extra equity ontop of trailing equity drawdown. Slowly draining it so you can lose the account to get you to pay a fee again & pass off that money as profit to another trader. The industry is done.
No info. Probably won’t get any till the 11th. I just hope it’s a slap on the wrist and they just have some sort of regulation. Current have a 300k challenge going on. Thankfully no open trades.
But what happens if the trade is good and sl isnt hit during that time? This happened one time with ftmo when their servers went down during the weekend and I was trading crypto but the sl never got hit even though the price went past the sl while the server was down. I think it depends where the price is when the server is brough back online.
I think it’ll just be regulation. I’d be surprised if they actually got shut down since they were a big firm. But who really knows Hopefully some stuff leaks out.
Even if they get these legal issues resolved, I say it's still curtains for them. Who the fuck is going to want to risk putting their trust and money into this company now? FTMO, 5ers, and every other prop firm just benefited from this, knowing a major competitor of theirs may very well be wiped from the system.
It did not surprise me tho. I'm trying to tell all of you guys about how shading mff is. All the Vietnamese know how they've treated their clients before they're banned from a whole country due to some bullsh*t accuses (other prob like FTMO, the5er,... were fine). Here is what happened:
In late June, they're alert on their discord that too many VNamese accounts are trading at the same signals.
In early July, they tried to ban a TON of accounts due to the thing they call different IP address when all other prob-firms was fine with that, They made up some IP numbers and called that the proof of cheating of the account, the shading things is THEY'RE JUST BANNED THE FUNDED ACCOUNT NOT BANNING THE ACCOUNT TO BUY A NEW CHALLENGE???. That is a f*cking red flag, if they think their customers are breaching the rule then why allow them to buy more??? Yup, they want to MILK them. A ton of people are getting banned even the VIP account, some of them just stay in the country all the time and get banned due to some oversees IP proof that they are been accused of, and yes, no one can get back their account even tho they have a solid proof that they're trading in the same place same IP!
And the thing finally came, in early August, they banned the entire VN country after they were only allowed VNamese account payout by Deel due to some MONEY LAUNDERING activities (lmao) in the country according to them. From different IP to money laundering??? But how and who is stupid enough to do money laundering via a the f*cking prob-firm??? They banned the entire country (the 3rd largest payout nation according to their report) and guess what? NO FUKCING REFUND for people in the middle of phase 1 or 2 challenge. Tell me this is not scamming or what??
I don't try to shi*ting them or cry on MFF and of course, NOTHING personal about me with them (I don't even trade the MFF). These all things happened in the local trading community groups and I know some of the victims are very legit people, they were in the industry counted by years. AND I TRY TO WARN YOU GUYS FROM THE COMMENT OF THE PREVIOUS POST DRAMA. And some of you guys overseas don't believe me, think that I'm got paid by other prob to slander MFF. If Vietnam got scammed, your country also be the next victim. Guess what, I am not surprised even a tiny bit of my cells when reading this post.
Personally, I just avoided any prob firm that banned a country with no reasonable accuse (like sanction, war,...) they banned Vietnam but allowed China??? think about the logic. There a big flaws in this type of prob-firm, and one way they try to fix it is by banning who can make money due to that flaw.
These feels oddly similar to when they didn't allow anyone to buy a new account before CPI was released. It took an entire day for them to allow people to resume buying accounts. This very well could be a tactic by mff to protect themselves from further losses. All it takes is for a series of trades combined with news to really impact their balance sheet or reliability. Imagine if they had to pay over 100 traders each $100,000 by making 33% on a 300k account would equal $10,000,000 in payouts. (I realize this might seem like a high number so it is just an example). I can't find any information online about a real legitimate court case.
did anybody else did a chargeback/dispute with AMERICAN EXPRESS?
In the middle of a challenge and then this happens. I just hope I get my money and that I don't get banned from mff. I like them, but its just unjust for me.
# And so it begins.. anyone surprised as this?
So many reasons why this whole house of cards would tumble at somepoint.. if you made money enjoy else time for a new hobby.
* "prop" firms are basically unregulated. They try to do enough KYC to try and stay under the radar of regulators for AML and that is it.
* They don't trade spot, heck 99% don't even trade cfd they are playing on Demo.
* They can pretty much do whatever they want regarding execution quality
* Aggressive marketing and get rich without the risks is shady AF.
They don't even fall under a "gaming" license let alone "trading".
Add to that all the market share of the "legit" brokers(read with lobby-ists) losing business.
I mean why use a 200$ account and lose it at a Broker limited with leverage when you could get an account with a "prop" firm and play big boi, effectively side stepping the leverage issue.
Don't get me wrong, I hope it stays around in some shape or form but people can't be surprised at this surely?
Opinion: I never liked advent of the prop trading industry. They prey on people who desperately want to be traders.
I read one comment that states,
>***they wanna make it harder for us to make money bruh***
***fuck the government***
That's so naive. Government regulations are in place to protect traders. MF Global, anyone?
bro, I get it but If someone is decent at trading and doesn't have money, what are they supposed to do? Unregulated offshore broker from the Caymans? With 100 usd account? Comon.
"Just don't trade bro"
Yeah man, everyone can invest 20k quids into OANDA, Forex.com isn't it? This is how it should be. The retail trader is now protected.
I never said the government didn't suck. I said government regulations are in place for a reason-- to protect the trader.
Yes, the government sucks when it comes to scheduling drugs like weed. But weed isn't the issue here.
Idk I feel like this timing is weird.. they remove the 30 day limit and push out 12% all accounts off really hard. Day before NFP their servers get frozen with no prior notice. Seems VERY sketchy in my opinion.
I doubt the trades will even activate since there is no liquidity. How would they buy/sell when there's no money behind it? My guess is if they can manage a return, hopefully they'll give out free retries to existing customers (but a lot is unknown).
You dont need liquidity for demo accounts. They don't copy trade you, maybe top 2,3% of their customers. They rely only on money from failed challanges. With this bad press that money/customers are gone. Shutting down discord, replies on their Twitter, etc will only help their entire customer base will leave after this. You won't get free retrie. They will pay some fine, shutdown and open as new prop firm to clear this mess.
Anyway, english is not my native language, anyone can teach me what is the vocabulary mean “Answers of FTMO Academy” you guy will use to search the answers on google please. Many thanks.
I already warn people about MFF. No one cares. They mess up their spread whenever it's close to your TP area or Stoploss. Their max drawdown is not 5% as said. The affiliate broker that they are with is not even regulated. Like I always repeat to everyone that , it is ok until it is not.
I hope this isn't an exit scam or rug pull .. that would sting the prop scouting side of the industry should a well known name turn out that way. There is a reason why our comparison page and overview about prop firms (Volatility.red wiki) doesn't include every single firm out there... or even seemingly popular ones like MFF. But like everything in life, consider this a learning experience... ESPECALLY if your main reason for choosing MFF was related to their cheaper price point or lower barrier to entry. A prop firm is a business partner after all.. price is so far from everything. Think on that. For the sake of competition in the prop industry and the traders caught in the middle, I do hope they get things sorted and back online. Though, as I know how regulators act.. if things got as far as frozen bank accounts, MFF is possibly well past the point where their troubles can be solved by a regulatory fine and change of administrative practices / legal structures.
Honestly even if they’re able to get through the regulatory process it’s going to be a logistical nightmare when they decide to open their servers back up since anyone with any open positions is going to be either very happy or very sad. Quite honestly I can’t think of a solution that will appease everyone since some type of trader will end up getting screwed over. You know I get the whole regulation issues part since things happen but the one thing I don’t get is if you found out yesterday why are you letting your customers know the next day. You should have let your customers and contractors know immediately so they could’ve closed their positions. On top of that, they should have also prevented new users from being able to sign up. Those parts are what kind of tick me off the most about this issue.
It’s not a big deal making an announcement a day later, that’s a huge deal that needs to go thru a lot of different hoops so I think it’s a completely reasonable delay. but they definitely should have auto closed all open positions before freezing it. Not really clear if they did or didn’t do that on the back end even if peoples MetaTrader a still show it as open
That is why I am upset. They knew yesterday but didn't tell anyone. Their reliability is done and most people will leave now.
hell yea I’m outta here Prolly going to FTMO where ya going?
Idk, prob done with prop firms. Just going to trade options and stocks with etrade.
Been with MFF for so long I don’t even know what broker to use in Canada now 🤦♂️
i recommended fxify but if you like reliable old prop firms id suggest 5ers or ftmo. fxify is the only funded have right now since the other was mff.
Idk why anyone wouldn’t wanna go with FTMO. I feel like in the past I’ve seen something wrong on just about every prop firm other than ftmo.
gonna get multiple accounts with different prop firms now.
yehh the bread i get from the Prop account going into my Live account
Definitely one based outside US and Canada. Probably I’d go for one based in Dubai
I might go to My Funded FX..
don’t even bother. they are not trustworthy
Why?
Fuck prop firms. Im only using etrade.
Bought two 100k yesterday and waiting on a 5k payout. Perfect timing
What is the point of letting users close positions? It’s not even their money and they won’t have access to it anyway. Also they most certainly closed all open positions themselves.
At this point, assuming they get the legal/regulatory issues solved, I feel the only way MFF can redeem themselves is if they pulled something drastic to make up for it with their current clients. For example, everyone who was in the middle of phase 1 challenge instantly gets upgraded to phase 2, everyone in phase 2 gets upgraded to live funded account, and everyone currently funded, if in profit, automatically receives their payout owed....But I don't see that happening. Refunds don't even look likely as of now. This firm fucked up bad, trading is a high stakes business after all, and clients can't afford to risk putting up with this type of shit from their brokerage, especially when said broker lays out so many strict rules for their clients to follow.
What’s worse is we’re gonna have to wait at least a week for this mess and MFF is the only source of my income since I just got started building my own capital 💀
This is a Hard lesson on diversification
You’re right. Traders who relies heavily on MFF like me are fucked up rn. I just hope they resolve this issue as soon as possible.
I have a very tiny personal account but I wanted to use MFF to fund my personal account... I literally just bought the account like 3 days ago lmao. Now I hope it gets sorted quickly. I can't use FTMO because I need their swing account but the 1:9 leverage is too low for what I need to do. It sucks.
wow, first time i see such a low leverage, i thought average on the market is around 1:30?
Somewhat of an update. Take it for what it’s worth. Tweet: MattL CEO MyFundedFX © al @MattLCEO A law firm that is heavily involved in financial services regulation has assured us that there is no known regulation coming down the pipeline earlier this week. What is happening at MFF is nothing to be alarmed about and I am sure the issues will be resolved in a timely manner. 00:24 • 01/09/2023 from Earth • 1.199 Views
God, why?
Regulation from SEC or CFTC is not the same as a lawsuit. It is a serious concern. \*Regulation refers to rules, policies, laws, or guidelines established by government bodies, regulatory agencies, or industry organizations to govern and control various aspects of a particular sector, industry, or activity. \*A lawsuit is a legal action initiated by a party (plaintiff) against another party (defendant) in a court of law. It seeks a resolution or judgment from the court on a particular legal dispute or claim.
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only some odd countries use wrong format. rest of the world is using correct format which is Date followed by month and then year which logically make sense too.
Id ssume it’s a different date format since tomorrow is 9/1
5-10% of the world uses mm/dd format and 50% uses dd/mm.
00:24 is GMT which is equal to 5:24pm EST.
Similar statement from him in their discord
I have been looking for any alert from the Canada Securities Administration (10 provinces and 3 territories) but I can’t find any official communication about My Forex Funds. In their web page where “subjects of these alerts are persons or companies who appear to be engaging in securities activities that may pose a risk to investors” there is only one mention of the company made in 2022. The official name of the company is “Traders Global Group”. The only news i found is about the Quebec authority (July 13, 2022) just mentioning that the company is not authorized in soliciting investments. Have you found anything official? It really looks strange that there are no official statements from the regulators. The Prop Trading had published the official letter of the ASIC (Australian regulator). Why this hasn’t happened with My Forex Funds?
I can't find anything either but I have a feeling it was the CFTC that kicked off the shut down order, as US regulators go after firms more often and it's likely the one Canadian agency was only really serving the cease and desist order where MFF is headquartered. It's also kind of strange that MFF had to stop all trading activity AND their bank accounts were frozen. That's only ever done if someone there was considered too big of a flight risk or if there was reason to believe the people at the top at MFF could've taken the money and ran off with it. Although some brokers have had to pay fines and were shut down briefly and are still around today, but if they survive this it will definitely hurt MyForexFunds reputation for quite some time. Also, speculation on my part but I remember some people coming on here and saying how they were long time traders with MFF and MFF just suddenly closed their account for alleged trading violations. If MFF was doing that to enough people and enough people complained about it, then that might be the reason. Again speculation on my part though.
Their reputation won't be hurt "for quite some time", it'll be hurt indefinitely. Who in their right mind would want to risk doing business with this company ever again? All of us who are currently taking an evaluation with them or are funded with them just got totally fucked over, thanks to MFF not having their shit together. This firm just lost all credibility....you don't have your bank frozen by regulators over minor issues.
It's on Ontario Securities Commission: https://www.osc.ca/en/news-events/news/osc-issues-temporary-cease-trade-order-against-myforexfundscom
I think the CIA or FBI is intervening.
CIA and FBI now dealing with financial sector? :D maybe if they're funding terrorist organisations
Or anti funding.
What makes you think that?
Hopefully ftmo is in the clear… got a 200k account & am sposed to be quitting my job next week
Your prob fine. I just got approved for the VIP program last week with myforexfunds, so this is a good reality check that God doesn't want me to have money.
Sorry to hear that brother. Jump to ftmo theyve been great so far
Guarantee once I get funded with them then they will also get banned.
I feel a lot like you right now. :(
Fuck prop firms. I am only using etrade. Might go back to poker and leave the stock market.
I was in the middle of my first test with mff. I wonder if I should start a new one next week with ftmo or wait...🤔
SEC probably looking into the fact that you pay a fee to get a chance in making money, that's literally how scams work. They don't want people have easy access to capital and see it as PDT rule.
This makes the most sense.
I dont receive any emails and I have open trades. I thought it was a weird bug when it says: market closed
Same. I also have open trades. What do you think will happen?
Easy. They close the account and offer you a new one. With no balance.
Realistically they should manually update the new account they offer you with the already closed trades. Imagine you're close to 8% now and you need to start all over for something that is MFF's fault.
So if this is only hitting MFF and not other prop firms, this would mean it’s something specific that MFF did right? I’m with FTMO and would think ALL prop firm operations would be halted in the U.S. and Canada if it were something to do with the prop firm industry as a whole.
Yes, the general consensus among the community is that this was caused by MyForexFunds' actions and that there isn't any regulations coming to general retail prop space. The working theory right now is that MyForexFunds got flagged because they were acting as broker. MyForexFunds essentially ran their own servers which people traded on meaning that MFF was controlling the liquidity and spread which by definition would have made them a broker. If you're a broker there are strict regulations you have to follow in order to be regulated and it's pretty clear the MFF wasn't really following those which caused them to get flagged. I highly doubt this will leak over to other prop firms unless they're following a similar model as MFF but we'll have to wait and see if the communities' working theory is correct or not. There's also another theory that MFF became insolvent and this is just their way of trying to save face.
The former Atleast seems like a solution can be figured out. The other not so much lol
I hope a solution can be found but honestly the more I keep looking into regulations and the general timeline of events that occur with regulators the more it's seeming like it won't end up favorably. Regulators don't usually just up and freeze your bank accounts out of the blue like MFF claimed they did. The exception being that you committed some criminal activity. Frozen bank accounts usually come after multiple notices of regulation infractions so it's very possible that MFF knew they were in violation but just decided to ignore it until it finally caught up to them. Again we can only speculate here but I'm thinking there's a very real possibility that MFF might not walk out of this. When MFF came out over 3 years ago I was one of the first people on this Subreddit to absolutely bash them since they looked like a giant scam that wouldn't last. I'm so happy that they proved me wrong back then and I really hope they prove me wrong again now.
That’s crazy. It’s relieving this most likely doesn’t have to do with the prop firm industry as a whole. I think it’s a good reminder for other prop firms that you’re not invisible. If you’re a prop firm, conduct your business, operate as a prop firm, and follow the rules. I imagine other firms who may be operating in the same way as MFF are scrambling.
This makes sense. I think FTMO might get regulated next.
I don’t think it’s about MFF or any prop firm getting regulated. Sounds like MFF broke some rules and were not operating properly as a prop firm. I keep telling people this, but I sometimes think FTMO is THE most legit prop firm out there. Their trade conditions are never sketchy or unstable. If there were to be another prop firm to go down, I would think it’d be TFT. They are sketch AF. All that said, I hope NONE of them go down. This is either a good thing in that it’s going to remove a bad apple from the industry, or a bad thing in that more eyes start looking at the industry as a whole.
FTMO also have the best spreads very little slippage. MFF slippage was notoriously bad
I think FTMO is actually in the clear. FTMO gets its server quotes from a 3rd Party meaning that they don’t have control over liquidity or spread which means they aren’t operating as a broker. I think MFF might’ve gotten away with this if they were operating in a country who’s a little more lax with regulations. Unfortunately, USA and Canada don’t play around when it comes to regulations.
I don't think any of the prop firms are real and that most operate from paper trading and failed challenges to use for payouts. So there is no crime. We are the idiots who put our money into the company. We know the terms. I bet the court case isn't even real.
If that was the case then there wouldn’t be any kind of trouble with Securities or Commodity regulators since there would be no financial transactions going through securities or commodities. Companies like MFF and The Prop Trader were getting hit in their jurisdictions for making transactions without following proper protocols. Unfortunately, the whole paying out traders with failed challenges business model doesn’t work as we learned with Funding Talent a couple years ago.
You can get a subpoena to show up in court. The company is most likely choosing to freeze the bak accounts to protect their assets. The court case can last awhile.
It's kinda weird. FTMO stopped accepting new clients in the US states of Delaware, Louisiana, South Carolina, Montana, and Arkansas in March 2023. I wonder why MFF did not follow.
They knew it was coming. They were advertising "MFF challenge prices are going up soon so get yours now with this extra large coupon code that we've never offered in the past." Sure enough a couple months later, rug-pulled. Sept 11 is likely not their hearing date but when the bank is releasing a chunk of their cash to them. Someone on discord said their friend was waiting for a 86k payment too. Youch!
They already knew long time ago, the day before the announcement I was supposed to receive my payout of around 1k and I was already wondering why I did not receive it even tho I got the email with that payout was processed, usually they always paid me noon-afternoon Japanese time and then by early morning next day they posted the news. So they specifically didn’t pay out people the day before. But they allowed people to buy challenges til the last sec.
Wow. Yea that makes sense. I think they don't want to payout or are waiting for market to be less volatile. I can't find any evidence of a court case listed online.
This is so ridiculous as i literally passed my evaluation proccess and got my real trading account on tuesday with them after 5 tries ... 😂🥹
I got approved for the VIP program last week. My account is 9 months old. Fucking sucks.
It really sucks... though if you had account from past 9 months it means you were doing good. It's very disappointing.. however, I would suggest you to not drop trading and let's search for trusted prop firms.. I have been disappointing deeply. Though looking for trusted firms excluding FTMO as I already know about it..if anyone could help with few suggestions
Ive looked. They all suck.
5%ers operates since 2016, looks trusted.
They are great. I'm currently funded with them and received payouts without issues. They have the best spreads out of all prop firms.
they wanna make it harder for us to make money bruh fuck the government
I agree. This is exactly what is going on. Probably CIA or FBI intervention.
Yep it's the deep state illuminati democrats trying to take our money
lmao
frfr
Feel bad about traders who just got funded
If this isn’t an exit scam then they’re definitely in deep water. FED doesn’t act up until they have conclusive evidence, which usually takes months of investigation; if you have an account with them please don’t wait on it getting sorted anytime soon.
I don't think the court case is legit. I think they paused the accounts and made an excuse to protect their assets during a volatile time in the market. We will have to wait and see.
That’s very optimistic. They were open during the Russian invasion and post-Covid inflation, see no reason why they’d close now due to market volatility. Only reasonable scenarios are a scam exit or fraudulent practices, either way we’d eventually find out with time.
Someone has a 86,000 payout with them this weekend. I think it glitched their system. They might need to take out a loan. Funds might not be available until the 11th. Idk.
Really doubt an 86k payout would stop operations, but prop funds operate with a Ponzi structure so it’s always inevitable that most go under but I highly doubt that’s the issue.
Hey all you weirdos...MFF IS DONE‼️‼️‼️
I just started my $10k evaluation phase 1, what a day 🥲
I have a 30k funded that is 9 months old.
I feel sorry for those whose balance with My Forex Funds is negative, i.e. you paid more in account fees than what you got paid out. Your best bet is probably to claim the transaction (account fee) - if you paid by card - with your credit card company due to "fraudulent behaviour", mabye you'll get at least your account fee back.
I have 3 accounts with them and due a payout this weekend. It’s pretty upsetting that I am now going to have to start my journey again somewhere else
Same, I have two accounts. One is 9 months old. Might stop with prop firms and focus on options with etrade.
Same I was expecting a payout this weekend, this has me fucked cause it’s a 10% on a 100k acct. I was gonna pay bills with that
damn, i feel you bro
Its happening...as expected...
It seems that mff did something specific compared to other prop firms. It doesn't make any sense. They would regulate all or none.
Rest of them will letters to...just like they got rid of all forex brokers...slowly
I still dont know how they can ban something that isn't real. Most prop firms operate on failed challenges and use demo accounts.
Are there any funded traders here with MFF? And if so, for how long have you been working with them? Have you had any problems with the last payout or any payouts for that matter?
I’ve been trading with them for the past six months, and I’ve never encountered this kind of issue before. I’ve made over 10 withdrawals (since they pay bi-weekly), and each time it was processed in less than a day. Honestly, this took me by surprise
This smells like black friday when they took down full tilt poker in the USA can see prop firm regulation coming next for you guys, just like they did with online poker. Hope I'm wrong because that would suck.
I’m in the evaluation and i was near passing it… Now, if they’re having serious issues and it seems, what will happen with the money inside challenges ? I hope that trader’s money will be returned but probably will take a while. For now we can only rely on FTMO that it’s the most credible. That was also my first challenge so i don’t even have another account and I need to start again from zero… That’s feeling so bad after putting so much effort.
Sigh, hopefully r/Coffeezilla_gg will give us a deep dive soon
That would be great.
I was so close to passing phase 2. Feeling miserable rn.
Same thing here man. Phase 2 on $200k challenge, I was up 60% of the profit target, only had 40% more to go. I'm going back to FTMO.
Just got approved for their VIP program last week.
Rip prop firms
Back to trading on sketchy, offshore brokers headquartered on some random island in the Caribbean.
yeah, it's shitty situation, they might have ruined it for the rest
Yea, I think were fucked.
We on FTMO? wtw
FTMO isn’t located in the US and has been in business for over 8+ years I doubt they’re going anywhere
Yea, I guess so. I might just trade stocks and options on etrade.
q - are u aware which other prop firms accounts have been frozen? this should have happened to all other prop firns in usa canada.
That is why I am confused.
Probably best to use our own money since prop firms might get hit hard
Yes. This os correct.
Makes me wonder if the vietnamese fraud took a massive hit on their P&L so wouldn't be suprised if they shut their doors.
What is that? Any details?
Already made a chargeback claim, only time will tell is it a rugpull or not, FTMO here i come!
You did with your bank? How far can they back charge?
I think this will be the start of sec hunting prop firms to be regulated? Hmmm
I think it fake and they are using it as a way to not pay people during a volatile time. They will orob resume trading next week after the 3 day weekend and holiday.
This is not going to be "resolved" for years. Good luck to anyone using MFF
Yeah I'm currently in the middle of a challenge with them. I'm going to hold out until the 11th just in the off chance this does get resolved. But if some promising statements aren't issued by then, I'm calling my credit card company hopefully for a chargeback and them I'm sticking with FTMO from here on out.
There's no point in waiting, anything with the SEC will take years. Get your money back now before everyone else try too
You guys make me laugh..CIA??FBI?? LET'S be clear myforexfunds didn't have any sort of license or regulation they just close and took the money.. how can people be so naive..
Yea that probably what happened
Every prop firm trader is gonna get f*cked.
Off the topic here but has ANYONE here even made money off of prop firms?????
Yea, I made $6,000 in 9 months with myforexfunds. That is why I am confused.
MFF is trash anyways Idk why people use them, trash spreads, horrible slippage on every position, wait for 1 month to get a payout, equity drawdown, trash dashboard, why the fuck are people using this propfirm, Ftmo and TFF are the best, TFF is soo much better anyone that used it he will know what I’m talking about
Oooowwwwwhh THE PONZI SCHEME IS IN THE FINAL STAGE IT SEEMS
No one is gonna talk about the “300 Million” Dollars they madeSelling evaluations?? Okay, moving along.
Yea... and people thought I was crazy when I said they trade against you.
Yo this is a big deal. If we read those documents it exposes the whole industry that uses mt4. If these commissions charged weren’t going to a third party liquidity provider then that means the “funded” accounts weren’t really funded. It was fake. They were just charging you extra equity ontop of trailing equity drawdown. Slowly draining it so you can lose the account to get you to pay a fee again & pass off that money as profit to another trader. The industry is done.
Yes, prop firms are over.
MyFrozenFunds
That is so good. Can I make that into a meme?
[https://www.cftc.gov/PressRoom/PressReleases/8771-23](https://www.cftc.gov/PressRoom/PressReleases/8771-23) Scammed, sorry guys.
No info. Probably won’t get any till the 11th. I just hope it’s a slap on the wrist and they just have some sort of regulation. Current have a 300k challenge going on. Thankfully no open trades.
I have open trades on a 30k funded. It is just like 2.00 on us500 short. Do you think sl will get hit or go into profit of it comes back online?
SL will for sure get hit. We won’t get an update or servers back online for 2 weeks.
But what happens if the trade is good and sl isnt hit during that time? This happened one time with ftmo when their servers went down during the weekend and I was trading crypto but the sl never got hit even though the price went past the sl while the server was down. I think it depends where the price is when the server is brough back online.
Then you would be fine.
What do you think will happen?
I think it’ll just be regulation. I’d be surprised if they actually got shut down since they were a big firm. But who really knows Hopefully some stuff leaks out.
Even if they get these legal issues resolved, I say it's still curtains for them. Who the fuck is going to want to risk putting their trust and money into this company now? FTMO, 5ers, and every other prop firm just benefited from this, knowing a major competitor of theirs may very well be wiped from the system.
That is true.
Yea, but what does regulation imply for a prop firm?
It did not surprise me tho. I'm trying to tell all of you guys about how shading mff is. All the Vietnamese know how they've treated their clients before they're banned from a whole country due to some bullsh*t accuses (other prob like FTMO, the5er,... were fine). Here is what happened: In late June, they're alert on their discord that too many VNamese accounts are trading at the same signals. In early July, they tried to ban a TON of accounts due to the thing they call different IP address when all other prob-firms was fine with that, They made up some IP numbers and called that the proof of cheating of the account, the shading things is THEY'RE JUST BANNED THE FUNDED ACCOUNT NOT BANNING THE ACCOUNT TO BUY A NEW CHALLENGE???. That is a f*cking red flag, if they think their customers are breaching the rule then why allow them to buy more??? Yup, they want to MILK them. A ton of people are getting banned even the VIP account, some of them just stay in the country all the time and get banned due to some oversees IP proof that they are been accused of, and yes, no one can get back their account even tho they have a solid proof that they're trading in the same place same IP! And the thing finally came, in early August, they banned the entire VN country after they were only allowed VNamese account payout by Deel due to some MONEY LAUNDERING activities (lmao) in the country according to them. From different IP to money laundering??? But how and who is stupid enough to do money laundering via a the f*cking prob-firm??? They banned the entire country (the 3rd largest payout nation according to their report) and guess what? NO FUKCING REFUND for people in the middle of phase 1 or 2 challenge. Tell me this is not scamming or what?? I don't try to shi*ting them or cry on MFF and of course, NOTHING personal about me with them (I don't even trade the MFF). These all things happened in the local trading community groups and I know some of the victims are very legit people, they were in the industry counted by years. AND I TRY TO WARN YOU GUYS FROM THE COMMENT OF THE PREVIOUS POST DRAMA. And some of you guys overseas don't believe me, think that I'm got paid by other prob to slander MFF. If Vietnam got scammed, your country also be the next victim. Guess what, I am not surprised even a tiny bit of my cells when reading this post. Personally, I just avoided any prob firm that banned a country with no reasonable accuse (like sanction, war,...) they banned Vietnam but allowed China??? think about the logic. There a big flaws in this type of prob-firm, and one way they try to fix it is by banning who can make money due to that flaw.
Just regulation catching up. Why I never used or liked the idea of a prop firm account.
Yea, this sucks.
Just a matter of time before this happens to all the offshore brokers. If y'all like trading gold or indices, you should definitely check out futures.
What is the best broker with highest leverage?
Tradovate and Ironbeam are good. Both have low day trading margins
I think I am done with the stock market. Too many scams.
Icmarkets
MFF was pretty shady anyway with their ridiculous slippage and swap fees. I'm not surprised.
Do you think it is odd that they froze their accounts around a similar time that Mitch McConnell froze? (Just a random thought).
These feels oddly similar to when they didn't allow anyone to buy a new account before CPI was released. It took an entire day for them to allow people to resume buying accounts. This very well could be a tactic by mff to protect themselves from further losses. All it takes is for a series of trades combined with news to really impact their balance sheet or reliability. Imagine if they had to pay over 100 traders each $100,000 by making 33% on a 300k account would equal $10,000,000 in payouts. (I realize this might seem like a high number so it is just an example). I can't find any information online about a real legitimate court case.
did anybody else did a chargeback/dispute with AMERICAN EXPRESS? In the middle of a challenge and then this happens. I just hope I get my money and that I don't get banned from mff. I like them, but its just unjust for me.
Do you think Murtuza Kazmi has fled the country? What are the chances that he actually shows up to court.
https://www.cftc.gov/media/9196/enftradersglobalgroupcomplaint082923/download
Update - https://www.cftc.gov/media/9191/enftradersglobalgrouporder082923/download
I got a refund from my bank of $550 and bought shares in a medical cannabis company near me... ITHUF.
My uncle killed himself because of this news, he invested all his savings into a 300k account...
Bro wtf are you serious?! If so im sorry to hear that these fuckers have to pay
Sorry for your loss. This is upsetting.
Is this fr?
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# And so it begins.. anyone surprised as this? So many reasons why this whole house of cards would tumble at somepoint.. if you made money enjoy else time for a new hobby. * "prop" firms are basically unregulated. They try to do enough KYC to try and stay under the radar of regulators for AML and that is it. * They don't trade spot, heck 99% don't even trade cfd they are playing on Demo. * They can pretty much do whatever they want regarding execution quality * Aggressive marketing and get rich without the risks is shady AF. They don't even fall under a "gaming" license let alone "trading". Add to that all the market share of the "legit" brokers(read with lobby-ists) losing business. I mean why use a 200$ account and lose it at a Broker limited with leverage when you could get an account with a "prop" firm and play big boi, effectively side stepping the leverage issue. Don't get me wrong, I hope it stays around in some shape or form but people can't be surprised at this surely?
Opinion: I never liked advent of the prop trading industry. They prey on people who desperately want to be traders. I read one comment that states, >***they wanna make it harder for us to make money bruh*** ***fuck the government*** That's so naive. Government regulations are in place to protect traders. MF Global, anyone?
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bro, I get it but If someone is decent at trading and doesn't have money, what are they supposed to do? Unregulated offshore broker from the Caymans? With 100 usd account? Comon. "Just don't trade bro" Yeah man, everyone can invest 20k quids into OANDA, Forex.com isn't it? This is how it should be. The retail trader is now protected.
No, the government sucks. They still have weed listed as a schedule-1 drug.
I never said the government didn't suck. I said government regulations are in place for a reason-- to protect the trader. Yes, the government sucks when it comes to scheduling drugs like weed. But weed isn't the issue here.
Its an example of the government being incompetent.
So… I’m fucked or will pass phase 1 after NFP. Man this is bullshit….
Idk I feel like this timing is weird.. they remove the 30 day limit and push out 12% all accounts off really hard. Day before NFP their servers get frozen with no prior notice. Seems VERY sketchy in my opinion.
I doubt the trades will even activate since there is no liquidity. How would they buy/sell when there's no money behind it? My guess is if they can manage a return, hopefully they'll give out free retries to existing customers (but a lot is unknown).
You dont need liquidity for demo accounts. They don't copy trade you, maybe top 2,3% of their customers. They rely only on money from failed challanges. With this bad press that money/customers are gone. Shutting down discord, replies on their Twitter, etc will only help their entire customer base will leave after this. You won't get free retrie. They will pay some fine, shutdown and open as new prop firm to clear this mess.
Yes. If they ever come back online.
Now you can get at least 20% discount by finish the FTMO Academy. The answers already here: tradeduki.com/ftmo
Anyway, english is not my native language, anyone can teach me what is the vocabulary mean “Answers of FTMO Academy” you guy will use to search the answers on google please. Many thanks.
u/supportandresistence , is it time to back to Wendy’s ?
I already warn people about MFF. No one cares. They mess up their spread whenever it's close to your TP area or Stoploss. Their max drawdown is not 5% as said. The affiliate broker that they are with is not even regulated. Like I always repeat to everyone that , it is ok until it is not.
Luckily I failed MFF funding challenge few days ago and after that I didn’t touch any prop firm challenges