MyForexFunds Review

Overview and Business Model

What is MyForexFunds?

MyForexFunds, a broker offering various financial services, was launched in 2020 by Traders Global Group Incorporated, a Canadian company, and its website was myforexfunds.com.

The firm quickly became popular with forex traders by offering funding programs so that traders could use the firm’s money, with accounts ranging from about $10,000 to $100,000, in exchange for a share of the profits.

At its peak, the firm had over 30,000 funded accounts and built a large online following.

Value Proposition

The main idea behind MyForexFunds was to let traders make money without risking their own funds. In addition to offering funded accounts, the firm promised good profit splits (up to 90%) and provided training resources to help traders improve their skills.

Regulatory Challenges and Legal Allegations

Fraud Allegations

In August 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued MyForexFunds and its CEO, Murtuza Kazmi. One detailed report from FX News Group explained how regulators shut down the firm and charged it with a $300 million fraud.

The CFTC claimed that the firm collected more than $310 million in fees from over 135,000 customers by promising them the chance to be “professional traders,” used tricks such as software that slowed down orders and misled customers about commissions, and even misused customer money to buy luxury homes and cars, as further detailed in a Finance Magnates report.

Asset Freeze and Legal Actions

After these claims, a U.S. court froze the firm’s assets and put a temporary manager in charge. Around the same time, in September 2023, the Ontario Securities Commission (OSC) stopped the firm’s operations, as noted in their temporary cease trade order, because of concerns about misleading customers and not being properly registered.

Ongoing Litigation

MyForexFunds has been fighting in court ever since and even sued the CFTC, saying that the agency did not handle the case properly and acted unfairly.

Although there have been hints of possible settlement talks in mid-2024, nothing has been decided yet.

Is MyForexFunds Licensed by a Major Regulator?

MyForexFunds is not licensed by any top-tier regulator. Investing with a company that is not approved by your local regulator is risky. If a problem occurs, you might not get help or legal support from local authorities, leaving you with few options.

MyForexFunds has even received warnings from two regulators about compliance issues or ongoing disputes, and its lack of a clear phone number and physical address is concerning.

The safest way to protect your money is to avoid working with unregulated companies, and it is best to choose firms licensed by top regulators like the Financial Conduct Authority.

Warning Signs of an Online Scam

When dealing with an unregulated or offshore company, be aware of the risks. Here are some common warning signs of a scam:

• Unsolicited calls and emails: If you get frequent calls or emails with high-pressure sales tactics, this could be a red flag.
• Pressure to deposit more funds: Be careful if a company constantly tells you to invest more money by promising unrealistic returns or special benefits.
• Difficulty with withdrawals: If you have trouble or delays when you try to take out your money, or if you see unexpected fees, this is a warning sign.
• Frequent changes of website domains: If the website changes its address often, it might be trying to hide its true identity or avoid being tracked by authorities.

If you suspect you are being scammed, stop sending money immediately and report the issue to your local authorities.

Current Status and Industry Impact

Ceasing Operations

Due to serious legal and regulatory problems, MyForexFunds stopped working by late 2023. Its website has been down since then, and as of February 20, 2025, the firm is no longer active.

Market and Regulatory Warning

The downfall of MyForexFunds is a warning to the trading world. Traders are now urged to do careful research when choosing firms like these, checking a company’s legitimacy through official channels like the CFTC or OSC, and being cautious of fake websites that copy the original MyForexFunds.

Summary

MyForexFunds started as a popular prop trading firm that gave forex traders access to funding and training. Traders could use the firm’s money instead of their own to make profits.

However, serious legal issues and fraud allegations led to asset freezes and court cases, which eventually caused the firm to stop operating. The ongoing legal fights and unresolved disputes show the risks involved in the prop trading industry.

When choosing any broker or trading service, always check for proper regulation, watch out for red flags, and ensure the company is transparent about its practices. This can help protect your investments and keep you safe from scams.