What Happened to My Forex Funds?
The largest prop firm of the boom era was frozen by a CFTC action in August 2023 — a case dismissed with prejudice in 2025, with the regulator sanctioned.
Closure Date
2023-08-29
Status
Closed — Regulatory Case Dismissed
Last Updated
Last updated: 2026-07-31
The full story
My Forex Funds was the largest retail prop firm of the 2021–2023 boom. Founded in mid-2021 by Murtuza Kazmi and operated by Canada's Traders Global Group, it attracted over 135,000 customers and collected more than $310 million in challenge fees in under two years. On August 29, 2023, the CFTC obtained an emergency asset freeze on fraud allegations, halting the firm overnight — the event that triggered the industry-wide MetaTrader crackdown of 2024.
The case ended very differently than it began. In May 2025 a US federal court dismissed the CFTC's case with prejudice and sanctioned the regulator for misleading the court; the fraud allegations were never proven. In December 2025 the Ontario Superior Court returned the firm's Canadian assets, and through early 2026 the company has been contacting traders about payouts frozen since 2023. As of mid-2026 My Forex Funds has not resumed selling challenges. Be cautious of impostor sites claiming it has relaunched — no relaunch has been announced on official channels.
Why isn't My Forex Funds in our directory?
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Frequently asked questions
Is My Forex Funds coming back?
The firm regained its assets in December 2025 and has published a recovery roadmap, but has not resumed selling challenges as of mid-2026. Any site currently selling "My Forex Funds" challenges is not the original firm.
Did My Forex Funds win the CFTC case?
Yes. In May 2025 the case was dismissed with prejudice — meaning it cannot be refiled — and the court sanctioned the CFTC for misconduct during the litigation. The fraud allegations were never adjudicated as true.
Can I still get a payout from My Forex Funds?
The firm stated in early 2026 that it is processing legacy payout requests from 2023 in batches. Use only official firm channels; "fund recovery" services contacting you are a known scam pattern.
What are the best alternatives to My Forex Funds?
See the verified alternatives below — firms we actively track with live challenge pricing, payout terms and current offers.
Verified alternatives to My Forex Funds
FundingPips
Leverage
Up to 1:100
Profit Split
60–100%
MT5
cTrader
Match-Trader
TradeLockerHELLO
A note on 'fund recovery' services: companies that contact traders of collapsed prop firms claiming they can recover lost funds are a well-documented follow-up scam. No legitimate recovery process exists outside official channels or formal insolvency proceedings.