What Happened to True Forex Funds?
The Hungarian prop firm lost its MetaTrader licenses in February 2024 and announced permanent closure three months later, citing insolvency.
Closure Date
2024-05-13
Status
Closed
Last Updated
Last updated: 2026-07-31
The full story
True Forex Funds was a Hungarian prop firm founded in 2021 by Richard Nagy, one of Europe's better-known challenge firms of the boom years. Its collapse was triggered on February 6, 2024, when MetaQuotes terminated its MetaTrader licenses without warning, freezing all trading accounts overnight. The firm attempted a partial migration to alternative platforms, but the relaunch reached only a handful of EU countries while roughly 10,000 accounts sat in a migration queue — three months with almost no challenge revenue.
On May 13, 2024, True Forex Funds announced permanent closure, stating it was unable to improve its financial situation. No regulator filed charges and no fraud was established; this was an insolvency following the loss of its trading platform. Pending payouts were blocked at shutdown and no compensation scheme was ever documented. The firm has not returned, and no successor brand has been confirmed.
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Frequently asked questions
Why did True Forex Funds shut down?
Insolvency. It lost its MetaTrader licenses in February 2024, its platform migration failed to restore revenue, and it announced permanent closure on May 13, 2024.
Is True Forex Funds coming back?
There has been no relaunch or confirmed successor since May 2024.
Can I get a refund from True Forex Funds?
No compensation process was ever announced. Challenge fees were contractually non-refundable and pending payouts were not honored after closure.
What are the best alternatives to True Forex Funds?
See the verified alternatives below — firms we actively track with live challenge pricing, payout terms and current offers.
Verified alternatives to True Forex Funds
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.