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: 2026-09-27
The full story
True Forex Funds was a Hungarian prop firm founded in 2021, one of Europe's better-known challenge firms of the boom years. Its collapse began on 6 February 2024, when MetaQuotes terminated its MetaTrader licences, freezing trading accounts. A partial move to other platforms did not restore the business.
On 13 May 2024 True Forex Funds announced it had stopped all operations and would close permanently, saying it was unable to stabilise its financial position (Finance Magnates, 13 May 2024). No regulator filed charges and no fraud was established. No compensation process was publicly announced, and the firm has not returned.
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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 publicly announced when the firm closed.
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.