--- title: "What Happened to True Forex Funds? Closure Explained & Best Alternatives (2026)" description: "The Hungarian prop firm lost its MetaTrader licenses in February 2024 and announced permanent closure three months later, citing insolvency. See verified alternatives with live pricing." lang: en json-ld: | [ { "@context": "https://schema.org", "@type": "WebSite", "name": "Propfirmbook", "url": "https://propfirmbook.com", "description": "Compare the best prop trading firms in 2026. Find funded trader programs, challenge prices, profit splits and rules.", "potentialAction": { "@type": "SearchAction", "target": "https://propfirmbook.com/?q={search_term_string}", "query-input": "required name=search_term_string" } }, { "@context": "https://schema.org", "@type": "Organization", "name": "Propfirmbook", "url": "https://propfirmbook.com", "logo": "https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/09b81db2c_2.png", "description": "Propfirmbook helps traders compare proprietary trading firms, challenges, profit splits, and funded account programs.", "sameAs": [ "https://x.com/propfirmbook", "https://www.instagram.com/propfirmbook", "https://www.youtube.com/@propfirmbook" ] }, { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://propfirmbook.com/" }, { "@type": "ListItem", "position": 2, "name": "Unverified Firms", "item": "https://propfirmbook.com/unverified" }, { "@type": "ListItem", "position": 3, "name": "True Forex Funds", "item": "https://propfirmbook.com/unverified/true-forex-funds" } ] }, { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "Why did True Forex Funds shut down?", "acceptedAnswer": { "@type": "Answer", "text": "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." } }, { "@type": "Question", "name": "Is True Forex Funds coming back?", "acceptedAnswer": { "@type": "Answer", "text": "There has been no relaunch or confirmed successor since May 2024." } }, { "@type": "Question", "name": "Can I get a refund from True Forex Funds?", "acceptedAnswer": { "@type": "Answer", "text": "No compensation process was ever announced. Challenge fees were contractually non-refundable and pending payouts were not honored after closure." } }, { "@type": "Question", "name": "What are the best alternatives to True Forex Funds?", "acceptedAnswer": { "@type": "Answer", "text": "See the verified alternatives below — firms we actively track with live challenge pricing, payout terms and current offers." } } ] } ] --- [![Propfirmbook](https://media.base44.com/images/public/696226babdb05e12a6400728/fc11f6974_image.png)Prop Firm Book ](/Home) [Forex](/)[Futures](/futures)[Crypto](/crypto) en Sign In [Forex](/)[Futures](/futures)[Crypto](/crypto) [Home](/Home)Prop Firms[Challenges](/Challenges)[Offers](/Offers)[Radar](/Radar)[Games](/Games)[Compare](/ComparisonTool)[AI Advisor](/PropFirmAdvisor)[Economic Calendar](/EconomicCalendar) 1. [Home](/) 3. [Unverified Firms](/unverified) 5. True Forex Funds ![True Forex Funds](https://unavatar.io/x/trueforexfunds) Closed Ceased: 2024-05-13 # 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. ## Why isn't True Forex Funds in our directory? Propfirmbook's directory only includes firms we actively verify and track: live challenge pricing across every account size, payout terms and profit splits, complete trading rules, restricted-country lists, and current offers — checked continuously against each firm's own site. Firms outside the directory haven't been through that process, so we can't vouch for their current terms or operations. Looking for verified firms? [Browse the main directory →](/) ## 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 [](/ftmo) [](/ftmo) [](/ftmo) [ ![FTMO](https://media.base44.com/images/public/696226babdb05e12a6400728/2c32940a6_ftmo-logo-512.png) ](/ftmo) [ ### FTMO ](/ftmo) [ 4.8 ](/ftmo)[Trustpilot](https://www.trustpilot.com/review/ftmo.com) Leverage Up to 1:100 Profit Split 90% ![MT4](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/1df9d1833_MT4.jpeg)MT4 ![MT5](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/0f782d0e5_MT5.jpeg)MT5 ![cTrader](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/bc10acc42_ctrader.jpeg)cTrader Forex Stocks Crypto Indices Commodities [159.2K ](https://x.com/FTMO_com)[552K ](https://instagram.com/ftmocom)[417K ](https://www.youtube.com/@FTMOcom)[134.3K ](https://discord.com/invite/8j7r5XaaW6) Community Rating Rate it Visit Site [](/the5ers) [](/the5ers) [](/the5ers) [ ![The5ers](https://media.base44.com/images/public/696226babdb05e12a6400728/4adf37744_image.png) ](/the5ers) [ ### The5ers ](/the5ers) [ 4.7 ](/the5ers)[Trustpilot](https://www.trustpilot.com/review/the5ers.com) Leverage Up to 1:100 Profit Split 80% ![MT5](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/0f782d0e5_MT5.jpeg)MT5 ![cTrader](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/bc10acc42_ctrader.jpeg)cTrader ![TradingView](https://media.base44.com/images/public/696226babdb05e12a6400728/5e71c98a1_image.png)TradingView Forex Crypto Indices Commodities [90.7K ](https://x.com/the5erstrading)[115K ](https://instagram.com/the.5ers)[105K ](https://www.youtube.com/@The5ersFundingAndBeyond) Community Rating 5.0 (2) Visit Site [](/fundednext) [](/fundednext) [](/fundednext) [ ![FundedNext](https://media.base44.com/images/public/696226babdb05e12a6400728/7a223c1a5_image.png) ](/fundednext) [ ### FundedNext ](/fundednext) [ 4.6 ](/fundednext)[Trustpilot](https://www.trustpilot.com/review/fundednext.com) Leverage Up to 1:100 Profit Split 80–95% ![MT4](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/1df9d1833_MT4.jpeg)MT4 ![MT5](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/0f782d0e5_MT5.jpeg)MT5 ![cTrader](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/bc10acc42_ctrader.jpeg)cTrader ![Match-Trader](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/8f9eda2c9_MatchTrade.png)Match-Trader Forex Indices Metals Commodities Crypto [190.7K ](https://x.com/FundedNext)[260K ](https://instagram.com/fundednext)[126K ](https://www.youtube.com/@FundedNext)[626 ](https://discord.gg/fundednext) Community Rating Rate it Visit Site **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. ## Reporting and primary sources - [Finance Magnates: shutdown](https://www.financemagnates.com/forex/prop-trading-true-forex-funds-shuts-down/) ![Propfirmbook](https://qtrypzzcjebvfcihiynt.supabase.co/storage/v1/object/public/base44-prod/public/696226babdb05e12a6400728/09b81db2c_2.png)Prop Firm Book Prop Firms - Prop Firm Data - [Challenges](/Challenges) Offers & Markets - [Current Offers](/Offers) - [Markets](/Markets) Resources - [Content & Blog](/Content) - [Browse by country](/best-prop-firms-by-country) - [Economic Calendar](/EconomicCalendar) - [Comparison Tool](/ComparisonTool) - [Games](/Games) - [AI Advisor](/PropFirmAdvisor) - [Unverified Firms](/unverified) Company - [About Us](/AboutUs) - [List Your Firm](/list-your-firm) - [Contact Us](/ContactUs) - [Terms & Conditions](/TermsAndConditions) Legal - [Privacy Policy](/PrivacyPolicy) - [Disclaimer](/Disclaimer) © 2026 Propfirmbook [](https://x.com/propfirmbook)