The forex trading world has recently been buzzing with comments about various prop trading firms. One broker that has gotten a lot of attention is “My Forex Funds.” While some traders have reported great experiences, an increasing number of unfavorable reviews and disturbing claims have emerged, necessitating a closer look at this company.
Overview of My Forex Funds
My Forex Funds presents itself as a proprietary trading firm, offering traders the opportunity to manage substantial capital after passing specific evaluation phases. However, several red flags have emerged that potential users should be aware of:
- Regulatory Actions: The US Commodity Futures Trading Commission (CFTC) charged My Forex Funds in September 2023 with defrauding consumers hoping to be professional traders of more than $300 million. The court granted a restraining order, imposing an asset freeze on the firm.
- Negative User Experiences: My Forex Funds has been accused of being a “full fraud” by a number of traders, who have also complained about issues with account management and profit-sharing. According to one user, “Never purchase this type of account; it is designed by clever mathematicians, and they only keep your money in the trading account.”
- Website Accessibility: According to the latest reports, the firm’s official website, myforexfunds.com, displays a statement suggesting that regulatory proceedings have temporarily halted commercial operations. This raises questions about the company’s operating stability and openness.
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