MyForexFunds Review: Prop Firm Exposed by Financial Authorities
On the 31st of August 2023, MFF forex funds ceased its operations due to being investigated by the CFTC in the US and as well as in Canada. The firm and its owner are accused of fraud and Deel froze their assets, however, that is not the strange part. The prop firm is known for having an overall score of 4.8 on Trustpilot, based on 17k reviews.
Similar to GISCapital, MFF also lacks transparency and many concerns are raised regarding its reliability. MyForexFunds trading hours shifted only during holidays, and the firm was constantly working. However, the firm being sued is only the beginning and as we delve into this MyForexFunds review, more red flags will emerge, confirming that this company is operated by scammers.
Who Is MyForexFunds?
Introducing a $72M Ponzi scheme, the MFF prop trading firm, accused of transferring this sum more than 40,000 times in less than a year. Murtuza Kazmi, the firm’s owner, is accused of fraud and several financial authorities are supporting the claim. Deel collaborated with the CFTC and froze the accounts of the firm until further notice.
The MyForexFunds max funding gave the opportunity of funding your account two times with $300,000. MFF prop firm is currently closed, with a hearing scheduled with the CFTC in the US for September 11th, and in the same week with the Canadian authorities. And now, let’s start with the MyForexFunds review.
|MyForexFunds||Reliable Broker Must Have|
|Legal name||TRADERS GLOBAL GROUP INC||Transparently displayed in the disclaimer or legal documents|
|Regulation||Regulation not expected||Within your legal jurisdiction – local regulator|
|Registered in||9131 Keele Street, Vaughan, Ontario, ON L4K 2N, Canad||Your country or the country whose license applies in your legal jurisdiction|
|Established||2020||The older the domain – the higher the possibility the company is trustworthy|
|Website||www.myforexfunds.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||www.facebook.com||Phone, email, social media, web form|
|If a withdrawal is possible||No||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||Yes||Often present on social media|
|Investor Protection||No||Compensation fund|
MyForexFunds is associated with the Traders Global Group, a brokerage company that operates unregulated. There are several warnings for the broker and the prop firm and all financial authorities supported each other in blacklisting this scam. We will start right away with the CFTC warning:
OSC issues temporary cease trade order against myforexfunds.com:
Blacklists of unauthorized companies at FSMA include MyForexFunds:
CSA supports the AMF regarding Traders Global Group Incorporated:
The CNMV issues a warning to the public on this unregistered firm:
The MyForexFunds location is also a thing of concern, due to the fact OSC warns traders they are not based in Canada.
MyForexFunds Broker Profile
The MyForexFunds MetaTrader 4 gives clients the opportunity to trade in forex and CFDs on crypto, metals, and indices. The maximum leverage offered with the prop firm is 1:200, while the Traders Global Group broker offers 1:500. The demo account is not available and to see the MyForexFunds spread and fee list, traders should visit the MyForexFunds sign in page.
The MyForexFunds minimum trading days is 5, which is too much compared to other brokers. The ‘evaluation’ consists of 2 phases and the evaluation fee is not refundable in case you fail. Overall, we would give the MyForexFunds trading platform 0 stars if we could because they are unreliable like Surefxway.
|Account Types||25k, 50k, 100k, 250k, 500k, 1 mil|
|Financial Instruments On Offer||
|Education or Extra tools||N/A|
Is MyForexFunds Legit?
Our MyForexFund evaluation uncovered that the likelihood that customers will trade profitably is actively reduced by Traders Global through the use of pretexts to terminate customer accounts and deceptive commission assessments that lower customer’s MyForexFunds account equity.
Furthermore, covert use of specialized software to cause customer orders to be executed at worse prices than were apparent to the customer at the time an order was sent, and handicapping the extremely small number of successful customers to reduce customer profits and increase customer costs. So to answer your questions, no, MyForexFunds is not safe.
Traders Share Their Experiences
The MyForexFunds news spread and Trustpilot even blocked the possibility of leaving a review for the company. However, the impressive score of 4.8 based on more than 17,000 reviews shocked us, especially because both the prop firm and the brokerage have the same owner, accused of fraud.
Due to this, we are unable to locate the bad reviews, however, the MyForexFunds Reddit and Quora forums are luckily available, talking about the company and its reliability. We don’t think that myforexfunds.com will ever come back because no one ever does after being pursued by the CFTC.
Who Are the Traders They Cater To?
Before it was shut down, the prop firm aimed at clients from the United States, India, the UK, Italy, and Nigeria. Needless to say, after the CFTC sued the company, it’s clear that they shouldn’t be operating from the US.
Ads, discount codes, and the firm’s affiliate program are probably the factors that attract traders to join. Besides that, the firm’s Trustpilot reviews are pretty impressive, and for people who don’t research the firm they use head-to-toe, it can seem like the company is a reliable choice.
Deposits and Withdrawal Methods
There are only two alternatives on this platform: crypto and credit/debit cards. Payments made in cryptocurrencies must go through Coinbase or another exchange. The ‘audition’ fee is not refundable if you fail, and the fee itself is not disclosed.
If you prefer to receive your payout in cryptocurrency, you can choose between BTC, LTC, ETH, and USDC. You can also request your reward using DEEL. You can withdraw your money from Deel using Wise, PayPal, bank transfers, Payoneer, Revolut, Mercury, and other services. MyForexFunds instant funding was available for all payment methods.
Weighing the Pros and Cons
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Is MyForexFunds Trustworthy?
Despite the good reviews, the MyForexFunds platform and its broker are unreliable and shouldn’t be trusted.
What Is The Company Name Of MyForexFunds?
The company name is a brokerage company called Traders Global Group Inc.
Who Is The CEO Of MyForexFunds?
Murtuza Kazmi is the CEO of My Forex Funds, currently accused of fraud by the CFTC and OSC.