Collapsed 4 September 2023

My Forex Funds: Collapsed

Shut down by the Ontario Securities Commission (OSC). One of the largest prop firm collapses in industry history.

High Risk — Firm has ceased operations or is effectively defunct

What Happened

My Forex Funds was shut down in September 2023 following action by the Ontario Securities Commission (OSC) and the Commodity Futures Trading Commission (CFTC). At the time of closure, MFF was one of the largest prop firms globally, claiming over 130,000 active traders and $300M+ in revenue. The OSC alleged the firm was operating as an unregistered securities dealer and that the business model was fundamentally misleading — traders were effectively trading against the firm rather than accessing real markets. Assets were frozen, payouts ceased immediately, and traders with active funded accounts lost access with no recourse. The collapse sent shockwaves through the prop firm industry and led to increased regulatory scrutiny of the entire sector.

Sources

1 Ontario Securities Commission (OSC) filing
2 CFTC enforcement action
3 Finance Magnates
4 Bloomberg

Sources are verified where possible. Community reports are cross-referenced across multiple platforms before inclusion.

What To Do If You're Affected

1.

File a chargeback immediately. If you paid by credit card or debit card, contact your bank and initiate a chargeback. Time limits apply — act within 120 days of your last payment.

2.

Document everything. Screenshot your account dashboard, payout history, any emails or chat transcripts. This evidence supports chargebacks and potential legal action.

3.

Report to authorities. File a complaint with the financial regulator in the firm's jurisdiction. For EU-based firms, contact the relevant national authority. For UK, the FCA. For US, the CFTC or SEC.

4.

Move to a proven firm. Check our top-rated firms — these have verified payout histories and established track records.

My Forex Funds FAQ

Is My Forex Funds a scam? +
My Forex Funds shut down in 4 September 2023. Shut down by the Ontario Securities Commission (OSC). One of the largest prop firm collapses in industry history. While the term "scam" implies deliberate fraud — which is difficult to prove without legal proceedings — the outcome for traders was the same: lost access to accounts and unpaid profits. We recommend only trading with firms that have verified, long-term payout histories.
What happened to My Forex Funds? +
My Forex Funds was shut down in September 2023 following action by the Ontario Securities Commission (OSC) and the Commodity Futures Trading Commission (CFTC). At the time of closure, MFF was one of the largest prop firms globally, claiming over 130,000 active traders and $300M+ in revenue. The OSC alleged the firm was operating as an unregistered securities dealer and that the business model was fundamentally misleading — traders were effectively trading against the firm rather than accessing real markets. Assets were frozen, payouts ceased immediately, and traders with active funded accounts lost access with no recourse. The collapse sent shockwaves through the prop firm industry and led to increased regulatory scrutiny of the entire sector.
Can I get my money back from My Forex Funds? +
Recovery is difficult once a prop firm has collapsed. Your best options are: (1) chargeback through your credit card provider within 120 days of payment, (2) reporting to the financial authority in the firm's jurisdiction, and (3) joining any class action or group complaint if one is organised. For future protection, stick to firms with proven multi-year payout records.
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