Collapsed 1 September 2023

True Forex Funds: Collapsed

Shut down after regulatory intervention by Czech authorities (CNB).

High Risk — Firm has ceased operations or is effectively defunct

What Happened

True Forex Funds was ordered to cease operations by the Czech National Bank in September 2023. The firm had been one of the larger prop firms operating from Prague, offering challenges similar to FTMO. The regulatory action highlighted the legal grey area that prop firms operate in — while they technically don't hold client funds in a traditional sense, regulators have taken the position that some prop firm models constitute regulated activity. Traders with active accounts lost access and outstanding payouts were not honoured.

Sources

1 Czech National Bank (CNB) order
2 Finance Magnates reporting
3 Trustpilot

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.

True Forex Funds FAQ

Is True Forex Funds a scam? +
True Forex Funds shut down in 1 September 2023. Shut down after regulatory intervention by Czech authorities (CNB). 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 True Forex Funds? +
True Forex Funds was ordered to cease operations by the Czech National Bank in September 2023. The firm had been one of the larger prop firms operating from Prague, offering challenges similar to FTMO. The regulatory action highlighted the legal grey area that prop firms operate in — while they technically don't hold client funds in a traditional sense, regulators have taken the position that some prop firm models constitute regulated activity. Traders with active accounts lost access and outstanding payouts were not honoured.
Can I get my money back from True 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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