What is the my forex funds scandal? (2024)

What is the my forex funds scandal?

Bust of a Major Prop Trading Firm

Is my funded FX legit?

In conclusion, MyFundedFx is a reputable and reliable prop trading firm that offers competitive funding, advanced trading tools, and exceptional support. Its unique approach to prop trading and transparent evaluation process make it an attractive option for traders of all levels.

What is happening with my forex funds?

The CFTC also alleged that My Forex Funds had defrauded investors by misappropriating their funds and engaging in unauthorized trading. As a result of the OSC and CFTC orders, MFF has been effectively shut down. Founder and CEO, Anurag Jaiswal, was barred from participating in the securities industry.

Is my forex funds trustworthy?

According to Trustpilot, My Forex Funds is classified as excellent. It's scoring an impressive 4.9/5.0 after more than 12,000 reviews from users.

What countries are banned from my forex funds?

At MyFundedFX, while we strive to provide opportunities to traders worldwide, and even though we are only a Sim environment we are unable to accept traders from the following countries due to regulatory restrictions and compliance requirements: Cuba, Iran, Lebanon, Syria, North Korea, Libya, Russia, Sudan, Somalia, ...

Why did my forex funds shut down?

This decision followed the submission of "first impression evidence" by the Commodity Futures Trading Commission against My Forex Funds, indicating deceptive practices within the company, Finance Magnates reported.

Who is the owner of MyForexFunds?

Meet the MyForexFunds Staff – Murtuza Kazmi CEO.

Does my forex funds still exist?

My Forex Funds, a well-known prop trading firm, experienced an abrupt shutdown due to freeze orders issued by Canadian provincial securities regulators and U.S. commodities regulators. The reasons behind these orders are undisclosed.

What happens if you lose money on a funded Forex account?

On a funded account, losing a large amount of money does not mean much. Even if it results in losing your funded account, you can still try to pass the evaluation at the same firm again or just join another one. Ultimately, you do not risk much and do not lose much.

Is my forex funds gone?

MyForexFunds prop firm just shut their entire website

In fact, in its announcement carried out on its website, My Forex Funds tries to put on a brave face and imply that there might be a way out and a solution in sight, once it discusses the matter with regulators.

What happened with MFF?

Why was My Forex Funds shut down? The CFTC closed MFF's accounts due to their allegation that MFF was defrauding its clients by actively trying to prevent them from becoming funded traders, while promising the opposite.

What is the most legit forex broker?

How do I know if my forex company is legit?

Why is forex illegal in USA?

Forex trading is legal in the United States, but it is highly regulated by several government agencies. The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) oversee the forex market and enforce strict regulations to protect investors from fraud and manipulation.

Is forex legal in USA?

Are Forex Brokers and Forex trading legal in the U.S.? Yes, forex brokers are legal in the U.S., but they must be registered with and regulated by the Commodity Futures Trading Commission (CFTC) and be members of the National Futures Association (NFA).

Why is forex banned in US?

Forex trading is completely legal in the US. Brokers must be registered with the National Futures Association (NFA) to offer spot forex and futures trading to the US retail community. You can use the NFA's BASIC Search website to determine if a broker is regulated to provide spot forex trading in the US.

Why not to invest in Forex?

Risks of forex trading

Most FX trading products are highly leveraged. You only pay a fraction of the value of your trade up-front, but you are still responsible for the full amount of the trade. Exchange rates are very volatile. They tend to move around a lot even within very short periods of time.

Should I stop forex trading?

If you are not consistently profitable, and your wins and losses are both the result of chance, or your system is not working, it is definitely time to quit trading with real money, but it is not necessarily time to quit trading FX altogether.

Can I get refund from my Forex funds?

Contact Your Broker: Start by reaching out to your Forex broker's customer support. They will provide you with guidance on the specific steps you need to follow to request a refund. Ensure you have your account information, including your trading account number, readily available.

Which is the most trusted prop firm?

Who is the biggest trader in forex?

Who is the popular female forex trader?

Kathy Lien is a renowned figure in the financial industry, known for her expertise in forex trading. She started her career on Wall Street at a young age, focusing on currencies. Lien has worked at JPMorgan Chase, specifically on the interbank foreign exchange trading desk, and later specialised in FX websites.

What is the lawsuit against FX winning?

("FxWinning"), a Hong Kong-based online foreign exchange ("Forex") investment brokerage, alleging the wrongful withholding of more than $80 million of the plaintiffs' funds.

How do I recover money from forex?

Recovering money from Forex scams is challenging, but you can take steps. Report the scam to regulatory authorities like the CFTC or FCA. Contact your bank and provide evidence of fraudulent activities for potential chargebacks. Seek legal advice and consider reporting to law enforcement agencies.

Why do 95 of forex traders lose money?

A staggering 95% of Forex traders lose money due to a combination of high volatility, inadequate risk management, overleveraging, and lack of experience or knowledge.