Shutdown | trueforexfunds.com (2024)

FAQs

Is True forex funds shut down? ›

True Forex Funds has ended its operations and announced plans to permanently close due to financial insolvency.

According to the regulator, the company generated at least $310 million in fees from its prop trading business. The platform has had more than 135,000 customers sign up since November 2021. However, the regulatory action shuttered the business overnight with its temporary restraining and asset freeze order.

Should you decide to cancel your account with Forex.com, you can do so by writing to us at Devon House, 58 St Katharine's Way, London, E1W 1JP. If you have any open trades with us, your account will remain open until they are closed, filled or cancelled in accordance with the Terms and Policies.

This could be for a number of reasons. The market may be closed, or you may be logged in using your investor password which doesn't allow trading. Try also checking your internet connection and that you haven't been logged out of your account.

The forex market is open 24 hours a day during weekdays but closes on weekends. Because this market operates in multiple time zones, it can be accessed at any time except for the weekend break. With time zone changes, this break gets squeezed. The forex market opens on Sunday at 5 p.m. local time in New York City.

Having the wrong expectations and starting forex trading for the wrong reasons will lead any trader to quit. But trading is not like a hobby and takes patience, love, passion, and dedication. Again, lacking the perseverance and passion for the game will also lead many traders to quit.

However, if you want to withdraw money from your forex trading account, you will have to fill out a form which is available online with your forex broker. If your bank account is linked to your forex trading account (and it likely will be), you can make a request for funds to be credited directly to your bank account.

What information do I need when opening an account? We will need you to provide us with your name, address, and tax ID number (SSN or ITIN) to establish your identity. Typically, we can verify your identity instantly.

How long can a trade stay open on forex com? ›

Positions can be kept open for seconds through to months or years. How long your trade remains open can depend on your trading style, account size, the markets you trade, and your broker's conditions.

Popular exit strategies include stop-loss orders to limit losses, take-profit orders to lock in gains, trailing stop-losses to capture profits in trending markets, using technical indicators to identify reversal points and time-based exits.

If you don't close a position in forex trading, it means that you are still holding onto that trade. The position will continue to be open, and its value will fluctuate based on the market movements. It's essential to monitor your open positions closely and make informed decisions about when to close them.

Trading halts are put in place when a market has moved too far, too fast – they are time dependent. Up/down limits have a much larger tolerance as they're based upon the price movement of the whole trading session, without short-term considerations.

The forex market is volatile and carries substantial risks. It is not the place to put any money that you cannot afford to lose, such as retirement funds, as you can lose most or all it very quickly.

Regulatory Challenges in Proprietary Trading Sector

Last week, Finance Magnates reported the abrupt cessation of operations by True Forex Funds, a Hungary-based online proprietary trading firm, following the alleged termination of its MT4 and MT5 licenses by MetaQuotes.