Is This the End of MyForexFunds?

Prop firms, which grant capital to traders who can pass a challenge within a given set of trading rules, are often a beneficial resource for profitable traders who do not have access to large accounts otherwise. In many ways, they are a boon to Forex retail traders, but not every prop firm is trustworthy and the industry, itself, is subject to change and regulatory interference. Therefore, prop trading is inherently risky.

MyForexFunds has been one of the most reliable firms with realistic rules and many perks for prop firm traders.

It comes as a great shock that all MyForexFunds accounts are currently frozen while this firm is under investigation by United Sates and Canadian regulatory bodies.

If you attempt to visit their site, you will receive the below message:

While the court date is set for September 11, it’s uncertain whether accounts will even be available by then or whether they may be faced with closure.

This is not the first time a prop firm has gone under investigatory review by a regulatory body. 

Another case, with The Prop Trading, occurred last year. The firm went under review by regulatory bodies in its home country of Australia. It took a few months, but they were able to resume operations.

For now, it’s uncertain what MyForexFunds’ fate will look like in the coming weeks and months. If you were affected by this freeze, like myself, I empathize with your frustration. I also want us to remember that with great reward often comes great risk. 

Luckily, there are still other trading options. I believe using a non-US/Canadian prop firm may be the smarter choice for the time being.

I recommend Funded Trading Plus, which is based in the UK. FTMO is also based in Czechoslovakia. Both are highly reputable and reliable firms.