In an unexpected turn of events, True Forex Funds has announced a temporary freeze of its services. This decision comes after MetaQuotes, the developer behind the widely-used MetaTrader trading platforms, terminated True Forex Funds’ licenses. The reason cited for this abrupt action involves the use of a third-party provider for equity synchronization, which MetaQuotes claims did not comply with their standards.
Details of the License Termination
True Forex Funds has been utilizing the services of a third-party provider since 2021 to synchronize equity across trading accounts. According to the firm, there had been no previous complaints from MetaQuotes regarding this practice. However, without prior warning or an opportunity to rectify the situation, MetaQuotes decided to revoke True Forex Funds’ licenses. The firm highlights the challenge in the industry standard, where investigating a partner or provider’s source code for legitimacy is not feasible.
True Forex Funds’ Response and Assurance to Traders
Richard Nagy, CEO of True Forex Funds, has expressed his commitment to overcoming this setback. The team is actively seeking solutions to continue offering their services, including negotiations with MetaQuotes to reinstate the licenses. In the event that these efforts do not succeed, plans are being made to migrate trading accounts to a different broker.
Impact on Traders and Next Steps
True Forex Funds has issued an apology for the inconvenience and uncertainty this situation has caused. Traders are advised to close their positions before the market closure to avoid automatic liquidation, especially as migrating open positions to a new broker could be complicated due to symbol discrepancies.
The firm assures its traders that all pending payouts will be processed once the platform is operational again. Despite the challenges, True Forex Funds is determined to find a workaround and resume trading activities as soon as possible.
For more detailed information on the situation and future updates, traders are encouraged to read our article True Forex Funds Shutdown.
