My Forex Funds Accounts Frozen - Learn More - Canadian Futures Trader - Funded Futures Trading Program Information, Deals and Reviews

My Forex Funds is a large (possibly largest) forex funding company. Like the futures world which I focus on, there are companies in the forex world who fund traders as well.

Unfortunately one bad apple, My Forex Funds, decided to do things a little cavalier and not play by the rules. It caught up with them and in September 2023 they had their assets frozen, which effectively freezes all their traders as well.

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Learn more in summary about My Forex Funds and what happened after the video. They did several things wrong by their traders.

First, I made a video summarizing what happened, and also with some information on why the futures industry is far safer than forex.

My Forex Funds – What Happened

In very short summary, My Forex Funds did a few things completely wrong.

They didn’t actually place traders trades.

A big part and assumption of being funded by a prop firm is that you are trading their capital. Pretty much all companies do do this, but My Forex Funds decided that they would be more profitable by NOT passing along traders trades to the market. If a trader did make any profits, they would just pay them out from all the fees they had collected. Effectively, they were a ponzie scheme.

Traders Had To Use Their Proprietary Software

This was a problem for a few reasons. First, it also meant that My Forex Funds was able to control the data feed. This allowed them to give trades a worse fill on both buys and sells.

Say you wanted to buy something, anything for $5 in a fast moving market. My Forex Funds might give you the buy, but at $5.20, a slight worse price. Then you decide you want to sell that thing for $7 later. You place your order, but it sells for $6.80. Instead of making $2.00 in profit, you made $1.60. That’s a big difference of already 20% less just because My Forex Funds controlled the data feed.

Charging Traders Fictional Commissions

Since trades weren’t actually happening in the market, there was no actual commissions being paid by My Forex Funds to a brokerage. But alas, My Forex Funds did charge their traders commissions on each (fictional) trade. Another revenue stream for My Forex Funds.

There’s More As Well

The above were the main 3 points in my opinion on how they really screwed traders. I also have read additional items such as allowing traders to trade unregulated products such as CFD’s, and failing traders for non legitimate reasons so they’d have to rebuy or reset their accounts, in turn paying more fees to My Forex Funds.

Futures Trading Is Safer Than Forex Trading

I’ve been deep in the futures trading world for many years. Addressing the 3 main points above below, I’ll start by saying futures are safer, regulated, and basically everything My Forex Funds did wouldn’t happen in futures.

CME Group – A Regulatory Body In Futures

First of all, unliked forex, there is an actual regulatory body, the CME Group, who overseas the futures industry. Forex doesn’t haven an equivalent. All trades for the various sub-futures markets (NYMEX, CBOT, COMEX, CME, etc) pass through the CME Group exchange.

Data Fees and Software Aren’t Proprietary

Unlike what My Forex Funds did where they made everyone use their software, that just isn’t a thing in the futures world. There are several third party software providers, the 2 biggest being NinjaTrader and Tradovate. No futures prop firm owns or controls this software.

Along with that, the data feed for futures comes from independant companies, namely CQG and Rithmic. Companies in the funded futures world have zero control over this data, and can not give you worse fills on buys and sells.

Trades Go To The Market

The companies in the funded futures space work directly with brokers and when you are funded, you are actually trading in the live, real market. In order to operate in the funded futures space, the funded futures companies have to work extensively to get permitted to operate in the space.

Conclusion

There’s a lot of risk in forex trading as it stands, so adding in some bad actors in the industry doesn’t help. I highly recommend you explore the futures world as the risks are far less.

As soon as there’s a big update for My Forex Funds I’ll be first to let you know.

While you wait to see what happens with My Forex Funds, check out some Deals and Discounts on my other recommended funded futures programs. I think a lot of forex traders would be happier in the futures world.

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Risk Disclosure:

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight.

In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

You can read more here: Risk Disclosure

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The external links on my site and in my video descriptions to trader evaluation companies and software companies are primarily affiliate links. I earn a commission from these companies on any sale made from people visiting these links. That said, I only recommend companies and software I personally use and actually do recommend. Believe me, I turn down a lot of companies who approach me. You can read my full Affiliate Disclosure here.

Additional Disclosure:

The content provided is for informational purposes only. I do my best to keep the content current and accurate by updating it frequently. Sometimes the actual data, rules, requirements and other can differ from what’s stated on our website. CanadianFuturesTrader.ca is an independent website. You should always consult the rules, faqs, knowledge base and support of any of the websites and companies we link to or talk about on our site. The information on their site will always be what ultimately dictates the current rules of their program, software or other. While we are independent, we may be compensated for advertisements, sponsored products, or when you click on a link on our website. The contributors and authors are not registered or certified financial advisors. You should consult a financial professional before making any financial decisions.