Meta Trader and True Forex Funds in trouble

In an urgent notification to its clients, True Forex Funds, led by CEO Richard Nagy, reported the temporary freezing of its services due to the abrupt termination of its licenses by MetaQuotes (the company that owns Meta Trader). This action has been taken due to what the company describes as a nonsensical reason.

The surprising termination of licenses has led True Forex Funds to temporarily halt operations while its team works tirelessly on a plan to continue providing services to its trading users. The reason behind the termination appears to be related to the use of a third-party provider for equity synchronization, who, according to MetaQuotes, has not connected to the MetaTrader client terminal in a way that is fully acceptable.

It is important to note that True Forex Funds has employed this third party service since 2021 without receiving any complaints from MetaQuotes. The lack of prior warning from MetaQuotes and the lack of opportunity to replace the provider in question has left True Forex Funds and its clients in a compromised position.

In an attempt to resolve the situation, the True Forex Funds team is in active talks with MetaQuotes to convince them to reconsider the termination of licenses. In case these talks are unsuccessful, the company plans to migrate its clients’ trading accounts to another broker to ensure continuity of services.

The CEO, Richard Nagy, expressed his apologies to customers for this “disaster”, calling it a force majeure event beyond his control. He stated that outstanding payments will be settled once the platform is unfrozen and asked for understanding from affected users.

In the case of a possible migration to another broker server, a possible challenge in the migration of open positions due to discrepancies in the symbols offered is noted. Clients are urged to close their positions before market close to avoid automatic closures.

True Forex Funds finalized the notification reaffirming its commitment to overcome this obstacle and assuring its users that they will be able to continue their trading journey as soon as a solution is implemented. The company appreciates the continued support of its clients and pledges to keep them informed of future developments.

This unexpected turn of events highlights the volatility and complexity of the online financial trading world, where external factors can have a significant impact on the day-to-day operations of firms and their clients. Bad news continues to follow in the current reality of funding accounts and in this case, True Forex Funds joins the My Forex Funds bandwagon.