True Forex Funds has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Ryze Funding. We’ve received over 4 complaints against True Forex Funds.
True Forex Funds is in chaos after MetaQuotes, the company that runs the MT4 and MT5 systems, took away important licenses. This sudden interruption caused services to be temporarily shut down, leaving traders unsure. Alibaba Cloud’s Forex solutions are helping True Forex Funds find security. CEO Richard Nagy says he will fix the problem and earn back traders’ trust.
Get Your Money Back From These Scammers!
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Key Takeaways
Is True Forex Funds Regulated? Do They Have a License?
True Forex Funds, a well-known prop trading firm, is in disarray after MetaQuotes, the operator of the popular MT4 and MT5 platforms, canceled vital licenses required for its trading activity. This unexpected interruption led the company to briefly cease its services, causing traders to be unsure.
True Forex Funds is currently seeking stability amid the instability by embracing Alibaba Cloud’s Forex cloud solutions. Alibaba Cloud is well-known for its robust and fast cross-border connectivity adapted to high-demand scenarios, ensuring Forex dealers’ secure and global operations. This measure tries to lessen the disruption’s impact and restore user confidence.
Richard Nagy, CEO of True Forex Funds, has expressed unrelenting commitment to addressing the matter and restoring trader confidence. Despite the setback, the company is committed to seeking solutions, including negotiating with MetaQuotes and looking at options such as transferring accounts to other brokers.
True Forex Funds promises its clients that the organization is committed to recovering from this inconvenience. It encourages traders to keep informed as the company navigates these challenges, vowing to settle outstanding dividends and consider all possibilities for resuming operations smoothly.
The lack of regulation or the presence of poor regulation is a huge red flag. It means True Forex Funds is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of True Forex Funds, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at True Forex Funds
To fully comprehend the complexity of proprietary trading, it is critical to distinguish between proprietary trading firms and trader-funded entities. While both may have similar evaluation methods and financing options, their main business strategies differ dramatically. Proprietary trading firms actively trade using their own resources and talents, but trader-funded entities operate differently.
My Forex Funds, another sector player, faced regulatory inquiry and eventually closed, leaving a trail of disruption. As regulatory bodies crack down on misleading practices, the business faces greater legal ambiguity. This narrative demonstrates the value of transparency and compliance in the turbulent world of Forex trading.
While True Forex Funds paints an appealing picture of unequaled trading conditions and benefits, a closer look reveals a web of fraud and abuse. Here are some of the so-called benefits promised by this organization:
True Forex Funds claims to have connections to multiple liquidity providers and cryptocurrency exchanges, ensuring world-class trading conditions. However, these collaborations frequently serve as a smokescreen, disguising the genuine nature of their activities. Traders are duped into a trap of deceptive spreads and poor trade execution, resulting in substantial losses.
The promise of raw spread accounts with little slippage entices traders looking for a competitive advantage. However, underneath this mask is a plan meant to drain traders’ accounts via hidden fees and controlled market circumstances. Traders should be cautious: what appears to be a rich opportunity is actually a road to financial ruin.
True Forex Funds provides traders with realistic profit targets and a clear route to financial success. However, these targets are utilized as bait to entice naive traders into a vicious cycle of false optimism and unavoidable losses. Traders find themselves playing a rigged game in which victory is elusive and the chances are stacked against them.
True Forex Funds provide the illusion of flexibility by requiring only five trading days. However, beneath the surface is a rigid framework meant to exploit traders’ time and resources, trapping them in an eternal trading cycle.
The promise of regular biweekly rewards provides traders with a false sense of security. However, these payouts are meant to keep traders hooked, prolonging True Forex Funds’ deceptive practices. Traders quickly realize that these dividends disappear when they are most needed.
True Forex Funds claims to focus risk management by providing free retries to traders who stick to their loss limitations. However, these so-called free retries ensnare traders in a loop of losses and despair, making it difficult to escape True Forex Funds’ clutches.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
True Forex Funds Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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True Forex Funds Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like True Forex Funds tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust True Forex Funds reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of True Forex Funds, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like True Forex Funds enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “True Forex Funds reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising True Forex Funds.
You should always look out for consumer complaints. In the case of True Forex Funds, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about True Forex Funds? You can share your complaint in the comment section or submit an anonymous tip.
Is True Forex Funds Legit Or a Scam?
True Forex Funds present itself as a beacon of opportunity in the Forex market, but it is actually a predatory business preying on unwary traders. As storm clouds gather surrounding True Forex Funds, traders must exercise caution when navigating these treacherous waters.
Regulatory scrutiny is increasing, and market dynamics are altering, so traders must stay aware and use prudence to protect their interests in the turbulent world of Forex trading.
True Forex Funds and similar organizations should be approached with extreme caution, as the risks frequently outweigh the benefits. Stay vigilant, and remember that if something appears too good to be true, it most often is. Don’t succumb to the seduction of bogus Forex funds.
True Forex Funds is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind True Forex Funds can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust True Forex Funds?
All the evidence suggests that True Forex Funds is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The True Forex Funds Online Scam Works
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