Trouble in Paradise. True Forex Funds’ CEO has issued a statement sharing that MetaQuotes has terminated their licenses. True Forex Funds has to freeze its services TEMPORARILY. Their team is working hard on a plan to continue providing their services.
The incomprehensible reason for the termination is using a third-party provider for equity synchronization purposes who has allegedly not connected to MetaTrader’s client terminal in a way that is fully acceptable by MetaQuotes. True Forex Funds has used the mentioned third-party service since 2021 without any complaint from MetaQuotes.
True Forex Funds Services Freeze – MetaQuotes Licenses Issue!
The firm also emphasized that MetaQuotes did not give any prior warning. They also did not provide any chance to replace the unwanted provider, despite it being evident that in no industry is it possible to investigate your partner, provider, or any supplier’s source code to prove their legitimacy.
However, the firm would like to assure all of its community that despite all the turbulence, it will never back down. The firm is confident that traders will be able to continue your journey where it had to be stopped. Their team continuously tries to convince MetaQuotes to keep their licenses. But, in case of a lack of success, they will try to migrate your trading accounts to a broker. Also, please note that the remaining payouts will be settled once the platform is unfrozen.
If the worst-case scenario occurs and TFF has to migrate to another broker’s server, they will face an issue with the offered symbol discrepancies. This will make open position migration challenging. They have also asked traders to close their positions before market closure; otherwise, they will be automatically closed.
Once again, you will be able to continue trading with True Forex Funds as soon as the workaround is available again. Lastly, the firm apologized for this disaster, a force majeure event that occurred due to reasons beyond its control.
As we wait for the outcome of this event, stay updated with the Latest Prop News.