Reviewed by PropFirm201 Research Team·At a Glance
My Forex Funds Homepage
Pricing & Challenge Types
Rapid Challenge
2 phases · 75% profit split · Scaling available
| Account Size | Price | Target P1 | Target P2 | Daily Loss | Max DD |
|---|---|---|---|---|---|
| $10,000 | $84 | 8% | 5% | 5% | 12% |
| $25,000 | $155 | 8% | 5% | 5% | 12% |
| $50,000 | $259 | 8% | 5% | 5% | 12% |
| $100,000 | $439 | 8% | 5% | 5% | 12% |
| $200,000 | $799 | 8% | 5% | 5% | 12% |
| $300,000 | $1099 | 8% | 5% | 5% | 12% |
Evaluation Program
2 phases · 75% profit split · Scaling available
| Account Size | Price | Target P1 | Target P2 | Daily Loss | Max DD |
|---|---|---|---|---|---|
| $5,000 | $49 | 8% | 5% | 5% | 12% |
| $10,000 | $84 | 8% | 5% | 5% | 12% |
| $20,000 | $129 | 8% | 5% | 5% | 12% |
| $50,000 | $259 | 8% | 5% | 5% | 12% |
| $100,000 | $499 | 8% | 5% | 5% | 12% |
Accelerated Program
0 phases · 50% profit split · Scaling available
| Account Size | Price | Target P1 | Daily Loss | Max DD |
|---|---|---|---|---|
| $2,000 | $58 | N/A | 5% | 5% |
| $5,000 | $129 | N/A | 5% | 5% |
| $10,000 | $239 | N/A | 5% | 5% |
| $25,000 | $499 | N/A | 5% | 5% |
| $50,000 | $899 | N/A | 5% | 5% |
Pros & Cons
Pros
- Was one of the largest prop firms with 135,000+ customers before shutdown
- Affordable pricing with challenges starting at $49
- Multiple program types including instant funding
- Widely used by retail traders before CFTC action
- CFTC case was later dismissed with sanctions against the regulator
Cons
- SHUT DOWN by CFTC in August 2023 -- operations suspended
- All trader accounts frozen and assets placed in receivership
- Accused of operating as counterparty to traders rather than routing to markets
- Standard profit split of 75% was below industry average
- CFTC case dismissed but firm has not fully resumed operations
Trading Rules
About My Forex Funds
My Forex Funds (MFF) was one of the largest proprietary trading firms in the world before it was shut down by the U.S. Commodity Futures Trading Commission (CFTC) in August 2023. Founded in 2020 by CEO Murtuza Kazmi and headquartered in Toronto, Canada, the firm had onboarded over 135,000 customers and collected more than $310 million in fees before operations were suspended.
The CFTC action against My Forex Funds became one of the most significant and controversial regulatory events in the prop trading industry. The case was ultimately dismissed by a U.S. federal court, with sanctions imposed against the CFTC for misconduct, but the firm has not fully resumed normal operations as of early 2026.
How It Works
Note: My Forex Funds operations are currently suspended. The information below describes the firm's programs as they existed before the August 2023 shutdown.
My Forex Funds offered three main programs:
Rapid Challenge (2-Step):
- Phase 1: Reach an 8% profit target within 30 days with a 5% daily loss limit and 12% maximum drawdown. Minimum 5 trading days.
- Phase 2: Reach a 5% profit target within 60 days with the same rules.
- Funded Account: Trade with a 75% profit split, scaling up to 85%.
Evaluation Program (2-Step): A more affordable version of the Rapid Challenge with smaller account sizes starting at $5,000, identical rules but lower entry fees.
Accelerated Program (Instant Funding): Skip the evaluation entirely with immediate access to a funded account. Tighter risk parameters (5% trailing drawdown) and a lower 50% profit split.
Pricing & Plans
| Program | Account Size | Fee |
|---|---|---|
| Evaluation $5K | $5,000 | $49 |
| Evaluation $10K | $10,000 | $84 |
| Evaluation $50K | $50,000 | $259 |
| Evaluation $100K | $100,000 | $499 |
| Rapid $10K | $10,000 | $84 |
| Rapid $50K | $50,000 | $259 |
| Rapid $100K | $100,000 | $439 |
| Rapid $200K | $200,000 | $799 |
| Accelerated $2K | $2,000 | $58 |
| Accelerated $10K | $10,000 | $239 |
| Accelerated $50K | $50,000 | $899 |
Rules & Restrictions
- Maximum Daily Loss: 5% of the account balance.
- Maximum Overall Loss: 12% (Rapid/Evaluation) or 5% trailing (Accelerated).
- Minimum Trading Days: 5 days per phase (Rapid/Evaluation); none for Accelerated.
- News Trading: Not allowed within 2 minutes of high-impact events.
- Weekend Holding: Not allowed.
- Expert Advisors: Allowed with some restrictions.
- Scalping: Allowed.
- Hedging: Allowed.
Payouts
- Frequency: Bi-weekly (every 14 days).
- Profit Split: 50-75% depending on program, scaling up to 85%.
- Methods: Bank transfer and cryptocurrency.
- Note: All payouts have been suspended since August 2023.
The CFTC Case
On August 28, 2023, the CFTC filed a complaint alleging that My Forex Funds had fraudulently solicited over $310 million from more than 135,000 customers. The key allegations included:
- Counterparty trading: The CFTC alleged MFF led customers to believe they were trading real accounts against independent liquidity providers, when in reality they were trading simulated accounts with MFF as the direct counterparty.
- Misrepresentation: The CFTC claimed MFF misrepresented the nature of customer accounts.
- Suspicious transfers: The CFTC cited large transfers as evidence of potential asset dissipation.
On August 29, 2023, a federal judge granted the CFTC's motion for a Statutory Restraining Order, placing MFF into receivership and freezing all assets.
Case Reversal: In a dramatic turn, the case was later dismissed in its entirety. A special master found that the CFTC had acted in bad faith, withheld key exculpatory evidence, and made misrepresentations to the court. Specifically, the CFTC knew before filing that the transfers it cited as suspicious were legitimate corporate tax payments to Canada's tax authority. The court imposed sanctions against the CFTC, ordering the agency to pay MFF's legal costs. At least four CFTC staff members were placed on administrative leave.
My Forex Funds has regained control over its Canadian assets, and there is speculation about a potential relaunch, but as of early 2026, the firm has not fully resumed operations.
Is My Forex Funds Legit?
The question of My Forex Funds' legitimacy is complex:
- The CFTC case was dismissed with sanctions against the regulator, suggesting the original fraud allegations were not supported by evidence.
- 135,000+ customers had used the platform before the shutdown.
- The firm had a strong Trustpilot presence with thousands of positive reviews.
- The counterparty model (trading against customers on simulated accounts) is common across the prop firm industry and was not found to be fraudulent by the court.
- Operations remain suspended despite the legal victory, raising questions about the firm's ability to resume.
The MFF case has become a landmark event in the prop trading industry, influencing how regulators approach prop firms and how firms structure their operations.
FAQ
What happened to My Forex Funds?
My Forex Funds was shut down by the CFTC in August 2023 on allegations of fraud. The case was later dismissed by a federal court, which found the CFTC acted in bad faith. The firm has regained control of its Canadian assets but has not fully resumed operations.
Can I still trade with My Forex Funds?
No. As of early 2026, My Forex Funds has not resumed accepting new customers or processing trades. Traders who had active accounts at the time of the shutdown may be affected by the ongoing receivership process.
Was My Forex Funds a scam?
The CFTC's fraud allegations were dismissed by a federal court, which sanctioned the CFTC for misconduct. However, the firm's use of simulated accounts with MFF as counterparty was controversial, even if not found to be illegal.
Will My Forex Funds relaunch?
There has been speculation about a potential relaunch after the firm regained control of its assets, but no official relaunch date has been announced.
How does the MFF case affect other prop firms?
The case has prompted the prop trading industry to increase transparency about the simulated nature of funded accounts and has made other firms more cautious about regulatory compliance.