Data updated September 29, 202690 firms · 2,228 challenges trackedAffiliate disclosure
● ClosedForex

My Forex Funds: Closed since Aug 2023

My Forex Funds (MFF) was a forex prop trading evaluation firm run by Traders Global Group Inc. of Vaughan, Ontario, with Murtuza Kazmi as owner and CEO; the firm dates its founding to 2020. It stopped operating at the end of August 2023, when the US CFTC sued it in New Jersey for alleged fraud and got an asset freeze and a temporary receiver, and the Ontario Securities Commission issued a temporary cease trade order and later obtained a receivership. The US court later found that the CFTC had acted in bad faith. In May 2025 it dismissed the case with prejudice, and in July 2025 it ordered the CFTC to pay about $3.1 million in defence fees. The Ontario receivership was scaled back in 2025 and business assets were returned in December 2025. The OSC made no finding against the firm, and as of late 2025 had not published formal allegations. On 28 September 2026 the MFF brand, domain and social accounts were announced as sold to Global Solutions Operations FZE (Dubai). The new owner says it does not currently offer any products under the brand, so no challenges are on sale.

Do not buy a challenge from a closed firm. If you see “My Forex Funds” offers on social media or unfamiliar domains, treat them as unrelated to the original firm. Pick an active alternative below.

Key facts

Status
Closed
Founded
2020
Stopped trading
Aug 2023
Company
Traders Global Group Inc. (Canada (Ontario))
Former website
myforexfunds.com
Trustpilot
4.8 · 16,424 reviews
Continues as
Global Solutions Operations FZE (new owner of the MyForexFunds brand; no products offered yet)

What happened: timeline

DateEventSource
2020The firm's own site gives 2020 as its founding yearmyforexfunds.com
28 Aug 2023CFTC files a civil complaint in the US District Court for the District of New Jersey (No. 23-cv-11808) against Traders Global Group Inc. and Murtuza Kazmi. It alleges, among other things, that about 135,000 customers paid at least $310 million in fees from November 2021, that the firm secretly acted as counterparty to trades, and that it used tactics to deny payouts. These were allegations onlycftc.gov
29 Aug 2023Judge Robert B. Kugler signs an ex parte order freezing assets and appointing a temporary receiver. MFF halts operationscftc.gov
1 Sep 2023The Ontario Securities Commission issues a temporary cease trade order against Traders Global Group Inc. (myforexfunds.com) and Kazmi, saying it is investigating possible fraud, unregistered trading and illegal distribution. These were not findingsnewswire.ca
Dec 2023At the OSC's request, the Ontario Superior Court (Justice Kimmel) appoints Grant Thornton as receiver of Traders Globaltheglobeandmail.com
7 Mar 2024Defendants file a motion for sanctions against the CFTC in the US casemyforexfunds.com
30 Apr 2025Special Master Jose L. Linares recommends dismissing the CFTC's complaint with prejudice and awarding fees. He finds the CFTC wrongly described about C$31.5 million of Canadian corporate tax payments as transfers to an unidentified Kazmi accountcftc.gov
13 May 2025Judge Edward S. Kiel adopts the recommendation and dismisses the CFTC case with prejudice as a sanction. CFTC Acting Chairman Pham calls the agency's conduct 'inexcusable' and says staff were placed on administrative leavecftc.gov
Jul 2025The court orders the CFTC to pay about $3.1 million in defence attorneys' fees, finding the agency acted willfully and in bad faithusaherald.com
5 Aug 2025Ontario receivership is reduced, according to the firm's own timeline. The firm's October 2025 release says the Ontario court significantly scaled back the receivership and directed that business assets be returnednewswire.ca
6 Oct 2025MFF posts on X that it will 'tell our story soon', hinting at a returnfinancemagnates.com
6 Nov 2025MFF publishes a roadmap: first regain its assets, data and systems, then do a review. It does not confirm a relaunchfinancemagnates.com
9 Dec 2025The Ontario Superior Court approves an order handing Canadian assets back to Traders Global. Reports say about $10 million stays in escrow and the OSC investigation is still open, with no formal allegations issuedfinancemagnates.com
2 Feb 2026Kazmi says traders who requested payouts before the freeze should expect to hear from the company soonfinancemagnates.com
25 Feb 2026According to an MFF press release, the Ontario Superior Court orders the OSC to pay C$80,000 in costs (Court File CV-23-00709536-00CL)newswire.ca
1 Aug 2026Sale of the MyForexFunds trademarks, domain, websites and social accounts from Traders Global Group Inc. to Global Solutions Operations FZE (Dubai World Trade Centre free zone) closesswacenews.com
28 Sep 2026The brand sale is announced on myforexfunds.com and the site terms now name Global Solutions Operations FZE as operator. The new owner says it offers no products under the brand for now and plans an announcement 'in the coming weeks'myforexfunds.com

What about trader payouts?

The firm says it paid out more than $290 million in rewards before the August 2023 shutdown. Payout requests pending at the freeze were not paid while the assets were frozen. After regaining its Canadian assets in December 2025, Kazmi said affected traders would be contacted (February 2026). The September 2026 sale announcement says Traders Global keeps control of a 'discretionary rewards program' for affected accounts, with Global Solutions running its remaining phases under a services agreement. No amounts or completion date have been published.

If you are owed money by a closed firm, keep your account statements, payout requests and correspondence, check whether the firm's terms name a legal entity and jurisdiction, and follow official announcements rather than third-party “recovery” services, which are a common scam.

Active alternatives to My Forex Funds

#FirmScoreFromPer $10KPayouts
1The5ers logoThe5ers4.4$22$65.80Bi-weeklyVisit
2FundedNext logoFundedNext4.3$32.99$65.99WeeklyVisit
3FTMO logoFTMO4.3€79€72.40Bi-weeklyVisit
4FundingPips logoFundingPips4.2$33$69.80WeeklyVisit
5Fintokei logoFintokei4.2$44$72Bi-weeklyVisit
6Hola Prime logoHola Prime4.1$39$71.60Bi-weeklyVisit
7Funded Trading Plus logoFunded Trading Plus4.1$4$69.80DailyVisit
8Ment Funding logoMent Funding4.0$250$86DailyVisit

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FAQ

Is My Forex Funds still operating?

No. As of September 29, 2026 its status in our records is: closed (since Aug 2023). My Forex Funds (MFF) was a forex prop trading evaluation firm run by Traders Global Group Inc.

Did My Forex Funds pay its traders?

The firm says it paid out more than $290 million in rewards before the August 2023 shutdown. Payout requests pending at the freeze were not paid while the assets were frozen. After regaining its Canadian assets in December 2025, Kazmi said affected traders would be contacted (February 2026). The September 2026 sale announcement says Traders Global keeps control of a 'discretionary rewards program' for affected accounts, with Global Solutions running its remaining phases under a services agreement. No amounts or completion date have been published.

What are the best alternatives to My Forex Funds?

Active forex firms with the highest scores in our data: The5ers, FundedNext, FTMO.

What is My Forex Funds called now?

My Forex Funds continues as Global Solutions Operations FZE (new owner of the MyForexFunds brand; no products offered yet).

Sources

Checked September 29, 2026. Found newer information? Tell us. See all closed prop firms.

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