Anatomy of a Scam: Zombie My Forex Funds is open for business

Someone with a moral blind spot and a clear eye for opportunity has started myforexfunds.io and is accepting new traders. 

That’s a problem, because the real My Forex Funds as in myforexfunds.COM has been shut down by the CFTC and is still battling for its life in New Jersey district court. 

While they fight the good fight, MFF is completely barred from doing business. 

So who is myforexfunds.IO?

I looked into the mystery of myforexfunds.io as best I could, but only came up with some inconsistencies, oddities, and the conviction that no one, and I mean no one, should ever spend a single cent on MFF.io’s evaluations.

Is Myforexfunds.io the real My forex funds?

No! There is very little, if anything, that is real about Myforexfunds.io.  That is not what they would have you believe however:

I did try to ask them directly if they were in fact the real MFF, but they never responded to my email. When I asked the “support team” they wouldn’t directly answer if it was the same MFF, but said this instead:

There is the possibility that the owner of .io is someone from the original MFF, but I can’t imagine anyone associated with the real MFF brand would be stupid enough to start a zombie site. For starters, it is still possible that MFF beats the CFTC in court. It would be incredibly dumb to start up a scam site while the case is still pending. 

UPDATE: Finance Magnates has confirmed no one from the real MFF is involved.

But even if someone from MFF was that idiotic, would they really put something together that was this sloppy? Look at this mess!

Meet Zombie MFF 

The website design for .IO originally looked exactly like that of the old MFF, with star-crossed bears and bulls in electric blue. It looked as if MFF had risen from the dead. 

IO has changed it up a bit in the last few days, but the site still features the same slogan as MFF, “Our Capital, Your expertise,” although I should note that the old MFF used a period – “Our capital. Your expertise.” 

The logo also appears to be the same at first glance, but the bull’s head in the IO version is actually where its behind was in the old MFF version. In other words, the IO bull is headed in the complete opposite direction. 

The IO website also appears to have a ticker scrolling across the middle of its homepage with quotes of forex pairs, but closer examination reveals that the quotes are A) Not accurate because B) not updating.  

There’s also a lot of grammatical errors: “Earn As A Professional Traders” screams one headline. Another point is double punctuated: “You’ll then manage a MyForexFunds account with up to $2,000,000 in capital, from anywhere you prefer.!”

Maybe I take grammar too seriously, but the IO website is very clearly written by someone who couldn’t be bothered with details. 

MFF.IO Outrageous Claims 

Part of me wishes MFF.io was actually real because they’ve had the most successful prop traders in prop trading history. We’re all fighting to bank a few grand while MFF.IO is making millionaires. Lot’s of them. 

Look at these payouts: $413,205 to Benjamin W! $362K to Alexander C!  

In fact, their instagram lists 28 payouts between a low of $52,149 (Grace B.) up to $426,849 (Matthew T.). Not bad! Congrats Matthew T! The total amount of these alleged payouts is more than $6.5 million, making an average payout of more than $234,000 per trader. Wow. 

They also have over 50 “Certificates of Achievement” posted on IG, one of which is from… THE FUTURE! In just a few months, Penelope Perry is going to become a funded trader. I’ll mark my calendar to congratulate her. I noticed another funny thing about these certificates… all the names are pretty common – so common in fact that I found every single female name on the Top 50 names for babies born in the US in 2020. That’s quite a coincidence.

MFF.IO also claims to have won an award recently. Hooray for them! Presenting your 2024 Q2 Best Forex Prop Firm…. MFF.IO. This award was presented by the good people at Aurum Traders.  Who? Who knows. A company named Aurum Traders was once incorporated in the UK, but closed operations after a solid six month run. The same owner also started an Aurum Traders in the US, but I can’t find any other information. 

They also claim to be a verified company on Trustpilot with a 4.7 “Trust Score,” but believe it or not, that’s also a bit of stretch. In reality, they have only 2 reviews. One is a 5-star, the other is a 1-star, which in Trustpilot’s unique math gives them a 3.4.

Frankenstein MFF’s trading rules

As near as I can tell, MFF.io’s trading rules have been pulled together, if not downright copied from several other prop firms.

If imitation is the sincerest form of flattery, E8 markets and Goat Funded Trader should be very proud indeed. Let’s just say a big portion of the content on MFF.io’s main page is very heavily “inspired” by the content of those two sites.. 

Take a look at the scaling plan for example:

And then there’s also the “How to Start Earning:”

From Goat Funded Trader they seem to have lifted ALL ASPECTS OF THEIR TRADING PROGRAM, from the profit targets to the price:

Phantom MFF: Where is MFF.IO based?

Original MFF was based out of New Jersey and Toronto, which is creating some problems now because they are in hot water with both American and Canadian financial regulators.

MFF.IO says very clearly that they’re based in the Cayman Islands, but surprise, surprise, I could not find any LLC registered with the name Myforexfunds or similar. 

It is possible that they could be registered under another name in the Caymans, but clearly they’re not being very transparent. 

.IO’s Terms & Conditions further muddy the waters. They state that they are “incorporated under the laws of Cayman Island,” and later say, “If you have any questions concerning any obligations that may apply to you, including under Cyman Island securities law we would encourage you to consult legal counsel.”

Misspellings aside, they are still holding onto the Cayman Islands claim until a few paragraphs later when they give their address as:

United Arab Emirates Office no. 7, AI Robotics HUB, C1 Building, AFZ, Ajman, UAE

This is actually the address to the offices of FundedNext! The FundedNext T&Cs are a much more comprehensive document than that of .IO, but it does seem like .IO lifted at least the structure of the document from FundedNext. Still… not even changing the address? That’s lazy even by lazy scammers’ standards.

The last place I looked was at the registration of the site. Myforexfunds.io was actually registered May 15, 2024 to someone in… Massachusetts! Unless one of the Cayman Islands is named Massachusetts, we’ve found yet another inconsistency. 

MFF’s Terms and Conditions

The T&Cs are a heck of a read, no doubt pulled together from other prop firms. As a Zombie firm, why even publish a T&C? I guess they think it makes them look more authentic, but this document is a disaster. 

A few interesting takeaways. IO’s T&C had a pretty strange clause about political activity: “MyForexFunds holds a neutral stance regarding any political activity and therefore will not allow individuals with any sort of recorded political activity to avail its services.”

They are kind of limiting their customer base these days if they only offer their services to apolitical folks. It was curious enough wording that I googled it and found it with a few other prop firms: ETX Funding, Next Level Funding, and a site called Myfundspay.com, which, oddly enough, appears to be a copy of the real mff’s old site. 

Also, from .io’s T&C’s: “Customers that have purchased orders with a stolen credit card will be refunded upon discovery of the act.” So buy with confidence, criminals!

Can US residents also be scammed by MFF.IO?

Yes! It just takes an extra step.  

How do we find out who is actually running MFF.IO?

We could ask this guy, from the new video on MFF.IO’s site:

Or apply for a job! Yes, as of today Zombie MFF is hiring.  Good luck cashing that paycheck!

UPDATE: Myforexfunds.io has been shutdown

No doubt thanks to the noise we made online, Myforexfunds.io no longer seems to be in service. We’ll keep an eye on it — you never know when a zombie may rise again!