True Forex Funds Review: Pros, Cons, Rules & Promo Codes

Update

True Forex Funds has shut down, as did so many other prop firms in 2024.

For the sake of posterity, I’m leaving up much of the review. As you can tell I was impressed by a lot of what they doing, but also very concerned about their platform issues, which ultimately was a big contributor to their demise.

Overview

True Forex Funds is another new prop firm that has very quickly become a favorite among traders for a lot of good reasons, but were ultimately felled by platform and liquidity issues, as were many other US props. One of the few that survived, and is still offering their services to US traders is E8, which will give you a 20% discount with the code E8PATH.

Pros – Why I liked True Forex Funds before they closed

• Bi-weekly payouts: True Forex Funds pushed hard to be the fastest in terms of payouts.
• Simple rules: They had no complicated drawdown calculations. Just keep your account above 90% of your initial balance and 95% of your daily balance and you’re good.
• Tight spreads: I had very little slippage when trading forex with TFF, although I didn’t have an account with them when things started to go bad. Towards the end there was a lot of complaints.
• Low profit targets: Evaluation required only an 8% profit to move to Phase 2, and then a 5% profit to become a funded trader. 
• Free retries: If you don’t violate the loss limits, but also don’t hit your profit targets, you were entitled to a free retry. 
• 24-hour support: Trader support was available 24 hours a day, Monday through Friday, and was very quick to respond in my experience. By the way, you can tell a prop firm is in trouble when their support starts to get overwhelmed — that often either means there are lots of complaints, or a prop firm has had to lay off staff. This definitely started happening with True Forex Funds.
• News trading was allowed: No restrictions on trading around news releases.
• Scaling opportunities: TFF increased funding to profitable traders by 25% every 90 days up to $2.5 million.

Cons

• Ceased operations: Pretty big con. True Forex Funds was one of the biggest prop firms to fail after platform issues.
• Suspension of service: Problems with MetaQuote, the maker of MT4 and MT5, lead True Forex Funds to temporarily suspend operations in February 2024. They appeared to be back to business as usual, for a moment, however, the disruptions proved disastrous.
• Time limits: While other prop firms removed time limits, TFF still required you to hit profit targets within 30 days for Phase 1 and within 90 days for Phase 2. It didn’t help save their business.
• 80% profit splits: I actually thought of this as a more sustainable business model — other firms were paying 90%, even up to 100%. TFF, despite less payouts, was still not able to stay solvent.
• New prop firm: Prop firms tend to have pretty short lifespans, which is why I always gravitate towards firms that have been around awhile. TFF had tons of verified payouts, but only lasted a little more than two years.

Promo codes

• For other prop firm discounts, check out my page: prop firm discounts and promo codes

What happened to True Forex Funds?

True Forex Funds was one of the rising stars in the prop trading industry, but fell victim to the decision by MetaQuotes to stop offering their trading platform to prop firms. TFF had no choice but to shut down for awhile, as they tried to migrate their accounts to MatchTrader. By the time they were able to reopen with limited service, the damage was done. The suspension of services severely impacted their liquidity, and they had to shut down completely.

Was True Forex Funds a scam?

No. The word “scam” gets thrown around a lot whenever a prop firm fails, but I honestly think TFF did their very best to stay in business. The sudden loss of their trading platforms, did them in, and a lot of traders never received payouts due to TFF’s insolvency, but I don’t think it was an intentional scam.

How was the True Forex Funds evaluation?

True Forex Funds kept their evaluation process refreshingly simple. There were no complicated drawdown calculations. To pass the two-phase evaluation and keep your account once you were funded, you simply had to maintain a balance above 90% of your initial account size, and 95% of your daily balance.  

1. Evaluation Phase 1: Hit a profit target of 8% within 30 days, without falling below 90% of your initial account balance or 95% of your balance from the beginning of the day. If you lose more than 5% on any given day or 10% overall, you’ve failed your evaluation.
2. Evaluation Phase 2: For phase 2, your profit target falls to just 5% and you have 60 days to get there. The same loss limits apply as in Phase 1. 

That’s it! Like I said, it was a really simple process. Once you become a funded trader, you are funded indefinitely, so long as you don’t breach the same 5% daily loss limit or 10% overall loss limit or violate any of the trading rules. 

Funded traders who profit more than 8% in a three-month period are eligible to scale up their accounts by 25% until they reach a maximum account size of $400,000. 

Other True Forex Funds program highlights

• Only five minimum trading days for Phase 1, and another five for Phase 2
• Available leverage:
  • Forex, Metals, Energy and Indices – 1:100
  • Cryptocurrencies – 1:5
  • Stocks – 1:10
• Tradable assets: 40 currency pairs, 30 stocks, 28 cryptocurrencies, 13 equity indices, metals, energies, and “a variety of CFDs”
• Trading platforms: MT4, MT5 with cTrader coming soon. (By the time TFF migrated from MT4 and MT5, the business was already in a tailspin.)
• Capital: Currently all accounts, including funded accounts, are demo accounts, but TFF has told me they’ll be transitioning funded accounts to real capital in the near future. (This obviously never happened.)
• Rollover and weekend trading: Both are permitted. 
• Copy trading is permitted so long as it’s done between your own accounts.
• Prohibited trading strategies/actions (violation will result in account suspension):
  • Changing your MetaTrader password 
  • Simultaneously opening opposite positions in separate accounts
  • Account management
  • Arbitrage bots
  • Tick scalping
  • Latency arbitrage
  • Any EAs, robots, or strategies that “take advantage of MetaTrader’s inefficiencies”

Who should sign up with True Forex Funds?

No one. They no longer exist. And be careful of anyone saying they represent the return of True Forex Funds. There’s a trend of what I call “zombie prop firms” — prop firms that seem to return from the dead, but are actually just scam pages that take your money and don’t offer any trading services.

Who should NOT sign up with True Forex Funds?

You. You should not sign up with True Forex Funds. They no longer exist. If someone says they represent True Forex Funds, they are almost certainly scamming you.

All things considered . . .

I liked my experience with True Forex Funds, I truly did. They had simple rules, fast payouts, and despite what others said, I never had a major issue with slippage. I thought they were one of the good ones. That said, the minute they started having platform issues, they seemed overwhelmed and lacked the leadership and capital required to get them through tough times.

True Forex Funds Basics

How did True Forex Funds work?

TFF was a typical prop trading firm with a two-phase evaluation. Choose your account size, sign up, and pay your sign-up fee. If you pass the evaluations by hitting your profit targets, staying above the loss limits and not violating any trading rules, you’ll become a funded trader and will be reimbursed for your initial fee. 

Funded traders receive 80% of their profits and are not responsible for their losses, although they will lose their accounts if they exceed their loss limits.

True Forex Funds proofs of payout

TFF was very transparent, and provided both real-time details of payouts they’ve made on their website, as well as monthly recaps on their Instagram.

True Forex Funds fees

True Forex Funds only charged a one-time sign-up fee, which was fully refunded once you pass. As far as prices go, TFF definitely is among the more affordable prop firms, especially for the smaller account sizes. To see how they compare to their peers, check out my prop firm full comparison.

Which trading platforms does True Forex Funds use?

This was the problem that caused TFF to fail. TFF used MT4 and MT5 almost exclusively, although they kept teasing the offering of cTrader. When MetaQuotes stopped TFF from using their services, TFF was forced to shutdown – at first temporarily, but the damage was done.

My methodology: How I graded True Forex Funds

This is unedited, to show you what I liked and disliked about TFF before they went under.

Profit splits: 7/10

Yes, TFF falls below a lot of 90% splits that you’ll see advertised by prop firms, but a lot of those come with strings attached. For example, with some prop firms, you have to buy an extra add-on package to be eligible for the 90% split. Others let you scale up to 90% but begin you well short of that. In this context, I think TFF’s solid, across-the-board 80% splits are pretty good. 

Scaling opportunities: 9/10

TFF’s scaling plan is very simple and provides a great opportunity for you to earn additional trading capital. 

After every three months of trading as a funded trader, you are eligible for a 25% increase in your account size so long as you hit an 8% profit target and don’t violate any of the trading rules or loss limits. There is no maximum account size, so the sky’s the limit should you continue to succeed. 

I love the steady scaling approach, but I did dock them one point due to the time frame. Three months seems a bit long.

Trade parameters/profit targets: 10/10

An easy 10 out of 10. I love the lax trading rules, simple, consistent loss limits, and obtainable profit targets. Unlike many funded trader programs, it seems as though True Forex Funds actually wants you to succeed. 

Affordability/value: 10/10

TFF is among the more affordable prop firms you’ll find, although you can shop around and do a little better in some cases. I gave them the full 10 out of 10, however, because you may find cheaper prices, but you won’t find better value. 

A lot of the really cheap prop firms can afford to offer insane prices because they make the rules so complicated that no one ever actually passes their evaluation. TFF does no such thing. They keep the rules simple and the profit targets obtainable.

Educational resources/Customer service: 8/10

TFF has a really active, informative blog that could teach a lot to new traders. I give them high marks for the blog. 

I do wish they’d reactivate the Discord channel, however. I love Discord! You can learn so much from reading through trader’s interactions with both the prop firm and with their fellow traders. Discord is also a great forum for exchanging trade ideas, showing proofs of payout and more. I think Discord is an invaluable forum, and I hope they bring it back. UPDATE: DISCORD IS BACK! TFF actually listened to me (and countless others, no doubt) and now have a Discord channel. They are even offering a 10% discount on new trading accounts to anyone who joins the Discord and verifies their identity.

The customer service department has always been very quick to respond to my queries, and it’s available 24 hours a day during the work week. I’ve only needed them a few times, but so far they’ve been great.

Tradable assets: 9/10

For a prop firm with “forex funds” in its name, you’d think that’s all they offer, but TFF also allows crypto, indices, stocks, metals, and more. If you’re a literal “master of all trades,” you have a lot of different asset types to choose from. 

However, I am a little disappointed that they only offer 40 currency pairs. If currency trading is your firm’s main focus, I’d like to see a few more pairs than that.   

Trustworthiness: 7/10

True Forex Funds has given me absolutely no reason not to trust them. I haven’t had a single bad experience with them. They are extremely open and transparent about everything, and their trading parameters make it clear they want their traders to succeed. I love what I’ve seen so far.

My only hesitance is simply the fact that they’ve been in the business for less than two years. Even prop firms with the best intentions can fail in the first few years. It’s a tricky business, so I always reserve a bit of judgment. I have very high hopes for TFF, however. For every anniversary TFF remains open, I’ll bump that score up a point. 

My overall rating:

I’m very impressed with TFF’s overall program. They make it quite a bit easier to become a funded trader than many of their peers. I love their prices, trading parameters, and scaling opportunities. If they had a little longer track record, they would be far and away one of my favorite prop firms.  

What Others are Saying

TrustPilot

True Forex Funds has a great rating on TrustPilot: 4.7/5. More than 85% of all reviewers gave TFF a full five out of five stars. Reviewers cited a number of different reasons for giving TFF a perfect score. The most common were the affordable prices, tight spreads, good customer service and fair trading parameters. 

The fact that there were so many different reasons is a really good sign that the reviews are legit and that TFF is, overall, a really good prop firm.

The very few negative reviews came from traders who had lost their accounts due to rules infractions and did not agree that they had violated the rules.

Instagram

Instagram is actually a secretly decent place to find out what traders really think about a prop firm. 

Just go to the replies section under the prop firm’s post on a weekend when the firm’s social media team is off posting brunch pics on their private accounts. This is when you’ll see some traders’ unfiltered opinions. Bad prop firms will have a million replies requesting or demanding overdue payouts.  

Good prop firms, like TFF, will still have complaints (this is the internet, after all) but they will be about far more mundane things, like “Why did you stop your Discord?!?” Happy to report that TFF’s Instagram replies are a lot of fire emojis, a few complaints about commissions, and very little else.   

Facebook

Let’s agree that Facebook, in general, is a complete mess. TFF has a perfect five-star rating among Facebook reviewers, and that’s with more than 360 reviews. Not bad! Take a good hard look at the reviews, however. I scrolled through about 150 of them and didn’t see a single legit review. 

They were all posts trumpeting the investment advisory services of people with names like bella chris (no capitalization necessary) and WhatsApp phone numbers where these “advisors” could be reached. Please don’t give your money to someone who advertises their investment services through comments and reviews on an unrelated Facebook post.

Overall

TFF earned a good reputation in its brief time as a prop trading firm. Traders loved all the same things I loved: great prices, tight spreads, simple rules, good customer service, and more. I think the prop trading space is worse off without them as a trustworthy option.

Frequently Asked Questions

Was True Forex Funds Legit?

Yes, TFF was legit. They had many verified payouts and a great reputation among prop traders. When they lost their access to their trading platforms, they were unable to recover and ultimately had to close their business.  

Was True Forex Funds regulated?

No, True Forex Funds was not regulated. Like all prop trading firms that offer funded accounts, TFF slips through the regulatory net by not being classified as a broker/dealer. However, when the CFTC shut down My Forex Funds — the most significant action by a regulatory body in prop trading history — it scared trading platforms like MetaQuotes from offering their services to prop firms.

My True Forex Funds Review Summarized in Exactly Forty Words

TFF ws a young prop firm that got off to a really great start. They couldn’t overcome the loss of their trading platforms however, and sadly closed down in May 2024.