MyForexFunds (Closed)
CautionSpecifications
| Profit split | — |
|---|---|
| Max funding | — |
| Challenge fee | — |
| Payout track record | Refund process to former customers continues |
| Payout cycle | — |
| Sources | [1][2][3] |
| Website | https://myforexfunds.com/ |
Trustpilot: 4.9 (16,530 reviews) — third-party, as of 2026-06-22
Strengths
Watch-outs
- Shut down in August 2023 by Canadian (OSC) and US (CFTC) regulators
- Was one of the largest prop firms in the industry at the time
- Quintessential example of prop firm shutdown risk
MyForexFunds (now closed)
MyForexFunds was a Canada-based proprietary trading firm founded in 2020. At its peak, it was briefly one of the largest prop firms in the industry — by some estimates, the single largest by user volume. In August 2023, that ended abruptly when the Ontario Securities Commission (OSC) and the US Commodity Futures Trading Commission (CFTC) issued enforcement actions, effectively shutting down operations.
The collapse is the defining case study in prop-firm shutdown risk. Customers who held active accounts at the time lost access overnight, and the refund process for evaluation fees has been working through regulatory channels rather than the company itself.
Why this entry exists
We list MyForexFunds as an industry lesson, not as an active option. The case directly contradicts the comfortable assumption that “big means safe” — at the time of the shutdown, MyForexFunds had vastly more users than most of today’s top firms, and that volume did not protect customers when regulators intervened.
By contrast, the firms that have continued operating through this period — FTMO, Topstep, Audacity Capital, The5%ers — share two traits MyForexFunds lacked: a multi-year operating record before the 2020–2022 boom, and a clearer regulatory positioning around the simulated-trading model.
What to watch
- Refund status: check OSC and CFTC official sources for the latest on the refund process to former customers.
- Industry signal: the case is the strongest available argument for picking firms with longer operating histories and clearer regulatory positioning, even at higher cost.
- Jurisdiction matters: the regulatory action came from the firm’s home jurisdiction (Canada) plus a major market (US). Where a prop firm is domiciled is not a trivia question.
Our take
MyForexFunds is the cleanest available example of why operating history and regulatory positioning matter more than headline economics. For traders deciding between firms today, the practical lesson is to weight long-cycle reliability and jurisdictional clarity above marginal differences in fees or profit split. Cheap evaluation fees are no substitute for an operator that can still be reached in 18 months.