True Forex Funds: Navigating Through a Temporary Service Suspension
Unforeseen Disruption: True Forex Funds Services Paused
In a sudden turn of events, True Forex Funds has encountered a temporary suspension of services due to the termination of licenses by MetaQuotes. This unexpected move has left the firm’s operations frozen, impacting traders who rely on the platform.
The Reason Behind the Suspension
The suspension stems from issues related to a third-party provider used for equity synchronization. MetaQuotes claims that this provider violated their acceptable use policies, leading to the termination of True Forex Funds’ licenses.
True Forex Funds has expressed surprise and disappointment over this decision, as they had been utilizing the third-party service since 2021 without any prior objections from MetaQuotes.
True Forex Funds’ Response
Despite the setback, True Forex Funds remains committed to its traders. The team is actively working on a strategy to resume operations and continue providing exceptional services.
Negotiations with MetaQuotes are ongoing, while the firm also explores the option of migrating trading accounts to an alternative broker. True Forex Funds is determined to ensure that all pending payouts are processed once the platform is operational again.
Challenges and Considerations
The abrupt termination by MetaQuotes came without any warning, leaving True Forex Funds with limited time to switch to a different service provider.
Migrating to a new broker could introduce discrepancies in offered symbols, complicating the transfer of open positions. Traders are advised to close their positions before market closure to avoid automatic closures.
Looking Ahead
True Forex Funds understands the inconvenience and distress this situation may cause its traders. The firm emphasizes that the circumstances leading to the service freeze were beyond their control and classifies it as a force majeure.
Traders are encouraged to stay informed through True Forex Funds’ official channels for updates on the resumption of services. The firm is dedicated to finding a resolution and moving forward with transparency and trader support.
