(binned per thread starter’s request) MyForexFunds aka MFF - A Sh

MyForexFunds aka MFF refused to pay my Bonus $4,319.44 for the trading week ending 9/11

The file has the complete story

I was hesitant in disclosing the story,
but a good friend told me it is ok to share because so many traders are excited about $15 to $300 payouts from MFF and feeling positive.
they have to know the other side.

then I decided to share this.

MFF traders have to know the real face of MFF and the real story.

the bad things happen only when there is large payout involved.

Thank you for sharing. I feel like a lot of these companies are dodgy.
Not all but the vast majority.

Hello sir, what's the bonus they have to pay? What you mean by saying "bonus"? You mean your biweekly profit share?

How prop firms being regulated under some regulatory bodies? They're not brokerage firms. I didn't understand this part. And, are you from one of those 4 states you mentioned in pdf? Thanks.

MyForexFunds aka MFF team,

I organized a fundraiser for American Red Cross to help Wild Fire Relief.

if you donate $21,819.44 (Bonus payout $4.319.44 + Live Account Deposits $17,500) to Wild Fire Relief of American Red Cross I will consider this as settled.

It has to be donated to the fundraiser I organized. Otherwise I will never know if you donated or not.

https://www.facebook.com/donate/945659609267708/

https://www.facebook.com/donate/945659609267708/

I think You exaggerate
probably 4300$ yes your right but 17k seem like You are trying to blackmail them
I don't think they just going to block that 4 states and refund and give bonus as compensation just for one trader simply they can use other ways for disqualify you if they wanted to scam

I have to say that I agree with that!

I really think that it's far fetched to believe that they've blocked people from certain US states simply to avoid paying out 4 grand! They must have realised when allowing someone to open a 500k account that they'd be in for some big buck payouts - surely??

there is lot of unanswered questions.

1. if they call that as payout email, why it is coming from a Legal Consultant.
2. why that so called legal consultant has no proper signature
3. is there a legal consultant or the same guy sending emails from different accounts.
4. why customer support team responds because that legal consultant email is not working.
5. why I never got direct reply from the legal; all the responses coming from customer support.
6. why MFF says in their website no documents needed in their payout process section. But they still ask for it, which is fine, but never disclosed that first or it its website.

you have the right to believe MFF is trying to pay me and dont know my State.
I think they know and that is the reason for that legal email.

On September 10, 2020,

1. at 10:19 AM, I emailed that I completed the trading for 2 weeks so that MFF can review.
2. at 2:01 PM, the MFF legal emailed me refusing the BONUS payout citing regulatory laws
3. at 11:21 PM, MFF posts in facebook, it can not accept traders from 4 States to cover up the shady act.

on following rules, regulatory laws, I dont know if FINRA, CFTC, OSC, IIROC gives a damn about DEMO Trading in a PROP Firm.
the payout is called "Expertise Earnings"
No real transactions happened; and the trading of MFF DEMO traders has no freaking impact on REAL Market.
I am demonstrating my skills in a DEMO account and getting compensation for that.
There is no regulatory law that blocks that.

on people commenting asking 17,500 + 4319 for charity, I know that wont fly.
that gives room to MFF to say, hey...we can not donate 17.500 but we are happy to donate the 4319.
No firm/company will accept your offer as it is; they always counter offer.
MFF lovers, instead of asking me why you add 17,500 which is not your money, why dont you send emails to MFF asking to donate that 4319 to the fundraiser I organized.

on people commenting it is just 4000 and one person...yeah...look at their pay out it likely averages 100 or 150 per trader.
that means it is payout of 40 traders. 40x100
consider I hold the same profit, or take 50% hit or double in next 2 weeks, the min pay due is another 4300 or 2150 or 8600 respectively.

that is 20 to 80 payouts of $100.
in the long run, forget long run, even for few months, if this continues, MFF will be losing more because they likely dont have live accounts to back it up and they pay from the fees.
with the no fees option, no revenue if they dont copy my trades in a live account, it hurts them.

In 4 weeks, I likely to jeopardize a large number of payouts.
if the average payout is $100, it is 129 payouts max, 43 payouts min.
if the average payout is $300, it is 43 payouts max, 14 payouts min.
That is a huge Risk in 4 weeks with no revenue from Monthly Fees.
which is merely a projection; but that is how Risk analysis works.

To me, in my experience MFF is shady and I shared my story fully.

Also know that I had spent hours talking to support, emails because of this large size account; they never asked me where I live or they never disclosed me MFF can not work with traders from these states.

Most prop firm has FAQ on whether they accept US traders.
MFF still has not updated their FAQ on this and also about needing the documents for payout.

Is MFF a Broker-Dealer or Prop Firm?

All the MFF lovers, You are conveniently ignoring that MFF is a PROP FIRM, not a Broker-Dealer.
you also ignoring that I traded DEMO account and NONE of the REGULATORY AGENCIES give a damn about that.

Had I known MFF is broker dealer, my questions will be different.
Do you accept USA traders?
I am resident of this State, do you accept?

When Trader's Way closed the accounts of the traders in the 4 states, they sent whatever was in the account, means if it had profits it was given to the traders.
again, had I known MFF is not a prop firm, it is a Broker-Dealer I never had opened an account.

what is done is done...Expecting payment from MFF is something NEVER going to happen, in my case.

Yeah, you get paid your share of $75, $325..be happy about that

There is another firm based on Canada, which has no problem in paying the BONUS and Profit to the traders regardless of where they reside.
So my conclusion is

1. MFF is not worth it; it denies LARGER PAYOUTS.
2. MFF is unregulated and unregistered with OSC, IIROC and CFTC;
3. MFF don’t give a damn about regulatory laws, but uses those regulatory, compliance laws to deny payouts.

You are entitled to your own opinion. This is my Experience with MFF.
I hope this will help few to weigh the risk before considering MFF.

https://the5ers.com/the-benefits-of-trading-for-a-forex-fund/#Free_Yourself_from_Regulatory_Restrictions

That may well be the smoking gun.
If you haven’t done so already, contact a few prop firms, ask them that very question.
If they agree, then you’ll know if you have a case against..

https://tradersdestiny.com/faq/

Fidelcrest

ENFOID

FTMO

MFF

?????

Thank you.

I listed 5; there are others as well

All have no issues;
MFF is the only ONE who refused the BONUS payout citing regulatory reasons.

Bitten off more than they can chew.
Not enough payments received to cover your winnings.
Most likely a scam.

Thanks for letting us know your experience. This is how we (Traders) protect ourselves by sharing information. I suggest also leaving a review at Trustpilot and Forexpeacearmy of your experience.

Sure, will do that. Thank you