True Forex Funds, which is operated from this domain name (trueforexfunds.com) is the true definition of an intelligent scam.
Over the last few months, we’ve reviewed these ‘fund my trading account’ schemes and found out that a lot of folks are losing money in terms of subscription fees. Examples of these bogus companies like True Forex Funds include Funded Trading Plus, UProfit Trader, My Forex Funds and many others.
True Forex Funds Review: The allure of free money
On their website, TrueForexFunds declares funding up to the tune of $400,000. They don’t want you to depend on ‘small capital’.
There are only two evaluation phases to pass after which you will be ‘given’ a $200,000 account to trade with.
These guys further claim that they will not govern how you trade as long as you don’t exceed the drawdown limits.
They are also luring traders with a realistic goal of attaining an 8% ROI in the first evaluation phase and 4% in the second evaluation phase.
TrueForexFunds evaluation phase basically involves trading virtual money on a demo account.
We all know that a demo account is free to open and practice in.
The persuasive sales pitch is a trap that many traders fall into. Many people don’t even question why they’re paying a fee to trade on a demo.
To make matters worse, True Forex Funds fees increases with the size of the virtual money that you’re going to trade.
For example, a $10,000 demo account will attract an $89 fee while a $200,000 will attract a fee of $998.
You have to ask yourself why you’re paying those fees when trading on a demo account with any Forex broker is in fact free.
Is there anything special that this scam is going to give you? The answer is a big resounding No. They are only going to take away your money.
The truth that True Forex Funds does not want you to know
Trading and succeeding in the business is not easy. You need proper training or reliance on a good signal provider that will guarantee stability of signals and profits. You can find them here in my list of recommendations.
If trading is difficult and very few traders actually succeed on their own, it would mean that True Forex Funds knows this fact and they also know that majority of people who enroll for the trading combine will fail.
The fine print on the website says the fees is only refundable if you pass the evaluation stages.
This means that majority of the people who participate in the scam unknowingly are going to lose money because they will fail hence no refund.
Do you see how these scammers are stealing from you?
The Conclusion
The scam is from Hungary. I forgot to mention it. It is registered as True Proprietary Funds Kft.
You have to ask yourself a serious question before you sign up and give them your money.
The question should be like this — if they truly have money to give away for trading, why do they look for random people on the internet with no trading experience to trade their money?
Wouldn’t it be easier to just approach established traders and work with them from the word go?
Think twice.