{"id":404546,"date":"2022-05-13T23:51:48","date_gmt":"2022-05-13T16:51:48","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/library\/philosophy\/2022\/05\/trueforexfunds-the-business\/"},"modified":"2026-06-11T14:43:37","modified_gmt":"2026-06-11T07:43:37","slug":"trueforexfunds-the-business","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/library\/trueforexfunds-the-business-404546\/","title":{"rendered":"TrueForexFunds \u2013 the business"},"content":{"rendered":"<div>\n<p>Let\u2019s go on another Prop firm, one of the newer players in the hood called \u201c<a href=\"https:\/\/trueforexfunds.com\/pricing\/\" target=\"_blank\" rel=\"nofollow noopener\">True Forex Funds<\/a>\u201d<\/p>\n<p><strong>this is no review about performance, quality, or any other metric for the firm or myself!<\/strong><br \/>\nthe purpose is to lay out the real-life progression and experiences with <a href=\"https:\/\/trueforexfunds.com\/pricing\/\" target=\"_blank\" rel=\"nofollow noopener\">TrueForexFunds<\/a> in terms of \u201cTrading as a Business\u201d.<\/p>\n<div class=\"alert alert-warning\">This page is to show that there is a process in terms of conducting business and actually making some money!<br \/>\njust signing up and making some profit is not the same as \u201cbeing profitable\u201d in the sense of the business itself.<br \/>\n<strong>There is a financial and time investment to consider!<\/strong><\/div>\n<p><!--more--><\/p>\n<hr \/>\n<p>Everything does look like the marketing is from <a href=\"https:\/\/0x8.in.th\/biz\/trading-forex\/myforexfunds-prop-firm-business-journey\">myForexFunds<\/a> (even the name) and rules like <a href=\"https:\/\/bitco.one\/ib\/ftmo\" target=\"_blank\" rel=\"nofollow noopener\">FTMO<\/a><br \/>\nthat could mean \u201cbest of both worlds\u201d or \u201cjust a copycat\u201d? but that isn\u2019t for me to decide.<\/p>\n<p>here are the things that do stand out so far:<\/p>\n<ul>\n<li>Pricing is \u201cjust a bit cheaper\u201d than <a href=\"https:\/\/bitco.one\/ib\/ftmo\" target=\"_blank\" rel=\"nofollow noopener\">FTMO<\/a><br \/>\n100k challenge is 499 EUR (FTMO charges 540 EUR)<\/li>\n<li>Challenge targets are just a bit smaller than <a href=\"https:\/\/bitco.one\/ib\/ftmo\" target=\"_blank\" rel=\"nofollow noopener\">FTMO<\/a> with the same Drawdown limits<br \/>\n5\/10% Drawdown for 8% Profit in phase1 and 4% in phase 2<br \/>\nand they have no Minimum Trading Days (which does not make a big difference anyway but i guess it\u2019s good for marketing)<\/li>\n<li>other than the rules, everything else is very much copied from <a href=\"https:\/\/bitco.one\/ib\/myforexfunds\" target=\"_blank\" rel=\"nofollow noopener\">MyForexFunds<\/a><br \/>\nlike the name, even the discord channel layout has the same icons in the names<br \/>\n(which makes it impossible to refer to a channel without\u00a0 developer mode active)<br \/>\n<a title=\"\" href=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/discord-channels.png\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16155\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/discord-channels.png\" sizes=\"auto, (max-width: 266px) 100vw, 266px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/discord-channels.png 365w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/discord-channels-300x145.png 300w\" alt=\"\" width=\"266\" height=\"129\" \/><\/a><\/li>\n<li>NO Refunds!<br \/>\nonce you purchased, you either fail or go through all the way to Profit split, there is no other way to get the money back!<br \/>\nthey make this very clear in the Terms of Service and the dedicated Refund Policy. (not a hidden thing at all)<\/li>\n<li>MyFxbook doesn\u2019t recognize them as a Broker (probably not yet listed)<br \/>\nas a result, you can\u2019t add accounts to MyFxbook<\/li>\n<li>it appears that at least part of the infrastructure is from <a href=\"https:\/\/match-trade.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Match-Trade Technologies<\/a>.<\/li>\n<li>The Company was Registered in October 2021. under the name <strong>True Proprietary Funds Kft.<\/strong> (limited liability)<br \/>\nwith 3m HUF Registered capital (about 8000 USD). located in Hungary (<a href=\"https:\/\/www.google.hu\/maps\/@47.6920951,17.6388735,3a,40.5y,337.53h,87.19t\/data=!3m6!1e1!3m4!1sLRb-rZ1zIJNhJBMqWHtixA!2e0!7i16384!8i8192\" target=\"_blank\" rel=\"nofollow noopener\">here<\/a>)<br \/>\none listed person (Rich\u00e1rd Nagy, aged 24 when listed (March 2022) [<a href=\"https:\/\/www.instagram.com\/richardztw\/\" target=\"_blank\" rel=\"nofollow noopener\">Instagram<\/a> \/ <a href=\"https:\/\/0x8.in.th\/screen-shot-2022-05-14-at-15-55-19\" target=\"_blank\" rel=\"noopener\">screenshot of an IG post<\/a>]<\/li>\n<\/ul>\n<p>Biz Log in the Google spreadsheet below, followed by the events that happened so far<br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vTD82jZDwTlUlEz2FYehEMBz54iZ6uBHFKv3_30SpmAGXQ95Bp01rnVi-UuUo4cPkJpeD489vre-8su\/pubhtml?gid=39159151&amp;single=true&amp;widget=true&amp;headers=false\" width=\"100%\" height=\"380\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<hr \/>\n<p>what happened so far:<\/p>\n<ul>\n<li>because there is no refund i will start with the smallest account they offer<br \/>\n10k, 8% profit target 5%intraday 10% max Drawdown.<\/li>\n<li>ordered while chatting with a support agent that answered all the questions regarding scaling, copy trading and a few other normal things.<br \/>\npaid via BTC, let\u2019s see how long that takes.<\/li>\n<li>20 minutes after payment was completed I got an MT4 account, added it to <a href=\"https:\/\/bitco.one\/ib\/duplikum\" target=\"_blank\" rel=\"nofollow noopener\">Duplikum<\/a>,<br \/>\nit\u2019s Friday evening so no trade to be done, I just made a few quick scalps on Nasdaq to test things out.<br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-dashboard.jpg\" data-rel=\"lightbox-image-1\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16171 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-dashboard-300x189-1.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-dashboard-300x189-1.jpg 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-dashboard-768x485.jpg 768w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-dashboard.jpg 1024w\" alt=\"\" width=\"300\" height=\"189\" \/><\/a><\/li>\n<li>sadly I can\u2019t add the account to MyFxBook, because the broker isn\u2019t listed and support chat has no clue about it <img decoding=\"async\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/1f609-1.png\" alt=\"\ud83d\ude09\" \/><\/li>\n<li>here is a view of the Spread during the US Session<br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-spreads-mt4.jpg\" data-rel=\"lightbox-image-2\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16173 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-spreads-mt4-300x174-1.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-spreads-mt4-300x174-1.jpg 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-spreads-mt4.jpg 760w\" alt=\"\" width=\"300\" height=\"174\" \/><\/a><\/li>\n<li>it\u2019s Saturday, I\u2019m bored, well let\u2019s check on ToS of the firm regarding weekends.<br \/>\nthey do \u201callow weekend positions\u201d and BTCUSD is active, so let\u2019s try that one out real quick.<\/li>\n<li>the weekend spreads on BTC are surprisingly small, but the execution is a total nightmare,<br \/>\ni made a <a href=\"https:\/\/www.youtube.com\/watch?v=R66isqbJi1U\" target=\"_blank\" rel=\"nofollow noopener\" data-rel=\"lightbox-video-0\">screen recording showcasing the execution speed on YouTube<\/a><\/li>\n<li>May 15: the execution issue got worse, did some vwap scalping that went horribly wrong.<\/li>\n<li>time for revenge! purchased another account (25k this time)<br \/>\nbought ETH on the vwap with 1% risk and poof, Passed in less than 2 hours <img decoding=\"async\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/1f609-1.png\" alt=\"\ud83d\ude09\" \/><br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-15-at-23.56.45.png\" data-rel=\"lightbox-image-3\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16125 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-15-at-23.56.45-300x178-1.png\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-15-at-23.56.45-300x178-1.png 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-15-at-23.56.45-768x455.png 768w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-15-at-23.56.45.png 877w\" alt=\"\" width=\"300\" height=\"178\" \/><\/a> <a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-phase1-completed-in2hours-scaled.jpg\" data-rel=\"lightbox-image-4\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16172 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-phase1-completed-in2hours-300x190-1.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/trueforexfunds-phase1-completed-in2hours-300x190-1.jpg 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-phase1-completed-in2hours-1024x647.jpg 1024w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-phase1-completed-in2hours-768x485.jpg 768w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-phase1-completed-in2hours-1536x970.jpg 1536w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/trueforexfunds-phase1-completed-in2hours-2048x1294.jpg 2048w\" alt=\"\" width=\"300\" height=\"190\" \/><\/a><\/li>\n<li>it says I have to wait a bit (usually 1 biz day) for the phase 2 account.<\/li>\n<li>7 Hours later (keep in mind i qualified during the weekend!) the Phase 2 account is ready.<\/li>\n<li>there was a great opportunity on ETH, i took it with a 0.7% risk and qualified this account as well in less than 90 minutes <img decoding=\"async\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/1f609-1.png\" alt=\"\ud83d\ude09\" \/><br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-16-at-16_17_57.jpg\" data-rel=\"lightbox-image-5\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16129 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-16-at-16_17_57-300x71-1.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-16-at-16_17_57-300x71-1.jpg 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-16-at-16_17_57-1024x241.jpg 1024w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-16-at-16_17_57-768x181.jpg 768w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-16-at-16_17_57.jpg 1194w\" alt=\"\" width=\"300\" height=\"71\" \/><\/a><\/li>\n<li>accounts were confirmed, I had to do the KYC and confirm a Contract (just click \u201ci agree\u201d essentially.<br \/>\nhowever, the support is refusing to give me this document as a pdf\/image or even a link. first red flag?<\/li>\n<li>well turned out this was just a language barrier, everything turned out just fine,<br \/>\nthe contract can be seen after the KYC is complete. in the dashboard<br \/>\n(it\u2019s however just HTML, i will download and recompile it to make sure it\u2019s not altered after) <img decoding=\"async\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/1f642-1.png\" alt=\"\ud83d\ude42\" \/><br \/>\nalso need to ask them some questions about the NDA they include. but i will do that in a few days.<br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-17-at-02.36.44.png\" data-rel=\"lightbox-image-6\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16133 \" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-17-at-02.36.44-300x184-1.png\" sizes=\"auto, (max-width: 214px) 100vw, 214px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-17-at-02.36.44-300x184-1.png 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/Screen-Shot-2022-05-17-at-02.36.44.png 374w\" alt=\"\" width=\"214\" height=\"131\" \/><\/a><\/li>\n<li>May 17: Funded account is Ready, it\u2019s a Demo account, but that is according to the agreement, so everything is fine so far)<br \/>\n<a title=\"\" href=\"https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/True_Forex_Funds-Funded-account-ready.jpg\" data-rel=\"lightbox-image-7\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16146 size-medium\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/True_Forex_Funds-Funded-account-ready-300x166-1.jpg\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/True_Forex_Funds-Funded-account-ready-300x166-1.jpg 300w, https:\/\/cdn.nullx8.com\/cdn\/0x8.in.th\/wp\/2022\/05\/True_Forex_Funds-Funded-account-ready.jpg 612w\" alt=\"\" width=\"300\" height=\"166\" \/><\/a><br \/>\nBuying some ETH to Initialize the account and a quick DAX Scalp to test the <a href=\"https:\/\/bitco.one\/ib\/duplikum\" target=\"_blank\" rel=\"nofollow noopener\">Copy-Service<\/a><br \/>\nwill copy this account with 3x of my main account you can see <a href=\"https:\/\/www.youtube.com\/SwingFish\/live\" target=\"_blank\" rel=\"nofollow noopener\">Live on YouTube<\/a> daily.<\/li>\n<li>May 23: the account was set to put on 4times the risk, which resulted in some offset in my hedge positions, I noticed it too late,<br \/>\nand the account got disqualified today (it\u2019s still in profit, yet it\u2019s failed, well that\u2019s on me! time for a do-over)<\/li>\n<li>can\u2019t share the live data from MyFxbook (this firm is not listed so they can\u2019t be verified)<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a title=\"\" href=\"https:\/\/0x8.in.th\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-23-at-15.42.43.png\" data-rel=\"lightbox-image-8\" data-rl_title=\"\" data-rl_caption=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-13898 size-large\" src=\"https:\/\/swingfish.nullx8.com\/swingfish\/blog\/2024\/08\/Screen-Shot-2022-05-23-at-15.42.43-1024x397-1.png\" alt=\"\" width=\"1024\" height=\"397\" \/><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s go on another Prop firm, one of the newer players in the hood called \u201cTrue Forex Funds\u201d this is no review about performance, quality, or any other metric for the firm&hellip;<\/p>\n","protected":false},"author":1,"featured_media":404547,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123,55],"tags":[117],"class_list":["post-404546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-prop-trading-firms","category-library","tag-0x8-trading"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/404546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=404546"}],"version-history":[{"count":1,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/404546\/revisions"}],"predecessor-version":[{"id":431918,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/404546\/revisions\/431918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media\/404547"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=404546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=404546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=404546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}