How To Get Your Money From Myforexfunds By Raising Dispute Case

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  • Post last modified:September 25, 2023
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MyForexFunds Hit With Major Fraud Charges After Allegedly Swindling Over $300 Million from Investors

International forex investment firm MyForexFunds and its founder Murtuza Kazmi are facing serious fraud accusations and legal action from US and Canadian authorities after allegedly operating “a Ponzi scheme” that took in over $310 million from unsuspecting investors.

On September 1st, the US Commodity Futures Trading Commission (CFTC) charged the Estonia-based MyForexFunds and Kazmi with fraudulently soliciting thousands of customers to engage in leveraged forex and commodities trading. According to the CFTC complaint, MyForexFunds falsely claimed investor money would be used for trading by professional third-party firms when in reality MyForexFunds itself engaged in all trades, deliberately designed to minimize customer profits.

Over 135,000 investors were drawn in by MyForexFunds’ promises of easy passive income through forex trading. However, authorities say it was just a scam and Kazmi pocketed millions, using it to buy luxury homes and cars. The CFTC complaint details how MyForexFunds handicapped profitable traders, charged hidden fees to siphon away funds, and routinely denied investor withdrawal requests.

Earlier in August, Italian and Spanish authorities had warned citizens about suspected fraud by MyForexFunds and advised not investing money with the firm. The recent CFTC charges officially accuse MyForexFunds of operating an illegal bucket shop.

In tandem with the US legal action, Canadian regulators also moved to halt MyForexFunds’ operations, freezing assets and banning trading activities. MyForexFunds maintains its innocence but the firm’s activities are now suspended as authorities pursue fraud penalties and aim to recover losses for victims of the alleged investment scam.

This marks a dramatic fall for a company that claimed to generate 20-30% monthly returns for its clients through algorithmic trading. The growing accusations of fraud and legal troubles mark the latest chapter in MyForexFunds’ checkered history of regulatory run-ins and its collapse in 2019. While the company relaunched in 2020, it seems authorities have finally caught up to what they allege is a long-running global investment scheme.

How To Raise Dispute And Get Your Initial Investment Back From The Bank

If you invested in MyForexFunds and have not been able to withdraw your funds, there may be a way to get your initial investment amount back by raising disputes with your bank or payment processor. Here are the key steps:

  1. Gather your transaction records

Collect any receipts, bank statements, or records showing your transactions and transfers to MyForexFunds. You need to provide documentation showing proof of payments.

  1. Identify how you transferred funds

Determine if you sent money via bank wire, credit card, or online payment processors. This will decide who you need to raise a dispute with.

  1. Raise a dispute right away

Act quickly and initiate a dispute with your bank or payment provider as soon as possible. Outline how MyForexFunds did not deliver the promised service. Send them this link from as proof for the bank to read and confirm.

  1. Provide necessary documentation

Submit copies of any agreements, transaction records, and communications with MyForexFunds as evidence to support your dispute case. The more details you can provide, the better.

  1. Follow up regularly

Stay on top of your dispute status and be responsive to any requests from your bank or provider. The process may take some days or weeks depending on the amount.

  1. Accept the refund

If your dispute is accepted, the funds will be returned to your account. Note you are just getting your original amount back – not any promised profits.

Raising disputes quickly and providing proper documentation gives you the best chance of recovering your initial investment amount. Though results aren’t guaranteed, it is worth pursuing this process with your bank or provider right away before time limits expire.

Red Flags and Green Flags: Choosing a Reputable Prop Trading Firm

While MyForexFunds allegedly misled investors, there are reputable prop trading firms that give traders access to capital, platforms, and support to grow their strategies.

Legitimate prop firms make money when traders are profitable, taking a transparent cut of profits. They often have trader qualification processes, requiring certain skills or minimum deposits. Reputable prop firms registered with financial regulators also provide regular account statements and responsive customer service.

When evaluating prop trading providers, check their registrations, read contracts clearly, start with small amounts, and see if fellow traders vouch for their services. Avoid prop firms promising guaranteed returns or that take fees unrelated to trading performance.

Do your homework to find an established prop trading firm aligned with traders’ interests, not just their deposits. The due diligence is worth it to avoid prop trading scams and partner with a firm investing in your success.


The recent allegations and legal troubles surrounding MyForexFunds serve as a stark warning to investors considering putting money into similar prop trading firms promising easy profits. While MyForexFunds claimed its trading algorithms could deliver 20-30% monthly returns, it now stands accused of being nothing more than an elaborate Ponzi scheme that swindled over $310 million from retirees and amateur traders hoping to earn passive income.

Regulators warn that MyForexFunds may never recover, leaving thousands trapped in its web with no way to withdraw their savings. Even if the company resumes operations, many experts believe its business model was unsustainable all along and built on deceiving clients.

This saga demonstrates the inherent risks that come with prop trading outfits that sound too good to be true. It is extremely difficult to vet their complicated strategies and verify their promises of consistently high returns. Often, supposed returns rely on new investors rather than actual trading profits.

Investors should always conduct proper due diligence, research company owners, and start with minimal amounts when exploring prop trading opportunities. If extremely high returns sound unrealistic, they likely are, and putting more than you can afford to lose could mean losing it all.

The MyForexFunds situation shows that people need to be very careful about giving money to companies that promise easy profits from automated trading or prop trading.

Even if the returns sound very good, these systems are risky and you could lose all your money. It’s best to only invest small amounts, if any, with these types of companies.