Last updated: 11 October 2026 In May 2025 a US federal court dismissed, with prejudice, the Commodity Futures Trading Commission’s case against Traders Global Group, the company behind My Forex Funds. That leaves a practical question for anyone buying a prop-firm evaluation: what do the public records actually say about these firms? We checked court records, two international licence registers, state legislation and the Federal Register.
The MFF case ended without a ruling on the merits. The CFTC’s complaint alleged that more than 135,000 customers paid at least $310 million in fees. The court dismissed the case with prejudice in May 2025 after adopting a Special Master’s report on the CFTC’s own conduct.
All nine firms we checked say their evaluation accounts are simulated or demo, in their own words.
None of the 10 brand names we track was found on ESMA’s EU investment-firm register or Australia’s AFS licensee register as of 11 October 2026.
What the My Forex Funds record says
The CFTC filed CFTC v. Traders Global Group Inc., No. 1:23-cv-11808, in the District of New Jersey on 28 August 2023. The complaint alleged that Traders Global was “the counterparty to substantially all customer trades” and that more than 135,000 customers signed up and paid at least $310 million in fees. It charged fraud, acting as an unregistered retail foreign exchange dealer, and off-exchange retail commodity transactions. Those were allegations, not findings.
The court froze assets and appointed a temporary receiver in August 2023. A Special Master later recommended sanctions against the CFTC, describing its conduct as “willful and undertaken in bad faith.” On 13 May 2025 the court adopted that report and dismissed the complaint with prejudice (ECF 260). The dismissal was a sanction, and the court did not rule on the merits of the CFTC’s allegations.
What the firms say about their own accounts
All nine firms whose wording we checked describe the evaluation stage as simulated. FTMO says “all accounts we provide to our clients are demo accounts with fictitious funds.” Apex says its accounts “operate in a simulated environment using virtual funds.” Several futures firms describe a separate live stage. Topstep offers introducing-brokerage services through Topstep Brokerage LLC, “a registered introducing broker and a member of the National Futures Association,” and Tradeify describes Tradeify Brokerage LLC d/b/a Slay Markets the same way. Every quote is on our primary-source legal page.
Register checks, 11 October 2026
We searched the 10 brand names on two public licence registers, using OANDA as a positive control to confirm each search worked.
| Register | Result for the 10 brand names | Positive control |
|---|---|---|
| ESMA registers (EU investment firms and branches) | 0 of 10 found. One Polish company named “Take Profit Fund” matched a partial search; we have not linked it to Take Profit Trader. | OANDA TMS Brokers SA and two Spanish branches found |
| ASIC AFS licensee register (Australia) | 0 of 10 found | OANDA Australia Pty Ltd (AFSL 412981) found |
“Not found” doesn’t mean unlicensed, and it doesn’t mean unregulated. A simulated-evaluation business may not need either licence. A firm could also hold a licence under a different company name. All the result shows is that these brand names returned no record on these two registers on that date.
Other public records we checked
- State legislation (LegiScan, 11 Oct 2026): no current-session state bills mentioned “prop firm” or “funded trader.” That’s the result of two short searches, not a statement about every state law that might apply.
- Federal Register: of 224 documents since January 2024 that mention “proprietary trading,” nearly all are bank Volcker-rule items, not retail evaluation businesses. The CFTC published 86 Federal Register documents in fiscal 2026, 18 of them final rules.
- CFPB Consumer Complaint Database: none of the 10 firm names appears as a company in the public database (8 Oct 2026). Its public search appears to match company names, not complaint text, so this doesn’t show that no complaint ever mentions a prop firm.
Where to follow this
Our Lawsuits & Enforcement Tracker lists screened court dockets, all treated as allegations. The Prop Firm Graveyard documents closures, and our regulator page will add the UK FCA register once we have API access. Our rules and prices are in the open dataset (DOI 10.5281/zenodo.23108163); the legal sources CSV can be downloaded from the legal page.
By PropDataLab · All PropDataLab datasets