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True Forex Funds Review South Africa 2024: Fees, Pros & Cons

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Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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True Forex Funds Review: Our Opinion

True Forex Funds stands out for its relaxed trading rules which allow profitable traders to use Expert Advisors, participate in news trading, and use the trading style of their choice. 

It also has low-profit targets when compared to other options in the industry. 

That said, some users have complained of high slippage when trading and the fact that the profit split is fixed with no option of scaling. 

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Out of 5
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    Company Overview About the True Forex Funds Proprietary Trading Firm

    True Forex Funds was launched in 2021 and is headquartered in Győr, Hungary. 

    The current CEO and chairman of the proprietary trading firm is Richard Nagy. 

    In 2023, True Forex Funds paid out $29.3 million to its funded traders. 

    It is also available in over 110 countries around the world. 

    True Forex Funds like most prop firms offer trading capital to users after a challenge phase where the trader must hit a set profit target in a particular time frame. 



    True Forex Funds Prop Firm: Reviews

    True Forex Funds rating on Trustpilot is 4.8/5 star rating with 89% of Forex traders rating the platform 5 stars. Others rated the prop firm 4 stars, 3 stars, 2 stars, and 1 star with the following percentages 5%, less than 1%, less than 1%, and 6% respectively. 

    With regards to what traders stated, most positive reviews praised the prop trading firm’s simple trading rules that allow traders to use any forex trading style without restrictions. 

    Others were impressed with the speed of payouts.

    The negative reviews from traders were mainly from users who had issues with the challenge phases.

    Some traders mentioned that they had high slippage with executing trades which resulted in losses

    True Forex Funds Review: Unique Features

    Quick Funding Account 

    The True Forex Fund Quick Funding account is an advanced version of the Standard Account which provides more agility in trading and eliminates the 5 minimum trading days requirements. 

    With the Quick Funding account, you can trade without any trading days restrictions during Phase 1 and Phase 2 of the True Forex Funds Evaluation process; this enables you to strategize and effectively optimize your trading potential. 

    With the constraint of a specific minimum number of days out of the way, you can trade at your pace and schedule. 

    Also, with the Quick funding account, you can receive your first payout in as little as 17 days after registration

    This is unlike what is available in the standard funded account where traders must complete a minimum of 5 trading days during both phases of the Evaluations. 

    The Quick Funding account is available to all account sizes and is easily accessible. It starts at €98 for a $10,000 account. Once you pass the Phase 2 evaluation and become a True Forex Fund Funded Trader, the total registration fee can be refunded with the first profit share. 

    Timeless Funding Account 

    This account is available for traders who want to accelerate their evaluation process and the minimum trading days during Phase 1 and Phase 2.

    The Timeless Funding Account maximizes your trading freedom, allows you to trade at your pace, and reduces the stress of trying to meet up with a timeline. 

    You do not need to rush your trading decisions or strategies. 

    The Timeless Funding Account eliminates the time constraints of 30 and 70 days in Phase 1 and Phase 2 respectively. This allows you to trade whenever and however you want without any time pressure to pass the Challenge. 

    The Timeless Funding Account is available to all account sizes and currencies. 

    Aside from the unlimited trading period. 

    The Timeless Funding Account and the Standard Account are similar. The price of the Timeless Funding Account also varies but it is only a 10% increment to the standard account as all other aspects including trading conditions are the same. 

    Free Retries

    True Forex Funds offers free retries to traders whose account balance and equity are positive but failed to meet the profit target requirements. Unlimited free retries are available for all evaluation accounts. 

    Free retries are available to all evaluation accounts if they meet the free retry requirements. 

    All free retry accounts are subject to the same trading objectives and conditions available on the original account of the failed phase. 

    You can try as many times as you wish as long as you trade the minimum trading days and your equity stays positive. 

    To be eligible for free retries, the maximum daily loss must stay under the limit and the maximum overall loss must stay under the limit. Where applicable, the minimum trading days must also be traded. 

    With the free retry, True Forex Fund allows you to start from where you finished

    Retry accounts are issued automatically at the phase where you left off. 

    This means if your trading period expired while you were still in Phase 1, your free retry will start from Phase 1. You will get your new login credentials in one business day. 

    All new retry accounts arrive with the original deposit and you are required to pass the corresponding trading objectives to move on to the next stage. 

    Free retry accounts are automatically issued, you do not need to send a request. 

    True Forex Funds Affiliate Program

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    The True Forex Funds affiliate program allows South African traders to earn passive income by referring skilled traders to the platform. 

    Affiliates get unique links that can be used on multiple occasions on various platforms. 

    Affiliates earn a 15% commission for each newly referred customer. 

    It also has an easy payout system. All affiliate commissions earned in the previous period are paid on the 15th day of each month. The minimum payout is €150. 

    There are no commissions for self-purchases. You need to refer a minimum of 2 separate customers to be eligible for payout. 

    Affiliate rewards are automatically credited to your account. Payouts are also automatically processed to your preferred payout method. 

    Joining the affiliate program is free. 

    When you sign up for the affiliate program, you are given access to the affiliate website. 

    The website features a “Reports” section where you can view all the information about your affiliate relations. 

    There is also a “Commission” page where you can see who signed up under your unique link. You can also check your affiliate’s Ordered ID number from this page. 

    Aside from the high conversion rate of the website, the affiliate marketing cookies also last up to 60 days

    This means that if a customer from your website visits the True Forex Funds platform and then comes back to purchase in 60 days, you will earn a commission from their purchase. 

    The affiliate cookie duration is longer than the regular 30 days offered by most affiliate programs. 

    Since the affiliate cookie is placed in the Visitors’ browser, they need to purchase the same browser for the purchase to be linked to you. Purchases made in incognito mode will not count. 

    Also, you only get paid affiliate commissions for the first purchase made by your referral. All other subsequent purchases do not count.

    True Forex Funds Review: Evaluation Process

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    The True Forex Fund’s prop firm has a 2 phase evaluation process of which upon completion you become a funded trader with access to up to $400,000 in trading capital

    Phase 1

    This is the first evaluation step that includes trading objectives such as an 8% profit target, 5% maximum daily loss limit, and 10% maximum overall loss limit. 

    That said, each account type has distinct features in this phase. For example, the Standard Account requires that in phase 1 you trade for a minimum of 5 days but they don’t have to be consecutive days. You also won’t have to use the full 30-day period. 

    The Quick Funding account, on the other hand, eliminates the minimum trading days requirements while the Timeless Funding account offers unlimited trading days in phase 1 allowing you to trade as you will. 

    That said, once the 8% profit target is hit and your phase 1 results are verified by the True Forex Fund’s prop firm team, the progression to phase 2 happens. 

    Phase 2

    After passing phase 1, the next phase of the evaluation process is phase 2 which is designed to verify your trading behavior and prove your commitment to consistent profitable trading. 

    The typical objectives in phase 2 include a 5% profit target, a 10% maximum overall loss limit, and a 5% daily loss limit. 

    Also, like in phase 1, each account type in the proprietary trading firm has different features. 

    For example, the Standard account requires a minimum period of 5 trading days spread over 60 days while the Quick Funding account eliminates the requirement of minimum trading days. On the other hand, the Timeless Funding account has the 60-day trading period limit removed

    This gives an extended timeframe to achieve the required 5% profit target. 

    That said, after you hit the 5% profit target and the firm evaluates your phase 2 results and verifies it, True Forex Funds will collect your KYC documents and prepare your funded account. 

    The idea behind Phase 2 is to reinforce the trading practices required in Phase 1 while easing the process of becoming a True Forex Funds-funded trader. 

    The Funded Program

    At this point, you have successfully passed and hit the profit target of all True Forex Funds challenges and have received a funded account for trading. 

    True Forex Funds Proprietary Trading Firm Fees, Charges, and Profit-Share

    Like most popular prop firms, True Forex Funds charges evaluation fees that enable Forex and crypto traders to participate in its 2 phase challenges for access to funding. 

    These fees vary depending on the phase and funding capital the trader is going for

    Evaluation Fees 

    • For 1 Phase Evaluation, True Forex Funds charges from €89 to €998. 
    • For 2 Phase Evaluation, True Forex Funds charges from €89 to €998

    It’s important to note that these evaluation fees are refundable once you hit the required profit target and progress to become a funded trader. 


    When trading Forex pairs or any other instrument like cryptocurrency assets, True Forex Funds adds a spread when you open trades. 

    These are raw spread accounts that allow you to begin trading from 0.0 pips. That said, here are available spreads for popular Forex market pairs:


    • Bid 1.06 44 7
    • Ask 1.06 44 9


    • Bid 1.22 36 6
    • Ask 1.22 36 8


    • Bid 0.64 40 3
    • Ask 0.64 40 4


    • Bid 1925. 06
    • Ask 1925. 40

    The Forex trading spread is the difference between the bid and ask spread. Note that this spread is dynamic. 

    Profit Split

    True Forex Funds offer an industry-average profit split of 80/20% where Forex traders or crypto traders get 80% of the profit share. 

    However, unlike most prop firms True Forex Funds does not offer the option to boost the profit split percentage for your funded account to 90%.

    Cryptocurrencies and Other Tradable Instruments on True Forex Funds

    True Forex Funds supports the trading of Forex, Indices, Precious Metals, Energies, Stocks, and Cryptocurrencies. Below is a list of the available trading instruments.

    • Forex: It supports 40 currency pairs including AUD/USD, CAD/JPY, EUR/GBP, EUR/JPY, EUR/USD, GBP/AUD, GBP/USD, NZD/USD, USD/CAD, and USD/JPY. Forex trading is available 5 days a week with spreads starting from 0.0pips.

    • Precious Metals: True Forex Funds users can trade Gold, Silver, Platinum, and Palladium against the US dollar. 

    • Indices: It offers 13 different indices. The equities market is open 24/5.

    • Cryptocurrencies: True Forex Funds offers 28 popular cryptocurrencies. Crypto trading is available every day of the week. 

    • Energies: True Forex Funds supports trading with US Oil, UK Oil, or Natural Gas. 

    • Stocks: The prop firm supports the trading of over 30 company stocks. 

    True Forex Funds Review: Is True Forex Funds Legit?

    Yes. Our meticulous research on this proprietary trading firm indicates that it is legitimate. 

    True Forex Funds is a registered company located in Gyor, Hungary. 

    It is not regulated by any financial regulatory body because it does not offer financial investment, brokerage, or tax services and/or advice. Aside from the one-time fee for the accounts, it does not accept any deposits. 

    True Forex Funds’ MetaTrader 4 and 5 platform are operated by True Proprietary Funds Kft. a registered company in Hungary. 

    Security: Are True Forex Funds Safe to Use?

    Our detailed first-hand scrutiny of this Prop Trading Firm showed that it is safe to use.

    It partners with licensed and regulated brokers who help to route clients’ trades to the markets. 

    True Forex Funds only partners with brokers that have been proven and regulated by state and international agencies. 

    In addition, True Forex Funds place a high premium on transparency and it complies with all applicable laws and regulations. This includes Anti-Money Laundering and Countering the Financing of Terrorism

    It has several measures in place to prevent the use of the platform and its products for money laundering and all other illicit activities. 

    Aside from the identification and verification procedure conducted during onboarding, it conducts regular verification on clients and also does regular monitoring of clients’ transactions to detect unusual and suspicious activities. 

    True Forex Funds also maintains accurate and up-to-date information on all its clients, this helps it access the Client’s risk profile and the level of due diligence required. 

    Trading Conditions on True Forex Funds Prop Firm

    True Forex Funds offers very simple rules for trading compared to other prop firms. 

    For example, once you get a funded account and become a funded program trader by passing the 2 phase evaluation process by hitting the profit target, the firm does away with all profit targets alongside specific trading periods. 

    The only trading rules or trading conditions you’ll need to adhere to involve managing your trading risks to avoid making massive losses. 

    You are also allowed by the True Forex Funds prop trading firm to execute trades using your favorite trading style. True Forex Funds does not place any restrictions on your trading style. 

    That said, for the evaluation phases of the Standard account and Quick Funding account the following trading conditions are demanded:

    1 Phase Evaluation Trading Conditions for $10,000

    • Trading period: 30 days
    • Minimum trading days: 5 days
    • Max Daily Loss: 3% ($300)
    • Max Overall Loss: 6% ($600)
    • Profit Target: 10%
    • Profit Split: N/A 

    1 Phase Funded Trading Conditions

    • Trading Period: N/A
    • Minimum Trading Days: N/A
    • Max Daily Loss: 3% ($6,000)
    • Max Overall Loss: 6% ($12,000)
    • Profit Target: N/A
    • Profit Split: 80/20 

    2 Phase 1 Evaluation Trading Conditions for $10,000

    • Trading Period: No time limit
    • Minimum Trading Days: 0 days
    • Max Daily Loss: 5% ($500)
    • Max Overall Loss: 10% ($1,000)
    • Profit Target: 8%
    • Profit Share: N/A

    2 Phase 2 Evaluation Trading Conditions for $10,000

    • Trading Period: No time limit
    • Minimum Trading Days: 0 days
    • Max Daily Loss: 5% ($500)
    • Max Overall Loss: 10% ($1,000)
    • Profit Target: 5%
    • Profit Share: N/A

    2 Phase Funded Program Trading Conditions for $10,000

    • Trading Period: Minimum trading days
    • Max Daily Loss: 5% ($500)
    • Max Overall Loss: 10% ($1,000)
    • Profit Target: N/A
    • Profit Split: 80/20 

    Beyond these, True Forex Funds allows for free retries if you do not violate their loss limits and your final account balance is positive.

    True Forex Funds Review: Trading Experience

    Our hands-on experience with this forex and crypto prop trading platform revealed that True Forex Funds offers a trading experience best suited for intermediate and advanced traders. 

    Just like most proprietary trading firms that cater to advanced users, It does not offer an education center for beginners, which means it expects to attract only skilled traders. 

    Also, it supports MetaTrader 4 and 5, which are arguably the most popular trading platforms that most traders will be familiar with. 

    It also doesn’t place any restrictions on your Forex trading style, which means you can participate in news trading, and use Expert Advisors, trading indicators, bots, etc. without reprimand from the team.

    Different Platforms Used to Trade

    True Forex Funds supports only 2 trading platforms including the popular MetaTrader 4 and MetaTrader 5. 

    Does True Forex Funds Prop Firm Offer Education? 

    No, True Forex Funds prop trading firm does not offer any form of education for beginner or advanced crypto and forex traders. 

    How Does True Forex Funds Prop Firm Compared with Other Prop Firms

    The 2 main competing prop trading firms of True Forex Funds include FTMO and Instant Funding.

    In comparison to FTMO, True Forex Funds has similar trading rules to the former, however, it offers a lower profit target in its phase 1 challenge. FTMO also charges higher evaluation fees than True Forex Funds. 

    That said, it outshines True Forex Funds in its profit split by offering the option of increasing it to 90%. 

    In comparison to Instant Funding, True Forex Funds has a lower profit target and more evaluation phases. It also has a higher pricing plan for participating in its challenge phases, which gets up to $3,460. 


    Our detailed research and testing of this Forex and crypto trading prop firm indicates that True Forex Funds offers one of the most relaxed rules and simple trading objectives in the prop firm industry. 

    Unlike most prop trading firms, it doesn’t place restrictions on trading style and allows the use of bots, indicators, etc. However, where it does fall short is in its profit split, which is fixed with no option of scaling. 

    True Forex Funds offers a myriad of features, but it’s essential to see the bigger picture. Dive into our FTMO Review for a different angle.


    Most frequent questions and answers

    No, True Forex Funds is a prop firm that partners with a brokerage to enable it to offer trading services. 

    The current CEO of True Forex Funds is Richard Nagy.

    True Forex Funds is based in Hungary

    True Forex Funds has been around since 2021. 

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