My Forex Funds Review: Nothing like free money!
These sort of engagements target desperate and naive traders who believe they can succeed if only they can trade a big account.
But the question is, if you are unable to make money with a small account, why do you think you can make money with a big account?
It’s a pipe dream that victims chase and end up losing money to scammers who prey on their ignorance.
In the case of MyForexFunds, students are told to pay money upfront to trade on a demo.
The purpose of trading on a demo is to horn your skills for free.
But Forex fraudsters want you to pay to trade on a simulator.
This aside, the fake prop trading firms also have rules.
These are not just rules but rules that are impossible to live with.
For example, in their Rapid program, one has to execute at least 3 trades weekly.
Any professional trader will tell you that sometimes a week or two will pass by without any meaningful trade setups forming in the market.
By forcing victims to open 3 trades in a week, MyForexFunds is essentially pushing these traders to make the greatest mistake of trading even if there is nothing to trade.
What follows is a drawdown that leads to the account being suspended without a recourse or refund.
