The prop firm industry has taken a huge hit thanks to their generous profit split, wide variety of ways for obtaining foreign exchange capital, and comparatively reasonable trading objectives, but My Forex Funds has taken the industry by storm thanks to their generous profit split.
There is something for beginners, intermediate traders, and even advanced traders with My Forex Funds.
Who are MyForexFunds?
Over 4,000 traders are trading their capital through myforex funds. They offer instant funding and have experienced amazing growth. They get over 200 new users a day.
Most of these people are doing a challenge funding for traders in the hopes of passing, but that number is still very high.
They have built up a reputation in the short time they have been in business with over 1000 reviews.
I will periodically update this article to make sure it is up to date.
What Makes My Forex Funds Different?
Three prop firm models were combined into one company. Funding Talent was one of the earliest prop firms, where you could take a challenge and start trading.
Then came the person. The challenge was a little more difficult to pass, as you needed to make 10% under strict conditions, which was more difficult to pass.
The 5%ers and the Lux Trading Firm offered a huge scaling plan with the potential to reach $1,000,000 in funding in a year.
All three models were combined under a single trading firm, vaulting them to be one of the leading proprietary funds in the foreseeable future.
They have three different models to choose from.
My Forex Funds Funded Account Types
Rapid accounts are for new-ish traders who want to trade quickly.
It is a way to get paid to learn how to trade.
You have the option of spending $10,000, $20,000, $50,000, or $100,000.
12% of what you make on the demo account is paid into a live account for you once you reach a threshold, and there are no profit targets. Your initial fee isReimbursement once you get your firstPayout
You will have to start again if you experience a maximum drawdown of 12%. There is a maximum daily withdrawal of 5%.
You shouldn’t put yourself in a position where you lose 5% of your account in a day.
There is no time limit or a profit target in the Rapid account. The psychological effects of attempting a prop firm challenge are removed.
You have to place a trade three days a week. You may not get an entry 3 times a week. You have to place a dud trade and close it quickly.
You will be paid out in two different ways. 12% of your earnings will be paid on a weekly basis. $600 will be given to you if you make 5000 in two weeks.
If you make another $5000 in the next two weeks, you will get $1200, or 12% of $10,000, because this number doesn’t reset at the end of two weeks.
At the end of 4 weeks, the amount will be adjusted.
You can get $1800 per month if you make 5% every two weeks. That is not terrible.
If you have a demo account, your earnings will be matched and placed into a live account for up to 3.5% of your main account size.
If you have a $100,000 account and are profitable, My Forex Funds will fund a live account for you up to $3,500. You will get access to this account at the end of the profitable months.
There is a profit split percentage in your live account.
If you want to learn how to trade but are unsure about passing a challenge, the Rapid account is a good choice.
Every prop firm has a model like the Evaluation model. You need to pass a two-step challenge in order to get access to significant trading capital. There are two reasons why evaluation accounts are used.
Making money from failed challenges
Good risk management and finding profitable traders is important.
The Evaluation phase of my funds is slightly more generous than the other proprietary funds.
There are six account sizes: $10,000, $20,000, $50,000, $100,000, and $200,000.
You need to reach a profit target of 8% in 30 days. The daily limit is 5%.
You are in Phase II after Phase I. You are expected to make 5% in 60 days. The daily and maximum rules are the same.
You will be paid 75% in your first profitable month, 80% in your second profitable month, and 85% from the 3rd month onwards if you pass your evaluation.
To ensure that you are not a one-hit wonder, you need to trade for at least five days.
My funds will scale your account. If you make 10% in profit over a 4 month period, your account will be scaled up.
If you have a $100,000 account, you can reach over $250,000 in a year if you consistently make money.
My ForeX Funds allows you to trade news, hold trades over the weekend, and swing trades.
You have access to a wide variety of instruments.
The accelerated account is what sets Myforex Funds apart. You will get immediate access to thousands of dollars in the accelerated account. Since it is meant to exclude people who are looking to take a challenge just to try, the fee is higher.
There are two tracks in the account.
In the conventional track, there is a maximum drawdown of 5%, which is less than in the Evaluation.
Your account size is increased every time you make 10%. The maximum capital they will give you depends on the amount you start with.
The $2,000 account will go up to $324,000, while the $50,000 account will go all the way up to $1,350,000.
There is a 20% target for the next level of scaling up in the Emphatic track. The scaling up in the Emphatic track is higher than in other tracks. The $50,000 account goes all the way up to $2,000,000, and the $2,000 account goes all the way up to $486,000.
If you are confident in your trading skills, you can sign up for the Emphatic $50,000 account, but you will have to pay a hefty amount of money.
You can manage up to $2,000,000 in the 6 stages.
Because of the more sensitive nature of these accounts, you can only trade in foreign exchange.
My Forex Funds Instruments
You can trade many different instruments with MFF. If you are trading the accelerated account, you can only trade the foreign exchange and metals.
My Forex Funds Withdrawals
You can withdraw using MFF.
Is My Forex Funds Worth It?
One of the easiest prop firms to get funded with is My Forex Funds, which is one of the most interesting funding models.
The account is very easy to open, just fork over the money.
The evaluation account is easy to use since the profit target is 2% less than most other prop firms.
Even if it is comparatively low, the Rapid account is very easy to use. It is a good way to learn how to trade and make money.
My Forex Funds vs FTMO
How does the biggest and most well-known prop firm compare to Myforex Funds?
The first evaluation phase has a lower profit target than the second.
Multiple account types are offered by MFF, while the challenge model is only offered by FTMO.
FTMO reportedly has better customer support than FTMO.
If you have a swing account, MFF will allow news trading and holding trades.
The evaluation accounts of MFF are almost $100 cheaper.
My Forex Funds trading rules
MFF has standard trading rules. They are quite relaxed. One of the easiest rules to accidentally violate is hitting the daily drawdown.
You won’t have this issue if your risk is controlled and you never risk more than 1-2% per trade.
It is even safer to risk less than 1% per trade and gradually increase your risk as you are a little bit into profit.
Which Broker Does MyForexFunds Use?
MFF uses Trader’s Global Group as their broker.
What do people say about MFF?
MFF has a lot of success stories. Their payouts are legit because they have over 1000 positive reviews.
People have had complaints about two areas.
People had to wait a long time before getting a response.
People are reporting that the live accounts experience a lot of slippage, which results in losses being magnified and potentially losing your account.
Is my money legit or a scam?
The best prop firm is likely to be Myforex Funds. The accelerated program can get you towards trading volume in a short amount of time if you have a lot of experience. If you follow the risk parameters and follow your trading plan, you can do well with these guys.
Most traders will open their accounts with MFF if they can make improvements to their support team.