FTMO VS MYFOREXFUNDS
Rating breakdown
FTMO Overview
FTMO is the latest in a burgeoning series of scouting programs. Propriety trading firms or “prop firms” put traders to the test (for a fee) through evaluations and challenges. The lucky few who pass are then funded with capital, and successful trades are split down a percentage with the broker. As scouting firms go, FTMO is an excellent all-rounder. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching.
Compare FTMO VS MYFOREXFUNDS Trading Features
| Trading Feature | FTMO | MYFOREXFUNDS |
|---|---|---|
| 💰 Fees: | The FTMO Challenge with an initial capital EUR 10k balance costs €155; 25k balance for €250; 50k balance for €345; 100k balance for €540; 200k balance for €1080; Scaling plan up to $2 million. | My Forex Funds Challenge with an initial capital $10,000 balance for $84, $20,000 balance for $139, $50,000 balance for $299, $100,000 balance for $499, $200,000 balance for $979 |
| 🚀 Profit split: | FTMO will pay out up to 90% profit share on a monthly basis. Periodically, the firm will allocate more balance into your FTMO Account if you consistently profit. | My Forex Funds funded account challenge pays out 75% (first month), 80% (second month) and 85% (third and next months) |
| ✔️ Evaluation: | “FTMO Challenge,” a two-step evaluation | My Forex Funds has two-part evaluation process that you must pass to become a funded trader. The Evaluation phase and the Establishment Phase |
| 🎯 Profit Target: | 10% for Step 1 and 2 in Normal Mode. 20% for Step 1 and 10% for Step 2 in Aggressive Mode. | 8% in phase 15% in phase 2 |
| ⚓ Maximum drawdown (MDD): | Normal Mode: 5% Maximum daily loss. 10% Maximum loss. Aggressive Mode: 10% Maximum daily loss. 20% Maximum loss. | 5% Daily Starting Drawdown. 12% Overall Drawdown. |
| ⌛ Trading Period: | The FTMO Challenge has No time limits. | There is no time limit. You can trade at your own pace and earn at your own pace. |
| ⚖️ Leverage: | The leverage offered is up to 1:100 (Forex) and can be lowered upon request. cannot be increased. The swing account type has leverage of 1:30 (Forex). | With Myforexfunds your leverage will be set to 1:100 leverage on Emphatic and 1:50 leverage on Conventional for Forex, Metals and CFDs. The Leverage for their Rapid program on all account sizes is 1:500. |
| 🔧 Instruments: | Forex, Indices, Commodities, Cryptocurrencies and Stocks. | Forex, Indices and Commodities. |
| 📰 Allow Trade News: | Yes in FTMO Challenge and Verification. After passing the Evaluation Process there are restrictions (except for Swing accounts). | Yes with My Forex Funds you can trade during news events. |
| 🔄 Weekend Position: | Yes in FTMO Challenge and Verification. After passing the Evaluation Process there are restrictions (except for Swing accounts). | Holding trades over the weekend is allowed only on Evaluation and Rapid accounts. However, if you are trading with an Accelerated account, you won’t be able to hold trades over the weekend. |
After spending several days researching different Proprietary Trading Firm for funded trading accounts, our team at start-business-online.com team collected various data points. For this review, we will compare Ftmo vs Myforexfunds.
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Are FTMO or MYFOREXFUNDS currently the best possible options in the market? No Proprietary Trading Firm is perfect, and those two are no exception. While they do have a lot of pros, there are plenty of reasons why you might be looking for an alternative. So which Firms are better than Ftmo and Myforexfunds? Want to jump straight to the answer?
Compare FTMO VS MYFOREXFUNDS Funded Trading Accounts Programs - Find the best firm for you
FTMO VS MYFOREXFUNDS Prop Trading Firms at a glance
A handy comparison table with all the key facts for the Funded Trading Accounts Programs.
| Evaluation Metric | How they performed |
|---|---|
| Challenge Assessment | The FTMO Challenge is not a piece of cake but for a good reason. The idea behind prop firms is to headhunt expert traders. To get the most out of FTMO and begin trading with undreamed leverage, you need to be able to offer value to the company in return. On the other hand My Forex Funds has more rules and restrictions with their accounts, making the challenges slightly harder than average. |
| Customer support | This is a rather marmite issue. On the one hand, the in-depth reports and performance coaches offered to traders provide excellent support. However, there have been complaints of disgruntled users finding it hard to get a response from FTMO, so for this, we scored them at a 5. On the other hand Similar to most prop firms, My Forex Funds has live chat but no contact phone number. There are three ways to contact the prop firm: through the Discord server, live chat, or email support. Support is only available 5 days a week (although it is 24 hours on these days). |
| Fee | The FTMO Challenge is neither free nor cheap; however, nor is it the most expensive of the prop firm challenges by a long way. Moreover, FTMO is one of the rarer scout trading sites that offers a refundable fee. On the other hand The fees for the My Forex Funds challenges vary on the account size in question. Let’s have a quick overview of these. The Rapid Account begins at $99 for a $10,000 account and goes up to $749 for a $100,000 account. The Evaluation program begins at $84 and ends at $979 for the same account sizes. With the Accelerated program, entry fees are higher ($99 for a $2,000 account and a whopping $2,450 for a $50,000 account) but this is understandable. Traders are essentially paying a premium to skip the evaluation process and go straight to a live, funded account. |
| Payout scheme | FTMO scores highly on this metric as their payout is generous compared to some rival prop trading sites. On the other hand We have mixed feelings about the My Forex Funds payout scheme. On the plus side, traders can choose to withdraw profits on a bi-weekly basis after a month of trading a funded account. Methods are through bank transfer, cryptocurrency, Wise, or PayPal. There is a limit on the withdrawal amount, however, and traders cannot take out more than 12% of the initial balance. |
The Verdict: Ftmo or Myforexfunds?
There’s no such thing as a perfect Proprietary Trading Firm, but some are going to be a better fit for you than others.
Objectively, Ftmo is more reliable based on our criteria above.
What We Really Like on Ftmo
FTMO charges a one-time fee only
FTMO has generous conditions for its traders
What We Do not Like on Myforexfunds
No weekend customer support
Excessive trading rules
Complaints of high slippage
Software malfunctions
Other Important Factors That Influence Our decision the most
Key Challenges and Frustrations Faced by Myforexfunds Users
As the above denotes, where My Forex Funds stands out in negative light from its peers is with the rules. Nearly all the prop firm challenges come with some restrictions, but My Forex Funds are undeniably on the rule-heavy end of the spectrum. Sure, they are generous with weekend trading and there are over 100 instruments on offer, but the drawdown limits will put off many a trader. Each program – and account size therein – comes with its own set of complex rules and restrictions, and traders would be well-advised to do their homework before deciding if this prop firm is right for them.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Funded Trading Accounts based on your precise requirements here.