FXIFY Review and Analysis
Overview
FXIFY is a London-based proprietary trading firm, incorporated as FXIFY Solutions Limited in May 2023. Co-founded by David Bhidey and Peter Brown, the firm offers traders and investors access to up to $400,000 in proprietary funds upon successfully passing a series of trading assessments. FXIFY provides two assessment options—One-Phase and Two-Phase programs—allowing traders to choose based on their individual trading preferences. Successful traders can scale their accounts up to $4 million, with profit-sharing splits reaching up to 90%.
Partnering with FXPIG, a multi-asset retail brokerage established in 2010, FXIFY offers trading through the MT4 and MT5 platforms. Traders can enjoy commission-free trading across a variety of assets, including Forex, indices, and precious metals, with customizable leverage and no trading restrictions. FXIFY also supports automated strategies and Expert Advisors (EAs) as long as they are client-developed, ensuring a flexible trading environment tailored to diverse strategies.
Funded Accounts
Challenge Overview
FXIFY offers traders a chance to access up to $400,000 in proprietary funds after completing either a one-phase or two-phase evaluation. Traders can earn up to a 90% profit share and scale their accounts to $4 million. The assessments have distinct rules and requirements, providing flexibility based on trading needs.
In Step 1, traders must meet a 10% profit target, with a daily loss cap of 5% and a maximum drawdown of 10%. There's no minimum trading day requirement, and the fee of $99 is refundable. In Step 2, traders face the same 10% profit target but with a 6% trailing drawdown and a 5-day minimum trading period.
FXIFY accounts are accessible through MT4/MT5 platforms via a partnership with FXPIG, offering commission-free trading, tight spreads, and customizable leverage across multiple assets, including Forex, indices, and precious metals. Additionally, traders are free to use automated strategies and Expert Advisors (EAs) as long as they are unique.
Pros and Cons
Let’s talk about the good stuff …
-
Instant Payouts: Traders can request payouts on demand, providing quick access to profits.
- No Trading Restrictions: FXIFY imposes no consistency rules or trading restrictions, allowing traders flexibility in their strategies.
- Unlimited Trading Days: There is no time limit for completing trading assessments, offering traders ample time to meet their goals.
- Expert Advisors (EAs) Allowed: Traders can use automated strategies and EAs, offering more trading options.
- High Profit Share: Profit sharing goes up to 90%, making it highly competitive in the industry.
- Reliable Broker Partnership: FXIFY is backed by FXPIG, a trusted multi-asset broker established in 2010.
- Assessment Fee Refund: Traders receive a 125% refund of their assessment fee upon their first payout request, adding great value.
...and the bad
- High Assessment Fee: The minimum assessment fee of $175 may be a barrier for newer traders with limited budgets.
- Minimum Trading Days: Traders must complete at least 5 trading days, which might limit faster strategies.
- Monthly Payout Cycles: Payouts are processed monthly by default, although bi-weekly payouts are available with an add-on.
- Trailing Drawdown: The One-phase Evaluation comes with a trailing drawdown, adding more risk for traders.
- Strict Maximum Loss Rule: The Three-phase Evaluation has a low maximum loss limit of 5%, which can be restrictive.
Evaluation Metrics
Overall metrics
- Challenge difficulty:
FXIFY’s challenge difficulty varies based on the evaluation phase and account size chosen. The one-phase and two-phase evaluations require traders to meet specific profit targets, with the two-phase option adding a layer of complexity and time. Traders must also navigate minimum trading day requirements and trailing drawdowns. The three-phase evaluation, while more budget-friendly, has stricter rules like a low maximum loss threshold. Overall, FXIFY's challenges are designed to test traders’ skills and consistency, with varying levels of difficulty to suit both novice and experienced traders.
- Customer support: FXIFY provides multiple customer support options to assist its account holders. Traders can contact the support team via email at [email protected] or through a contact request form available on their website. The email support is available from 4 a.m. to 1 p.m. EST. For more immediate assistance, users can use the live chat feature accessible via a speech bubble icon on the firm's homepage, also monitored during the same hours. Although current support hours may be less convenient for U.S.-based traders, FXIFY is working towards expanding its team to offer 24/5 live support in the near future.
- Fee: FXIFY offers transparent and flexible pricing for its evaluation programs, catering to different trading needs. Fees range from $59 to $1,999 depending on the evaluation type and account size. The 1-phase evaluation costs between $85 for a $10,000 account and $1,999 for a $400,000 account. The 2-phase evaluation has similar pricing, while the 3-phase evaluation starts at $59 and goes up to $1,599. There are no hidden costs, and traders who don’t meet their target can continue without a reset fee. If a retake is needed, a 10% discount is available.
- Payout scheme: FXIFY's payout scheme is designed to offer flexibility and favorable terms for its traders. The first payout on a funded account is available on-demand, with no minimum amount or trading day requirements. Subsequent withdrawals can be requested monthly, or bi-weekly if an add-on option is chosen when purchasing the account. Traders benefit from a profit split ranging from 75% to 90%, depending on the profits they generate.
Meet the CEO
David Bhidey and Peter Brown are the co-founders of FXIFY, a proprietary trading firm. David Bhidey has a decade of experience in technology and e-commerce, having founded an online property company. His transition into trading five years ago, along with his role as an Introducing Broker at FXPIG, laid the foundation for FXIFY. With a strong focus on technology and finance, David aims to make FXIFY a trader-centric platform, emphasizing profitability and innovation.
Peter Brown, with over ten years of experience in e-commerce and marketing, also transitioned into trading, partnering with David at FXPIG. His expertise in performance marketing and website development has been key to FXIFY's rapid growth. Together, David and Peter have built FXIFY into a leading firm that prioritizes trader success and market excellence.
Frequently Asked Questions (FAQs):
Who are the founders of FXIFY?
FXIFY was co-founded by Peter Brown and David Bhidey.
Does FXIFY offer payouts?
Yes, you can request your first payout on demand after your first profitable trade. Subsequent withdrawals are available every 30 days, or bi-weekly if upgraded.
Which broker does FXIFY use?
FXIFY partners with FXPIG to provide trading services across its account types and evaluation programs.
How trusted is FXIFY?
The trusted source of information on fintech matters SBO, gave FXIFY a 3/ 5.00 rating based on analysing 20+ criteria and testing. FXIFY is currently in 14th place in this ranking. FunderPro is currently rank as the number one.
What is the FXIFY fee?
Assessment fees range between $175 and $1,999 depending on the capital access you need, with pricing increasing as funding does.
Does FXIFY offer coupons for customers?
Yes, currently, there is one FXIFY discount coupon SBO available for customers.
How can I find FXIFY discount coupons and promo codes?
What is the profit split for FXIFY?
Performance split is 75% to the trader as standard. Or upgrade at the checkout for a 90% split in favour of the trader.
What is FXIFY evaluation process?
By completing both evaluation phases, you are awarded a funded account with no minimum withdrawal requirements. You must only respect the 5% maximum daily loss and 10% maximum loss rules.
How do I become an FXIFY Trader?
The profit target is 10% in phase one and 5% in phase two
What is an acceptable max drawdown for FXIFY?
The maximum total drawdown ranges from 5% to 10%. Maximum Drawdown is the Distance between the highest and lowest points (maximum and minimum peak).
What is FXIFY Trading Duration / Time restriction?
The minimum time to complete the FXIFY™ Challenge is 5 trading days.
What is FXIFY leverage?
Standard accounts have the following leverage 30:1 (FX & Gold) Indices 10:1, Stocks 2:1, Crypto 2:1.
You can also customise the leverage at the checkout and increase it to a generous 50:1 ( FX & Gold )
What financial instruments can be traded at FXIFY?
FXIFY provides access to over 300 instruments, including FX, metals, indices, and stocks.
Can I trade news at FXIFY?
Yes, you are able to trade new events. Although they do not restrict news trading, traders should be aware that trades might not get filled at desirable prices due to higher volatility and lower liquidity during these times.
Can I hold trades overnight or over the weekend?
Yes, you can hold positions over the weekend. Traders have to be aware of the risk of doing so. Weekend gaps are not uncommon, and markets are usually volatile and liquidity is thin when the market reopens.
