MyForexFunds review 2024: MFF coupons & funded Account fee
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My Forex Funds Trading Features

My Forex Funds Trading Features. This summary is updated; however, rules frequently change. Always confirm rules with your prop firm.
Trading Feature Value
💰 Fees:  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:  My Forex Funds funded account challenge pays out 75% (first month), 80% (second month) and 85% (third and next months)
✔️ 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:  8% in phase 15% in phase 2
⚓ Maximum drawdown (MDD)​​:  5% Daily Starting Drawdown. 12% Overall Drawdown.
⌛ Trading Period​​:  There is no time limit. You can trade at your own pace and earn at your own pace.
⚖️ Leverage:  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 and Commodities.
📰 Allow Trade News:  Yes with My Forex Funds you can trade during news events.
🔄 Weekend Position:  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.
Read to find out about MyForexFunds Prop Trading Firm, How to Pass MyForexFunds Challenge and Much More

My Forex Funds Review and Analysis

Overview

My Forex Funds Proprietary Trading Firm

My Forex Funds has a mixed reputation among traders. For every disgruntled would-be funded trader who failed the challenge, or complains of a “scam,” there is also a glowing review from funded parties.

Funded Accounts

What are proprietary trading firms?My Forex Funds Funded Account

As the prop firm space grows ever more crowded, here is another face to join the table. My Forex Funds is the latest platform to offer traders risk-free leverage once they have successfully completed a series of internal evaluations. Prop firms tend to have similar offerings, essentially interested traders must demonstrate their ability to meet profit targets under trading conditions in order to be funded by the firm. Where platforms differ is in the entry fee, trading rules, account sizes, and withdrawal methods. Today, we will be reviewing My Forex Funds, which make the tall claim to be “the World’s Leading Funded Trader Program.” Do they deserve that title?

Challenge Overview

My Forex Funds Challenge reviewHow to Pass the My Forex Funds Challenge

My Forex Funds has an intuitive offering on the funded challenge table: three simple programs tiered by difficulty. Traders can choose between the Rapid, Evaluation, or Accelerated program depending on their level of experience. Let’s break down these accounts.

Rapid: Traders who choose the Rapid account can begin earning immediately through trading forex pairs and CFDs. There are rules associated with this program, namely a 5% daily drawdown, a 12% overall drawdown and contestants must trade for at least 3 days of the week. There are no profit targets or deadlines, and the payout increases as traders learn and grow.

Evaluation: The Evaluation program is aimed at more experienced traders, even semi-professionals who have the capacity to hit profit targets but lack the capital to demonstrate their strategy. This program has two phases with different profit targets: 8% in phase 1 and 5% in phase 2. Both steps have a 5% daily drawdown and 12% overall drawdown, and a minimum of 5 trading days. The restrictions end here, there is no ban on news trading or holding positions over the weekend, and traders are welcome to try any strategy: swing, day, scalp trading. Applicants who pass phase 2 can then begin trading a funded account and keep up to 85% of the profits.

Accelerated: Full-time traders may wish to skip straight to the Accelerated Program. Here, there is no evaluation stage, but traders are given a live account from day 1. Account sizes start from $2,000 up to $50,000 and fees vary accordingly. In short, traders who feel confident they would pass the evaluation but want to skip the time-consuming process can “accelerate” themselves to live trading for an extra fee. The rules are slightly different for the Accelerated Program: there are no daily drawdown limits, leverage is up to 1:100, and traders’ accounts will scale with time. The account is highly flexible; there are no consistency rules or lot size limits. Shares are the only financial instrument off the trading table.

Pros and Cons

Let’s talk about the good stuff …

Let’s focus on the good stuff first and see where My Forex Funds scores highly among users. My Forex Funds may be new, but it is certainly not small. In just two years of operation, it has seen phenomenal growth and is now present in 80 countries, with over 80,000 traders.

... and the bad

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.

Evaluation Metrics

Overall metrics

    To truly evaluate what My Forex Funds brings to the trading table, we decided to score each aspect of the My Forex Funds Challenge individually.
  • Challenge difficulty: My Forex Funds has more rules and restrictions with their accounts, making the challenges slightly harder than average.
  • Customer support: 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 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: 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.

Meet the CEO

Meet MyForexFunds CEO - Murtuza Kamzi

Murtuza Kazmi, the founder and CEO of My Forex Funds (MFF), is the driving force and mastermind behind the organization. He started his journey as a part-time trader and had the foresight to become an early investor in cryptocurrencies, reaping substantial gains. Leveraging his crypto profits, Murtuza redirected his capital towards funding forex traders, recognizing the potential for better utilization by skilled traders. Having experienced both successes and setbacks in his own trading career, he launched MFF to provide funding opportunities for forex traders and capitalize on the success of those who excel in the field.

Frequently Asked Questions (FAQs):

Who are My Forex Funds?
My Forex Funds is a prop firm founded in 2020 by Anurag Jaiswal. The platform allows traders with consistent records to access funded accounts once they pass a series of internal tests. Professional traders wishing to sidestep the evaluation process have the option of paying extra for the Accelerated Program, where they can begin trading a live account from day one.
Who is the CEO of My Forex Funds
Murtuza Kazmi, is the founder and CEO of My Forex Funds (MFF), based in Toronto, Canada. He joined the company six months before its official launch in July 2020. Murtuza's role as Chairman and CEO involves collaborating with other leaders to drive the success of their funded trader programs.
How does the My Forex Funds leverage compare to other prop firms?
Traders can access leverage of up to 1:500 through My Forex Funds. This is much higher than that of many prop firms, 1:10 from Surge Trader or 1:100 from TopStep for example.
Is the My Forex Funds entry fee refundable?
The My Forex Funds registration fee is fully refundable – but only to successful contestants who have passed the evaluation or program for which they have paid. Failed entries will be ineligible for a refund.
How trusted is My Forex Funds?
The trusted source of information on fintech matters SBO, gave My Forex Funds a 1.75/ 5.00 rating based on analysing 20+ criteria and testing. My Forex Funds is currently in 16th place in this ranking. FunderPro is currently rank as the number one.
What is the My Forex Funds fee?
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
Does My Forex Funds offer coupons for customers?
Yes, currently, there is one My Forex Funds discount coupon forexpropreviews5 available for customers.
How can I find My Forex Funds discount coupons and promo codes?
Visit the My Forex Funds dedicated discount coupons page as well as by joining several discussions and conversations within relevant online groups and communities.
What is the profit split for My Forex Funds?
My Forex Funds funded account challenge pays out 75% (first month), 80% (second month) and 85% (third and next months)
What is My Forex Funds evaluation process?
My Forex Funds has two-part evaluation process that you must pass to become a funded trader. The Evaluation phase and the Establishment Phase
How do I become an My Forex Funds Trader?
8% in phase 15% in phase 2
What is an acceptable max drawdown for My Forex Funds?
5% Daily Starting Drawdown. 12% Overall Drawdown. Maximum Drawdown is the Distance between the highest and lowest points (maximum and minimum peak).
What is My Forex Funds Trading Duration / Time restriction?
There is no time limit. You can trade at your own pace and earn at your own pace.
What is My Forex Funds leverage?
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.
What financial instruments can be traded at My Forex Funds?
Forex, Indices and Commodities.
Can I trade news at My Forex Funds?
Yes with My Forex Funds you can trade during news events.
Can I hold trades overnight or over the weekend?
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.

Traders comments and Reviews about MY FOREX FUNDS

Sites like Trustpilot provide excellent third-party social proof. Please be aware that there is no guarantee whether or not fake reviews are or are not present. These can lead to bias and compromise the reliability of reviews.
TrustPilot My Forex Funds TrustPilot Customer Reviews, Feedback and Complaints
Trustpilot On Trustpilot, My Forex Funds has currently 13.5k number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.90/5.00.

My Forex Funds firm's reply behavior to negative reviews is up to the standard having replied to 66% negative reviews with a response time to their negative reviews in less than 7 days.

My Forex Funds  Read TrustPilot Customer Reviews, Feedback and Complaints

The best Forex Prop Firm that I use, gives an opportunity to every trader in the world to learn forex trading seriously & disciplined, if you follow the rules correctly... MFF will surely pay for our hard work

TrustPilot Reviews' Key takeaway

Latest News

myforexfunds default news image
My Forex Funds Clone Targets Traders While the Prop Trading Firm Battles CFTC at Court

A clone of My Forex Funds has emerged, exploiting the real firm's legal troubles with the Commodity Futures Trading Commission (CFTC). The clone, falsely claiming to be registered in the Cayman Islands, has gained 28.1K Instagram followers, likely ... 

through dubious methods. Meanwhile, the legitimate My Forex Funds, with 152K Instagram followers, has been inactive since September 1, 2023, following the CFTC's fraud charges. This situation highlights the importance of traders verifying the legitimacy of trading firms to avoid scams.

Tuesday 16 July, 2024

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