|💰 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.|
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.
What are proprietary trading firms?
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?
My Forex Funds Challenge review
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.
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.
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.
|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.
TrustPilot Reviews' Key takeaway
In a surprising turn of events, My Forex Funds, a distinguished name in the world of proprietary trading, has found itself facing unexpected regulatory hurdles. In the early hours of September 1st, reports emerged regarding the temporary suspension ... [show/hide]
Friday 01 September, 2023
Introduction In late August, the Forex trading world was shaken when U.S. and Canadian regulators shut down My Forex Funds, a prominent and vastly popular Forex ...
The recent shutdown of My Forex Funds by both U.S. and Canadian regulatory authorities has sent shockwaves through the proprietary trading sector, leaving many ...