My Forex Funds Review and Analysis
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.
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.
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.
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.
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.