MyFundedFX Review and Analysis
Overview
MyFundedFX, legally known as MyFunded Solutions, LLC, is a proprietary trading firm based in Dallas, Texas, founded in June 2022. Led by CEO Matthew Leech, the firm offers traders the opportunity to participate in various trading challenges, with options to choose from five different account types, including two two-step evaluations, two one-step evaluations, and a three-step evaluation.
MyFundedFX has partnered with brokers Zenfinex, Purple Trading Seychelles, and Quality FX Ltd to facilitate trading activities. The company''s headquarters are located at 100 Crescent Court, Suite 700, Dallas, TX 75201, United States.
Funded Accounts
MyFundedFX offers a variety of funded programs, including 1-step, 2-step, and 3-step challenges, with funding options ranging from $5,000 to $300,000 in virtual accounts. All accounts remain virtual, meaning traders operate with demo accounts rather than real funded accounts, which raises concerns about potential price manipulation.
MyFundedFX has an intriguing fee structure, with the 3-stage account costing more despite the longer time required to achieve virtual funding. Fees start as low as $50 for a $5,000 account in the 1-stage challenge. While there is no free trial, the firm offers a 10% discount on accounts.
Challenge Overview
The statistics indicate that a significant number of traders have struggled to meet the challenge objectives set by MyFundedFX. The firm's evaluation process is known for its rigorous criteria, designed to assess traders' skills and risk management capabilities. Those who successfully navigate this process are granted access to the firm's capital for trading.
The available trading assets include forex, indices, and commodities with leverage up to 1:100, depending on the platform.
Here are the key rules and restrictions for traders participating in MyFundedFX’s programs:
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News Trading: Traders are permitted to trade around news events during both the challenge and funded account stages.
- Expert Advisors (EAs):
Allowed: Traders can create and use their own custom Expert Advisors (EAs) or bots.
Not Allowed: The use of third-party EAs, such as those purchased from the MetaTrader store, is prohibited. However, all types of indicators are allowed.
- Overnight and Weekend Holding: Traders are allowed to hold positions overnight and during weekends in both the challenge and funded stages.
- Copy Trading:
Allowed: Traders can only copy their own trades.
Not Allowed: Copying trades from third-party providers or mass signal services is strictly prohibited and will result in forfeiting the challenge.
- Trading Styles: MyFundedFX allows any trading strategy or style, provided it does not involve manipulation, exploitation, or cheating of the system.
Pros and Cons
Let’s talk about the good stuff …
- Unlimited Time for Profit Targets: Traders have the flexibility to reach their profit targets without the pressure of time constraints.
- Easy and Instant Withdrawals: The platform offers a seamless withdrawal process, ensuring that traders can access their profits quickly.
- Transparent Rules With No Hidden Fees: MyFundedFX operates with clear and straightforward rules, avoiding any hidden fees that could surprise traders.
- Diverse Trading Instruments Available: Traders can access a wide range of trading instruments, allowing for diversified trading strategies.
- Top-tier Platforms for All Devices: MyFundedFX supports high-quality trading platforms that are accessible on various devices, ensuring a smooth trading experience.
...and the bad
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Limited Payment Options Available: The platform offers a restricted range of payment methods, which might not be convenient for all users.
- Minimum Account Size of $5,000: Traders must meet a minimum account size of $5,000, which could be a barrier for those with smaller budgets.
- Simulated Trading May Not Suit All Traders: The simulated trading environment might not appeal to all traders, especially those who prefer real-market conditions.
Evaluation Metrics
Overall metrics
- Challenge difficulty: The high failure rate highlights the competitiveness and difficulty of MyFundedFX's challenges, emphasizing the demanding nature of securing a funded position with the firm. This reinforces MyFundedFX's reputation for setting a high bar for traders.
- Customer support: MyFundedFX provides customer support through an FAQ page, live chat, and email at [email protected]. The management team is also available on Discord, ensuring quick responses to trader inquiries.
- Fee: There are low-cost options available with prices starting at just $50
- Payout scheme: MyFundedFX flexible options, includes cryptocurrency and bank wire transfers. Traders can request a payout 14 days after their first trade during the live simulated stage. The minimum amount required to request a payout is $50. For cryptocurrency payouts, ensure your ETH, USDT, and USDC wallets are on the ERC-20 network.
Meet the CEO
Matthew Leech, the founder and CEO of MyFundedFX, is a successful entrepreneur with extensive experience in the financial and tech services sectors. A skilled trader himself, with expertise in forex, options, stocks, and cryptocurrencies, Matt has been actively trading since 2018.
His motivation to launch MyFundedFX arose from identifying a gap in the proprietary trading industry, where many firms often overlook the needs of individual traders. In addition to his role at MyFundedFX, Matt is involved in several other ventures, showcasing his dedication to fostering innovation and growth within the trading community.
Frequently Asked Questions (FAQs):
How trusted is MyFundedFX?
The trusted source of information on fintech matters SBO, gave MyFundedFX a 3.25/ 5.00 rating based on analysing 20+ criteria and testing. MyFundedFX is currently in 7th place in this ranking. FunderPro is currently rank as the number one.
