Overview
Founded in 2020, My Forex Funds is a prop firm that offers funding to traders who pass their evaluation. In just two years, the firm has grown to include over 120,000 traders from 80 countries. As of March 2021, the firm was executing over 500 billion notional monthly volume. Today, My Forex Funds employs more than 300 staff worldwide and has 2,000 customers a day.Things we didn't like:
No weekend customer supportExcessive trading rules
Complaints of high slippage
Software malfunctions
Why would you want an alternative to MY FOREX FUNDS?
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.
What to look for in a MY FOREX FUNDS Alternative?
With the above in mind, here is what we would suggest as an alternative to My Forex Funds: a propriety trading firm which fills in the gaps above. Ideally you want to keep the good and add the missing features.
In stark contrast to the complexity of MFF, ideally you want an innovative platform which is trader-oriented and offers low to no restrictions on trading conditions. A Firm that should focuses on a funding model, which is built around a very simple process, governed by simple and clear rules and not bound by time deadlines and restrictions. Unlike other prop firms, such as MyForexFunds (MFF), you are after an alternative prop firm where there are no time limits imposed on the Challenge, catering for the different trading styles and strategies of traders. Thus, traders are granted the freedom to pass the Challenge at their own pace, whether that takes 2 hours or 2 months.
In sum, when you are after a better proprietary trading firm than MyForexFunds you need to look for the following:
- Proprietary trading firms that have no time limitation requirements.
- A program that is built on a minimal and simple rules increasing your odds of success.
Best MY FOREX FUNDS alternatives – Proprietary Trading Firms like (or better than) MY FOREX FUNDS
Rating breakdown
Things we liked:
Exclusive Discount Code (20% Off Exclusive Offer)Minimal rules & unlimited time for completion
Two-part assessment leading to $200,000 in funding
Scaling plan & fast-track funding opt
Things we didn't like:
A Relatively New player in the funded account offeringFunderPro Overview
Founded in Malta in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. FunderPro traders can trade in their own time, for as long as they want or need, there are no deadlines looming down nor petty restrictions to trip over.
Rating breakdown
Things we liked:
FTMO charges a one-time fee onlyFTMO has generous conditions for its traders
Things we didn't like:
Complaints about the platform freezingComplaints about lack of customer support
FTMO Overview
FTMO is the latest in a burgeoning series of scouting programs. Propriety trading firms or “prop firms” put traders to the test (for a fee) through evaluations and challenges. The lucky few who pass are then funded with capital, and successful trades are split down a percentage with the broker. As scouting firms go, FTMO is an excellent all-rounder. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching.
Rating breakdown
Things we liked:
Let you trade with leverage of up to 1:30Things we didn't like:
5%ers Challenge fee is on the higher end of the spectrumThere are other holes in the 5%er offer
the5ers Overview
The 5%ers is a prop trading firm founded by Gil Ben Hur and Snir Chiel. Both former forex day traders, Gil and Snier, experienced first-hand the frustrations that lack of capital bring to experienced traders ready to play the markets. Hence, the 5%ers Funding Program was born: a platform to reward worthy traders with significant capital, with profits shared in a win-win outcome.