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.
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:
Founded in Dubai 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.
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.
Founded in 2012, TopstepForex has become one of the biggest proprietary trading sites online. Topstep FX is based in the USA, but it is available for everyone to use worldwide. Traders are invited to join their "forex funded trader program," which gives them the chance to use Topstep FX's money (and gain a healthy cut of the profits), without risking their capital.