My Forex Funds Review
For you to begin your career as a Forex Funded Trader, the My Forex Funds Prop Firm offers a variety of programmes. Aspiring traders can select one of their funding options to get started trading and begin earning bonuses and a 90% share of profits.
The My Forex Fund program enables traders to trade without risking their own capital. Traders are rewarded for the profits they make on simulated accounts (that is how they mitigate risk/loss) while fine tuning their skills in the process. Your success is important to My Forex Funds. As a member of their team, you’ll get the chance to trade with one of the top prop trading companies in the world.
To provide traders with the finest trading environment possible, they are continually working and investing in cutting-edge technology. It is in their own interest that you are a successful trader as they are going to be getting a share of all trading profits for providing you with a funded account should you pass the initial evaluation stage.
Depending on your experience, My Forex Funds offer forex traders a variety of product possibilities. Choose carefully the programme that best suits your forex and prop firm trading experience since if you lose, they lose. To ensure your success when trading forex with a prop firm, they will take care of the rest in terms of assistance and trading conditions.
After choosing your programme, you can immediately access your funded trader accounts. No waiting; immediately after purchasing your chosen package, your forex account will be funded. You can start trading right away without waiting around for confirmation.
Rapid Account
The My Forex Funds Rapid account programme is designed to compensate traders for their efforts while evaluating the trader as they gain experience using a trial account. The accounts range in size from $10,000 to $100,000. Bonuses are given out either biweekly or monthly.
Prior to granting traders access to actual trading funds, the My Forex Funds’ Rapid program’s ultimate objective is to obtain a three-month snapshot of their skills. The benefit of the Rapid programme is that, despite your trading taking place in a simulated environment during the first three months, you are still paid for your time because you are receiving bonuses while being evaluated. The Rapid model has no time restriction.
The Rapid account enables traders to benefit from bonuses right away while utilising forex and CFD trading platforms and all associated risk management features.
- Get to see how prop firms work
- Get paid as you gain experience
- Low entry cost
- Progress into a professional trader
Rapid Account Rules
- 5% Daily Drawdown
- 12% Overall Drawdown
- Be Consistent
- 3 Days / Week
- No Restrictions
- Payout increases
| $10,000 | $20,000 | $50,000 | $100,000 | |
|---|---|---|---|---|
| Target | No Targets – You get paid 12% of the profits you earn in your account | 12% | 12% | 12% |
| Minimum Trading Days | 3 times per week | 3 | 3 | 3 |
| Daily Starting Drawdown | $500 | $1,000 | $2,500 | $5,000 |
| Overall Drawdown | $1,200 | $2,400 | $6,000 | $12,000 |
| Available Leverage | 1:500 | 1:500 | 1:500 | 1:500 |
| Refundable Registration Fee | $99 | $189 | $399 | $749 |
| Monthly Fees | No Monthly Fees | x | x | x |
Evaluation Account
For forex traders to demonstrate their abilities, they provide a product called the Forex Funded Account Evaluation. Semi-professional traders who require funding to advance in their careers have the chance to demonstrate their skills and accomplish their objectives in a brief, two-step process by joining this forex prop firm and becoming sponsored traders.
Through the two-step evaluation approach, prospective funded traders can demonstrate their forex, CFD, or commodities trading expertise. The sizes of evaluation trading accounts range from $5,000 to $300,000. Profit-split payouts take place once per month during the first month and then every two weeks after that. Trading accounts are limited to 300k each, however money from evaluation accounts can total up to 600k.
The company seek to find genuine forex prop firm traders who exhibit the trading skills necessary to be successful with a forex prop firm through the My Forex Funds evaluation trading account process. They will reward you if you continue to be reliable, accurate, and maintain sound trading risk management techniques. In as little as 10 days, prove your worth and move up to a financed account. Alternatively, take it slow and pass in 90 days. You are in charge!
- Prove your experience with an Evaluation Account
- Quick 2 phase evaluation process
- Generous drawdown limits
- Profit split up to 85%
Evaluation Account Rules
- 5% Daily Drawdown
- 12% Overall Drawdown
- 8% profit target phase 1
- 5% profit target phase 2
- 5 trading day minimum
- No trading restrictions
| $5,000 | $10,000 | $20,000 | $50,000 | $100,000 | $200,000 | $300,000 | |
|---|---|---|---|---|---|---|---|
| Target | Phase I – Evaluation Phase = 8% Phase II – Establishment Phase = 5% | 5-8% | 5-8% | 5-8% | 5-8% | 5-8% | 5-8% |
| Minimum Trading Days | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Daily Starting Drawdown | $250 | $500 | $1,000 | $2,500 | $5,000 | $10,000 | $15,000 |
| Overall Drawdown | $600 | $1,200 | $2,400 | $6,000 | $12,000 | $24,000 | $36,000 |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $49 | $84 | $139 | $299 | $499 | $979 | $1,389 |
| Monthly Fees | No Monthly Fees | x | x | x | x | x | x |
Accelerated Account
With the help of the My Forex Funds Accelerated programme, prop traders can start trading on a real account right away. Profitable full-time traders who want to increase their capital right away should enrol in this programme.
Skip the evaluation and begin the Accelerated programme straight away. To give you immediate earning benefits, they have created an industry-leading programme.
Start with 2,000 up to 50,000 USD and use My Forex Funds scaling to increase your funds all the way to a maximum of 2 million USD.
With the help of My Forex Funds’ Accelerated programme, they enable expert traders to cut in front of the crowd and start trading with real money right away. They may also benefit from the compounding rewards system to expand quickly.
- Get started immediately with Accelerated Funding
- Industry leading profit split
- Speedy upscaling
- Multiple sizes to choose from
Accelerated Account Rules
- 5% or 10% Overall drawdown
- Up to 1:100 Leverage
- Scaling at every 20%
- $2 Million USD Cap
- No Shares Allowed
- Weekly Payouts
| $2,000 | $5,000 | $10,000 | $20,000 | $50,000 | |
|---|---|---|---|---|---|
| Target | 10% to get to next milestone | 10% | 10% | 10% | 10% |
| Daily Starting Drawdown | No Daily Drawdown Limits | x | x | x | x |
| Overall Drawdown | 5% of Starting Account Balance | 5% | 5% | 5% | 5% |
| Assured Funding | $324,000 | $405,000 | $540,000 | $1,080,000 | $1,350,000 |
| Available Leverage | 1:50 | 1:50 | 1:50 | 1:50 | 1:50 |
| One Time Registration Fee | $99 | $245 | $485 | $970 | $2,450 |
| $2,000 | $5,000 | $10,000 | $20,000 | $50,000 | |
|---|---|---|---|---|---|
| Target | 20% to get to next milestone | 20% | 20% | 20% | 20% |
| Daily Starting Drawdown | No Daily Drawdown Limits | x | x | x | x |
| Overall Drawdown | 10% of Starting Account Balance | 10% | 10% | 10% | 10% |
| Assured Funding | $486,000 | $810,000 | $810,000 | $1,600,000 | $2,020,000 |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| One Time Registration Fee | $198 | $490 | $970 | $1,940 | $4,900 |
What is the difference between Evaluation and Rapid program?
You will go through Phases 1 and 2 of the evaluation program’s testing.
You must achieve the profit target and finish the minimum number of 5 trading days within the time frame of the programme in order to complete the phases.
For Phases 1 and 2, the profit objective is 8% and 5%, respectively. Phase 1 must be finished within 30 calendar days, and Phase 2 must be finished within 60 calendar days.
In the Rapid programme, you will begin with a demo account and receive 12% of all profits with payments made every two to four weeks.
If you have a CEA account, you will be paid biweekly; if you have an NCA account, you will be paid every four weeks. They will transfer your demo account profits to your live account each month, up to a maximum of 3.5% of the starting account value.
You will be given a live account once it has 10% of the demo account’s initial amount. While you’re building your real account, you can earn money by trading on the demo account, which will take at least 3 months to reach.
The My Forex Funds vision and corporate objectives are supported by their programme rules and policies. While using this prop trading service to trade, you must always abide by these guidelines. Even if you aren’t trading in the programme, you could still follow these guidelines because they promote ethical trading practises and long-term sustainability.
By following these guidelines, you will be able to regulate your emotions while trading and keep risk management at the centre of your trading strategy. With any luck, this will help you achieve long- and short-term success and profitability.
Strategies
At My Forex Funds, they promote ethical trading practises without impeding a trader’s freedom to trade at their own pace or according to their own schedule. They allow news trading, scalping, long term trading and short-term trading on all accounts. They don’t put a limit on the number of open lots on a single account, but they do caution all users to be aware of their risk management profile.
Automated Trading
Automated trading is allowed on rapid and Evaluation accounts, including prop expert advisors. As long as the software is neither managed or traded by a third party, using third party expert advisors is acceptable. All signals must originate from your own setup and be based on it. Prop trading is about your ability to trade and not about using other people’s ability to trade. Otherwise, this defeats the object.
You can use EAs as long as they are not used in the following ways:
- Account management services
- Copy trading of other persons signals
- Tick scalping
- Arbitrage trading
EAs are not allowed on accelerated accounts. The only exceptions to this rule are trade copiers and Risk Management EAs. Accounts you are copying from must also not use prohibited EAs.
Restrictions
Trading practises that are employed to profit from MetaTrader’ s shortcomings are forbidden. Gap trading, latency arbitrage, long short arbitrage, reverse arbitrage, and trading with an opposite account are all prohibited by My Forex Funds. Every participant in such operations will have their trades adjusted to the executed fill price that they have obtained from the liquidity pool. A trader must close all of his/her trades over the weekend.
The use of signal bots, trade management services or trade copiers will not be accepted. Account cancellation will occur for repeated offences. They are constantly monitoring all accounts to make sure the rules are being followed. If you are thinking of using a questionable manual or automated strategy, you might want to ask them before hand to make sure that it is allowed.
Drawdown
You cannot have a daily drawdown of 5% of equity or balance in any of the My Forex Funds evaluation programmes on any one day. This is closely monitored by an automatic system, which takes into account open trades at the moment of roll-over and notifies you of any breaches in your account dashboard. You need to exercise caution when trading, and be sure to check your available drawdown each day at 0:00 server time.
They have a total account drawdown of 12% for any pay period in addition to the daily depletion. Your account will be terminated if you violate this.
If, while in profit, you violate your daily drawdown restrictions. If you used suitable risk management techniques (no excessive position size, trade numbers, etc.), a review will be conducted to ascertain this. If so, they may at their discretion award you your profit share at the time of termination. However, if you engage in hazardous trading and violate the daily drawdown, you will not be paid out of your winnings for doing so while in the black.
You can reset your account for a programme cost of -10% if your account is suspended or terminated.
Losses
Any trading losses at My Forex Funds will not be the responsibility of any trader. All things considered, to increase your chances of avoiding suffering a loss, you can engage in a trading plan and use effective risk management techniques.
Retakes
You have the option of choosing between limitless free retakes or two free extensions of up to 14 days each if your Phase I 30-day restriction is met and you are still in profit.
Only profitable users who trade responsibly are given access to this addon. Users who don’t violate the rules but don’t trade consistently or with risk are only entitled to a free retake. Trade sensibly, act consistently, and you can benefit.
Reset
You are entitled to a cheap reset of that account if you discover that you have broken one of the rules. Prop firms are aware that mistakes can occur. If you have broken the rules, take advantage of the following discounted prices to rest your My Forex Funds account:
- 10k – $75.60
- 20k – $125.10
- 50k – $269.10
- 100k – $449.10
- 200k – $881.10
Refunds
When they reach their first profit-split period at the conclusion of the first month on their real trading account, all traders who pass Phases 1 and 2 will receive a refund of their expenses.
A trader is only eligible for a payout and refund if they have made the following:
- $50 in profit on a 5k, 10k, and 20k account
- $100 in profit on a 50k to 100k account
- $150 on a 200K to 300K account
Inactivity
Your account will be automatically compromised if it is inactive for 30 days. The account will be permanently suspended if you don’t give them the explanation for your inactivity within 10 days after the breach.
By enforcing this restriction, the prop firm will avoid having thousands of hedged trades on unused accounts. You should let them know if you expect to be away for an extended period of time so that they can make sure your account is maintained.
Platforms
For your funded forex account, My Forex Funds provide MetaTrader 4 as well as MetaTrader 5. You can trade conveniently using the trading platform of your choice!
Support
For all of your forex funded account needs, day or night, the My Forex Funds support team is there for you. They are always available to help when you need it.
My Forex Funds is constantly interested in hearing the opinions, helpful criticism, and comments of potential traders. They are interested in learning how they can work with you to develop.
Community
Engage in active discussion with the prop firm directly, Discord community, and other prop traders. To actively encourage ethical trading practises, they deliver seminars and information in real time.
Rewards
My Forex Funds bonuses are a reflection of their desire to draw in, inspire, and keep skilled traders. You can bring your abilities, and work with them to develop your future while earning a range of benefits.
Passing phase 1 will earn you 2% of your trading gains, while passing phase 2 will earn you 4% of your trading profits. Get paid on your journey to a forex funded account.
When you reach your first profit split, they will pay a 112% refund. When you can be compensated for accomplishing a new goal, why settle for merely a refund?
VIP
Trade well enough and you can earn your VIP spot. The My Forex Funds VIP Program is here to revolutionise the game with a 90% profit share, withdrawals at any time with no restrictions, semi-automated payout confirmations (Money in your account within 10 hours), and many more unexpected rewards.
Leverage
- Leverage for the Evaluation program on all account sizes is 1:100
- Leverage for the Rapid program on all account sizes is 1:500
- Conventional Accelerated: 1:50
- Emphatic Accelerated: 1:100
- However, for Cryptocurrency, it is 1:5 for all programs
Instruments
Currently, you can trade commodities including oil and metals, CFDs including index CFDs, and forex currency pairs.
Payouts
One month after you make your first transaction in the real account, you’ll get your first payout. The initial payment is made monthly, and all subsequent payments are made biweekly.
You must trade for at least 10 days during your first month of live trading in order to get your first payout, which will start after the full month has passed. On the second month, this minimum day requirement is dropped.
Scaling
In order to expand alongside you, My Forex Funds provides a competitive scaling up plan. They will increase the size of your account by 30% of the initial account size if you made a profit of 10% or more during a four-month period, and 2 of those four months were successful.
The trader’s account balance should be breakeven or positive at the time of the scale-up request.
Profit Sharing
After the first month of trading, you get paid 75% of your profit. You receive 80% of your profit split into two payments in the second month. After the third month, you will start receiving 85% of your profit every two weeks. Payment for profit-sharing is made through cryptocurrency or Deel (bank transfer, PayPal, or TransferWise).
| Maximum capital | $2,020,000 |
| Profit split | Up to 90% |
| Scaling | Yes |
| News trading | Depends |
| Weekend trading | Depends |
| Automated trading | Depends |
| Free trial | No |
| Maximum leverage | 1:500 |
Overall, My Forex Funds are one of the best forex prop trading firms. With the intention of being the top prop trading Firm, My Forex Funds was established in July of 2020. It has since established itself as the market leader with more than 300 employees worldwide and more than 2000 customers every day from all around the world.
In order to provide funded trading accounts to more people who want to take advantage of their abilities, My Forex Funds is currently aiming to extend its business into related niches. They have very favourable trading conditions and a range of achievable targets for all types of traders to qualify for a funded account.
Is My Forex Funds legit?
Does My Forex Funds offer discounts or promo codes?
What can I trade with My Forex Funds?
What types of accounts does My Forex Funds offer?
The Rapid is essentially a demo account that, if you achieve trading requirements, gradually expands your access to funds and increases your share of the profits. A two-stage evaluation process is used for the Evaluation account. You receive a live account and can keep up to 85% of the profits after passing both levels.
The Accelerated account receives an immediate funding. Just quick funding and access to financial markets, no demo, no review.
