MyFundedFX Review
MyFundedFX is a proprietary trading firm that offers up to $300,000 in funded accounts with an 80% profit share to traders who pass their trading challenge.
Lack of Trading Capital is one of the major challenges that most traders encounter. MyFundedFX is a prop trading firm that can resolve that! Pass the MyFundedFX challenge and you can manage capital up to $300,000 with a generous 80% profit share. You can trade however you want and they will even cover the losses!
About
Matt, a prominent financial and digital services entrepreneur and trader in the forex, options, stock, and cryptocurrency industries, launched MyFundedFX. As the CEO of MyFundedFX, DynaPro Trading and several other companies, he has been trading since 2018.
Matt founded MyFundedFX due to a need he identified in the market. Prop businesses frequently concentrate on developing a platform that does not focus on the trader. With MyFundedFX, the goal is to fund as many traders as possible while also educating them. This is something that Matt and the rest of the MyFundedFX team take very seriously, and they are constantly improving the fundamental abilities needed to be a funded trader.
Challenge Accounts
Accept the challenge in the MyFundedFX evaluation procedure and demonstrate your suitability as a funded trader to qualify for a funded account. You can even achieve the trading goals in just one trade as there are no minimum days. If you successfully complete the first challenge, you will prove that you are a reliable trader and advance to the verification stage with a 5% profit goal.
Get up to an 80% profit split after it is established that you can trade their capital profitably. Trade for as long as you like and use scaling to get funded all the way up to $1,500,000.
There are no maximum trading days on all of the plans which means that you can take your time to pass the challenge. You can get funded in as quick as two days as there are no minimum trading days which is another advantage, they have other some prop firms who require at least 10 days of trading activity or more. There isn’t any consistency rule which means you are free to trade how you want using any trading strategy, provided it does not breach the fair and transparent rules.
Process
The MyFundedFX account funding process is simple and follows the same setup as the majority of other proprietary firms. The first step is to choose your challenge and reach the profit targets. After that you need to verify your trading if taking part in the 2-step challenge to qualify as s MyFundedFX Trader. Alternatively, you can take part in the 1-step challenge which has a slightly higher profit target of 10% but can get you a funded account faster.
| $5K | $10K | $25K | $50K | $100K | $200K | |
|---|---|---|---|---|---|---|
| Profit Target | 10% | 10% | 10% | 10% | 10% | 10% |
| Minimum Trading Days | 1 | 1 | 1 | 1 | 1 | 1 |
| Trading Period | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Max Daily Loss | 4% | 4% | 4% | 4% | 4% | 4% |
| Max Trailing Loss | 6% | 6% | 6% | 6% | 6% | 6% |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $50 | $100 | $200 | $300 | $500 | $950 |
| $5K | $10K | $25K | $50K | $100K | $200K | |
|---|---|---|---|---|---|---|
| Profit Target | 8% | 8% | 8% | 8% | 8% | 8% |
| Minimum Trading Days | 1 | 1 | 1 | 1 | 1 | 1 |
| Trading Period | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Max Daily Loss | 5% | 5% | 5% | 5% | 5% | 5% |
| Max Initial Account Balance Loss | 8% | 8% | 8% | 68% | 8% | 8% |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $50 | $100 | $200 | $300 | $500 | $950 |
| $5K | $10K | $25K | $50K | $100K | $200K | |
|---|---|---|---|---|---|---|
| Profit Target | 5% | 5% | 5% | 5% | 5% | 5% |
| Minimum Trading Days | 1 | 1 | 1 | 1 | 1 | 1 |
| Trading Period | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Max Daily Loss | 5% | 5% | 5% | 5% | 5% | 5% |
| Max Initial Account Balance Loss | 8% | 8% | 8% | 68% | 8% | 8% |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $50 | $100 | $200 | $300 | $500 | $950 |
Trading Challenge
Choose a balance size and achieve the minimal profit objective. Trade every instrument that is at hand. You have ultimate control over your trading strategy. Prove that you can trade by reaching the minimum profit target. All challenges both one and two step have unlimited trading time to complete
You can request an account review after you have closed all open positions and min. trading days objective have been met. Once the Challenge phase has been completed you are ready to enter Verification phase and start earning real money.
- Profit Target 8% (10% on 1-Step)
- Trading Period Unlimited
- Minimum Trading Days 1
- Max Initial Account Balance Loss 8% (6% on 1-Step)
- Maximum daily loss 5% (4% on 1-Step)
Verification
Trade on the Verification account to show that you weren’t simply lucky during the challenge phase. The majority of the trading conditions are the same but the profit target is even lower at 5% which should be easily attainable of you managed to achieve 8% during the initial trading challenge.
- Profit Target 5%
- Trading Period Unlimited
- Minimum Trading Days 1
- Max Initial Account Balance Loss 8%
- Maximum daily loss 5%
MyFundedFX Trader
As long as you don’t go over the maximum loss limitations, you can now begin trading using the capital of the MyFundedFX proprietary trading firm without setting profit targets as long as you won’t reach maximum loss limits. During each trading session of 14 calendar days, you can earn up to 80% of all gains.
- Profit Split 80%
- Trading Period Unlimited
- Minimum Calendar Days 14
- Max Initial Account Balance Loss 8% (6% on 1-Step)
- Maximum Trailing Loss 4% (1-Step)
- Maximum daily loss 5% (4% on 1-Step)
MyFundedFX need to be certain that you can manage risk before they let you trade for their proprietary trading firm. They have created Trading Goals as a result. Meeting the Trading Goals demonstrates your ability to trade with discipline and expertise.
They don’t impose any restrictions on the instruments or position sizes you can trade, so your trading strategy is completely up to you. If you will violate any rules or objectives, your challenge account will be failed. All MyFundedFX accounts have automatic 24/7 monitoring.
Trading Days
Depending on the trading strategy you use, you may need to trade for 1 trading day within the trading term in order to achieve this goal. On each of these days, at least one position must be made available.
Any day that at least one trade is completed is referred to as a trading day. The day the trade was performed is taken into account as the trading day when a trade is held over several days. Without having to wait, you can move on to the next stage.
Profit Target
The minimum profit target to finish the phase or earn commission is set between 5% and 12% of the starting balance, depending on the trading strategy and phase selected.
On 2-step accounts, 8% of the initial balance is the phase 1 profit target. For instance, your profit target is $8,000 if your beginning account amount is $100,000. 5% of the initial balance is the phase 2 profit target. For instance, if the initial balance of the account is $100,000, your goal for profit is $5,000. There is no profit aim for Phase 3, which is the funded phase.
On 1-step accounts, the Profit Target for phase 1 is 10% of the starting balance. For example, if the starting account balance is $100,000 your profit target is $10,000. Live funding has phase has no target
A trader achieves a profit target when the original account balance in the total of closed positions exceeds the profit target set forth in the plan. The trading window is limitless, and there are no constraints on when you can reach your profit target.
As an illustration, if you trade Challenge with $10,000 in capital and aim for a minimum of 5% profit, your profit target is $500. The minimal profit target will be dropped once Phase 2 of the verification process is over. You are allowed to trade on your phase 3 accounts as long as you don’t go over your maximum loss restrictions or break any other rules or goals.
Maximum Account Loss
The “account stop-loss” rule is another name for this one. Maximum loss is a predetermined amount that must be less than the number set forth in the plan and represents the difference between your starting account balance and current equity.
For instance, if your starting account balance is $10,000 and your maximum drawdown is 8%, your challenge’s maximum loss value will always be $9,200. This is for the 2-step account.
Your maximum drawdown for the one-step account is 6%. Your Max recorded balance will always be followed by this. Your maximum withdrawal if you open an account with $10,000 will be $600, or 6% of $10,000. Your initial maximum drawdown amount is $9,400.
Suppose you made $500 in profit on your first day of trading, leaving you with a balance of $10,500 to start the following day. This balance, which is your highest recorded balance, serves as the basis for calculating your 6% Max drawdown. $10,500 – 6% = $630. The new maximum drawdown amount for you is $9870. The maximum drawdown threshold is still $9,870 if you lose $100 on your second trading day and your new starting balance for the following trading day is $10,400. Your Highest recorded balance will always be trailed by it.
Maximum Daily Loss
This rule is often known as the “trader’s daily stop-loss”. The rule states that the daily equity decline must not exceed the predetermined limit at any point during the day (EE(S)T – Eastern European Summer Time). The calculation is as follows: Current daily loss = equity at day’s beginning – current equity.
For the 2 step phases, the daily drawdown cap is 5%. For instance, if you trade with a $100,000 account and start the day with $100,000 in equity, your daily maximum loss is $5,000. Figure 2: If your equity has increased to $109,000 from $9,000 in profit, your daily loss is $109,000 – 5%, or $5,450. Your daily loss has increased to $103,550. Always 5% of your daily starting equity will be used.
For both step one and live financing, the daily drawdown cap is 4%. Example: If you trade with a $100,000 account and start the day with $100,000 in equity, your daily maximum loss is $4,000
Accounts
You can consolidate your accounts at MyFundedFX. There are prerequisites. The account sizes you intend to merge must match those that MyFundedFX offers. Also, you cannot combine two distinct tasks. Hence, a 1 step account and a 2-step account cannot be merged. For them to be able to merge your accounts, they must both be financed, untraded, and have a zero balance.
Expert Advisors
EA use is permitted across all accounts and phases at MyFundedFX. However, there are some limitations on the kinds of EAs that are permitted, which are stated below.
- High frequency trading EA
- News scalping EAs
- Arbitrage EAs (reverse and latency)
- Multi account reverse trading EAs
- Tick scalping
- Any EA designed to abuse a demo server
The possibility of breaking the copy trading policies grows when using a third-party EA from the open market. They recommend using various configuration files or settings if you’re going to utilise a third-party EA so that each user takes a separate entry and exit path.
Copy Trading
Duplicate trading is permitted from a trading and ownership account of yours. As long as the trades are your own, you are permitted to copy trade an account from another prop business, a retail broker, or any other internal or external source.
Copy trading between two accounts that are not owned by the same person is not permitted. Family and friends are included in this. Also, unless the transactions are executed by the same individual, they do not permit copy trading via EA.
Account cancellation will occur if these regulations are broken.
Trading Strategies
News event trading is allowed in the MyFundedFX Trading Challenge and funding stage for both account types. Holding trades overnight is allowed for all accounts and phases. They do not require a stop loss on any trades but do recommend that you use one for proper risk management.
You can purchase and sell the same asset on a single account because hedging and reverse trading are both permitted. But you cannot make a purchase on one account and a sale on another. Reverse trading or hedging across multiple accounts is prohibited, so this is against the rule.
Traders employ the strategy of group hedging to control risk at the collective level. Traditionally, you would use a single account to hedge your own risk. Group hedging is the practise of taking opposing positions inside one or more prop firms in an effort to reduce risk and take advantage of the prop firm rule set.
At this prop trading firm, high-frequency trading (HFT) is categorically forbidden. Anybody detected utilising these techniques will be deemed in violation and have their account terminated.
Payout
MyFundedFX use Deel for payouts. Deel offer card, bank, crypto and PayPal payments. Make careful to count 14 after your initial deal before submitting a payout. Then, confirm that all positions are closed before clicking submit. If Deel is prohibited in your country, be careful to enter a crypto address instead of your Deel email in the website’s banking details. The payout request should then be submitted as a ticket on the website, and it will be handled in the order it was received.
Although they do their best to execute payout requests as promptly as possible, if you have completed your payout request as instructed, processing time can range from 12 to 72 hours. Please keep in mind that your payment will be processed the following business day after the Holiday or Weekend if you submit it on the weekend or during a Holiday.
Scaling Plan
They provide a scaling plan that, under certain conditions, boosts your account’s original amount by 25% every three months. When seeking a scaling up, your account must be brand-new with the starting amount and a total profit of at least 12% within the previous 90 days.
Brokers
MyFundedFX use the excellent Eightcap as their preferred trading brokerage firm. Eightcap are regulated and have top trading conditions including tight spreads, low commission fees and quick trade execution speeds at the best available prices. They are a reputable broker which means that you can focus on your trading strategies and achieving your trader goals without worrying about the broker trying any nasty tricks.
Platforms
You can trade on the popular MetaTrader 4 (MT4) platform on web, mobile and desktop. This is the industry standard forex platform which is utilised by millions of retail and professional traders all over the globe. It is widely regarded for its user-friendly interface and quick learning curve, which makes it the platform of choice for beginners. That being said, MT4 also has a plethora of robust trading tools that can satisfy the needs of even the most demanding prop traders.
Whatever your trading strategy, MT4 have everything you need for manual and automated trading. You can extend its functionality by choosing from thousands of free and paid add-ons. There are multiple chart types, timeframes and orders supported. MT4 help make everything from market analysis to placing and managing trades a breeze.
However, MyFundedFX does not currently support the newer MT5 platform. If that is your platform of choice, then you might want to consider an alternative prop firm such as FTMO.
Instruments
You can trade a good variety of over 175+ financial instruments including forex, stocks, commodities and cryptos. The maximum leverage with all accounts is 1:100. If you feel like you will require more leverage than this, then My Forex Funds go all the way up to 1:500.
| Maximum capital | $300,000 |
| Profit split | 80% |
| Scaling | Yes |
| News trading | Yes |
| Weekend trading | Yes |
| Automated trading | Yes |
| Free trial | No |
| Maximum leverage | 1:100 |
Overall, MyFundedFX is a top proprietary trading firm with very competitive conditions. The profit targets are realistic and the maximum loss achievable with good money management. They have a choice of 1 or 2-step challenges that you can complete to gain a funded account with an 80% profit share that can be scaled up to $1,500,000. There are no minimum trading days required to get funded.
Aspiring prop traders can buy and sell over a hundred financial instruments on the intuitive MT4 platform via a regulated trading broker in Eightcap. The prop firm allow most trading strategies, including expert advisors, news trading, overnight and weekend holding.
It would be great if they could add the MT5 platform and some more trading instruments. Other than that, MyFundedFX are certainly worth consideration for anyone looking to take part in trading challenges with fair terms and rules, in order to qualify for a funded trading account.
