Pros
  • Good scaling
  • Immediate account setup after payment
  • High forex leverage
  • Allows news trading
  • Offers Instant Funding Accounts
  • Big community
  • VIP reward program
Cons
  • Can't hold trades over weekends on accelerated account
  • All trades are on demo (simulated) accounts

MyForexFunds Review

MyForexFunds is a new player on the scene, but in a couple of years, they claimed to have funded over 180,000 traders with forex trading accounts in a short amount of time. It’s not surprising because they have become one of the most popular prop firms in the industry. It has established itself as a market leader with more than 300 employees across the globe and more than 2,000 customers every day. In this article, we will look at what MyForexFunds has to offer.

About MyForexFunds

They offer similar trading conditions to the other prop firms we’ve reviewed. What differentiates them from other prop firms is that they provide three different levels or structures for funding traders based on your trading experience. This includes both novice and experienced traders.

Funded-Trader-Program-My-Forex-Funds

Funding Program Options

The 3 different types of accounts they offer, depending on your experience level, are: 

  1. The My Forex Funds Rapid account program aims to give traders something for their time while evaluating them as they learn to trade with a demo account. The sizes of the accounts range from $10,000 to $100,000. Bonuses are paid every two weeks or every month.

    The ultimate goal of My Forex Funds’ Rapid program is to get a three-month snapshot of a trader’s skills before giving them access to their real trading funds. The benefit of the Rapid program is that you get bonuses while being evaluated. This means your time is worth something even though you are trading in a demo environment for the first three months. In the Rapid model, there is no set amount of time.

  2. The evaluation program has two steps traders must go through to show how well they can trade forex, CFDs, or commodities. Like rapid trading accounts, evaluation trading accounts range from $10,000 to $200,000. Profit-split payouts happen once a month for the first month and then every two weeks after that. From evaluation accounts, a trader can have up to $600,000 in capital, but only $300,000 per trading account.

    Through this evaluation, MFF wants to find serious forex traders with the skills needed to succeed in forex. You will be rewarded if you demonstrate consistency, accuracy, and sound risk management in trading. Get your account funded in as little as 10 days if you can prove your ability. Or take your time and pass in 90 days.

  3. Their instant funding model is the Accelerated program. You can skip the evaluation and get funding right away. You can start with as little as $2,000 and as much as $50,000, and your money can grow to a maximum of $2 million.

    You can bypass the learning curve and start trading with real money immediately with the Accelerated program from My Forex Funds.

Fees

Let’s start with their Rapid account. Like all their accounts, you will have to pay a one-time refundable fee. If you pass the evaluation, you will get your one-time fee refunded. This fee is to allow you to trade a demo account for them. The fee range from $99 for a $10,000 funded account to $749 for a $100,000 funded account. 

my forex funds rapid pricing

The second one is the Evaluation account. The funding range from $10,000 to $200,000, and the fee range from $84 to $979. The fee here is for you to take their 2-step challenge, similar to that of FTMO. But just a little bit cheaper. 

My forex funds evaluation pricing

The last is the Accelerated account. This is for instant funding, so there is no challenge. You will instantly have trading capital ranging from $2,000 to $50,000. The no challenge is similar to FundYourFX, but the funding capital and the fees are higher. In MyForexFunds, to get the $2,000 funding, you will have to pay a one-time registration fee of $99. To get the maximum of $50,000, the fee is $2,450. This costs a lot more than doing an evaluation program. This is understandable since giving instant funding to traders involves more risk.

Accelerated emphatic My-Forex-Funds

Tradable Assets

In MyForexFunds, you can trade forex, metals, and indices.

SPOT Forex
Symbol Name Symbol Description Contract Size Digit Leverage 1 Pip PL Quote CCY
AUDCAD Australian Dollar/Canadian Dollar 100000 5 1:100 10 CAD
AUDCHF Australian Dollar/Swiss Franc 100000 5 1:100 10 CHF
AUDJPY Australian Dollar/Japanese Yen 100000 3 1:100 10 JPY
AUDNZD Australian Dollar/New Zealand Dollar 100000 5 1:100 10 NZD
AUDUSD Australian Dollar/US Dollar 100000 5 1:100 10 USD
CADCHF Australian Dollar/US Dollar 100000 5 1:100 10 CHF
CADJPY Canadian Dollar/Japanese Yen 100000 3 1:100 10 JPY
CHFJPY Swiss Franc/Japanese Yen 100000 3 1:100 10 JPY
EURAUD Euro/Australian Dollar 100000 5 1:100 10 AUD
EURCAD Euro/Canadian Dollar 100000 5 1:100 10 CAD
EURCHF Euro/Swiss Franc 100000 5 1:100 10 CHF
EURCZK Euro/Czech Koruna 100000 5 1:100 10 CZK
EURGBP Euro/Great Britain Pound 100000 5 1:100 10 GBP
EURJPY Euro/Japanese Yen 100000 3 1:100 10 JPY
EURNOK Euro/Norwegian Krone 100000 5 1:100 10 NOK
EURNZD Euro/New Zealand Dollar 100000 5 1:100 10 NZD
EURSEK Euro/Swedish Krona 100000 5 1:100 10 SEK
EURTRY Euro/Turkish Lira 100000 5 1:100 10 TRY
EURUSD Euro/US Dollar 100000 5 1:100 10 USD
GBPAUD Great Britan Pound/Australian Dollar 100000 5 1:100 10 AUD
GBPCAD Great Britain Pound/Canadian Dollar 100000 5 1:100 10 CAD
GBPCHF Great Britain Pound/Swiss Franc 100000 5 1:100 10 CHF
GBPJPY Great Britain Pound/Japanese Yen 100000 3 1:100 10 JPY
GBPNOK Great Britain Pound/Norwegian Krone 100000 5 1:100 10 NOK
GBPNZD Great Britain Pound/New Zealand Dollar 100000 5 1:100 10 NZD
GBPTRY Great Britain Pound/Turkish Lira 100000 5 1:100 10 TRY
GBPUSD Great Britain Pound/US Dollar 100000 5 1:100 10 USD
NZDCAD New Zealand Dollar/Canadian Dollar 100000 5 1:100 10 CAD
NZDCHF New Zealand Dollar/Swiss Franc 100000 5 1:100 10 CHF
NZDJPY New Zealand Dollar/Japanese Yen 100000 3 1:100 10 JPY
NZDUSD New Zealand Dollar/US Dollar 100000 5 1:100 10 USD
USDCAD US Dollar/Canadian Dollar 100000 5 1:100 10 CAD
USDCHF US Dollar/Swiss Franc 100000 5 1:100 10 CHF
USDCZK US Dollar/Czech Koruna 100000 5 1:100 10 CZK
USDDKK US Dollar/Danish Krone 100000 5 1:100 10 DKK
USDJPY US Dollar/Japanese Yen 100000 3 1:100 10 JPY
USDMXN US Dollar/Mexican Peso 100000 5 1:100 10 MXN
USDNOK US Dollar/Norwegian Krone 100000 5 1:100 10 NOK
USDSEK US Dollar/Swedish Krona 100000 5 1:100 10 SEK
USDTRY US Dollar/Turkish Lira 100000 5 1:100 10 TRY
USDZAR US Dollar/South Africa Rand 100000 5 1:100 10 ZAR
SPOT Metals
Symbol Name Symbol Description Contract Size Digit Leverage 1 Pip PL Quote CCY
XAUUSD Gold/US Dollar 100 2 1:100 10 USD
XAGUSD Silver/US Dollar 5000 4 1:100 5 USD
GAUUSD Gold Gram vs US Dollar 1000 3 1:100 10 USD
GAUTRY Gold Gram vs Turkish Lira 1000 10 1:100 10 TRY
SPOT CFD
Symbol Name Symbol Description Contract Size Digit Leverage 1 Pip PL Quote CCY
AUS200 Australia 200 Index 1 2 1:100 1 AUD
ESP35 Spain 35 Index 1 2 1:100 1 EUR
FRA40 France 40 Index 1 2 1:100 1 EUR
GER30 Germany 30 Index 1 2 1:100 1 EUR
JPN225 Japan 225 Index 1 2 1:100 1 USD
NAS100 NASDAQ 100 Index 1 2 1:100 1 USD
SPX500 SP 500 Index 1 2 1:100 1 USD
UK100 UK 100 Index 1 2 1:100 1 GBP
UKOIL Crude Oil (Brent) 100 2 1:100 1 USD
US30 Wall Street 30 Index 1 2 1:100 1 USD
USOIL Crude Oil (WTI) 100 2 1:100 1 USD

Restrictions

The rules for Rapid account and Evaluation are different. They both have a maximum daily drawdown is 5% with a total maximum drawdown of 12%. The leverages range between 1:50 to 1:500, and there is a rule of 3 trading days a week in the Rapid account and minimum 5 trading days in the Evaluation. 

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Although there are no profit targets for the Rapid account, the difference here is that 12% of what you make on the demo account will be paid into a live account for you.

For the Accelerated account, the maximum overall drawdown is 5% of starting account balance.

Accelerated-My-Forex-Funds

Challenge

The challenge that is offered in MyForexFunds is for the Evaluation account. The challenge is similar to FTMO with 2 step challenge. You will have to trade for a minimum of 5 days during the 30-day process. And then 60 days in the stage 2 challenge. In stage 1, you have a profit target of 8%, and a profit target of 5% in stage 2. 

Evaluation MyForexFunds

In Conclusion

Overall they are similar to other prop firms we have reviewed. Their challenge fee is lower than FTMO. In a way, if you are looking to trade with an established prop firm with a challenge, they offer a better deal than FTMO. But their fee for instant funding is higher compared to FundYourFX. If FundYourFX offers starting capital of $15,000 and a fee of £297 ($372), a similar price in MyForexFund is $245 for $5,000 capital or $485 for $10,000 capital. 

But are they worth joining? MyForexFunds has become of the top prop firms even though they were only created in July 2020. In all, they’ve provided funding for over 180,000 traders throughout the globe, and there’s plenty of evidence of their prompt payouts on the internet. There is no doubt you can put your trust in them.

 

 

MyForexFunds Review Details

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Overall Rating

MyForexFunds Review
4.5/5