My Forex Funds Review

My Forex Funds was only established in 2020, but they are already making ripples in the market thanks to funding up to $50,000 paid promptly and without issues. Additionally, they provide a performance test with no daily drawdown cap, and if you succeed, you might receive funding up to $2,000,000 to trade with and an 85% profit share! If you’re considering them, you may rest easy knowing that they can accommodate any trader, whether they’re experienced or new.

Who are My Forex Funds?

Founded in July 2020, Murtuza Kazmi is the CEO of My Forex Funds, a proprietary trading company. In Toronto, Canada, they have their offices. They give undercapitalized traders a choice between three different account kinds, up to $2,020,000 in funding, and the opportunity to work with up to a 90% profit split. They supply themselves with their own broker, the Frankfurt, Germany-based Traders Global Group.

To succeed in their jobs, traders at My Forex Funds are encouraged. They put a strong emphasis on long-term stability and expect disciplined people from their clients who can manage risk effectively. They give them the ability to manage up to $2,020,000 in capital while receiving profit percentages of up to 90%. Trading in cryptocurrencies, indices, commodities, and FX pairs can help them to accomplish this.

My Forex Funds Homepage
My Forex Funds Homepage

My Forex Funds Accounts

Three distinct programmes are available for traders to select from at My Forex Funds:

  • Rapid program accounts
  • Evaluation program accounts
  • Accelerated program accounts

Rapid program accounts

Before granting access to trade with live funds, My Forex Funds rapid programme account seeks to learn about a trader’s capabilities over a three-month period. The fact that you still receive 12% extra profit rewards even if you trade in a demo environment is a key benefit of the rapid programme account.

Accounts under the rapid programme have no profit objectives. When you trade with a leverage of 1:500, you receive 12% of the earnings that you make in your account. Your first concern should be adhering to the 5% daily maximum loss and 12% maximum loss regulations. Despite this, the three minimum trading days each week are the sole criteria you must adhere to.

Accounts for the rapid programme have the option of having consistency enabled or disabled. No consistency accounts just need to abide by the broad guidelines of the minimum trading days, daily maximum, and loss maximum.

Despite the guidelines for accounts with no consistency, accounts with consistency enabled must also take into account the typical number of trades and lot sizes. There is no scaling plan provided for accounts in rapid programmes.

When your three-month demo period goes well and you get a funded account, you’ll start getting a 50% profit split in the first month. For the second month, the profit split rises to 65%, and for months three and beyond, it rises to 80%. Additionally, when you make your first withdrawal from the funded account, you will receive a 100% return of the initial charge you paid.

Forex currency trading, commodities trading, indices trading, and cryptocurrency trading are all available for rapid programme accounts.

Evaluation program accounts

The objective of the My Forex Funds evaluation programme account is to find dedicated and talented traders who will be recognised for their consistency throughout the course of the assessment’s two phases. You can trade with a leverage of 1:100 using the evaluation programme account.

A trader must meet an 8% profit target in the first evaluation period while adhering to their 5% daily loss or 12% maximum loss limits. You have 30 calendar days from the day your first position is placed on your evaluation account to reach your profit goal. To move on to phase two, you must also trade for a minimum of five trading days.

The second evaluation step requires a trader to hit a 5% profit target while staying under their 5% daily loss or 12% maximum loss limits. You have 60 calendar days from the day your first position is placed on your evaluation account to reach your profit goal. In order to go on to a funded account, you must trade for a minimum of five trading days. You will also receive 2% of the profit generated during phase one evaluation after finishing phase two.

You are given a funded account after passing both evaluation processes, where you should think about the minimal withdrawal policy. You are simply obliged to adhere to the 5% daily maximum loss and 12% overall loss restrictions. After 30 calendar days have passed since the day you opened your funded account, you will receive your first pay out. You must trade for a minimum of 10 calendar days during this time.

Your initial pay-out is made up of 112% of your initial paid fee back as well as 75% of the profit produced on the funded account plus 4% more from the phase two evaluation. Once you’ve successfully gotten your first pay out, you’ll start getting pay-outs every two weeks. Additionally, your profit split is raised to 80% in month two and to 85% starting in month three.

Accelerated program accounts

The final choice provided by My Forex Funds is an Accelerated Account Program, which offers two options:

  • Conventional
  • Emphatic

There is just a maximum loss regulation for accelerated programme accounts, not a maximum daily loss rule. Additionally, there aren’t any deadlines, lot size constraints, or consistency guidelines to adhere to. The fact that weekly pay out eligibility is unrestricted by profit targets is another advantage of accelerated account scheme.

With a traditional accelerated programme account, you can forego the trial period and start trading right away, earning profit splits. Based on the profits you generate when trading with a 1:50 leverage, you are given 50% profit splits.

The only prerequisite for scaling your account is to hit a profit target of 10%. Every pay cycle, you are permitted to scale your account once. You should also take into mind the fact that your withdrawals won’t prevent your account from growing. When your overall profits hit the 10% profit threshold, your account will become eligible for scaling.

With an emphatic accelerated programme account, you can forego the trial period and begin trading with paid funds right away, earning profit splits. Based on the revenue you generate when trading with a leverage of 1:100, you are given 50% profit splits.

The only prerequisite for scaling your account is achieving a 20% profit target. Every pay cycle, you are permitted to scale your account once. You should also take into mind the fact that your withdrawals won’t prevent your account from growing. When your overall profits hit the 20% profit threshold, your account will become eligible for scaling.

Why choose My Forex Funds?

Due to the fact that it offers three different financing programs—Rapid, Evaluation, and Accelerated—My Forex Funds stands out from the majority of industry-leading prop firms. You can trade during news events, hold trades overnight, and on the weekends nearly without any limits (except on accelerated programs).

The rapid programme from My Forex Funds stands out from other prop companies since it offers a trader a 12% profit split over a three-month period even though they are operating in a simulated environment. While only being obliged to abide by the three minimum trading days per week, 5% daily loss, and 12% overall loss criteria, the leverage given is 1:500. The rapid programme sets itself apart from other programmes by giving traders the option of either having consistency enabled or disabled accounts. Rapid programmes, however, lack a scaling strategy.

On the other hand, the My Forex Funds evaluation programme has two steps that traders must complete before they are eligible for payments. With a daily profit cap of 5% and a loss cap of 12%, the profit aim is 8% in phase one and 5% in phase two. Before becoming funded, you must trade for a minimum of five days in each phase. Scaling plans are included in evaluation programmes. They have minimal trading days and somewhat modest profit expectations in comparison to other major prop companies in the sector.

In contrast to other prop firms, My Forex Funds also offers fast funding packages. There are two types of accelerated programmes available: traditional and emphatic, both of which include a maximum loss rule but no maximum daily loss regulation. You are not required to adhere to any time constraints, lot size restrictions, or consistency guidelines. The fact that no minimum earnings threshold is necessary to qualify for 50% weekly profit splits is another advantageous aspect. Scaling plans are also included in accelerated initiatives.

Finally, by providing three alternative funding packages, My Forex Funds distinguishes itself from other sector-leading prop firms. They also provide traders with lenient trading guidelines, making them a wonderful option for all traders, regardless of level of experience.

Conclusion: is My Forex Funds a top forex prop trading firm?

Overall, My Forex Funds is a respectable proprietary trading company that gives traders a chance to select from one of three funding options: Rapid, Evaluation, or Accelerated.

Before allowing a trader access to their live funds and trading for three months, rapid programmes seek to understand their capabilities. The fact that you still receive 12% extra profit rewards even if you trade in a demo environment is a key benefit of the rapid programme account. You can receive profit splits of up to 80% with quick programmes.

Evaluation programmes are a two-phase, industry-standard evaluation challenge that must be finished in order to be sponsored and qualify for profit sharing. Before becoming financed, traders in $64.35 must meet profit goals of 8% in phase one and 5% in phase two. These are reasonable trading goals given the 5% daily and 12% overall loss caps you must adhere to. You can scale your accounts and receive profit splits of up to 90% with evaluation programmes.

Accelerated programmes are really direct funding programmes that let you trade with a funded account and earn weekly profit splits without waiting for the assessment period to end. Additionally, there aren’t any deadlines, lot size constraints, or consistency guidelines to adhere to. You can scale your accounts and receive 50% profit splits through accelerated programmes.

I think that My Forex Funds can work for any good trader, regardless of level of expertise. Beginners have the option of starting with rapid programmes, while more seasoned traders can opt for evaluation programmes and go through a two-phase evaluation or expedited programmes and start making money every week if they trade successfully. My Forex Funds are unquestionably one of the top prop organisations in the market after taking into account everything they have to offer.

My Forex Funds

$64
8.8

Features

9.0/10

Challenges

9.0/10

Value

8.5/10

Pros

  • One of the top forex prop firms
  • Direct funded account from $2,000 to $50,000
  • Profit split of up to 85% of profits generated
  • Offer 3 different account types
  • Traders can receive account fees back +12% on the first payout
  • Affordable access prices on all programmes, with several options in each programme
  • Unlimited evaluation free retries
  • Flexible leverage up to 1:500
  • Weekly or bi-weekly payouts (depending on account)
  • 2% and 4% phase bonuses with first payout

Cons

  • Customer support not available 24/7
  • Large number of rules to comply with in each program
  • Has not been around as long as some over prop firms
  • Can be overwhelming to new traders