If you’re interested in entering the world of proprietary trading, you’ve likely come across MyFundedFX. With their unique approach to funding traders and offering various account sizes, MyFundedFX has generated quite a buzz in the trading community. In this in-depth review, we will explore the key features, benefits, and challenges of MyFundedFX, enabling you to make an informed decision about whether this trading platform is the right fit for you.
Introduction to MyFundedFX
MyFundedFX presents itself as a platform that allows traders to manage simulated capital, with the potential to trade for their proprietary trading firm. The program offers traders the opportunity to complete a trading challenge, eventually managing accounts with capital ranging up to an impressive $600,000. Let’s delve deeper into the various aspects of MyFundedFX.
1. Simulated Capital Management
One of the standout features of MyFundedFX is its simulated capital management program. Traders are given the opportunity to handle simulated capital and prove their trading prowess. The simulated capital can reach up to $600,000, providing traders with a substantial amount to work with.
2. Profit Split
Perhaps one of the most appealing aspects for traders is the profit-sharing arrangement. Upon successfully completing the trading challenge and trading a live simulated account, traders receive an impressive 80% of the profits they generate. This generous profit split is a significant incentive for traders looking to grow their capital and trading careers.
3. No Scaling Plan Required
MyFundedFX takes a refreshing approach by eliminating the need for a scaling plan. Many other proprietary trading firms have stringent scaling requirements, which can hinder traders’ progress. MyFundedFX, on the other hand, allows traders to focus on trading and growing their accounts without the complexities of scaling plans.
4. Unlimited Trading Days
Flexibility is a cornerstone of MyFundedFX’s approach. They offer unlimited trading days on all plan types and phases, allowing traders to adapt their trading schedules to their preferences. This flexibility is invaluable for those with varying trading strategies and time commitments.
5. Rapid Account Activation
Time is money in the trading world, and MyFundedFX understands this. They promise to provide traders with their live sim accounts in as little as 2 days after successfully completing the challenge. This quick turnaround ensures that traders can start trading live capital sooner rather than later.
6. No Style Restrictions
Freedom in trading style is another significant advantage offered by MyFundedFX. Unlike some proprietary trading firms that impose strict consistency rules on trading, MyFundedFX allows traders to employ their preferred trading strategies without any style restrictions. This level of autonomy can be empowering for experienced traders.
7. Maximum Daily Loss Rule
To maintain risk management, MyFundedFX has a rule in place called the “Maximum Daily Loss.” This rule sets a predetermined limit on daily equity decrease. It’s calculated as the difference between the balance at the start of the day and the current equity. Adhering to this rule is crucial to protect traders from excessive losses.
Steps to Getting Funded with MyFundedFX
To better understand how MyFundedFX operates, let’s walk through the steps to getting funded:
1. Take the Challenge
The journey begins with the challenge phase. Traders must prove their trading skills in the MyFundedFX evaluation process. The challenge is the first step to becoming a live simulated trader.
2. Get Verified
Upon successfully passing the initial challenge, traders establish themselves as consistent performers. They then proceed to the verification step, where they must achieve a 5% profit target to progress further.
3. Get Your Live Sim Account
Once traders have proven their ability to consistently trade within the program, they gain access to live simulated accounts. This is where the real action begins, and traders can earn an 80% profit split on all live sim profits. Moreover, there’s the exciting prospect of trading accounts valued up to $1.5 million with the scaling plan.
MyFundedFX Challenge Account Types
MyFundedFX offers different challenge account types, each with its own set of rules. Let’s break down the challenge account types:
a. 2-Step Normal
- Profit Target: 8% in Phase 1, 5% in Phase 2
- Minimum Trading Days: 1 in both phases
- Unlimited Trading Period: Yes, in both phases
- Max Daily Loss: 5% in both phases
- Max Initial Account Balance Loss: 8% in both phases
- Leverage: 1:100 in both phases
b. 2-Step Pro
- Profit Target: 8% in Phase 1, 5% in Phase 2
- Minimum Trading Days: 1 in both phases
- Unlimited Trading Period: Yes, in both phases
- Max Daily Loss: 5% in both phases
- Max Initial Account Balance Loss: 10% in both phases
- Leverage: 1:50 in both phases
c. 1-Step
- Profit Target: 10%
- Minimum Trading Days: 1
- Unlimited Trading Period: Yes
- Max Daily Loss: 4%
- Max Trailing Loss: 6%
- Leverage: 1:100
Account Sizes
MyFundedFX offers a range of account sizes, catering to traders with varying levels of experience and capital:
- $5,000
- $10,000
- $25,000
- $50,000
- $100,000
- $200,000
- $300,000
Pros and Cons
Pros:
- Generous Profit Split: The 80% profit split is highly attractive and provides traders with a significant incentive to excel.
- No Scaling Plan: MyFundedFX eliminates the complexities associated with scaling plans, allowing traders to focus solely on their trading performance.
- Flexible Trading Days: Offering unlimited trading days provides traders with the flexibility to trade according to their schedule and strategy.
- Quick Account Activation: The promise of live sim accounts in as little as 2 days is advantageous for traders looking to get started promptly.
- No Style Restrictions: The absence of trading style restrictions allows experienced traders to apply their preferred strategies.
Cons:
- Stringent Loss Rules: The maximum daily loss and max initial account balance loss rules may be challenging for some traders to adhere to.
- Leverage Limits: Leverage limitations in some account types may not suit high-frequency or high-risk trading strategies.
- Profit Targets: Achieving profit targets can be demanding, and traders may face challenges meeting them consistently.
MyFundedFX Coupon Codes & Discount
If you are interested in joining MyFundedFX and want to save some money on the challenge fees, you can use coupon codes to get discounts. Coupon codes are special codes that you can enter at the checkout page to get a percentage off your purchase. Coupon codes are usually valid for a limited time and may have some restrictions.
There are different ways to find coupon codes for MyFundedFX. One way is to use a web search engine like Bing and type in keywords like “MyFundedFX coupon codes” or “MyFundedFX discounts”. This will show you a list of websites that offer coupon codes for MyFundedFX. You can browse through these websites and look for the coupon codes that suit your needs. Some of these websites also show you how many times the coupon codes have been used, how much they save you, and when they expire.
Using coupon codes is a smart way to save money on MyFundedFX challenges and get closer to your trading goals. However, you should always check the validity and terms of the coupon codes before using them. Some coupon codes may only work for certain challenges, account sizes, or regions. Some coupon codes may also have a minimum purchase amount or a maximum number of uses. You should also compare different coupon codes and see which one gives you the best value.
Conclusion
MyFundedFX offers a compelling opportunity for traders seeking to break into the world of proprietary trading. With the chance to manage simulated capital of up to $600,000 and an impressive 80% profit split, it certainly stands out in the industry. The flexibility in trading days, quick account activation, and absence of style restrictions further enhance its appeal.
However, traders should be aware of the stringent loss rules and profit targets that come with the program. It’s essential to carefully assess your trading style and risk tolerance to determine if MyFundedFX aligns with your goals.
Ultimately, MyFundedFX is a unique and potentially lucrative avenue for traders to explore, and it may be the stepping stone to a successful career in proprietary trading for those who can meet its challenges.
FAQ
What is MyFundedFX’s maximum drawdown?
MyFundedFX has a maximum initial account balance loss of 10% at the 2-step pro challenge.
What is MyFundedFX’s profit target?
MyFundedFX’s profit targets are 8% in Phase 1, 5% in Phase 2 for the 2-step challenges, and 10% for the 1-step challenge.
What are MyFundedFX’s minimum and maximum trading days?
MyFundedFX has 1 minimum trading day and no maximum trading days.
What are MyFundedFX’s challenge fees?
MyFundedFX’s challenge fees range from $50 to $1,600 depending on the challenge type and account balance.
Does MyFundedFX offer a retry?
According to the web search results, it seems like MyFundedFX does not offer a retry.
Does MyFundedFX offer a fee refund?
Yes, MyFundedFX offers a fee refund.
What is MyFundedFX’s profit split?
MyFundedFX offers an 80% profit split.
Does MyFundedFX offer a scaling plan?
MyFundedFX eliminates the complexities associated with scaling plans, allowing traders to focus solely on their trading performance.
Does MyFundedFX allow expert advisors?
According to the web search results, it seems like MyFundedFX allows the use of expert advisors.
Does MyFundedFX offer a free trial?
According to the web search results, it seems like MyFundedFX does not offer a free trial.
What is MyFundedFX’s minimum deposit?
According to the web search results, it seems like MyFundedFX does not have a minimum deposit.
What are MyFundedFX’s brokers?
MyFundedFX uses Eightcap broker.
What are MyFundedFX’s platforms?
MyFundedFX offers traders the opportunity to trade using both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
What is MyFundedFX’s leverage?
MyFundedFX offers leverage of 1:100 for the 2-step normal and 1-step challenges but offers 1:50 for the 2-step pro challenge.
Is MyFundedFX legit?
MyFundedFX is a platform that claims to offer traders the opportunity to trade with funded accounts and share the profits. However, based on the web search results, there are mixed opinions about its legitimacy and reliability. Some reviews praise MyFundedFX for its fast funding, generous profit split, active community, and partnership with Eightcap. Others complain about its lack of educational resources, unproven long-term reputation, and difficulty in withdrawing funds. Therefore, it is hard to say for sure if MyFundedFX is legit or not. You may want to do more research and compare it with other prop trading firms before deciding to join it.
MyFundedFX’s alternatives
Here are some alternative prop firms to MyFundedFX you might want to consider: FTMO, The Funded Trader, and Surge Trader.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
