MYFOREXFUNDS review
Our review about MyForexFunds.
Updated on: 2022-03-02
This prop firm is very popular and loved among traders because of its quick funding and easy to obtain Forex capital. The firm was founded in 2020; but that didn’t stop it from becoming one of the greatest competitors on the market.
Their accounts go up to 2 million USD and if you’re a qualified trader you have good chances for growth. They offer accounts for beginners and for more advanced traders.
Their accelerated accounts come with instant funding and no evaluation or challenge to prove yourself is needed. Another reason, traders decide to go with this company is because of its very free rules and no daily drawdown limit. Also, their profit targets are not as high as competitors’.
For accounts with the evaluation process, challenge times are reasonable and doable. The best part is that the rapid program which is designed for beginners doesn’t come with a profit target. That leaves a lot of space for scaling up. Unlike its competition My Forex Funds allows traders to hold trades overnight.
There are no consistency requirements, but there are risk management rules that you need to follow. Use of EA trade copier is allowed only if you copy your trades from your different account. Coping with other traders’ trades is strictly forbidden.
A platform that they offer is MT4 for now, but they do plan on adding cTrader to their offer in the future. It’s an older platform yet very solid and with plenty of free indicators available, also for mobile;
watch this tutorial about it:
Instruments that you can trade are Forex, CFD, and metals. You can have as many accounts as you want as long as one account doesn’t go over $100,000 and the maximum per member is $300,000.
You can reset your account to the initial balance if you pay a certain fee. This option is available only if you have no violations registered.
Also, you can get a Swap Free account if you’re ready to follow two rules. The first is that you can’t hold trades over weekends. If you do that you lose your account permanently. The second rule is that you have a maximum of 3 rollover periods. Swap-Free accounts are not available for phase one and phase 2 of demo evaluation accounts.
You can open an account from anywhere in the world except these states in the USA: Arkansas (AR) Iowa (IA) Mississippi (MS) Missouri (MO).
When it comes to payment, they reach you once in a month day or two before the payment due date so you can choose your preferred payment method. You can switch accounts between CEA and NCA at any time with no charges.
Trading Programs.
My Forex Funds offers three programs for funded accounts: Rapid, Evaluation and Accelerated are the names of these three programs with different requirements and account sizes. Here’s we’re gonna go over all of these to give you as clear as possible a picture of programs.
Rapid
Daily drawdown is 5% and you can’t have 5% within a 24 hour trading period. Overall allowed drawdown is 12% whether is realized or unrealized. If you go under 12% your account will register violation. You have to follow consistency rules but you can easily skip that if you ask for NCA.
You need to enter at least one trade that lasts three days, which is called 3 days trading days a week rule. On the other hand, they are very understanding if you can’t do that but you need to email and inform them if you don’t want this to affect your account negatively.
There are no restrictions when it comes to lot sizes and choosing instruments to trade from those available. Your payout grows as you go from simulated to live account. You provide the firm with your plan and then you have to follow it with a deviation factor of 2. All deviations over this number are considered violations.
There’s a bonus payment of 12% of all profit you make that will be paid weekly if you’re on CEA. If you’re on NCA, you will get this money as a bonus on your monthly payment. Payment options are Bank Transfer, PayPal, and Cryptocurrency. Let’s see account sizes and requirements that come with them.
For $99 you get a $10,000 account with no targets. You get 12% of your profits and you need to trade at least 3 days a week. The daily starting drawdown is $500 with an overall drawdown of $1,200 and a 1:500 leverage ratio.
For $189 you get a $20,000 account with no targets. You get 12% of your profits and you need to trade at least 3 days a week. The daily starting drawdown is $1,000 with an overall drawdown of $2,400 and a 1:500 leverage ratio.
For $399 you get a $50,000 account with no targets. You get 12% of your profits and you need to trade at least 3 days a week. The daily starting drawdown is $2.500 with an overall drawdown of $6,000 and a 1:500 leverage ratio.
For $749 you get a $100,000 account with no targets. You get 12% of your profits and you need to trade at least 3 days a week. The daily starting drawdown is $5,000 with an overall drawdown of $12,000 and a 1:500 leverage ratio.
Evaluation
This funding program gives you the opportunity to prove your skills and talents by going through the two-phase evaluation. You need to show how you trade with Forex, CFD, and commodities. If you show off as good, they will award you. The first-month payment is monthly and after that, you get paid weekly. The maximum capital you can have in the evaluation process is $300,000.
Daily drawdown is 5% and you can’t have 5% within a 24 hour trading period starting at 5 pm EST. Overall allowed drawdown is 12% whether is realized or unrealized. If you go under 12% your account will register violation. You need to trade at least 5 trading days to reach the 8% target with no violations. Once you hit that milestone you go to phase two where the profit target is 5% and you have 60 days to reach it. Days countdown starts from the time of your first trade.
There are no trading restrictions but of course, they recommend consistency and good risk management. After the first month of trading, you get 75% profit shares and it will be paid monthly. From the second month on your shares are 80% and paid weekly. Let’s take a look at available plans for this funding program.
For $84 you get a $10,000 account with mentioned 8% target for phase one and 5% for phase 2. 5 days is the minimum trading time you need to have. The daily starting drawdown is $500 with an overall drawdown of $1,200 and a 1:100 leverage ratio.
For $139 you get a $20,000 account with mentioned 8% target for phase one and 5% for phase 2. 5 days is the minimum trading time you need to have. The daily starting drawdown is $1,000 with an overall drawdown of $2,400 and a 1:100 leverage ratio.
For $299 you get a $50,000 account with mentioned 8% target for phase one and 5% for phase 2. 5 days is the minimum trading time you need to have. The daily starting drawdown is $2,500 with an overall drawdown of $6,000 and a 1:100 leverage ratio.
For $499 you get a $100,000 account with mentioned 8% target for phase one and 5% for phase 2. 5 days is the minimum trading time you need to have. The daily starting drawdown is $5,000 with an overall drawdown of $12,000 and a 1:100 leverage ratio.
For $979 you get a $200,000 account with mentioned 8% target for phase one and 5% for phase 2. 5 days is the minimum trading time you need to have. The daily starting drawdown is $10,000 with an overall drawdown of $24,000 and a 1:100 leverage ratio.
There are no monthly fees, only a one-time payment for the funded account.
Accelerated
If you want to skip the evaluation process, the Accelerated program is right for you. This program is for skilled and experienced traders who want to start trading immediately. There are two types of accounts in the Accelerated program. Conventional and Emphatic accounts have slightly different requirements.
Daily drawdown doesn’t exist, but overall drawdown is 5% for Conventional and 10% for Emphatic account. Leverage is for 1:50 Conventional and 1:100 for Emphatic account. You can scale once every pay period. You can scale by 2x or 1.5 x (depending on which phase you are on). For Conventional accounts, you will scale at every 10%. The maximum you can scale to is 2 million. You are not allowed to trade in Crypto or Shares, but you can trade in FOREX, CFD’s, and Metals.
Profit split is 50% of profits you make on your account. You get your payments of profit splits on a weekly basis and you need to request them by 3 pm EST or it will be transferred to the next period. It takes 1-3 days for the payment to be processed.
Conventional accounts
For a one-time payment of $99, you get a $2,000 account with $324,000 assured funding. Target is 10% to get to the next milestone and leverage is 1:50. There’s no daily drawdown and the overall drawdown is 5% of starting account balance.
For a one-time payment of $245, you get a $5,000 account with $405,000 assured funding. Target is 10% to get to the next milestone and leverage is 1:50. There’s no daily drawdown and the overall drawdown is 5% of starting account balance.
For a one-time payment of $485, you get a $10,000 account with $540,000 assured funding. Target is 10% to get to the next milestone and leverage is 1:50. There’s no daily drawdown and the overall drawdown is 5% of starting account balance.
For a one-time payment of $970, you get a $20,000 account with $1,080,000 assured funding. Target is 10% to get to the next milestone and leverage is 1:50. There’s no daily drawdown and the overall drawdown is 5% of starting account balance.
For a one-time payment of $2,450, you get a $50,000 account with $1,350,000 assured funding. Target is 10% to get to the next milestone and leverage is 1:50. There’s no daily drawdown and the overall drawdown is 5% of starting account balance.
Emphatic accounts
For a one-time payment of $198, you get a $2,000 account with $486,000 assured funding. Target is 20% to get to the next milestone and leverage is 1:100. There’s no daily drawdown and the overall drawdown is 10% of starting account balance.
For a one-time payment of $490, you get a $5,000 account with $810,000 assured funding. Target is 20% to get to the next milestone and leverage is 1:100. There’s no daily drawdown and the overall drawdown is 10% of starting account balance.
For a one-time payment of $910, you get a $10,000 account with $810,000 assured funding. Target is 20% to get to the next milestone and leverage is 1:100. There’s no daily drawdown and the overall drawdown is 10% of starting account balance.
For a one-time payment of $1,940, you get a $20,000 account with $1,600,000 assured funding. Target is 20% to get to the next milestone and leverage is 1:100. There’s no daily drawdown and the overall drawdown is 10% of starting account balance.
For a one-time payment of $4,900, you get a $50,000 account with $2,020,000 assured funding. Target is 20% to get to the next milestone and leverage is 1:100. There’s no daily drawdown and the overall drawdown is 10% of starting account balance.
Conclusion.
What we dislike here at Funded-Trader is a company that does not list its address, or founding members, we don’t understand how a trader can trust and enter in a collaboration with a Prop Firm that doesn’t disclose such basic information.
Said that: a number of readers asked us to review them, and MyForexFunds seem to be growing very fast in popularity.
On TrustPilot you may find close to 2000 reviews, of which 89% grade them Excellent.
The programs are rather interesting, especially the fact of being funded in real right away which is becoming more and more common and it’s a very welcome feature.
Also pricing seem quite competitive.
Your opinion.
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