My Forex Funds is a fairly new prop firm that only got its start in 2020, but they’ve taken the prop firm industry by storm thanks to their generous profit split, wide variety of ways for obtaining forex capital, and comparatively reasonable trading objectives.
With My Forex Funds, there is something for beginner traders, intermediate traders, and even advanced traders who are ready to start managing significant capital from day one.
Who are MyForexFunds?
My Forex Funds was started in 2020 and have grown rapidly to over 4000 traders trading their capital. They’re one of the few firms to offer instant funding, and they’ve experienced amazing growth. According to their website, they get over 200 new users per day.
Of course, most of these are folks who are doing a challenge in the hopes of passing, but that’s still a very high number!
They’ve also built up quite a reputation in the short time they’ve been in business with over 1000 reviews on TrustPilot.
TrustPilot Reviews can go either way, so I will periodically update this article to make sure it is up to date!
What Makes My Forex Funds Different?
My Forex Funds essentially combined three prop firm models into a single company. One of the earliest(now defunct) prop firms was Funding Talent, where you could take a challenge and start trading an account for a nominal profit split.
Then came FTMO. FTMO was offering Forex traders funding with a much higher profit split, but the challenge was a little more difficult to pass, as you needed to make 10% under rather strict conditions.
Then there were firms like the 5%ers and Lux Trading Firm who offered a huge scaling plan with the potential to reach $1,000,000 in funding in only a year.
My Forex Funds combined all three models under just one trading firm, vaulting them as one of the leading proprietary funds in 2022 and beyond!
They have three models to offer fund forex traders: Rapid, Evaluation, and Accelerated accounts.
My Forex Funds Funded Account Types
Rapid accounts are meant for new-ish Forex traders who wish to access trading capital extremely quickly.
It’s basically a way to trade a demo account and get paid to learn how to trade.
In the Rapid program, you have a choice of $10,000, $20,000, $50,000, or $100,000.
There are no profit targets, and 12% of whatever you make on the demo account is paid out into a live account for you that you get access to once you hit a threshold. Once you get your first payout, your initial fee is refunded.
If you experience a maximum drawdown of 12%, the account is disabled and you’ll have to start again. There’s also a 5% maximum daily drawdown.
In all honesty, you should never put yourself in a position where you lost 5% of your account in one day, anyway!
The biggest advantage of the Rapid account is that there is no time limit and no profit target. This removes a lot of the psychological effects and stress that traders experience when attempting a prop firm challenge.
One rather strange rule is that you must place a trade three days a week. Some trading strategies may not give you an entry 3 times a week! Essentially, you’ll have to place a dud trade and close it very shortly!
As you trade the rapid account, you’ll be paid out in two ways. First, you’ll be paid 12% of your earnings on a bi-weekly basis. So if you have a $100,000 account and you make $5000 in two weeks, you’ll receive $600.
This number does not reset at the end of two weeks, so if you make another $5000 in the next two weeks, you’ll receive $1200, or 12% of $10,000.
The amount will reset at the end of 4 weeks, though!
Still, if you can make 5% every two weeks on a $100,000 account, you can receive $1800 per month. That’s not too bad!
Second, your earnings on the demo account will be matched and placed into a live account for you up to 3.5% of your main account size.
So if you’re trading the $100,000 account and you’re profitable, My Forex Funds will fund a live account for you up to $3,500. You’ll get access to this account at the end of three profitable months.
You don’t get all the profits from your live account, though, as there’s a profit split percentage there too.
If you’re unsure about passing a challenge but still want to make some decent money from learning how to trade, the Rapid account is a good option.
The Evaluation model is typical of nearly every prop firm. In order to get access to significant Forex trading capital, you’ll have to pass a two-step challenge. The rationale behind evaluation accounts is twofold:
- Making money from failed challenges
- Finding profitable traders that can potentially pull large profits and practice good risk management
My Forex Funds has a pretty decent Evaluation phase which is slightly more generous than FTMO and other leading proprietary funds.
Available account sizes are $10,000, $20,000, $50,000, $100,000, and $200,000.
In Phase I, you must reach a profit target of 8% within 30 days. Your maximum drawdown is 12%, and the daily drawdown limit is 5%.
Once you pass Phase I, you’re in Phase II. Here, prop firms want to test your risk management, so you’re expected to make 5% in 60 days. The same daily and maximum drawdown rules apply here.
Once you pass your evaluation and get your funded account, you’ll be paid 75% in your first profitable month, 80% in your second profitable month, and 85% from the 3rd month onwards.
You need to trade for at least 5 days: this is to ensure that you’re not a one-hit wonder!
My Forex Funds will also scale your account. If you’ve hit 10% in profit over a 4 month period, your account will be scaled up by 30%.
So if you have a $100,000 account, you can reach a little over $250,000 in one year of consistently profitable trading.
My ForeX Funds has fairly relaxed trading rules: you can trade news, hold trades over the weekend, scalp, swing trade, whatever your style is.
You also have access to a wide variey of instruments from Forex pairs, cryptocurrencies, metals, indices, and stocks.
Finally, what really sets My Forex Funds apart is their accelerated account. In the accelerated account, you’ll get immediate access to $2,000, $5,000, $10,000, $20,000, or $50,000. Of course, there’s a much higher fee to get access since it’s meant to filter out people who are looking to take a challenge just “to try”.
There are two tracks in the Accelerated account: conventional and emphatic.
In the conventional track, there is a maximum drawdown of 5%(note that it’s much less than in the Evaluation, probably because you actually have a “real” account here).
Every time you make 10% on your account, your account size is scaled up. The amount you started with determines the maximum capital they will allot to you.
For example, the $2,000 account goes up to $324,000, while the $50,000 account goes all the way up to $1,350,000.
In the Emphatic track, there is a 10% maximum drawdown, and there is a 20% target for the next level of scaling up. In the Emphatic track, the scaling up is much higher. The $2,000 account gets you up to $486,000, and the $50,000 account goes all the way up to $2,000,000.
To sign up for the Emphatic $50,000 account, you have to shell out a pretty hefty sum of $4,900: so you’re only going to attempt this if you’re extremely confident of your trading skills!
Still, in 6 stages, you can be managing up to $2,000,000, so you’ll be set!
Because of the more sensitive nature of these accounts, you can only trade Forex pairs, not stocks.
My Forex Funds Instruments
MFF lets you trade many different instruments from Forex, metals, Crypto, Indices, and stocks. If you’re trading the accelerated account, you can only trade Forex and metals.
My Forex Funds Withdrawals
MFF lets you withdraw using Paypal, crypto, and Transferwise.
Is My Forex Funds Worth It?
On the whole, My Forex Funds has one of the most interesting funding models and is one of the easiest prop firms to get funded with.
The accelerated account is obviously really easy: just fork over the money and My Forex Funds offers instant funding!
The evaluation account is also quite straightforward, since the profit target is a whole 2% less than most other prop firms out there.
Finally, the Rapid account is also really easy because you can potentially start earning right away, even if it’s comparatively low. Still, it’s a good way to get experience trading a “real” account and making money.
My Forex Funds vs FTMO
FTMO is the biggest and most well-known prop firm out there, so how does it compare against My Forex Funds?
MFF has a lower profit target in the first evaluation phase than FTMO does.
MFF offers multiple account types, while FTMO only offers a challenge model.
FTMO reportedly has better customer support than FTMO.
MFF allows news trading and holding trades, while FTMO does not, unless you have a swing account.
MFF’s evaluation accounts are almost $100 cheaper than FTMO.
My Forex Funds trading rules
For a prop firm, MFF has pretty standard trading rules. If anything, they’re quite relaxed. You just have to make sure you don’t hit the daily drawdown, as that is one of the easiest rules to mistakenly violate.
Still, if your risk is controlled and you’re never risking more than 1-2% per trade, you won’t have this issue.
For evaluation accounts, it’s even safer to risk less than 1% per trade and gradually increase your risk as you are a little bit into profit.
Which Broker Does MyForexFunds Use?
MFF uses Trader’s Global Group as their broker.
What do people say about MFF?
MFF has a lot of success stories on TrustPilot. They have over 1000 positive reviews and their payouts are legit.
However, two areas that people have had complaints with are:
- Slow customer service response: in some cases, people had to wait quite a long time before getting a response
- Slippage: As of early 2022, people are reporting that the live accounts experience a lot of slippage, which results in losses being magnified and potentially losing your account.
Conclusion: Is My Forex Funds Legit or A Scam?
My Forex Funds is a frontrunner to be the best prop firm. If you have extensive trading experience, the accelerated program can get you towards trading volume in a very short amount of time. Even though they’re a relatively new prop firm, as long as you can follow the risk parameters and follow your trading plan, you can do really well with these guys.
If they can make improvements to their support team and use better Forex brokers, most traders may opt to open their Forex trading accounts with MFF rather than anyone else.