But this should not be a problem as we are talking about the most popular trading platform of all times, which provides enough features and tools for professional trading. The My Forex Funds Evaluation account is designed for semi-professional traders who need more capital to move to the next level. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching. Currently My Forex Funds has 3 funding programs available, all with a single payment, i. e. no monthly payments, you pay only once for access to the program or evaluation in the case that corresponds. How does profit split work in My Forex Funds programmes? Short track record (started operations in 2020).
More info about the programmes and My Forex Funds rules at Payments with this company are usually quite fast, and are processed once in the first month, and every 15 days after the second month. Trading phase 2: 60 days. By contrast, around 85% of traders fail within the forex markets, regardless of a trading challenge or not. Another issue traders face is the so-called 'keep and grow or withdraw and go'. They have built an excellent reputation for themselves and are attracting attention from forex traders around the world. Access to this type of account in My Forex Funds is, of course, more expensive than the previous ones, as the company assumes a higher risk, as it cannot evaluate your trading skills, with the $50, 000 account in this programme being the most expensive of all. It's not surprising that 95% of traders fail their challenges! Let's take a look at the comparison between two-stage evaluation as both monopolistic firms offer it. You will not receive payments if they detect any indication that you are using the account for gambling, or any change in erratic behaviour, such as significantly increasing your lot size, daily trades or risk per trade. This programme is closer to the model used by other similar companies such as FTMO (view our FTMO review), where a one-off payment is made for access to the evaluation, but certainly much more affordable. Brokers and trading platforms. On the other hand, if you consider yourself a profitable trader and your trading is in line with the company's rules and requirements, you won't have much to lose, but you will have a lot to gain, as if you manage to generate profits and grow your account, you will be reimbursed 100% of the total cost of accessing the programme, not counting any profits you may make. The leverage is another thing that is a bit different with this company, as it can reach up to 1:500 on one of their accounts, which is quite high compared to the 1:10 offered by SurgeTrader (check here our SurgeTrader review) or even the 1:100 offered by Topstep (check here our Topstep review) or Fidelcrest (check here our Fidelcrest review). My Forex Funds offers three different programmes: My Forex Funds Rapid.
Number of reviews: 2, 390. Another common rule is the 5% Maximum Daily Drawdown and 12% Maximum Overall Drawdown. 5x depending on the phase. Historically, retail prop firm challenges have been designed to set traders up to fail. Frequently Asked Questions. The Establishment Phase. FTMO will pay out up to 90% profit share on a monthly basis. Most prop firms require you to pass an assessment, challenge or audition to prove that you are a profitable trader and that you can properly manage the risk level of your trading operations. Large number of rules to comply with in each program, more than in other prop trading firms, and also the scaling program is somewhat complex. More info: What are the cheapest prop firms? As you will have seen, My Forex Funds is full of good things, but it also has some things that can be improved. You don't need to fear losing if you literally have nothing to lose. It's hard to be entirely sure of how many traders are failing prop firm challenges across the industry, but we have a pretty good idea! In summary, it's possible to pass prop firm challenges and start trading on funded accounts, but this depends on the conditions you're given, as a trader.
High leverage available (especially in the Rapid programme which can be as high as 500:1). They're given harsh targets, limited time, no support, and huge leverage – a perfect storm! Profit split on Accelerated accounts. In each programme, the profit sharing is different, as in some of them you will start trading directly on a live account, while in others you will be trading on a demo account, or you will simply have to pass an evaluation. The channels to contact support at Prop Trading Firm are: - Discord server. However, from that point onwards, after increasing the account by 10% profit, and 20% for Emphatic accounts, the trader's account will increase by 2x or 1. In this account the account sizes vary between $10, 000 and $100, 000, and the trader will be entitled to bonuses of 12% of the profits, which are paid bi-weekly or monthly depending on whether he is in CEA (Consistency Account) or NCA (Non Consistency Account). Another benefit of trading for FTMO is that you won't be responsible for any losses if any. In case things go wrong, all losses on the FTMO Account are covered by our Proprietary Trading firm. As for the available trading platforms, My Forex Funds only offers the popular MetaTrader in version 4 and 5, although according to the company itself, they plan to offer the possibility to choose cTrader as a trading terminal as well, but when this will happen is not yet confirmed. Once you have completed the first phase, after a minimum of 10 working days and having obtained an 8% increase, you must write to, informing that you are ready to move on to the next phase, and then complete the second phase, with an increase of 5% of the account (13% in total), and repeat the same procedure, that is, write to the same email to inform that you have passed the second phase, making sure to include your name and account number. In short, its reliability is questionable, but it doesn't mean that it is a scam company, we think it just needs a little more time to establish a good reputation. Now that we've gone over the rules and guidelines for their two-stage assessment challenges, we'll move on to pricing for different account sizes. A Firm that should focuses on a funding model, which is built around a very simple process, governed by simple and clear rules and not bound by time deadlines and restrictions.
I developed my trading strategy with over 13 Years of Live trading experiences. In the case of Evaluation accounts, you will receive 75% after the first month, then the second month, you will receive 80% of the total generated, and after that point, you will receive 85% of all profits for the remainder of the time. Proprietary trading companies hire or train professional and experienced traders and then invest money in trading assets through these professionals. At the time of our research on MyForexFunds, this education and tools firm only has a blog with a few posts, however we have found from unofficial sources that they are preparing to launch a Forex academy full of educational content. FunderPro traders can trade in their own time, for as long as they want or need, there are no deadlines looming down nor petty restrictions to trip over. This prop trading firm has also recently started conducting interviews with some of the most successful traders in its funded account programmes. Another aspect we should mention about this firm is that it uses its own trading server (Trader Global Group), allowing trading only from the Meta Trader 4/5 platform. Beyond the training, our funded traders have a risk management desk that oversees all the trades taken and advises on ways to mitigate the risk exposure. Therefore, it is in our interest that our traders trade under the best conditions. The target for each phase is different, being 8% account growth for phase 1, and an additional 5% for phase 2. To ensure this, My Forex Funds imposes a rule that allows a maximum deviation of 2, meaning that, for example, if in the first week the average number of trades and lots traded is 10, next week you can increase your average to 20, or reduce it to 5, as more or less than that deviation will be considered a violation in consistency. FTMO Traders may periodically consult with our Performance Coach free of charge. On the other hand, it is also true that the prices of the programmes, which of course depend on the amount of capital requested, are quite affordable and competitive compared to other similar prop firms.
Among all the companies that offer funding services to traders, this is probably the one that has grown the most in the last year (2021), reaching more than 80, 000 traders from about 150 different countries. But there is another modality (specific to the Accelerated account) that allows a maximum of 10% in the Emphatic account model. In sum, when you are after a better proprietary trading firm than MyForexFunds you need to look for the following: Founded in Dubai in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. Main differences between My Forex Funds and other prop trading firms. Periodically, we will allocate more balance into your FTMO Account if you consistently profit. The MFF (My Forex Funds) has a single-stage, two-stage assessment and direct funding, while the FTMO has a two-stage assessment. At this point it should be noted that it is a relatively young proprietary trading firm, and is constantly growing, so at the beginning the service was certainly not the best, but every day with the increase in the number of active traders and trading volume (which already exceeds 200 billion per month) the customer support system has been improving as well. Author: Eduardo Montero. The main difference between them will be the date of establishment as FTMO has been in the industry for more than 5 years compared to MFF (My Forex Funds). My Forex Funds Accelerated. No more over-trading, revenge trading, over-leveraging etc.
Upon successful completion, traders are offered a placement in the FTMO Proprietary Trading firm, where they can remotely manage up to 400, 000 USD and continuously grow the account according to our Scaling Plan. As an FTMO Trader, you are eligible to keep up to 90% of the profits you generate. MFF (My Forex Funds) was founded in July 2020 and has become one of the most successful companies in the industry. We believe that our rules are not very restrictive but at the same time, they would prevent a disaster if you decided to go on tilt. As scouting firms go, FTMO is an excellent all-rounder.
However, we must keep in mind that every day it becomes more difficult to identify between real, well-founded reviews, and fake reviews (bought in many cases), therefore, we must put special emphasis on this research process about the opinions, to know if the valuation is really fair. Nearly all the prop firm challenges come with some restrictions, but My Forex Funds are undeniably on the rule-heavy end of the spectrum.
24/5 email support, i. This coupled with the fact that it is a relatively young prop firm, with only two years in business (at the time of writing), creates a bit of mistrust in some of its clients. In fact, some firms are even offering 1:200 leverage to newbie traders, ensuring that they will fail within hours. Affordable access prices on all programmes, with several options in each programme. How Many Forex Traders Get Prop Firm Funded Accounts? There will be no limits on the amount of winnings requested, but there is a general withdrawal limit, which cannot exceed 12% of the initial balance. It is difficult to make a living as a trader. 5% Off use code EBFINANCE5. Get paid and grow at the same time according to our Scaling Plan. Online chat is often a quick method of contact that I recommend over others. At both Trustpilot and Forex Peace Army, we have seen that many traders have received their payouts without any problems, which is a plus point for this proprietary trading firm. Last but not least, the initial fee that you've paid will be refunded to you with the first Profit Split from the FTMO Account. In general, trading is a risky business. According to the company, the list of available instruments is updated from time to time, depending on the availability of margin, leverage, liquidity and other factors.