My Forex Funds Review

A relatively new Prop firm is My Forex Funds, but claims to have over 4000 traders, in 80 different countries. Another thing that works in its favor is that it is in Canada, and the Greater Toronto Area. This means that they are highly regulated in what they can and cannot do. That being said, they offer multiple funding schemes, which makes it a bit of a “one-stop shop for all.”

3/5
My Forex Funds Review

Is My Forex Funds legit?

Does My Forex Funds offer a coupon?

My Forex Funds support

What markets can you trade at My Forex Funds?

Advantages

Disadvantages

How does This prop Firm Work?

My Forex Funds has multiple trading environments that you can find yourself taking advantage of. Because of this, the rules will vary slightly from account to account, but in general, it comes down to keeping your losses small and your gains large. My Forex Funds features the “Rapid account”, “Evaluation account”, and the “Accelerated account.”

With the Rapid account, the idea is that it gains a three-month snapshot of the traders’ abilities before giving them access to their live trading funds. Think of this as a 90 day try-out where you are getting bonuses as you move along. There is no time limit in the rapid account, but there is a 5% daily drawdown rule, as well as a 12% overall drawdown rule. You have to trade three days a week, with no restrictions on instruments. There is also a consistency rule, which we would refer you to the website itself to understand. For that matter, you have the ability to get a “non-NCA account”, which works around this. The payout increases over time as you earn 12%, to begin with the profits you create in your account. There is a registration fee that translates to roughly $100 per 10,000 in buying power. That being said, as the account gets bigger, the registration fee does start to shrink on a percentage basis.

The Evaluation account is the typical scheme that you see at most other prop firms. There is a two-step evaluation, with the 5% daily drawdown, 12% overall drawdown, and an 8% target for phase 1. For phase 2, the drawdown parameters remain the same, but the target then becomes 5%. There is a 10-day trading minimum timeframe on each phase. My Forex Funds will offer free retakes, and interestingly enough one free extension if you are profitable but have not quite made the target within 30 days allowed for each phase.

The Accelerated account allows you to trade with the company’s funds immediately, with a 5% or 10% overall drawdown, and scaling it every 20%. They do not allow CFD shares to be traded, but they do offer weekly payouts. There is a one-time registration fee that works out to the risk that the company is giving you. In other words, they are giving you the possibility of trading with more leverage, while you provide the coverage for the potential losses. For example, the $10,000 account has an overall drawdown of 5%, meaning $500. The one-time registration fee is $485 for the conventional version. There is also the “emphatic version” which is simply the higher drawdown of 10%, which of course you pay double in order to cover that.

How much Capital do they provide and what are their prices?

Are They legit?

My Forex Funds has quite a bit of “proof of payment” postings and videos all over the Internet, showing that they clearly do pay traders. In that sense, they are completely legitimate and are rapidly becoming one of the favored prop firms in the world for retail Forex traders.

The company offers different trading environments that can work for multiple use case scenarios and have a history of reaching out to the community via social media, sponsorship, and of course forms. They are very visible and therefore show legitimacy through sheer volume. There are multiple Facebook groups that support this prop firm as well.

What platform do they use?

My Forex Funds uses the well-known Metatrader4 platform, one that most traders should be quite comfortable with. The platform allows the addition of expert advisors and thousands of indicators that run the gamut of trading conditions. Furthermore, the platform is available on both Android and iOS, meaning that you can trade from a mobile phone as well as desktop versions. This allows the trader to have the most flexibility possible in order to trade the market.

What markets can be traded?

At My Forex Funds, traders have full access to a host of Forex pairs, both standard and exotic. Beyond Forex, you can also trade crypto, indices, metals, and other commodities. Keep in mind that the contracts are all CFD contracts, so the position size will not be the same as futures contracts. For example, one lot on the S&P 500 is not the same as one contract on the E-mini S&P 500. As a general, CFD contracts tend to be 1/10 the size of the futures contract.

Do They Trade Crypto?

At My Forex Funds, commissions are completely determined by the liquidity provider, with an average of $3.00 per standard lot in the Forex market but tends to be a little bit expensive with some of the other CFD markets such as indices.

How much does the company charge as commission and spread?​

What are Their Withdrawal Options?

My Forex Funds is a bit unique in this aspect, as you can get paid as often as every week, as long as your account is more than five days old and is of course eligible for that very same payout. The profit split can be as high as 85%, depending on which one of the multiple trading environments you choose. Because of this, if you are counting on a specific percentage withdrawal method, you will need to refer to the website’s FAQ section on your specific environment.

Do they provide education and training?

At My Forex Funds, traders have full access to a host of Forex pairs, both standard and exotic. Beyond Forex, you can also trade crypto, indices, metals, and other commodities. Keep in mind that the contracts are all CFD contracts, so the position size will not be the same as futures contracts. For example, one lot on the S&P 500 is not the same as one contract on the E-mini S&P 500. As a general, CFD contracts tend to be 1/10 the size of the futures contract.

Do they have Support and Contact options?

My Forex Funds offers email support, live chat, and a Discord server for their prospective traders. That being said, email support does tend to be a bit slow from the research that I have done, so it appears that Discord is perhaps the most favored way to get a hold of a support agent.

What makes them unique?

My Forex Funds does offer a coupon occasionally, with the most common one being a “10% off evaluation fees” coupon. That being said, you should take a look at the various Facebook and Instagram accounts that the company works with or check on the website as to what the most recent offer is.

If you want to find out more about what this company has to offer you can visit their website here