Prop Firm Review – My Forex Funds

My Forex Funds Prop firm

Best suited for: Models to suit all kinds of traders. Rapid model is particularly good for beginner traders as it allows you to earn while you learn. 

Overall Ratings

  • Models on offer: 9/10
  • Cost: 9/10
  • Rule Fairness: 8/10
  • Support: 7/10
  • Profitability: 9/10
  • Scaling System: 9/10
  • Overall: 8.5/10

Overview

My forex funds is an established prop firm with a great reputation, especially concerning fair payouts. Much like the 5ers they offer three varied funding models, including instant funding. This firm has a vibrant discord community, great support and challenge fees are at or below market average. Be sure to check out their extremely generous profit target/max drawdown levels on the evaluation model.

MyForexFunds - Pros

  • Choice of funding models: My forex funds has a great choice of funding models ensuring there’s something suitable for every skill level of trader.
  • Reputation: This prop firm has a great reputation in the industry, make sure to check out the CEO interview on YouTube.
  • Trading Rules – My Forex Funds stands out with the rules, they truly allow the trader to make their own choices without placing limitations on them. 
  • Community – An active discord server with helpful traders supporting each others journey.
  • Dashboard – Easy to understand dashboard and overall well designed front end systems.

MyForexFunds - Cons

  • Support – Due to the huge amount of traders on this platform, support can sometimes be a little slow. This isn’t too much of an issue as most problems can be solved by popping into the discord server or checking the FAQ.
  • Expert Advisors – Confusing rules on EA’s. They appear to be allowed in very specific situations or with prior approval. 

Key Details


My Forex Funds offer three funding models: Rapid, Evaluation and Accelerated. The rules and terms in each vary quite considerably, so its best to take a good look through them all and get familiar with the one you decide to go for. 

Rapid

This model is more of a training program with benefits. Traders will trade on a demo account and aim to hone and prove their trading skills over a 3 month period. As a perk to this training, traders will receive 12% of all profits paid every 2/4 weeks. 

Evaluation

The standard 2 phase challenge model. The evaluation model is by far the most common model traders at my forex funds goes for, and for good reason. Their rules are some of the best around and they offer a huge 12% max drawdown with just a 8%/5% profit target for phase 1 and 2 respectively. 

Accelerated 

The accelerated model that my forex funds offers instant funding at a very reasonable price. For those who are not a fan of challenges and would rather jump into trading a live account this is defiantly somewhere you should look

My forex funds has exceptionally good rules and targets, well above industry average. 

For all models:
  • News trading: Allowed
  • EA/Algo trading: Allowed in certain cases and models, check the models FAQ for more info
  • Weekend/overnight trading: Dependant on model
Rapid
  • 12% Overall Drawdown with 5% max daily drawdown.
  • Consistency rules (Able to opt out)
  • Minimum 3 trading per week (Again able to discuss this with support)
Evaluation
  • 12% Overall Drawdown with 5% max daily drawdown
  • 8% Profit target for phase 1, 5% for phase 2
  • 5 days minimum trading
  • Free re-sit/extension if in profit at end of challenge
  • No Consistency rules
Accelerated 
  • 5% or 10% Max drawdown, deponent on variant
  • Scale at every 10%/20% increasing balance by either 50% or 100%
  • No Min/Max trading days
  • No Consistency rules
  • All trades must be closed for weekend
  • No EA/Copying other traders

Allowed in certain cases and models, check the models FAQ for more info

Rapid Model: Profit share for the rapid model is 12% during the assessment stage. When on a funded account the split will rise each month from 50% up to 80%.

Evaluation Model: Profit share for the evaluation model starts at 75% and raises to 85% increasing 5% per month.

Accelerated Model: A flat 50/50 split.

Due to the number of users support can be relatively slow. They do have a great discord community however who can answer most basic questions. They also have a live chat feature which is helpful. 

Rapid Model: Costs range from $99 for a $10k account to $749 for a $100k account.

Evaluation Model: Costs range from $84 for a $10k account to $949 for a $200k account.

Accelerated model: Costs range from $99 for a $2k live account(conventional) to $4900 for a $50k live account (emphatic)

Rapid Model: 1:500

Evaluation Model: 1:100 / 1:200

Accelerated Model: 1:50

Conclusion 

Overall, this is a well trusted and very fair prop firm. They have a great range of models to suit any trader and their fees are more than reasonable. If you are an algo trader it would properly be best to look elsewhere, but for everyone else, this firm is definitely a great choice.

 

Frequently Asked Questions

Is My Forex Funds Legit?

Yes! My forex funds is a well established prop firm and prides itself on paying its traders. This is evident from the huge numbers of happy traders on its discord as well as its payment proof section.

payment proof my forex funds

Does My Forex Funds use MT5?

Yes, My forex funds offers MT4 and MT5. They are also planning on adding c-trader at some point as well.

What broker does My Forex Funds use?

They use their own server, Traders Global Group for all of their accounts; both Demo and Live accounts.

Does My Forex Funds allow EA’s?

My Forex Funds policy on expert advisers is rather complex and confusing. The best advice would be to contact live support prior to choosing a funding model to ensure you understand their rules.

Where is My Forex Funds Located?

My Forex Funds is located in Ontario, Canada, but welcomes traders from around the globe.

Can I Request payment in crypto at My Forex Funds?

Yes, My forex funds allows payment to be made in crypto as well as traditional payments facilitated by DEEL.

 

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