Prop Firm Review: MyFundedFX

MyFundedFx logo

Promo Code Alert: MFFX

Best suited for: MyFundedFx has some of the best profit targets available in the industry at just 6% and 5% for stage 1 and 2. This would suit traders who struggle to hit the 10% profit in 30 days with some other firms. 

Overall Ratings

  • Models on offer: 98/10
  • Cost: 98/10
  • Rule Fairness: 8/10
  • Support: 7/10
  • Profitability: 8/10
  • Scaling System: N/A
  • Overall: 8.0/10

MyFundedFx - Overview

MyFundedFx is a relatively new prop firm which has been gaining popularity due to taking the profit targets and drawdown rules a step below the rest. Whether this model is sustainable is yet to be established, especially since there is no mention of investors. Nether the less, if you have been struggling to meet the requirements of other prop firm challenges, be sure to check this firm out.

Prop Firm - Pros

  • Easy to reach profit targets – To pass phase 1 the trader must hit a 6% profit target, with just 5% for phase 2. This is much lower than other competitors.
  • Great for aggressive traders – The aggressive version of the challenge has a huge 20% max drawdown with a 10% daily drawdown. This gives traders a lot of room to let the trade play out.
  • Good website design/UI – The looks, feel and design of the website and UI are fantastic, and it appears a lot of work has been put into this. 
  • Discord community – MyFundedFx has an active and lively discord community, which is a great place to exchange trading ideas and see payment proofs. 

Prop Firm - Cons

  • No scaling system – MyFundedFx is one of the few firms that does not currently offer a scaling system. 
  • Less established firm – This is a newer prop firm and they do not share many details about their operation. Traders should proceed cautiously and perhaps try a smaller account size first. 
  • Only MetaTrader 4 – This prop firm currently only offers MetaTrader 4 as their platform.

Key Details

What Funding Models do MyFundedFX offer?

MyFundedFx offers Solely evaluation accounts. Traders are given a choice of two options, “Normal” or “Aggressive”:

Normal Evaluation

Phase 1 profit target: 6%

Phase 2 profit target: 5%

Maximum daily loss: 5%

Maximum overall loss: 10%

Aggressive Evaluation

Phase 1 profit target: 12%

Phase 2 profit target: 10%

Maximum daily loss: 10%

Maximum overall loss: 20%

MyFundedFX Rules and Restrictions

As with any prop firm, MyFundedFx sets a number of rules traders must follow. Read on for an overview of these rules:

  • Expert Advisers – EAs are only allowed to be used if they are designed by the trader. Third party EAs are not allowed. 
  • Holding over weekend – Traders are allowed to keep positions open over the weekend in the evaluation phases. In live accounts all positions must be closed by close on Friday, with the exception of aggressive accounts who may keep trades open over the weekend. 
  • Holding trades overnight – All positions are allowed to remain open overnight. 
  • Minimum trading days – There is a requirement for 5 minimum trading days for both phase 1 and phase 2 of the challenge. 
  • Time Limits – Traders are given 30 calendar days to complete phase one and 60 days to complete phase 2. This is standard across the industry.
  • Trading styles – MyFundedFX allows all trading styles, however, as with all prop firms, any strategies that attempt to cheat the system i.e. opposite account arbitrage, will result in account termination. 

MyFundedFX Profit Sharing and Scaling

MyFundedFX offer a 75% share of the profits for standard accounts with an addition 10% for aggressive accounts. 

MyFundedFX does not offer any scaling opportunities at the moment. 

Cost Analysis

The cost of the challenges with this prop firm are aligned with other similar challenges such as My Forex Funds evaluation accounts. See the table below for exact prices.

MyFundedFX Price List

Account Size Normal Aggressive
$5k €50 €90
$10k €100 €175
$25k €200 €350
$50k €300 €500
$100k €500 N/A
$200k €950 N/A

Conclusion

Overall, MyFundedFX has a lot to offer traders. The profit targets are extremely reasonable as are the rules. They have an active community and seem to be making a splash in the prop trading world. There are a couple things that could be implemented to improve this firm however, such as, providing more transparency around the company information and financials; as well as, creating a scaling plan for profitable traders. 

With that said, we would certainly advise this firm to traders and hope to be able to update our review in the near future.

Frequently Asked Questions

Does MyFundedFX allow copy trading or EAs?

This prop firm only allows EAs that have been designed by the trader. It does not allow third party EAs. 

It does not allow copy trading – all trades must be the traders own choices.

Does MyFundedFX offer a demo or practice account?

MyFundedFX does not offer anything in the way of demo or practice accounts.

What Broker does MyFundedFX use?

MyFundedFX uses the foreign exchange clearing house (Welcome to The Foreign Exchange Clearing House | FXCLR) as their broker. 

What Platform do MyFundedFX offer?

This firm only offers metatrader 4 as their platform. They plan to introduce metatrader 5 in the future.

Is MyFundedFX legit?

Yes! Whilst this is a reletivly new prop firm, there have been numerous traders who have testified to receiving payments. 

This firm also does not “offer the world” as many less legitimate prop firms do. This is a good sign they intend to provide sustainable services to traders.

Does MyFundedFX have a promo code or any discounts?

We have been given the follow code to provide to traders to receive 7% of all challenges: MFFX

Where is MyFundedFX based?

MyFundedFX is based in the USA, Texas.

When does the challenge start?

The challenge starts as soon as you place your first trade.

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