Today, we’re getting into a thorough MyForexFunds review. The company was established not long ago – thus, it is not as popular as well-established prop firms that have been around since 2015.
Despite the fact that it is new, it has managed to fund more than 40,000 forex traders all across the world. Not only that, but the firm is gaining more and more popularity thanks to its generous funding packages along with its wonderful scaling plan.
Since MyForexFunds came around in 2020, you may be unsure whether you should trust it or not. Is it legit or a scam? Join us as we unveil the truth about this company.
What Is MyForexFunds?
MyForexFunds is a prop firm that was founded in 2020 by Anurag Jaiswal. It’s based in Toronto, Canada, and it is one of the forex funding companies that has been rising significantly over the last two years. In such a short time, it had the power to reach over 40,000 traders in more than 150 countries.
The prop trading firm may not have the experience of similar but larger companies, yet it is on par with them. It provides people with funded accounts for forex trades, and it actually offers quite high amounts. For this reason, it became one of the leading forex trade funding firms.
MyForexFunds is often a preferred choice for both beginner and experienced forex traders, as they have three different levels for funding forex trading enthusiasts. With a scaling program that adjusts to the trader based on their experience, it is clear why they developed so much in such a short time.
How Can You Get Funding from MyForexFunds?
Depending on how experienced you are with forex trading, you can opt for various types of accounts. Now, as you can imagine, it would not be wise to go for the priciest live account as a newbie because you might lose too much money. Instead, anyone can get funding according to their experience level.
To receive funding, traders have a Rapid Account, Evaluation Account, and Accelerated Account available. The first two will bring special rules and challenges, where you have to prove your knowledge and skills in trading with forex. Meanwhile, Accelerated accounts will not ask you to go through any challenges – you pay a fee and enjoy instant funding.
Is It Easy to Get Capital from MyForexFunds?
Now, you might be wondering: “do I have high odds of getting funded with this prop company?” This is understandable, considering how young the company is. Besides, it may seem odd to give funds to someone without doing a verification or a performance check.
Well, in reality, MyForexFunds imposes very strict rules – and some of them would not make it a piece of cake for the unprepared trader to get funding. Those who are aggressive and unprepared for the journey can lose their account. Therefore, the firm takes no risk.
Fortunately for forex traders, there isn’t any profit target for most challenges, and they all have a pretty decent time limit. Meanwhile, scaling is pretty fast.
The odds of someone inexperienced and unskilled obtaining capital from MyForexFunds are not high. This is why it is best for newer forex traders to consider a demo account and learn a thing or two before taking this route.
But if you have pretty good skills, discipline, and trading experience, there is usually nothing to worry about – you are very likely to get the needed capital.
Types of Accounts Available
For the best risk management, it is crucial to go for the right type of account. Luckily, MFF offers a few options so that anyone can select the perfect trading account according to their experience. Here are the different account types you can choose from:
Accelerated Account
The Accelerated account is made for experienced forex traders. Among all the other types of accounts provided by other prop firms, this one is quite unique. You will not have to go through the usual challenges that other traders might face when attempting to obtain capital. Instead, you will have the chance to trade with your funded account from day one, and without monthly fees either.
People can get instant trading capital ranging between $2,000 and $50,000. You only have to pay the fee for this account once, after which you will be funded.
While the one-time fee is pretty high, and you have a 50% initial profit split, the Accelerated Account is truly exceptional. Professional traders no longer have to bother to pass challenges and waste time – they can get their hands on the funding capital as fast as they want.
It is important to note that Accelerated accounts are also split into two different types: empathic and conventional.
Empathic accelerated accounts give you access to the funding even quicker than usual, but the one-time fee is much higher as a result. You get a capital gain of 10% and a maximum drawdown of 10%.
On the other hand, conventional accelerated accounts have you keeping a 5% minimum drawdown while reaching a capital increase of 20% each time. This is what helps you boost the account’s funding. The one-time fee is lower, but the rules are much stricter.
Whereas Accelerated accounts are amazing, they have some drawbacks too. They can be quite pricey, and many other prop firms offer the same benefits but for a much lower price.
Aside from that, these accounts do not give you the possibility of trading crypto or holding positions over the weekend. You can only do this during business days. Also, the mobile version of their support chat has some issues, and you might not get in touch with them whenever you want.
Evaluation Account
Evaluation accounts were created for forex traders with a little more experience who have gained multiple risk management skills and can generate more profit but also have their potential trading capital between $10,000 and $200,000.
To get this type of account, you must pay a one-time fee, after which you will take part in a challenge. The challenge has two stages.
During the first phase, there is an 85% profit split. The challenge takes 30 days, but you must have at least 10 active trading days. You have a 1:100 leverage with an 8% profit target. The overall drawdown limit is 12%, but the daily one is 5%.
The second stage is a 60-day challenge, out of which at least 10 must be active trading days. The drawdown rules here as the same as the ones you get in the first stage, except for the profit target, which is 5% this time. The leverage is the same. Also, you receive 80% of the profits.
Evaluation accounts are not free of issues. According to some customers, there have been problems with the platform. Many have had to pay more than once to start the whole evaluation account process again due to technical difficulties, which is extremely unfair. Besides, the minimum days required can be very challenging for new traders.
Rapid Account
Beginner traders usually go for Rapid accounts, which have less strict rules and represent a great opportunity for customers to learn more about forex trading. You basically practice on a trading account without worrying about any risk, which is great when you are just getting started.
If you are still learning how to manage risk and how to be consistent, then this type of account is great for you. It requires one fee only, after which you are ready to start using your account. The fee is non-refundable, though. A refund for the fee can only be granted if you can start making a profit.
Rapid accounts have a maximum overall drawdown of 12% and a maximum daily drawdown of 5%. It is mandatory to trade at least 3 times weekly. You get leverage between 1:50 and 1:500 without any profit target.
It is important to be aware that 12% of the profit you make on your demo account gets sent over to a live account.
Despite being a good choice for beginner traders who are still learning, these accounts are not the best for traders who are experienced and are looking for ways to make higher profit splits.
Trading Platforms Offered
Until now, our My Forex Funds review has shown that the firm has good trading platforms for everyone, both new and experienced forex traders. What is nice is that they work with one of the most popular forex trading platforms in the world, respectively MetaTrader 4. But since this is quite outdated and may not be a favorite for all traders, they also use MetaTrader 5 – a platform with additional and better features.
While their platform options are a bit limited, MFF plans to extend the list. In the future, they might have cTrader available for their customers.
Brokers Used by MFF
MFF is trading with FxPig at the moment – a forex brokerage firm that offers high leverage and great trading conditions for everyone. Trades are always done quickly, with very low fees and spreads.
You might think that this is not the best news as FxPig is not the most regulated brokerage company. However, their offers are excellent and can definitely meet the needs of various traders.
Payout Speed
Having fast payouts is a quality that many traders are looking for in terms of prop firms. Thus, MyForexFunds ensured they made payments promptly.
During the first month, you get one payout processed; after the second one, you get your payouts processed once every 15 days. Depending on the type of account you paid for, the payouts can be made either once or twice a week.
The Rapid and Evaluation accounts can benefit from bi-weekly withdrawals after the first month ends. Meanwhile, Accelerated accounts must be at least 5 days old to have access to weekly withdrawals.
Different methods can be used for payouts, such as TransferWise, PayPal, cryptocurrency, or bank transfers.
Before starting your journey with MFF, you should know that you usually have a limit on withdrawals. Although the number of payouts you can request is not limited, they cannot go over 12% of your first balance. So, you have to keep this in mind when requesting withdrawals.
Does MyForexFunds Educate Traders?
Not only do you get the chance to use a funded account, but with MyForexFunds, you can also learn more about forex trading and not only. The firm has a blog where they occasionally post details on various topics related to forex.
Unfortunately, apart from the blog, there are really no educational resources. MFF only has a platform for its users and the funding they promise.
But in the future, things might change. They have started an interview program where they have some of their best traders talking about their experiences. Moreover, they plan on starting an in-house forex trading academy where they can offer some more educational materials for their customers.
MyForexFunds Pros and Cons
MFF has various benefits, but also a few disadvantages. Let’s take a look at them so you can understand what you are getting into:
Pros
- Compared to other prop firms, the prices offered by MFF are more affordable
- The program is a quick one, allowing traders to get access to funding the very same day
- With the rapid program, people can reach leverage of up to 1:500
- They have one of the highest maximum drawdowns for one of their account types, which is 12%
Cons
- The scaling program can be quite complicated
- It takes too long for the customer support team to respond sometimes
- There are frequent technical errors
- The rules are pretty strict
The Bottom Line
MyForexFunds is still new, and it undoubtedly needs some improvements for it to become even more favorable for forex traders. However, it is already a powerful source of capital for many people, both experienced and new traders. If you want to apply for funding, look over their rules and terms, and decide whether MFF is right for you or not.