My Forex Funds Review for 2024
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Last Updated: January 5, 2023
My Forex Funds Review
Cost:
$49-$4900
Trading Instruments:
Forex, Indexes, Commodities, Metals
Multiple Accounts:
Up to $600K to start
OPT Rating: 9.3/10.0
Days to Funding:
10
Package:
MT4
Highlights:
One-time registration fee, no monthly-fees, three different levels to choose from
My Forex Funds is a relatively new player in the market. They were founded around two years ago, in July 2020. While they are still a relatively new brand, MFF already has funded over 4000 forex traders as of 2022. Due to their great reputation and good trading conditions, the firm quickly becomes a competitor to larger, more experienced, and established businesses.
They offer three levels of funding for forex traders. This is different from many companies that offer to fund traders in other currencies. It depends on how experienced you are as a trader. According to the My Forex Funds website, your losses are their losses, so choose the plans based on your experience level.
The two things that standout about MyForexFunds right away are the following:
- You can get paid while working on becoming a funded trader. You get 2% of profits when you pass Phase 1 and 4% of the profits when you pass Phase 2. We thought that this alone shows the commitment and care for building relationships with their future funded traders, right away.
- MyForexFunds rewards you another 12% on top of the 100% of refund that you receive after reaching your first profit split. That's 112% refund coming your way once you reach this milestone.
This company could be for you to build a large trading account and possibly pull large profits from the markets. But, first, let's dive into a more in-depth analysis of the pros and cons of MyForexFunds.
MyForexFunds Review Sections
Jump to:
MyForexFunds Overview
Providing funding opportunities for new traders and professional funding talent. Use your trading expertise and choose your path to trade MyForexFunds prop firm capital.
MyForexFunds (MFF) provides multiple pathways to funding through their innovative trader-friendly approaches. There ways for Forex traders to receive funding:
- Accelerated - No evaluations necessary. Start trading and receiving profit split weekly. Scale up the account with good performance. No Daily Drawdown, just overall drawdown, and profit goal to unlock the funded account.
- Rapid - Low-cost program where you can get profit split right away as you learn about the MyForexFunds prop firm and have a chance to scale up your account for a one-time refundable registration fee.
- Evaluation - more traditional path to prop trading account via evaluation. But here at MyForexFunds with some of the better parameters for a refundable fee. Reach 8% profit target in phase 1 and 5% in phase 2 and receive funding.
MyForexFunds Funded Trader Paths
MyForexFunds doesn't want you to lose and have put together a few different routes to help you become a funded trader. Their motto is simple, if you lose, they lose. The three ways that they have prepared for you are based on your experience and skills level. It's up to you to pick the right one.
Rapid
My Forex Funds Rapid account allows traders to earn bonuses from day one while working with their FOREX and CFD’s proprietary trading firm and the risk management aspects that come with it
Evaluation
My Forex Funds Evaluation program is built for traders to prove their worth. Semi-professional traders in need of capital to move to the next step of their career have the opportunity to show their talent and reach their goals in a quick, two phase process.
Accelerated
The My Forex Funds Accelerated program is built for traders to start trading a live account from day one. This program is suitable for profitable full-time traders who want to boost their capital immediately.
MyForexFunds Accelerated Account
Trader program designed for experienced traders who want to skip evaluations and start making money right away. Ambitious new traders forms around the world are welcome to join as well.
Pay a one-time registration fee and start your scalable trading career with the prop firm.
Profit split in instant funded or accelerated accounts is 50%. Withdrawals can be made weekly and are not
Accelerated Conventional MFF Account
Understanding the parameters of MFF funded trader accounts:
Target - Profit Target to get to the next account milestone or scale up.
Assured Funding - Maximum amount of funding you can scale up to with that account.
| Conventional | $2,000 | $5,000 | $10,000 | $20,000 | $50,000 |
|---|---|---|---|---|---|
| Target | $200 | $500 | $1,000 | $2,000 | $5,000 |
| Daily Drawdown | None | None | None | None | None |
| Total Drawdown | $100 | $250 | $500 | $1000 | $2500 |
| Max Assured Funding | $324k | $405k | $540k | $1.08M | $1.35M |
| Leverage | 1:50 | 1:50 | 1:50 | 1:50 | 1:50 |
| One-Time Free | $99 | $245 | $485 | $970 | $2,450 |
Accelerated Emphatic MyForexFunds Accounts
These are accounts that allow slightly deeper percent drawdown, require higher profit target to scale and offer better scaling opportunities.
Emphatic accounts also offer double the leverage of conventional tier.
| Emphatic | $2,000 | $5,000 | $10,000 | $20,000 | $50,000 |
|---|---|---|---|---|---|
| Target | $400 | $1,000 | $2,000 | $4,000 | $10,000 |
| Daily Drawdown | None | None | None | None | None |
| Total Drawdown | $200 | $500 | $1,000 | $2,000 | $5,000 |
| Max Assured Funding | $486k | $810k | $810K | $1.6M | $2M |
| Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| One-Time Fee | $99 | $245 | $485 | $970 | $2,450 |
Accelerated Account Scale Up
Making profit withdrawals is not counted against the scaling-up process. An excellent way for experienced traders to be able to withdraw profit and scale up their trading account at once. Making 10% six-time could have you managing over a million dollars. Incredible opportunity for experienced traders to turn a one-time fee into a very large funded account.
If you are not ready to jump in into an accelerated program, MyForexFunds has you covered with other trade evaluation options, even where you can get paid while being evaluated.
Rapid Forex Trader Funding with MyForexFunds
A low-cost option that allows traders to earn performance bonuses right away for a refundable fee.
Rapid MFF accounts start at only $99. These accounts do introduce a few extra rules such as daily drawdown and consistency requirements. But you get upped leverage and up 15x in drawdown per fee.
Trade at your own pace, get performance bonuses, and open up further opportunities with MyForexFunds prop firm.
Available Rapid Accounts
All accounts come with a 12% performance bonus, get paid 12% of your profits on either a bi-weekly or monthly basis
All rapid accounts come with 1:500 leverage. 12% performance bonus might not sound like a lot until you realize that traders can get exposure of 1:7500 fee paid to trade capital to draw bonuses from.
Rapid accounts have a one-time fee that is returnable, there are no additional monthly or platform costs.
Traders are required to place at last one trade 3 days a week.
| MFF RAPID | Daily Drawdown | Overall Drawdown | Refundable Fee |
|---|---|---|---|
| $10,000 | $500 | $1,200 | $99 |
| $20,000 | $1,000 | $2,400 | $189 |
| $50,000 | $2,500 | $6,000 | $399 |
| $100,000 | $5.000 | $12,000 | $749 |
Two options to be making money right away. If you are a patient trader or would like to trade and get used to the platform first. MyForexFunds offers a more traditional path to partnership with the forex funding platform.
MyForexFunds Trader Evaluation
MFF brings a traditional trader evaluation approach with tremendous value. Get up to 24x in drawdown per program fee paid. The evaluation fee is refundable. You also only need 8% and 5% profit targets in two phases to begin the trading journey.
The simple two-phase evaluation process to get you trading live funds with MFF Prop Firm and starting out at a generous 75% profit split and grows into a bi-weekly 85% profit split by this month.
Show you can profit in Phase 1, prove you are not one trade wonder by generating 5% profits in Phase 2 and have access to trader prop firm funds.
MFF evaluation parameters
| MFF Evaluation | $10,000 | $20,000 | $50,000 | $100,000 | $200,00 |
|---|---|---|---|---|---|
| Phase 1 Target | $800 | $1,600 | $4,000 | $8,000 | $16,000 |
| Phase 2 Target | $500 | $1,000 | $2,500 | $5,000 | $10,000 |
| Daily Drawdown | $500 | $1,000 | $2,500 | $5,000 | $10,000 |
| Overall Drawdown | $1,200 | $2,400 | $6,000 | $12,000 | $24,000 |
| Refundable Registration Fee | $84 | $139 | $299 | $499 | $979 |
MFF has top parameters in the industry measured by drawdown per fee and other program rating metrics we use at Online Prop Trading.
Trader evaluation provides you with an amazing opportunity to trade your system at your own pace to secure funding with a generous profit split. No complicated rules or restrictions. While they do encourage you to work on your consistency and risk management, no rules are forcing you to trade a particular way.
MyForexFunds VIP Program
MyForexFunds has created the VIP Program to reward traders. This new Program is designed to reward traders who have been trading successfully with MFF for a long time. The evaluation program has many benefits for traders who have traded with MyForexFunds for over five months. These traders can enjoy the rewards of their success through a VIP status within the MFF evaluation program.
MyForexFunds VIPs are traders who have proven to themselves that they can survive in real trading environments as professional traders. They can manage their risk and manage their emotions, making money trading without putting their house on fire.
The VIP program is open to traders who have been paid at least five times and traded for a minimum of three months with MyForexFunds. However, VIP program eligibility is unavailable to traders with high-risk or all-in trading styles. To be eligible, traders must have traded normally during all payout periods. Traders who try to manipulate the system in any way are not eligible.
The benefits of taking part in the MFF VIP program include the following:
* Profit split
* The ability to withdraw without restrictions (the payout request buttons will always be active if you are in profit).
* Semi-automated payment confirmations (Money in Deel account within 10 Hours)
* Other surprises which may be found in your mailbox
Murtuza Kazmi, the Chairman and CEO of MyForexFunds commented about the VIP program as the prop firm is bringing an old idea to life. This was his and his team's way of rewarding the traders for performing well and showing them MFF's appreciation.
MyForexFunds Payments
We like to see proof of payment when looking at brokers and prop firms. It can be difficult to trust a company that sounds too good to be true if they don't have payment proof from other traders. MyForexFunds has always paid my withdrawals. To request a withdrawal, we call the live support team at the end of each month.
They informed me that their usual payment processor was experiencing delays, but they could wait for 3-5 days or allow me to withdraw crypto instantly. They paid my profits that day, and we chose the crypto withdrawal. We were very impressed by how fast the payment arrived.
MyForexFunds has allowed me to withdraw four times, each paid on time. We reached out to the support team for assistance, and they were very helpful. It worked in 2 stages for bitcoin withdrawals.
Your withdrawal is approved. In the past few months, this stage took, on average, two days.
Your withdrawal is processed. It took about 30-45 minutes to process the withdrawal in my cryptocurrency wallet.
MyForexFunds Funding Available
They offer three types of accounts depending on your level of experience. A $100,000 live account with very strict rules and a novice forex trader is a recipe for disaster.
Rapid Account
This account is designed for traders who are just starting to achieve consistency or have not been trading for a while. A rapid account allows you to trade demo accounts for the company.
These accounts have very flexible rules. There is a daily maximum drawdown limit of 5% and a maximum drawdown of 12. You must trade at least three times per week and leverage ranges between 1:50-1,500. You don't have profit targets, which is the best part! However, the demo account you create will pay 12% to your live account.
You can trade on a demo account and practice trading while they pay real profits!
Evaluation Account
Next, we have the evaluation accounts. This account can be funded from $10,000 to $200,000. This account is for experienced traders who are profitable in the financial markets. A one-time fee will be charged for a 2-step challenge. It is very similar to FTMO or 5%ers. For example, it is slightly less expensive!
If you complete the industry-leading challenge, your profit split could be as high as 85%. You must trade for at least ten days in the 30-day challenge and the 60-day stage 2 challenge. A maximum daily drawdown is 5%, and an overall maximum drawdown is 12%. Therefore, you can expect a profit target of 8% for stage 1 and 5% for stage 2. This stage is the easiest in the industry. These accounts have leverage of 1:100.
Accelerated accounts
MyForexFunds' accelerated accounts are my favorite funding option. Instant funding is available with no hassle, no verification, and monthly fees! Instant access to trading capital of $2000 to $50,000 will be available. This is more costly than completing a challenge course, as the company takes on more risk by checking your performance first. That is why the $50,000 account is so expensive.
There are two types of accounts available: empathic and conventional. The accounts are identical, except that empathic accounts doubled their perimeters. The next milestone for increasing funding is 20% instead of 10%. In addition, the maximum drawdown is 10%, not 5%, and the initial fee has doubled.
Instant funding: This is my favorite way to get trading funding quickly. This will allow you to save months of demo trading and help you overcome any challenges. However, it does not offer instant funding and make it take up to 2 months for you to make a single penny.
What makes MyForexFunds different from any other Prop Firm?
MyForexFunds is similar to other top-rated prop firms FTMO, for instance, is a leading prop firm. The Accelerated account offers instant funding on the same day. Would you please look at my detailed review of trading with FTMO? You'll quickly see that the trading experience, the cost, the profit shares, and even the rules are very similar to this company.
It's not a bad thing to be similar to other top-ranked proprietary funds, especially if your goal is to make a profit trading. For example, let's suppose you trade with FTMO and have $100,000 of funding. The rules of MyForexFunds allow you to set up a trading copy program that. The $100,000 challenge is now over. Because the rules and conditions are similar, you can double your trading capital quickly and reduce your exposure to one trading firm.
Is it realistic to get MyForexFunds capital?
No matter how shiny and new a prop company may be, it is important to evaluate whether or not the trading objectives and accounts made available make it possible to obtain capital and get capital fast.
MyForexFunds is a great place to get funding for your business
The accelerated accounts provide instant funding with no performance-based challenges or verification.
These rules are extremely flexible, with no daily drawdown limit or a small gain percentage requirement.
The challenges can take a lot of time.
This program is great for those who want to increase their forex trading capital.
This company is the best choice to quickly get funding and have the highest chance of obtaining forex capital. This is the best option for traders who bypass a challenge and get instant funding. It's hard to fault 40,000+ traders!
What brokers do MyForexFunds use?
In many ways, forex prop firms are very different from brokers. They rarely have access to liquidity or the actual market, so they rely on trusted forex brokers to host funded accounts. This is exactly what MyForexFunds does.
MyForexFunds uses Traders Global Group as its trading server. Fixed Slippage Issues: Spreads have been lowered for many instruments making them among the best in the industry, especially for CFDs. Traders of all styles should benefit from tighter spreads, and improved liquidity after the rollout of MFF is back to being the top name in Forex funding.
MyForexFunds Reviews and Social Media
MyForexFunds Trustpilot Reviews
Trustpilot: MyForexFunds although it is relatively new in the prop industry, it has many reviews. On Trustpilot alone, the firm has gathered 5,875 reviews at the time of this writing. Their average review score is 4.9/5.0 which is incredible for a prop firm. MyForexFunds is also Trustpilot verified and is noted to reply to 62% of negative reviews with average time to reply of less than 2 days. So called "Bad" reviews only amount to 2% of overall reviews for MyForexFunds. Meanwhile "Excellent" reviews add up to 92% of all of the reviews left on Trustpilot.
MyForexFunds on Telegram
It comes as no surprise that MyForexFunds has a solid presence on Telegram app as well as other platforms. This prop firm showcases 4,426 members on their Telegram account out of which 199 were online at the time of this writing.
Their account bio displays a link to the other super commonly used platform by traders; Discord. MFF also has posted their website address, the location where you can find the rules for getting funded as well as accounts that the company let's you choose from on your path to becoming a funded trader.
MyForexFunds on Discord
While MyForexFunds Discord server might not be easy to find on Google, the prop company has the invitation link displayed at the footer of their website. Once you get to the server's "invite" screen, you should hold onto your seat to not get blown away by the numbers. MyForexFunds Discord Server hosts 108,508 members (at the time of this writing), out of which 5,329 were online.
Either way you look at it, that's a massive amount of number of traders that are on MFF discord server, signaling to us that the company's reputation is legit given how many users it has versus the number of complaints online.
MyForexFunds on LinkedIn
MyForexFunds has 3,140 followers on their LinkedIn account, is listed as a Toronto, Ontario (Canada) Financial Services company. There are also 397 employees of MyForexFunds that are on LinkedIn.
What is very interesting is that MyForexFunds total headcount growth is shown as +73% over the past 6 months which is an incredible growth rate for any company. Another strong signal by the prop firm on how well they are executing their business strategy.
MyForexFunds on YouTube
MyForexFunds has posted on YouTube 26 times with them being much more active in the summer of 2022 than ever before. MyForexFunds YouTube channel has a good mix of interviews and market news videos. Market News videos also include the overview of the biggest numbers that were hit by MFF traders.
The Toronto based prop firm has over 8,270 YouTube subscribers and pretty good engagement under the videos. We thought that while the new videos are more engaging compared to the earlier ones, they do seem very scripted almost as if the host is reading a script.
MyForexFunds on Instagram
MyForexFunds has a solid following on Instagram as well with 69,149 followers on their account at the time of this writing. Prop firm tends to post a few times a week and the nature of content is usually about large payouts, contests, coupon codes, or tips.
Engagement on the posts is very high which comes as no surprise given how large of the community MFF has built. MyForexFunds Instagram also has quite a few story sequences saved that can be very helpful for someone exploring their platform more.
MyForexFunds on Twitter
While MFF has only been on Twitter since February 2022, they are already making some noise. MyForexFunds Twitter following is at 810 followers and the company has tweeted 250 Tweets at the time of this writing. Their Twitter handle is @MyForexFundsEng.
MFF seems to be interacting with their audience and are responding to some tweets. They are also posting similar content that they have been posting on their Instagram and Facebook accounts on here as well. However, this account seems to be more focused on direct engagement with the MFF users that are showing off their accomplishments with MyForexFunds.
MyForexFunds on Facebook
Established on July 15, 2020, MyForexFunds Facebook account has gathered quite an audience. Current following for the prop firm is 12,878 Facebook followers, and the total like count is 11,877.
While we do see a lot of auto re-posts from one platform to another by other prop firms, it seems like MyForexFunds has chosen to be different. While the visuals are similar to the ones that are being posted on their Instagram account, MFF actually posts much more in-depth posts on their Facebook. After going through these posts, their following on FB isn't as surprising anymore. Engagement is also pretty solid for the platform.
MyForexFunds on TikTok
If you look at the screenshot of MyForexFunds TikTok account, it doesn't seem very impressive. However, the impressive part comes in when you look up the hashtag #myforexfunds. You can get lost scrolling through countless of videos of TikTokers posting about their experience with MyForexFunds. The hashtag itself has over 834K views. So yes, while MFF follower count isn't hitting a thousand yet on TikTok, they already have a lot of presence on the platform.
Education and Support for Traders
When we look at education, you will see that we believe in learning from other sources and using free online resources. They are a great place to meet new traders and share their knowledge of the forex market.
MyForexFunds will soon offer a trading academy. This will have a lot of educational content. Unfortunately, this academy is not yet available, so we can't critique it. However, we will be updating this section as soon as the academy launches.
Supporting traders is possible via Discord, live chat, and email support, allowing you to reach your query quickly.
It is amazing to see that the monthly trading volume is now at more than 100,000,000,000+. Over the past few months, we have noticed an increase in the quality and quantity of support for traders since we started trading with the company. It has been a lot quicker to get a reply from the team. There is now also a live chat function that can answer small questions.
MyForexFunds began interviewing successful traders who have funded accounts over the past few months. This interview is available in FTMO. It has been a great way to see traders' progress over the past few months and strategies and tips that you can implement.
Irma was interviewed for this interview. She used the Rapid accounts to trade faster without going through the lengthy challenge process. Irma uses the previous day's highs and lows as her basis for trading, with a 9/10 win rate. Irma stated in an interview that MFF has never missed a withdrawal (as with me), and she can't fault the company for that!
According to SimilarWeb, majority of the visitors that come to MyForexFunds website are from United States (10.85%). 64.46% of the visitors are males, with a vast majority of the visitors falling into the age category of 25-34 year olds (33.67%). The highest interests for all of the visitors are Trading and Forex in that order.
Bottom Line - Is MyForexFunds legit or just another scam?
MyForexFunds, a legit prop company, is one of the most respected in the industry. Its unique selling point is that it offers an instant-funded trading account. This account is specifically designed for beginners traders.
The accelerated account is my recommendation. It's the fastest way to get large amounts of trading capital without any performance-based challenges for weeks. MyForexFunds has allowed me to withdraw multiple times, as shown in the review. We can confirm that they are legitimate and pay traders.
MFF is a blend of DT4X Trader. It is one of my favorite prop firms this year, hence our rating of 9.3/10.0 for MyForexFunds Trader Funding program.
See more of The Best Funded Trader Programs for 2023
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