They offer three account types, the first one is Rapid Model, the second one Evaluation Model and the third one is Accelerated Model. Use code for 5% discount: forexpropreviews
With so many new prop firms coming into the market and offering forex traders funding of up to $1,000,000, it can be a tricky task to figure out which firm is going to be the best for you to be working with. Each prop firm has its own pros, cons and rules which can make or break them for forex traders, depending on how you like to trade the markets!
In this prop trading review, we are going to be looking at My Forex Funds. This is a fairly new prop firm, founded in July of 2020 and has funded around 4000 traders around the world so far. They offer 3 very interesting funding models and a huge scaling plan up to $1,350,000, making it the largest fund in the market!
About My Forex Funds
My Forex Funds are a fairly new player on the scene, founded just a year ago in July 2020. As of 2021, they had a small brand and have now funded over 4000 traders with forex trading accounts. The firm is rapidly becoming a direct competitor of some of the largest and more established companies, due to the great reputation and very similar trading conditions offered. As I keep updating this article every few weeks, it’s becoming clear that this is the fastest-growing prop firm in 2021!
Unlike a lot of companies offering to fund forex traders, they have 3 different levels or structures, depending on your experience as a trader, ranging from brand new to full-time traders!
If you’re looking to grow a large trading account and potentially pull large profits out of the markets, this could be the company for you… Let’s find out more about the pros and cons and how MyForexFunds is rapidly taking over the prop firm industry.
Their goals
My Forex Funds overall goal is to have profitable traders managing My Forex Funds capital. My Forex Funds one of a kind funding program enables traders to trade with larger accounts (up to $200K) without risking any of their capital. However, this program also teaches traders to trade with a goal and strategy in mind.
If you like to gamble or trade for the “sake of trading” then this program might not be for you. My Forex Funds program rules are the fundamental basis of My Forex Funds vision and must be followed at all times.
Rules and Guidelines
Rapid Program
Rule #1
Trade with pleasure
It is important that you are comfortable and happy when trading. Try not to stress yourself, have a trading plan in place and earn without risking your own capital. Psychological well being is important in any trading plan. If you are not enjoying yourself whilst trading, perhaps make it your plan to rest on days you are unhappy. It’s important to have fun and enjoy your trading experience.
Rule #2
Trading Frequency & Consistency
You can choose whether you like to trade with a consistency rule (CEA) or not (NCA).
For Consistency Enabled Account (CEA):
You must enter a minimum of 1 trade per day for a minimum of 3 days a week. Only fully executed trades will count towards this requirement. This does not mean you must open AND close a trade. If you have placed a trade and it has executed, it will count towards your daily target of 1 trade. If you do not meet the minimum trades per day requirement, your account will be flagged for violation and you will not be eligible for further payouts.
You must follow the minimum days a week rule regardless of your P&L. For example, if you make profit on your first trade, you cannot abruptly stop trading for that week. You must enter 3 trades on 3 different days to meet your minimum trade requirement.
The following will apply to consistency enabled accounts. A safe way to increase or decrease your risk parameters is to keep within +/- 200% of your average or deviation by a factor of 2. Two main KPI we use here are trades and lot size. Each week, we will take an average of mentioned KPIs and place a ceiling (avg x 2) and floor (avg / 2) for the trades. Any trades outside these parameters will raise a flag on an account and be a possible violation.
For Non Consistency Account (NCA):
There are no consistency rules for this type of account, you can trade how often and however you like, as long as you keep your account balance and equity within the parameters of the drawdown limits.
Rule #3
Forex trading Expert Advisor (EA) / robot usage
Expert Advisors/bots are allowed however you are required to send us your source code to confirm that the expert adviser is not a nefarious one. We do not allow arbitrage trading, quote stuffing or EA’s that update orders in high volume per hour. We must protect our infrastructure, and this is the only way we can do this.
Trade copying of your own trades is allowed, however, copying a third party’s trades is not allowed and if discovered will be considered a breach.
We recommend against usage of Forex signal providers when participating as a prop firm trader.
Rule #4
Account Types details and housekeeping
We will be providing you with login details after you sign up with us. You are not allowed to change these details under any circumstances.
Furthermore, you are not to add or decrease any funds from your account. If we detect any changes (password, account size, etc.), we will suspend your account and cancel any profits that are to be made to you.
Rule #5
Trader’s earnings (2 WAYS TO EARN!)
First way to earn (aka your Expertise Earning or “EE”)
Consistency Enabled Account (CEA) – On an account that you sign up for – you will be paid 12% on a bi-weekly basis.
No Consistency Account (NCA)– On an account that you sign up for – you will be paid 12% every 4 weeks (not monthly). Consistency rule will NOT apply to NCA accounts.
Second way to earn (aka your “Funded earnings or FE)
For every dollar you earn on your simulated account, we will match and put it in your trading account for up to 3.5% of your account size (i.e. Maximum of $350 allocated to Funded Account on a $10,000 account).
You will be able to access this trading account when you reach 10% of the account you signed up for. The live account will be worth 10% (all funds transferred) of the original trading account size. If you have signed up for different tiers (we will use 10% of the combined tier). Minimum time that you can start trading your FE account is 3 months.
Rule #6
Bonus Payout
The bonus from your accounts will be paid on a bi-weekly basis via one of our payment options. Our payment options are bank transfer, cryptocurrency and Paypal.
Rule #7
Profit Sharing
The profit split will be 12% on the demo account. When you receive your live account, the profit split will start at 50% and increase every month by 15% up to a maximum of 80%.
Demo Account: 12%
Live Account:
Month 1 – 50%
Month 2 – 65%
Month 3+ – 80%
Rule #8
Risk and Account Management
Daily drawdown is 5% of the starting equity or balance of the day (whichever is higher) based on the broker’s timezone (5:00pm EST).
For example:
If your starting equity is $105,000 but your starting balance is $102,000 then the daily drawdown will be based on your starting equity.
5% x $105,000 = $5,250
This is your daily drawdown limit.
Overall drawdown is 12% of the initial account balance.
For example: If you have a $100,000 account, then 12% of that is $12,000. So if your account goes lower than $88,000 then your account has violated the overall drawdown rule.
Rule #9
Losses
No trader at My Forex Funds will be liable for any trading losses. All being said, we encourage you to practice good risk management practices and engage in a trading plan to maximize your chances of not incurring a loss.
Rule #10
Reset Refresh and Monthly Fees
Reset – If an account incurs a violation, that account will be suspended and will not qualify for any future payouts. If a trader would like to continue with the program, s/he will have an opportunity to continue at a discounted price. This re-registration fee is referred to as “Reset” fees as you will obtain a brand new account.
For $10K account, it is $95.20
For $20K account, it is $175.20
For $50K account, it is $431.20
For $100K account, it is $759.20
Refresh – At any time, if a trader would like to bring their account balance to the original amount, , the following fee will apply.
For $10K account, it is $77.35
For $20K account, it is $142.35
For $50K account, it is $350.35
For $100K account, it is $616.85
Rule #11
Refund of your Registration fees
100% Refund of Account Registration – We will refund your registration fees of the account that you got to live account with.
Evaluation Program
Rule #1
Take it slow. Observe risk management
You have plenty of time to achieve your target and move to the next phase. Take it slow, observe good risk management techniques. Most traders who pass the evaluation quickly fail on their live account. Be one of the few and not the many. Follow your plan and if you aren’t quite at the target at the end of the 30-day period, get in touch, maybe you qualify for an extension or retake!
Rule #2
The Models, Evaluation and establishment phase and targets.
We currently only offer a standard evaluation model. Due to poor success we have removed our aggressive model.
There are two phases you must pass in order to become a funded trader.
First the evaluation Phase (Phase I)
During the evaluation phase you must achieve a profit target of 8% within 30 calendar days with no other rule breaches.
The establishment Phase (Phase II)
During the establishment phase you must achieve a profit target of 5% within 60 calendar days with no other rule breaches
A trader can choose when they start the evaluation process. The calendar day countdown starts from the time you take your first trade.
Rule #3
Trading Behavior
We allow news trading, scalping, long term trading, short term trading etc. on all accounts.
We do not have a lot size restriction for total open lots on a single account. However, we advise all users to be wary of their risk management profile.
Rule #4
Instruments
You can trade Forex, Indices, Metals and Cryptocurrencies.
Rule #5
Expert Advisors & robot usage
You can use EAs as long as they are not used in the following ways:
- copy trading of other person’s signals
- tick scalping
- latency arbitrage trading
- reverse arbitrage trading
- hedge arbitrage trading
- or any use of emulators
It is a violation if this rule is broken. Any accounts using these types of EAs will be cancelled, banned and not refunded.
Rule #6
Account types, details and housekeeping
After program purchase you will receive your login details within 24-48 hours. You are not allowed to change the details of this account under any circumstances. Doing so will be a breach and your account will be suspended.
Rule #7
Profit-split
The first payment is monthly and every payment after that is bi-weekly.
First month – 75%
Second month – 80%
Third month+ – 85%
For the first month of live trading you will be required to trade a minimum of 10 days and the first month’s payout will be initiated after one whole month. This minimum day requirement is removed in the second month.
Rule #8
Getting paid
You can request your payout via bank wire, transferwise, cryptocurrency or paypal.
Rule #9
Scaling up
If you have achieved a profit of 10% or more within a 4 month period and 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size
Rule #10
Drawdown rules
Daily drawdown is 5% of the starting equity or balance of the day (whichever is higher) based on the broker’s timezone (5:00pm EST).
For example:
If your starting equity is $105,000 but your starting balance is $102,000 then the daily drawdown will be based on your starting equity.
5% x $105,000 = $5,250
This is your daily drawdown limit.
Overall drawdown is 12% of the initial account balance.
For example: If you have a $100,000 account, then 12% of that is $12,000. So if your account goes lower than $88,000 then your account has violated the overall drawdown rule.
Rule #11
Losses
No trader at MyForexFunds will be liable for any trading losses. All being said, we encourage you to practice good risk management practices and engage in a trading plan to maximize your chances of not incurring a loss.
Rule #12
Retakes and extensions
If your Phase I 30 day limit is reached and you are in profit without any breaches on the account you are entitled to 1 free extension of up to 30 days OR an unlimited free retake.
Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded.
Rule #13
Retake
If a violation has been detected on your account, that account will not be eligible to proceed to the next phase. The account will also not qualify for an extension or a free retry.
You can retake the evaluation at a discounted price of 10% off.
Rule #14
Refunds
You will receive the 112% refund with your first payout on the live account.
Accelerated Program
Conventional
Rule #1
Slow and Steady – Wins the Race
My Forex Funds has developed this model to ensure that our serious traders can earn from the word go. Not only will we provide our traders with funding, we have also curated this model to enable our traders to scale up and scale up fast!
Rule #2
Payout:
You can get paid no matter how much you make every week. Your first payout can be given to you within a week, however your account must be of 5 days old in order to be eligible for a payout.
Conventional Accounts:
If your account reaches 5%, you can withdraw 50% of the profits right away without waiting for your account to grow 5 days old or waiting for your weekly pay period.
Emphatic Accounts:
If your account reaches 10%, you can withdraw 50% of the profits right away without waiting for your account to grow 5 days old or waiting for your weekly pay period.
Withdrawing profits will not affect your account from scaling up. You can withdraw every Friday and your account will still scale up when your total profits reach the profit target.
For example:
Let’s say you have a Conventional Accelerated account. The profit target for this account is 10%.
You gain 6% profit in Week 1 and withdraw on Friday.
Then you gain 5% profit in Week 2, that is a total of 11%.
You are now qualified for a scale up since you have reached the profit target.
Rule #3
Targets and Scale Up Program
You can increase your account size by reaching the profit target for up to 2.7M per account.
When you reach the profit target, your account size increases. This is called scaling up.
The profit target for Conventional is 10%.
The profit target for Emphatic is 20%.
On Phase 1, your account size will increase by 2x.
On Phase 2, your account size will increase by 1.5x
On Phase 3, your account size will increase by 2x.
On Phase 3, your account size will increase by 1.5x
and it repeats…
Rule #4
Drawdown
On the Conventional Accelerated accounts, the overall drawdown limit is 5% of the initial account balance.
On the Emphatic Accelerated accounts, the overall drawdown limit is 10% of the initial account balance.
If your losses (open AND closed trades) goes over the drawdown limit, then your account will be suspended and will not qualify for future payouts.
For example:
If you have a $50,000 conventional accelerated account, then 5% of that is $2,500. So if your account goes lower than $47,500 then your account has violated the overall drawdown rule.
If you have a profit of $1000, your maximum drawdown will still be below $47500 for a total of $3500.
Rule #5
Restrictions
A trader must close all of his/her trades over the weekend. However, there are no restrictions when it comes to lot sizes, trading during major news events or holding overnight.
Rule #6
Instruments
You can trade Forex, Indices, Metals and Cryptocurrencies.
Rule #7
Expert Advisors & robot usage
EAs are not allowed in this program. It is a violation if this rule is broken.
The only exceptions to this rule are trade copiers and Risk Management EAs.
Rule #8
Account types, details and housekeeping
After program purchase you will receive your login details within 24-48 hours. You are not allowed to change the details of this account under any circumstances. Doing so will be a breach and your account will be suspended.
Required KYC Documents
Proof of ID:
You can send any official government issued identification such as the following:
– Driver’s License
– Birth certificate
– Passport
Proof of address:
You can send any official document that provides your name and address such as the following:
– Bank statement
– Utility Bill
– Phone Bill
– Tax Documents
Rule #9
Losses
No trader at My Forex Funds will be liable for any trading losses. All being said, we encourage you to practice good risk management practices and engage in a trading plan to maximize your chances of not incurring a loss.
Rule #10
Refunds
Once trading has started, there will not be any refunds. However, if you have just registered and the account has not been traded on, we can refund your registration fees.
What makes MyForexFunds different from any other prop firm?
There isn’t much to differentiate My Forex Funds from any of the other leading prop firms in the industry like FTMO for example, besides the Accelerated account that offers instant funding the same day. If you have a look at our in-depth review of trading with FTMO, you’ll quickly notice that the trading experience provided, the costs, the profit shares and even the rules are very much similar to this company.
Being similar to other leading proprietary funds really isn’t a bad thing though, especially if you’re a profitable trader. Let’s say that hypothetically you are trading with FTMO and have $100,000 in funding. You then set up a trading copy system, which is allowed under the rules that MyForexFunds sets out. You then pass a $100,000 challenge here because the rules and conditions are so similar, now you have doubled your trading capital extremely quickly and reduced your exposure to just one trading firm.
How hard is to get real capital at My Forex Funds ?
As good and shiny as a new prop firm is, we really need to consider whether the trading objectives and accounts offered to make it possible to get capital and get capital quickly.
My Forex Funds is one of the easiest prop firms to get funding from for a number of good reasons…
- The accelerated accounts offer instant funding, with absolutely no verification or performance based challenge needed.
- The rules are very lenient with no daily drawdown limit and a low percentage gain needed.
- The time duration of the challenges are great.
- The rapid program for beginners has no profit target, a great way to start scaling up your forex trading capital and skills.
For these reasons, I would honestly say that if you’re looking to get quick funding and highest chance of actually obtaining forex capital, this company is going to be your best option right now! Beyond DT4X Trader, this is by far the best offering for traders looking to sidestep a challenge and have access to instant funding. 4000+ traders can’t be wrong!
What are traders saying?
My Forex Funds is a relatively new prop firm with only a year in the industry, but it still has a huge number of reviews to work with. In fact, when I first published this review, the company only had around 20 reviews on Trustpilot. Now it has over 290 reviews, coming in at Excellent with 4.7/5 stars! This is HUGE progress and shows how rapidly this prop firm is growing, compared to the others in the industry.
On Trustpilot and ForexPeaceArmy, more and more forex traders are getting paid out every day by the firm, which is brilliant to see!
As we said, the company is growing at an amazing rate – there’s really been a huge increase in attention for the company and therefore reviews from traders.
How the My Forex Funds account area looks like?
So, what do you think about the layout of the Proprietary Trading firm? Do My Forex Funds have the instruments that you want to trade?
Let us know if you enjoyed our My Forex Funds Proprietary Trading firm review!
Use code for 5% discount: forexpropreviews