MyFundedFX gauges the capabilities of its traders through either a one-step or two-step evaluation challenge. In this process, traders are endowed with a demo account filled with virtual funds. Their performance is meticulously observed during this period.
MyFundedFX's trading challenge programs are curated to allow traders to operate without risking personal capital. Successful traders get rewarded based on a certain fraction of the profits they amass, without any onus on the company's resources. The firm empowers traders to manage accounts as large as $300,000 and retain 80% of the profits from forex, commodities, indices, and crypto trading.
Introduction to MyFundedFX
Established in June 2022, MyFundedFX is a US-based proprietary trading firm that enables traders to amalgamate accounts up to a value of $300,000, supplemented by an additional scaling scheme. Their brokerage partners are Eightcap and ThinkMarkets.
Office Address: 100 Crescent Court Suite 700, Dallas, TX 75201, USA.
Leadership at MyFundedFX
The brainchild of Matthew Leech, MyFundedFX benefits from his rich experience as a thriving entrepreneur in financial and tech services and as an adept trader across forex, options, stocks, and crypto. Since 2018, Matthew has been engrossed in trading and presently helms MyFundedFX as its CEO, while also managing various other projects.
Matthew’s inclination to initiate MyFundedFX was born out of identifying a void in the trading industry. He noticed that many proprietary trading firms designed programs overlooking the distinct requirements of individual traders. Conversely, MyFundedFX pivots on trader education and aiding them in obtaining funding. This vision is actively upheld by Matthew and the entire team, fostering the skills vital to become a funded trader.
Video Overview
Program Offerings by MyFundedFX
Traders at MyFundedFX can opt from three distinct programs:
- One-step evaluation challenge accounts
- Regular two-step evaluation challenge accounts
- Pro two-step evaluation challenge accounts
Details of the One-step Evaluation Challenge Account
MyFundedFX's one-step challenge is tailored to spotlight traders demonstrating consistency and discipline. They're appraised over a single evaluation stage and get a leverage of 1:100.
To succeed in the one-step challenge, traders must achieve a 10% profit mark without breaching the 4% daily and 6% trailing loss constraints. No minimum trading days are imposed. Upon meeting the target, traders are conferred with a funded account without profit benchmarks. However, they must respect the set loss guidelines. The first profit disbursem*nt, amounting to 80% of the earnings, is made 14 days post the initiation of their funded account. Subsequent payments are made bi-weekly.
Scaling Strategy for One-step Evaluation Challenge Account
The one-step account comes equipped with a scaling plan. Traders are expected to consistently profit over a quarter, averaging a return of 12% or more. Achieving this activates a 25% increment to the original account balance, capped at $1,500,000.
Illustration:
3 months later: A $200,000 account grows to $250,000.
6 months later: Balance ascends from $250,000 to $300,000.
9 months later: The $300,000 vaults to $350,000.
... and the pattern persists.
Tradeable assets encompass forex pairs, commodities, indices, and cryptocurrencies.
Rules for One-step Evaluation Challenge Accounts
- Profit target: The profit target for the assessment phase is set at 10%. Funded accounts have no profit ceilings.
- Maximum daily loss: Daily losses shouldn’t exceed 4%.
- Maximum trailing drawdown: Trailing drawdowns must be within 6%.
- Lot size limit: Lot sizes are determined by the initial account balance.
- Third-party copy trading/ EA risk: Traders leveraging third-party copy trading or EA services should be cautious of potential overlaps with existing strategies, risking denial of funded accounts or withdrawals.
Normal two-step evaluation challenge account
MyFundedFX's standard two-step evaluation challenge account is designed to recognize and reward disciplined traders who showcase consistency throughout a two-phase assessment. This account provides the opportunity to trade with a 1:100 leverage.
In the initial evaluation phase, traders are tasked to achieve an 8% profit target without exceeding a daily loss of 5% or an overall loss of 8%. The trading duration is not capped, allowing you to take as much time as needed to meet the profit target. There's no mandate for a minimum number of trading days to transition to phase two.
The subsequent evaluation phase demands traders to secure a 5% profit target while adhering to the 5% daily loss and 8% total loss limitations. Again, there's no time restriction for trading, and reaching the profit target without a minimum trading day obligation will pave the way to access a funded account.
On successful navigation through both phases, you earn a funded account devoid of profit targets. The only stipulations are to abide by the 5% daily loss and 8% total loss boundaries. You'll be entitled to an 80% share of the profits realized 14 days post the initiation of your funded account. Subsequent to your maiden payout, bi-weekly payouts will be consistent.
Normal two-step evaluation challenge account scaling plan
A scaling plan complements the normal two-step evaluation challenge accounts. Traders need to register consistent profitability over a quarter, averaging a 12% or higher return. This ensures an augmentation of 25% to the original account balance, capping at $1,500,000.
Example:
- After 3 months: A $200,000 account swells to $250,000.
- The following 3 months: $250,000 balance grows to $300,000.
- The next 3 months: $300,000 account scales up to $350,000.
- The pattern continues...
Available trading instruments for the two-step evaluation challenge accounts include forex pairs, commodities, indices, and cryptocurrencies.
Normal two-step evaluation challenge account rules:
- Profit Target: A defined profit percentage traders need to attain prior to advancing through evaluation phases, accessing profit withdrawals, or account scaling. Phase 1 sets the bar at 8%, whereas phase 2 demands 5%. Funded accounts are exempt from profit targets.
- Maximum Daily Loss: Traders should not incur losses exceeding 5% on any given day lest they breach the account.
- Maximum Loss: Overall account losses should remain below 8% to avoid violating account terms.
- Lot Size Limit: It's imperative traders adhere to stipulated lot sizes specific to trading instruments. This is often aligned with the prop firm account's opening balance.
- Third-party Copy Trading Risk: Engaging third-party copy trading services can pose risks. Utilizing a widely-used copy trading platform might inadvertently mirror another trader's strategy. Overstepping the maximum capital allocation can lead to denial of a funded account or profit withdrawal.
- Third-party EA Risk: Leveraging an EA? Remember, employing a common third-party EA could result in duplicating another trader's strategy. This can jeopardize your funded account or profit withdrawals if the maximum capital allocation gets surpassed.
Pro two-step evaluation challenge account
MyFundedFX's elite two-step evaluation challenge account is geared towards discovering and rewarding diligent traders who demonstrate consistent performance over the two-phase assessment timeframe. With this account, participants can trade with a leverage of 1:50.
During the first evaluation phase, traders are tasked with achieving an 8% profit margin, ensuring they don't breach the 5% daily loss or the 10% overall loss boundaries. Trading has no time restrictions, enabling participants to aim for the profit goal without any daily trading minimums to transition to the subsequent phase.
The second evaluation phase mandates traders to secure a 5% profit while adhering to the daily 5% and the overall 10% loss ceilings. Trading within this phase also has no time constraints. Achieving the profit benchmark without the constraint of minimum trading days leads to a fully funded account.
Upon successfully navigating both phases, traders are granted a funded account with no profit prerequisites. The key requirements remain the 5% daily and 10% overall loss constraints. An 80% profit share is ensured based on gains acquired 14 days following the initiation of the funded account. Following the initial profit distribution, bi-weekly payouts are consistent.
Pro two-step evaluation challenge account scaling plan
A tailored scaling plan complements the pro two-step evaluation challenge accounts. Traders are expected to yield consistent gains over three months, averaging a 12% or above return. Successful participants are rewarded with a 25% account balance boost, with the ceiling set at $1,500,000.
Example:
- Post 3 months: A $200,000 account inflates to $250,000.
- Subsequent 3 months: $250,000 grows to $300,000.
- The following 3 months: $300,000 elevates to $350,000.
- This progression continues...
For the pro two-step evaluation challenge accounts, trading tools encompass forex pairs, commodities, indices, and cryptocurrencies.
Pro two-step evaluation challenge account rules:
- Profit Target: A predetermined profit percentage traders are expected to secure prior to progressing through evaluation stages, drawing profits, or boosting their account size. The first phase demands 8%, and the second seeks 5%. Fully funded accounts are devoid of profit expectations.
- Maximum Daily Loss: It's essential for traders not to exceed a 5% loss in a single day to maintain account standards.
- Maximum Loss: Cumulative losses should be capped at 10% to sustain account integrity.
- Lot Size Limit: Traders are obligated to adhere to designated lot sizes relevant to specific trading instruments, generally aligned with the prop firm's starting account balance.
- Third-party Copy Trading Risk: If considering third-party copy trading utilities, it's vital to recognize the potential for strategy duplication with other traders. Overstepping the set capital allocation might jeopardize a funded account or profit withdrawal rights.
- Third-party EA Risk: When leveraging a third-party EA, the possibility of mirroring another trader's strategy exists. This could risk the funded account status or profit withdrawal if capital allocation exceeds set limits.
VIP Program:
The exclusive VIP program is crafted to reward tenacious traders who commit to achieving excellence. There are distinct criteria that traders must meet for eligibility.
VIP Program requirements:
- Secured a minimum of 6 withdrawals.
- Engaged in trading for at least 4 months.
- Maintained a consistent trading approach during the 4-month duration (excessively risky strategies are not considered).
- Zero account breaches throughout the 4 months.
VIP Program benefits:
- Enhanced profit share up to 92.75%.
- Unhindered withdrawal privileges anytime, given profitability (the payout request option remains consistently active).
- Elevated daily drawdowns, reaching 6% with one-step evaluation accounts and 8% with two-step evaluation accounts.
- Augmented maximum drawdowns, peaking at 12% for one-step evaluation accounts and 14% for two-step evaluation accounts.
One-step evaluation challenge VIP Program:
Two-step evaluation challenge VIP Program:
What sets MyFundedFX apart from other prop firms?
Distinct from the majority of renowned prop firms, MyFundedFX presents traders with three unique funding programs: a one-step evaluation and two versions of the two-step evaluation challenges. They also feature flexible trading conditions, such as the ability to maintain trades overnight, over weekends, and during significant news events.
Whereas many prop firms offer a singular evaluation process, MyFundedFX introduces a one-step evaluation challenge, necessitating traders to clear just one stage before qualifying for payouts. This challenge sets a profit target of 10% and implements a 4% daily cap and 6% trailing loss rules. It's essential to understand that there's no set minimum or maximum trading days during this evaluation. When juxtaposed with other top prop firms, MyFundedFX’s one-step challenge has moderate trading rules and an indefinite trading timeframe.
On the other hand, MyFundedFX’s standard two-step evaluation challenge mandates traders to fulfill two stages before payouts are attainable. The profit benchmarks are 8% for the first phase and 5% for the second. The daily loss is capped at 5%, and the overall loss at 8%. Again, traders aren’t bound by any minimum or maximum trading days during this period. This model offers traders comparatively modest profit objectives and an infinite trading horizon.
Comparison between MyFundedFX & My Forex Funds:
Comparison between MyFundedFX & True Forex Funds:
Comparison between MyFundedFX & FundedNext:
Lastly, MyFundedFX’s advanced two-step evaluation challenge demands traders to pass two stages prior to becoming eligible for disbursem*nts. Here, phase one’s profit goal stands at 8%, and phase two's is 5%. There's a 5% daily loss ceiling and a 10% aggregate loss limitation. Notably, there are no constraints on the number of trading days. When measured against premier prop firms, MyFundedFX’s pro challenge boasts moderate loss boundaries, modest profit aspirations, and an open-ended trading span.
Comparison between MyFundedFX & Finotive Funding:
Comparison between MyFundedFX & Smart Prop Trader:
Comparison between MyFundedFX & E8 Funding:
To sum it up, MyFundedFX stands out from the crowd in the prop firm industry. Their three distinct funding schemes, coupled with their lenient trading regulations and unrestricted trading duration, truly differentiate them. Their policies allow traders the freedom to maintain positions overnight, over weekends, and to act during pivotal news events.
Is securing funding from MyFundedFX feasible?
When searching for prop firms compatible with your forex trading strategies, it's crucial to assess the feasibility of the trading conditions presented. While a firm may entice you with a lucrative % profit split from a significantly funded account, the appeal diminishes if they demand steep % monthly gains paired with minimal % drawdowns, making your success trajectory nearly implausible.
For the one-step evaluation challenge accounts with MyFundedFX, the prospect of attaining funding is indeed viable, mainly attributed to the set average profit goal of 10% combined with standard loss parameters (4% daily cap and a 6% trailing loss).
When considering the standard two-step evaluation challenge accounts, the feasibility remains intact. These accounts present relatively modest profit benchmarks (8% for the initial phase and 5% for the subsequent) and have slightly conservative loss constraints (5% daily cap and an 8% total loss limit).
For the professional two-step evaluation challenge accounts, they sustain the pattern of realistic expectations, emphasizing modest profit targets (8% in the premier phase and 5% in the latter) paired with standard loss guidelines (5% daily and a 10% overall loss).
Given the comprehensive evaluation, MyFundedFX emerges as a commendable choice for traders seeking funding. They present three diverse funding schemes, all of which provide realistic trading goals and conditions conducive to earning payouts.
Proof of Payment
Since its inception in June 2022, MyFundedFX has streamlined the payout process. Once you secure a live-funded account, your maiden payout is processed within a span of 14 calendar days. Subsequently, traders can anticipate bi-weekly disbursem*nts.
For those seeking tangible evidence of these transactions, MyFundedFX's Discord channel is a repository of such proofs, specifically under the "Payout proof" segment.
Broker Affiliation of MyFundedFX
MyFundedFX collaborates with two renowned brokers: Eightcap and ThinkMarkets.
Hailing from Melbourne, Australia, Eightcap is an ASIC-endorsed broker, established in 2009. They embarked on a mission to deliver unmatched financial services to their clientele. With five strategic global offices and a multifaceted regulatory framework, they offer clients a comprehensive trading spectrum, encompassing FX, indices, commodities, and shares.
Conversely, ThinkMarkets is a distinguished multi-asset online brokerage, with its operational hubs located in London and Melbourne. They facilitate swift and streamlined access to an extensive range of markets, bolstered by their acclaimed trading platforms: MetaTrader 4, MetaTrader 5, and their proprietary ThinkTrader platform.
Regarding trading interfaces, MyFundedFX provides compatibility with both MetaTrader 4 and MetaTrader 5 platforms.
Trading instruments
With MyFundedFX, you can trade with instruments such as forex pairs, commodities, indices, and cryptocurrencies with up to 1:100 leverage.
Trading fees
Trading commission:
Spread:
To see the live spreads, check out these login details to gain access to the trading account below:
[Option 1]
Platform: MetaTrader 5
Server: EightCapPTY-Demo
Login Number: 3000001
Password: t3g$8Q8
Download Platform: Click here
[Option 2]
Platform: MetaTrader 5
Server: ThinkMarkets-Demo
Login Number: 8200010
Password: Test1234#
Download Platform: Click here
Training & Assistance for Traders
While MyFundedFX doesn't host educational resources on its platform, one can find relevant discussions on ForexFactory. Specifically, a thread titled "PROP FIRM HUB," curated by MasterrMind, features multiple references to MyFundedFX.
To view the aforementioned thread, click here.
Moreover, MyFundedFX boasts an intuitive dashboard accessible to all its clients, which simplifies risk management by showcasing essential trading statistics.
Feedback from Traders on MyFundedFX
The general consensus from the trading community about MyFundedFX is highly favorable.
On Trustpilot, a substantial segment of their user base contributes positive reviews, reflecting in their impressive 4.7/5 rating from a total of 866 testimonials.
Users frequently commend the platform's proactive live chat support, which offers timely and relevant insights.
Additionally, traders appreciate the platform's flexible trading conditions, including no restrictions on trading durations, no dormant account penalties, and the expansive possibilities presented by their scaling plan.
Online Presence Insights
MyFundedFX maintains an active online presence.
They command:
- A Facebook community of 9.6k members,
- A Youtube channel, boasting 3.26k subscribers with a library of 12 content-rich videos.
Furthermore, they facilitate community interactions via a bustling Discord channel of 46,110 participants and a Telegram group with 3,830 members.
Customer Service
For those seeking answers to common queries, MyFundedFX's FAQ section is a helpful resource.
The support crew is reachable via their social media channels, or one can drop an email at support@Myfundedfx.com.
For immediate assistance or detailed inquiries about their prop trading services, their live chat support is always at your service, ensuring no question goes unanswered.
Final Thoughts
To sum it up, MyFundedFX stands out as a genuine proprietary trading firm, presenting traders with a trio of funding opportunities: a one-step challenge account and two distinct two-step challenge accounts. Their trading terms are quite lenient, allowing trades to persist overnight, over weekends, and even during major news events.
For the one-step evaluation scheme, traders must successfully navigate one stage to qualify for funding and profit-sharing. This involves achieving a 10% profit milestone. Given the stipulated 4% daily and 6% trailing drawdown constraints, these targets are entirely attainable. This program promises an 80% profit share and account scalability.
The standard two-step evaluation is a two-stage process, post which traders can access funding and share in the profits. Here, the profit markers are set at 8% for the first phase and 5% for the second, coupled with a 5% daily and 8% overall loss ceiling. Participants can look forward to an 80% profit share and the potential to expand their accounts.
Similarly, the pro two-step evaluation is a tiered program. With profit goals of 8% and 5% for the two stages, and loss limits of 5% daily and 10% overall, traders can anticipate an 80% profit share and further account scalability.
For those in search of a transparent prop firm with clear-cut rules and targets, MyFundedFX is an exemplary choice. They cater to a diverse group of traders, each with their distinct strategies. After a thorough assessment of what MyFundedFX brings to the table, they undoubtedly rank among the premier proprietary trading entities.
This review of MyFundedFX was last revised on 15.08.2023 at 09:16 (CE(S)T).
So, how does MyFundedFX's proprietary trading setup resonate with you? Do they provide the tools you aim to leverage in your trading endeavors?
We'd love to hear your feedback on our MyFundedFX Proprietary Trading firm review!
