Who Are MyFundedFX?
MyFundedFX, established in June 2022, stands as a distinguished proprietary trading firm in the realm of forex trading. Founded by Matthew Leech, this dynamic trading company aims to provide forex traders with an exceptional opportunity to access substantial capital for their trading endeavors. With a promise to elevate trading potential, MyFundedFX offers traders the prospect of leveraging up to $300,000 in trading capital, a unique feature that sets them apart in the trading industry. Furthermore, for those seeking even greater ambitions, MyFundedFX extends a compelling scaling plan that can elevate their trading capital to an impressive $1.5 million.
At the heart of MyFundedFX’s offerings lies a one-of-a-kind funding process, designed to cater to a diverse range of trading strategies and risk tolerances. This process is characterized by both a 1-step and a 2-step funding model. The 1-step model offers swift access to funding, potentially granting traders the capacity to secure funding within a single day, driven by the success of just one proficient trade. On the other hand, the 2-step model presents a more comprehensive evaluation process, spanning distinct evaluation challenges with varied account sizes and trading conditions. This unique flexibility empowers traders to align their funding journey with their trading style, nurturing a sense of control over their progression.
On the back of the issues surrounding the US, they have now recently launch MyFundedFX Futures, offering their customers even more choice.
A prominent facet that distinguishes MyFundedFX is its strategic partnership with Eightcap, a renowned broker in the trading landscape. This strategic collaboration ensures not only a stable flow of liquidity but also the availability of quality trading platforms, including the well-regarded MetaTrader 4 and MetaTrader 5. The benefits of this partnership extend beyond the standard trading hours, as MyFundedFX becomes one of the select few prop firms that offer crypto trading during weekends. This feature is especially appealing to the burgeoning community of cryptocurrency enthusiasts who seek to capitalize on the dynamic nature of the crypto market.
MyFundedFX doesn’t merely focus on individual trading endeavors; it strives to cultivate a vibrant and collaborative trading community. With an active Discord server boasting over 8000 members, MyFundedFX fosters an environment of open dialogue and knowledge sharing. This sense of camaraderie is further nurtured through the platform’s public leaderboard, which showcases the successes of traders within the community. By creating a platform for traders to openly discuss strategies, exchange insights, and celebrate achievements, MyFundedFX builds a thriving ecosystem that fuels motivation and a healthy competitive spirit among its members.
- An extensive range of tradable assets including cryptocurrencies, indices, forex pairs, and commodities
- Flexibility to scale your account as needed
- Enjoy leverage options up to 1:100 to enhance your trading potential
- Up to $1,500,000 maximum balance allowed
- Benefit from 80% profit splits
- Receive payouts every two weeks
- Hold positions overnight and through weekends with no restrictions
- Lot size limitations
- Trailing drawdown on one-step challenge accounts
What Sets MyFundedFX Apart From Other Proprietary Trading Firms?
Amidst the competitive landscape of proprietary trading firms such as Alpha Capital Group, Funded Next and Funding Pips, MyFundedFX emerges as a distinctive player with an array of features that differentiates it from its industry counterparts. Through innovative funding programs and a trader-centric approach, MyFundedFX caters to traders seeking flexible opportunities for growth and success. Here’s how MyFundedFX stands out in the proprietary trading arena:
Diverse Funding Programs
MyFundedFX disrupts the norm by offering three distinct funding programs, each tailored to meet the unique needs and preferences of traders. The one-step evaluation challenge and the two two-step evaluation challenges provide traders with options that align with their trading styles and goals. This flexibility underscores MyFundedFX’s commitment to inclusivity and recognizes that successful trading is not a one-size-fits-all endeavor.
Trader-Friendly Trading Rules
In a notable departure from the industry standard, MyFundedFX adopts a more relaxed stance on trading rules. Traders at MyFundedFX enjoy the freedom to hold positions overnight and during weekends, a departure from the more rigid rules imposed by some other proprietary trading firms. Additionally, the ability to trade during news releases empowers traders to capitalize on volatile market events, enhancing their trading strategies.
Streamlined One-Step Funding Process
The standout feature that underscores MyFundedFX’s commitment to efficiency is its one-step funding process. While many leading prop firms adhere to a two-step funding process, MyFundedFX’s one-step challenge enables traders to expedite the path to funding. This unique process requires just one minimum trading day, allowing traders to potentially secure a funded account in as little as one day with one successful trade—a swift and convenient approach that speaks to the needs of traders seeking expedited access to capital.
Lucrative Profit Split
MyFundedFX’s profit sharing model sets it apart as a highly attractive option for traders. With an 80% profit split for both the one-step and two-step funding models, MyFundedFX demonstrates its commitment to rewarding traders for their successes. This robust profit-sharing scheme serves as a motivating factor for traders, providing a substantial incentive to achieve and exceed their trading goals.
Transparent and Fair Profit Sharing
The transparency and fairness of MyFundedFX’s profit-sharing arrangements stand out in the industry. Both new and experienced traders benefit from an 80% profit split, which is significantly higher than what’s often seen in other Top 10 proprietary trading firms. This approach aligns with MyFundedFX’s ethos of providing traders with an equitable and empowering trading experience.
Unlimited Trading Period
Another factor that distinguishes MyFundedFX is its allowance for an unlimited trading period during evaluation challenges. Unlike some other firms that impose strict time limitations, MyFundedFX recognizes that each trader’s journey is unique and provides them with the flexibility needed to excel on their own timeline.
MyFundedFX’s innovative funding programs, trader-friendly trading rules, streamlined funding process, generous profit split, and commitment to transparency collectively position it as a standout option among proprietary trading firms. By catering to the diverse needs of traders and fostering an environment that encourages growth and success, MyFundedFX offers a compelling platform for both new and experienced traders to thrive.
What Are The Options For Funded Accounts?
MyFundedFX extends a range of compelling options for traders seeking funded accounts. With a variety of evaluation challenge programs, each tailored to different trading styles and ambitions, MyFundedFX provides traders with a platform to prove their skills and access substantial trading capital. Let’s delve into the details of the three distinct funded account programs offered by MyFundedFX:
One-Step Evaluation Challenge Account
The one-step evaluation challenge account is designed to identify traders who exhibit consistency and discipline in their trading strategies. This program offers an efficient route to securing a funded account by completing a single evaluation phase. Traders are permitted to trade with leverage up to 1:100.
Evaluation Phase and Criteria
In this phase, traders are required to achieve a profit target of 10% while adhering to stringent rules. These rules include not exceeding a maximum daily loss of 4% and a maximum trailing loss of 6%. Traders are given the flexibility to trade without any minimum trading day requirements, allowing them to reach their profit targets at their own pace.
Scaling and Benefits
Upon successful completion of the one-step evaluation challenge, traders are granted a funded account. This funded account does not impose profit targets; traders are expected to maintain adherence to the 4% maximum daily loss and 6% maximum trailing loss rules. The initial profit split is 80% based on profits generated within 14 calendar days after the first position is opened in the funded account. Subsequent payouts occur on a bi-weekly basis.
Scaling Plan
Traders have the opportunity to scale their account further by demonstrating consistent profitability over a three-month period. Achieving an average return of 12% or more during this period results in a 25% account increase. This scaling plan can elevate the original account balance by up to $1,500,000.
Normal Two-Step Evaluation Challenge Account
The normal two-step evaluation challenge account presents traders with a comprehensive evaluation journey. This program, like the one-step challenge, identifies traders capable of maintaining consistency and discipline across two evaluation phases, allowing them to access funded accounts with increased capital.
Evaluation Phases and Criteria
In phase one, traders must reach an 8% profit target while abiding by a maximum daily loss of 5% and a maximum loss of 8%. Success in phase one is a prerequisite for entering phase two. In phase two, traders target a 5% profit while upholding the same daily and maximum loss rules as in phase one.
Scaling and Benefits
Upon successful completion of both evaluation phases, traders are awarded funded accounts. Just as in the one-step challenge, these accounts come without profit targets, and traders are required to adhere to the maximum daily loss of 5% and the maximum loss of 8%. The initial profit split remains at 80%, based on profits generated within 14 days of the first position.
Scaling Plan
Similar to the one-step challenge, traders can scale their account by achieving an average return of 12% or more over a three-month period. A 25% account increase is awarded, with the potential to reach a maximum balance of $1,500,000.
Pro Two-Step Evaluation Challenge Account
Designed for traders seeking a more intricate evaluation process, the pro two-step evaluation challenge account follows a similar structure to the normal two-step challenge. However, it offers leverage up to 1:50 and different criteria for phase completion.
Evaluation Phases and Criteria
Phase one requires an 8% profit target, adhering to a maximum daily loss of 5% and a maximum loss of 10%. Successful completion leads to phase two, where traders target a 5% profit while maintaining the same daily and maximum loss rules.
Scaling and Benefits
Upon successfully completing both evaluation phases, traders are granted funded accounts. The funded account comes with no profit targets; traders are required to respect the maximum daily loss of 5% and the maximum loss of 10%. The initial profit split is 80%, based on profits generated within 14 days of the first position.
Scaling Plan
The scaling plan for the pro two-step challenge mirrors that of the normal two-step challenge. Traders achieving an average return of 12% or more over three months can increase their account by 25%, up to a maximum balance of $1,500,000.
VIP Program
MyFundedFX rewards dedicated traders through its VIP Program. Eligibility criteria include a minimum of six withdrawals, trading for at least four months with a consistent trading style, and maintaining no account violations. Successful VIP traders benefit from profit splits of up to 92.75%, unrestricted withdrawals, and increased drawdown limits.
Is Getting Funded On MyFundedFX Realistic?
When delving into the world of proprietary trading, it’s imperative to gauge the practicality of the trading requirements associated with prop firms, especially with regards to your forex trading style. While the allure of prop firms offering $5k accounts or an enticingly high percentage profit split on a well-funded account is undeniable, the real test lies in the attainability of their set trading goals. A seemingly lucrative deal can quickly turn into an unattainable dream if the firm demands substantial monthly gains while restricting maximum drawdown percentages. In this light, MyFundedFX, a well-regarded proprietary trading firm, stands out as a platform that aligns trading ambitions with realistic performance expectations.
One of the primary indicators of a prop firm’s feasibility is its evaluation process, and MyFundedFX offers two distinctive paths: the one-step evaluation challenge and the normal two-step evaluation challenge. Notably, both pathways present traders with attainable profit targets and reasonable maximum loss parameters.
For traders aiming to secure capital through the one-step evaluation challenge, the prospects are encouragingly realistic. With an average profit target of 10% and prudent maximum loss rules—capped at 4% for daily losses and 6% for trailing losses—this evaluation pathway strikes a balance between growth objectives and risk management. This combination of profit aspirations and loss constraints enhances the feasibility of achieving the stipulated targets.
Similarly, the normal two-step evaluation challenge provides traders with a pragmatic avenue to securing funding. The profit targets, set at 8% in the first phase and 5% in the subsequent phase, reflect a reasonable trajectory of growth. Moreover, the maximum loss parameters, which cap daily losses at 5% and overall losses at 8%, demonstrate a cautious approach to risk tolerance. This blend of sensible profit expectations and moderately conservative loss thresholds enhances the likelihood of successful evaluation and funding attainment.
For traders seeking a slightly more aggressive approach, the pro two-step evaluation challenge remains a viable and realistic option. The profit targets mirror those of the normal two-step challenge, at 8% and 5% for the first and second phases, respectively. However, the maximum loss rules are marginally elevated, with a daily loss limit of 5% and an overall loss threshold of 10%. Despite the slightly higher risk parameters, the combination of reasonable profit aspirations and acceptable loss limits suggests a practical route to securing capital.
Taking all these aspects into consideration, it becomes evident that MyFundedFX is a prop firm that emphasizes attainable trading objectives and aligns its evaluation criteria with pragmatic trading goals. This commitment to realism extends across the firm’s three distinct funding programs, catering to various trading preferences and risk profiles. MyFundedFX distinguishes itself as a legitimate prop trading firm, notable for its transparent and honest approach to trading. The firm’s active engagement with traders through platforms like Discord further reinforces its reputation as a supportive and credible partner in the trading journey.
Which broker does MyFundedFX use?
MyFundedFX uses the well known Australian brokeage Eightcap.
MyFundedFX Trust Pilot Reviews
MyFundedFX has a received great customer feedback from its traders on Trust Pilot. With an overall score of 4.3 out of 5 from 1471 reviews.
Video Review
MyFundedFX Customer Support and Help
Customer Support and Help
Email: support@myfundedfx.com
Social Media Profiles
MyFundedFX can also be found on social media on the following channels:
Conclusion
Our thorough analysis of MyFundedFX reveals a proprietary trading firm that stands out with its tailored approach to funding and trading rules. With an assortment of funding programs, ranging from the swift one-step evaluation challenge to comprehensive two-step evaluations, MyFundedFX acknowledges the diverse trading styles within the community. This adaptable structure ensures that traders can align their journey with their individual strengths and aspirations.
Moreover, MyFundedFX’s trader-centric trading rules set it apart by permitting trades to be held overnight, during weekends, and even during impactful news releases. This flexibility is a key asset that empowers traders to make informed decisions on their own terms, avoiding unnecessary limitations on their trading strategies.
An exceptional profit-sharing model further solidifies MyFundedFX’s position as a distinct player in the field. With an unprecedented 80% profit split across both funding models, MyFundedFX offers traders a tangible incentive to excel. This transparent and generous approach underscores the firm’s dedication to fostering equitable and rewarding trading conditions for traders at all levels. As a result, MyFundedFX emerges as a pioneering choice for traders seeking innovation, flexibility, and fair rewards in their journey toward trading success.
MyFundedFX FAQ's
Is MyFundedFX Legit?
Indeed, MyFundedFX stands as a legitimate platform within the realm of funded trading programs. This is a vital assurance for traders who are seeking reliable avenues to grow their trading careers. MyFundedFX’s legitimacy is underpinned by a commitment to providing traders with genuine opportunities to leverage their skills and access capital for trading in the financial markets.
What is the profit split on MyFundedFX?
Delving into the profit-sharing structure of MyFundedFX unveils an enticing proposition for traders. The profit split offered by MyFundedFX is notably competitive, with traders having the potential to earn a substantial 80% of the profits generated through their successful trading strategies and risk management. This generous percentage serves as a powerful motivator, encouraging traders to set and achieve ambitious trading goals. MyFundedFX’s profit-sharing model underscores their dedication to rewarding traders for their skill and performance.
Does MyFundedFX allow copy trading?
MyFundedFX acknowledges the value of copy trading as a strategy for traders to leverage the expertise of others. They provide an option for traders to engage in copy trading from an account they personally own and actively trade. This flexibility extends to traders with personal accounts from various sources, including other proprietary firms, retail brokers, or external/internal platforms. The condition for copy trading with MyFundedFX is that the executed trades must genuinely belong to the trader. This approach offers traders the freedom to explore diverse trading strategies while maintaining transparency and accountability.
Which broker does MyFundedFX use?
In the pursuit of optimal trading conditions, MyFundedFX has established partnerships with reputable brokers, namely Eightcap and ThinkMarkets. These brokerages serve as the intermediaries through which traders execute their trades. By collaborating with respected brokers, MyFundedFX demonstrates its commitment to providing traders a seamless trading experience backed by robust broker support.
