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 their 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 article, we are going to be looking at MyForexFunds. This is a fairly new prop firm, founded in July of 2020 and has funded around 40,000 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! Let’s find out more…
Who Are MyForexFunds?
MyForexFunds are a fairly new player on the scene, founded just a year ago in July 2020. As of 2022, they had a small brand and have now funded over 40,000 traders with forex trading capital. The firm is rapidly becoming a director 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 was the fastest growing prop firm in 2022 and is still holding strong in 2023!
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, with thousands of funded traders around the world…
Payment Proof – My Withdrawal From MyForexFunds
Whenever I am looking at prop firms and brokers, I really like to see payment proof. Without payment proof from other traders, even with good reviews it can be hard to trust a company that seems too good to be true.
Luckily, MyForexFunds are consistently paying my withdrawals! I contact the live support team at the end of the month to request a withdrawal.
At the time of my latest withdrawal, they mentioned that they usual payment processor was having a few delays but I could either wait 3-5 days, or take a crypto withdrawal instantly if I wanted. I opted for the crypto withdrawal and they paid me my profits the same day – I’m very impressed with how quickly the payment actually arrived.
The Withdrawal Process
I have now had 4 withdrawals from MyForexFunds, all of which were paid on time and in full. I contacted the support team for assistance and they were extremely helpful. In terms of the bitcoin withdrawals, it seemed to work within 2 stages…
- Your withdrawal gets approved. This stage has been taking on average 2 days for me in the last few months.
- Your withdrawal gets processed. From the actual time of processing, to arriving in my cryptocurrency wallet was about 30-45 minutes.
I have now started taking withdrawals directly to my bank, instead of using Cryptocurrency wallets. This is a big relieve for me and many other traders, I’m sure, as Crypto is a bit of a hassle when you’re dealing with company accounts.
Getting Funding From MyForexFunds
As mentioned previously, they are offering 3 different types of account depending on your experience levels, which is great. Throwing a new forex trader in with a $100,000 live account and very strict rules is quickly going to end in disaster, so breaking down the different categories depending on experience seems like a really nice idea and that makes MyForexFunds quite unique from other forex prop firms. Let’s have a look at the options..
The rapid account option is for traders that are either just reaching consistency, or haven’t been in the markets for too long. With a rapid account, you will pay a one time, refundable fee (depending on if you are profitable or not), which allows you to trade a demo account for the company.
You have very relaxed rules on these accounts, for instance a maximum daily drawdown of 5%, with a total maximum drawdown of 12%. Leverage ranges from 1:50-1:500 and you must trade at least 3 times per week. The best thing is that you don’t have any profit targets! However, 12% of what you make on the demo account will be paid into a live account for you.
This means you can literally trade a demo account, practice in the markets, grow your trading experience and they will pay you real profits for the privilege!
Next we have the evaluation accounts, ranging from $10,000 to $200,000 in funding. This is going to be for profitable traders that experienced within the financial markets. You will be paying a one time fee for a 2 step challenge, very similar to FTMO or 5%ers for example – just slightly cheaper!
The profit split will be up to 85%, should you pass the challenge process, which is industry leading! You have to trade for a minimum of 10 days during the 30 day process and through the 60 day stage 2 challenge too. You’ll have a maximum daily drawdown of 5%, with an overall maximum drawdown of 12%. The profit target is 8% in stage 1 and 5% in stage too, which again is one of the easiest to pass in the industry! Leverage for these accounts is fixed at 1:100.
The accelerated accounts are my favourite funding method offered by MyForexFunds. This is instant funding, with no challenge, no verification and no monthly fee! You will INSTANTLY have access to the trading capital, ranging from $2000 to $50,000. This is more expensive than doing a challenge of course because the company is taking on much more risk than they do by checking your performance first, so that is why the $50,000 account commands such a high price ticket.
Two account types are offered, with conventional and empathic. They are both exactly the same, apart from the fact that the perimeters have been doubled for empathic accounts. This means that the next milestone to increase funding requires 20% gain, rather than 10%, the overall maximum drawdown is 10%, rather than 5% and the initial fee is doubled as well!
This is by far my favourite way to quickly access trading funding, whether you’re looking to test a strategies viability within the live markets or pull profits out to grow your own accounts, instant funding will save you months of demo trading to pass challenges! The majority of our top forex prop firms list don’t offer instant funding and make you trade for upwards of 2 months before making a penny – what a waste of good trades?!
What Makes MyForexFunds Different From Any Other Prop Firm?
There isn’t much to differentiate MyForexFunds 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 my 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. I’d recommend using ForexCopier 4 for this!
How Does MyForexFunds Compare To FTMO?
FTMO are obviously the grandfather of the industry. They were the first to the party and really laid the ground for the rest of the prop firms to walk on, including MyForexFunds.
It’s extremely hard to pick apart either offering – I’ve been a loyal fan and customer of both prop firms for a long while now and I think they both have their place.
I would agree that FTMO has more of a backend and infrastructure in place as they’re further along their journey into corporate growth. On the flip side, I really don’t see this as an issue and I have always received all the support I needed from the MFF team.
I personally take the stance of, ‘I’d rather work with 2 prop firms, than 1’. This is purely because I setup copy trading tools to replicate my trades onto multiple accounts at once. If you have the means and the option to do so, I’d highly recommend working with both firms and having multiple funded accounts.
Apologies if this wasn’t the clean cut answer you were hoping for – both of the offerings are absolutely brilliant!
How Is MyForexFunds Comparing To TheFundedTrader?
TheFundedTrader is maybe the 2nd fastest growing prop firm in the forex industry. It’s only been around for a few months now but the reception has been massive and traders all around the world are absolutely loving the offering.
With that being said, which do I prefer?
I have worked with MyForexFunds and TheFundedTrader over the last 6+ months and I would say that their offerings are incredibly similar. Both companies follow the standard challenge model that FTMO created many years ago.
In terms of the capital on offer, both companies are in the same ballpark. I would argue that TFT has better marketing and more on offer for traders, in terms of gimmicks. I believe that MFF offers much less in this arena but I don’t gauge that as being overly important.
As of right now, I am still leaning more forwards MyForexFunds purely as they have stood they test of time and been around for longer. Not only that, they have twice as many reviews on popular forums.
In all honesty, I am funded with both of these competitors and I couldn’t be happier – I would highly recommend reading my full The Funded Trader review, checking out my withdrawals and perhaps signing up to both funding options!
Is Getting MyForexFunds Capital Realistic?
As good and shiny as a new prop firm is, we really need to consider whether the trading objectives and accounts offered make it possible to get capital and get capital quickly.
MyForexFunds 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 TheFundedTrader, this is by far the best offering for traders looking to sidestep a challenge and have access to instant funding. 40,000+ traders can’t be wrong!
Which Brokers Do MyForexFunds Use?
Forex prop firms are completely different from brokers in many respects. They very rarely have access to liquidity or the actual markets, so they will usually rely on reputable forex brokers to host their clients funded accounts, which is exactly what MyForexFunds do.
They are currently using FxPig for all trading, which is great because I have just finished writing an in-depth review of FxPig. They are certainly not the most regulated broker in the world but they offer a great trading environment, leverage and conditions for all traders around the world. The spreads are good, the fees are cheap and you will have no problem executing trades using their liquidity.
MyForexFunds Reviews – What Are Traders Saying?
MyForexFunds has completely dominated the prop firm industry since 2020. In fact, when I first published this review, they only had 20 reviews on Trustpilot. Now they have grown to over 12,000 reviews, 92% of which are overwhelmingly positive!
The sustained growth gives me a lot of faith in this firm as a funding option for traders.
The buzz around the company over the last few months has been very much noticeable. When I first wrote this article, back around June 2021, the company bare had any reviews. Within the last few years there has been literally thousands of reviews from traders using MyForexFunds every month – which is amazing to see!
Like I 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.
One aspect that traders seem to be absolutely thrilled with is the high profit splits! MFF currently have the largest profit split out of all the prop trading firms in the industry and traders are really loving it – if the forums are anything to go by!
Education & Support For Traders
If we are looking at the education side of things, you’ll know that I am a big believer in learning elsewhere using the free resources that are online. Places like Babypips are a great place for newer traders to share ideas and really grow their understanding of the forex market.
With that being said, MyForexFunds is soon to be offering a trading academy, which will be packed full of educational content for us to consume. I cannot fully critique this as it’s not actually out currently, but I will update this section once the academy has been launched.
In regard to supporting traders, they are offering a Discord server, live chat and email support 24/5, in order to get to your query as fast as possible.
The trading volume per month is now sitting at over 100,000,000,000+, which is great to see! Since I have been trading with the company over the last few months, with the increase of new traders, I’ve noticed a huge increase in the quality of support for traders. The time in which is takes to get a response from the team has decreased massively, there is also now a live chat function which can help answer any small queries you may have.
Successful Trader Interviews
Over the last few months, MyForexFunds has started interviewing some of the most successful traders using the funded accounts. This is something that FTMO have done for the last few months also and it provides a really interesting look at some of the up and coming traders, alongside strategies and tips for you to implement.
This interview was done by Irma, a trader using the Rapid accounts available as she wanted to start trading faster, without having to go through a long challenge process. Irma trades using the previous days highs and lows to decide her trades for the day, boasting a hugely impressive 9/10 win rate. Irma mentioned in the interview that MFF have never missed a withdrawal (likewise with me) and she cannot fault the company at all!
I’d definitely recommend having a read of some of the other traders interviews, just to see if there are any tips and tricks you’re missing!
The Founder Of MyForexFunds – The Man Behind The Brand
It’s lovely to see that MFF isn’t some faceless brand like many of the other competitors within the industry. The prop firm is fairly open about the founder, Murtuza. He has actually been kind enough to partake in various interviews with influencers within the forex trading space, as shown below.
If you’re interested in hearing more about how the worlds fastest growing funding option was founded, I’d certainly give this interview a listen.
In all honesty, I didn’t find too much value in this as I’m not overly worried about the backstory and the behind the scenes. In my opinion, as long as everyone is getting paid and the trading conditions are fair, that’s all I’m worried about!
Conclusion – Is MyForexFunds Another Clever Scam?
So, now it’s time to make a decision at to whether or not this company is worth getting forex funding from…
MyForexFunds is a legitimate prop firm and frankly, one of the best in the industry. The whole unique selling point of offering an instantly funded trading account, an account specifically for beginner traders, a relaxed trading challenge, 1:50-1:500 leverage and a great profit share is sure to attract more traders to the company over the next few years.
I would personally recommend the accelerated account, as this is the fastest way I have ever seen to obtain a large amount of trading capital, without having to do any type of performance based challenge for weeks at a time.
As shown in this review, I have received multiple withdrawals from MyForexFunds so I can say without a doubt that the company is legit and paying traders.
MFF is essentially a perfect blend of BluFx and FTMO, making it one of my favourite prop firms this year! If you have any experience trading with this company, please do let me know in the comments below.