By now, we all know that if you are looking to grow your forex trading capital and net large profits, prop firm funding is the way to go!
There are now around 50+ prop firms specifically in the forex industry and traders have a huge amount of choice as to which firm they want to obtain funded trading accounts from.
In this article, we’ve reviewed MyFundedFx – a relatively new prop firm that is taking the industry by storm. We’ve tried and tested them with our trading strategies to try and provide the most comprehensive review possible.
So, let’s get into it…
It’s worth mentioning that I got funded in just one trade, using their 1 step funding process! Food for thought…
Who Are MyFundedFx?
MyFundedFx are a prop firm offering forex traders up to $300,000 in trading capital with a 80% profit split!
I’ve had a huge amount of emails from traders over the last few months about this firm as it’s clearly exploded in the industry, with many traders looking to seek funding.
With the aggressive scaling plans, traders can be working on up to $1,500,000 of trading capital, which is one of the reasons traders are so keen to be working with MyFundedFx.
Built on Eightcap, they’re one of the only prop firms offering crypto trading on the weekends – making it a hub for budding crypto traders looking to get funded, alongside forex traders.
Could this be the prop firm to displace some of the big players in the industry? Let’s take a further look…
How Do I Get Funded From MyFundedFx?
Getting funding from MyFundedFx couldn’t really be easier, as far as prop firms are concerned. They offer 2 different funding models/challenge models. Firstly, there is the 1 step funding (that I did), and secondly there is the more standard 2 step funding challenge.
Let’s take a closer look…
1 Step Funding
The 1 step funding is very simple. You essentially have unlimited time to make a 10% profit target. Your drawdown limit will be 6%, with a maximum daily loss of 4%.
Now the interesting this about this funding method is simply the fact there is only 1 minimum trading day. This means traders can get funded within 1 day, from 1 winning trade!
For those of you that are fairly impatient, like me, this is a great option to have!
There is a refundable fee for those that go on to being given their prop firm trading account, as with most firms.
2 Step Funding
With the 2 step funding process, this is much more similar to a lot of the funding options you would have seen in the industry over the last few years.
There are 2 phases, both with almost identical trading criteria. In phase 1, you need to net 8% profit on your trading account without violating drawdown rules. In phase 2, repeat the same process but with a 5% profit target.
You have an unlimited amount of time to complete these 2 phases, although they could be complete in just 2 days with just 2 trades, if you fancied it!
Of course, these accounts come with 1:100 leverage and a refundable challenge fee, if successful.
What Makes MyFundedFx Different To Other Prop Firms In The Industry?
If we remove the nice branding and pretty logos, what does MyFundedFx actually bring to the table? Well, it all comes down, in my opinion, to their 1 step funding process.
If you’re familiar with any of the best prop firms, you’ll know that there is typically a 2 step funding process. This means it takes traders at least 60 days to get funded and the likelihood of failing the challenge process increases during this time.
However, MyFundedFx offer a 1 step funding option that has only 1 minimum trading day. To newbies out there, this means you can literally get a funded account in 1 day, with 1 trade – in theory.
This is how I obtained my funded account and it’s ridiculously easy for a profitable trader to do this!
Even better, there are no limits on time durations, so traders could take months doing this if they needed to.
The MyFundedFx Trader Leaderboard
Once you have a funded trading account or a challenge account with MyFundedFx, you’ll be able to access the trading leaderboard, as shown above.
This is a great feature and builds that community feel, something I find personally really important in prop firms. In terms of community, they also have a very active Discord server with over 8000 members!
Not only does this build a community, it’s lovely to see traders generating such large profits this month on their funded capital accounts. MH0, 7th on the leaderboard, currently has over $300,000 in trading capital, meaning they’ve had over $35,000 in profits for the month – crazy!
If you click into any of the traders, you’re able to see all of their past trades, stats and even enough information to try and reverse engineer some of their trading strategies.
I would add that it’ll be very hard to reverse engineer a strategy based purely from entry and exit timings, but it’s surely possible for someone!
Do MyFundedFx Pay Withdrawals? Payout Proof
MyFundedFx have a huge range of payout/withdrawal options, which is great! Personally, I used Deel.
I only took a very small/quick withdrawal, as I wanted to prove that they are paying – which they did. When I manage to take a withdrawal larger than $272 (depending on my trading!), I’ll be sure to update this review with a larger payout proof.
The company run competitors, much like some of the other prop firms, which is great to see! The current offering is $1,000 in cash prizes, along with some various challenge accounts being offered to those that place well in the competition.
This is great to see and I’m sure the prize pool will dramatically increase over the coming months!
Also, it’s worth looking at how many traders are entering the competitions. In April, 10,000+ traders have registered to be a part of the competition. This shows us the scale of the company and how many traders are obtaining their funding from MyFundedFx.
Is MyFundedFx Funding Realistic? Will You Pass The Challenge?
It’s all well and good having scaling plans and fancy features but if the challenges are impossible to pass, none of this matters!
Well, getting funding from MyFundedFx is very realistic – I mean VERY realistic.
Firstly, they have their 1 step challenge. You can literally pass the challenge with 1 profitable trade, which is what I did. The minimum trading days is just 1!
Secondly, there is no maximum time duration on the challenges. This means you can chip away at it very slowly until you reach whatever profit target you’re looking to achieve. This is vastly easier to achieve than some of the prop firm challenges with 20 day limits.
Thirdly, for the 2 step challenge, the max total loss is 8%. I’ve seen many firms decreasing their maximum loss to around 4% – so MyFundedFx is giving traders a little breathing room!
The MyFundedFx Scaling Plan
If you’ve read any of our articles before, you’ll know how much we love a capital scaling plan from a prop firm. I truly think it’s one of the most important features in any prop firm.
Luckily, MyFundedFx has a great scaling plan and it’s very simple to use!
In essence, you’re eligible for an increase of 25% trading capital every 3 months, if you manage to net a profit of 12% or more, within that 3 month period. Note, the profit just needs to be obtained by the end of that 3 month period, not in 1 month.
Once complete, reach out to the support team and they’ll fund you the additional capital. I am looking to do this myself once I reach this point – wish me luck!
MyFundedFx Partnership With Eightcap
This, again, is a big green tick for MyFundedFx – the fact that they’re built in partnership with a reliable broker and have good liquidity and trading platforms for traders.
The partnership means that traders have access to MetaTrader 4 and MetaTrader 5 – the two most popular retail trading platforms.
For context, I downloaded MT4 and used this for my prop firm challenge account.
MyFundedFx YouTube Channel
This may not be a selling point to most traders, but I like to work with a prop firm that has a face behind it! MyFundedFx have a YouTube channel where they post regular content which maybe useful for traders!
To be honest, I rarely watch the content, I just dip my toe every few weeks!
MyFundedFx Reviews – Is It A Scam?
When reviewing any prop firm, you’ll know that we like to dive into the reviews online and see what experience other traders have been having.
Although we personally have had a great experience trading with MyFundedFx, we need to be sure that other traders are also being treated in this way!
It’s great to see that traders leaving reviews on Trustpilot have had the same experience as us! MyFundedFx currently have over 300 reviews with an excellent rating!
Only having 2% negative reviews is great, especially within the forex industry where traders are obviously prone to losing money and feeling negatively about a broker or a prop firm.
Moh, a trader, mentions that fact that the customer support is second to none. Personally, I can vouch for this as I spoke to the customer support team and they were extremely useful. This is one of the huge selling points about MyFundedFx in my opinion, you need strong customer support when funded accounts are on the line!
Veronique also praised the customer service and got funded – great!
Of course, we will keep monitoring reviews over the coming months and updating this article, alongside adding our own feedback as we continue trading our funded MyFundedFx account.
If you have any comments to add or have had an experience with this firm, please leave a comment below – I’d be curious to hear!
In Summary – Is MyFundedFx Worth Trading With?
In conclusion, MyFundedFx is a great prop firm for traders looking to get funded quickly, with their 1 step funding process! This enables traders, like myself, to get funded in a much shorter time and therefore have an increased chance of getting funded!
Oh, and the scaling plan up to $1.5M helps too!
If you have anything to add to my review, please get in touch – I’d be curious to add any experiences from other traders.