The My Forex Funds Evaluation programme, as the name suggests, consists of a two-phase evaluation process: The target for each phase is different, being 8% account growth for phase 1, and an additional 5% for phase 2. Available account sizes are $10,000, $20,000, $50,000, $100,000, and $200,000. Nothing but good things with this company, very trustworthy and a top company in this industry. So on each cycle, 3.5% profits will be collected as the condition for the real account. My Forex funds have a big potential to succeed because of their low subscription fees and varieties of profit share structured funding programs to choose from. Prop firms are aware that mistakes can occur. FTMO reportedly has better customer support than FTMO. In the conventional track, there is a maximum drawdown of 5%(note that its much less than in the Evaluation, probably because you actually have a real account here). $189 // $20,000 We can help traders to find the prop firms that meet their needs. The initial payment is made monthly, and all subsequent payments are made biweekly. The use of Expert Advisors is allowed, but before you can use them you must submit the source code to the firms so that they can verify the bot to determine if it is not infamous and can trade without any issues on your accounts. ), a review will be conducted to ascertain this. $139 // $20,000 Only actual rival MFF really has is FTMO, but MFF rules are more lenient for traders so they take the cake. In the Emphatic track, there is a 10% maximum drawdown, and there is a 20% target for the next level of scaling up. My Forex Funds essentially combined three prop firm models into a single company. 2023 Trustpilot A/S. The use of signal bots, trade management services or trade copiers will not be accepted. Much better than EightCaps garbage, with slippage and such. Here are 8 tips for writing great reviews. In the Evaluation account, if you have reached a profit of 10% or more of the account in a period of 4 months, in which 2 of them were profitable, My Forex Funds will increase your account by 30% of the original size. In any of the three programmes offered by My Forex Funds, you will be able to trade Forex, and CFDs on indices, commodities such as oil and metals. In order to provide funded trading accounts to more people who want to take advantage of their abilities, My Forex Funds is currently aiming to extend its business into related niches. They dont put a limit on the number of open lots on a single account, but they do caution all users to be aware of their risk management profile. Still, if your risk is controlled and youre never risking more than 1-2% per trade, you wont have this issue. To find proof of payouts, you can check out their channel on Discord and profile on Instagram. For every profit of a trading cycle, up to 3.5% account growth will be collected to meet the eligibility requirement (10% account growth) of getting the real funded account. Payment for profit-sharing is made through cryptocurrency or Deel (bank transfer, PayPal, or TransferWise). At trading times like 10:45 am EST, when the market has a high volume, a 25 pip slippage is typical for them.So, in my opinion, no trader would find a 25 pip slippage at the New York session . myForexFunds Review 2022 | Is It Legit or Scam Prop Firm? It is for all the above reasons that, before deciding whether you want to be a funded trader by My Forex Funds, we recommend you to analyze each aspect of this review carefully in order to make a decision. In order to get access to significant Forex trading capital, youll have to pass a two-step challenge. Aspiring traders can select one of their funding options to get started trading and begin earning bonuses and a share of profits. Profit shares can be confusing and slow My Forex Funds was established in 2020 as a prop trading firm based in Toronto, Canada. 1st month profit 50% (Rapid program) / 75% (Evaluation Program), 2nd month profit 65% (Rapid program) / 80% (Evaluation Program), 3rd month profit 80% (Rapid program) / 85% (Evaluation Program), Conventional Account (Not Applicable for the Cryptocurrencies and Share Trading Instruments), Emphatic Account (Not Applicable for the Share Trading Instruments). General Rules - Forex Funding Group Even if you arent trading in the programme, you could still follow these guidelines because they promote ethical trading practises and long-term sustainability. On the second month, this minimum day requirement is dropped. Each of these programmes has its own rules, although many are common to all. The lady who helped me in the chat's name is Liana. I found all the answers right before I join the MFF, so its a big plus for any service to win the confidence of the customer even before starts.Allah bless this company Syed Shahbaz Ali. Semi-professional traders, who have had thorough knowledge and profitable experience in trading, should subscribe to this program. First, youll be paid 12% of your earnings on a bi-weekly basis. If you want to take it easy, you will have up to 30 days to complete the audition, but if you think you can do it in less time, you will have the possibility to do it in 20 days. They offer funding programs for those who are looking to trade with larger accounts (up $50k initially) by only paying a slim joining fee, but also want to see long term effective trading strategies that will be beneficial to them. The communication is absolutely spot on , and I havent had a problem with my withdrawals ! The establishment Phase (Phase II) I waited more than a day and nothing showed, unlike my first upgrade, where the button was immediately visible and clickable. Although a Forex trader may only be paid out after trading on their real account for one month. And on the Forex Peace Army, they are rated 1.8 out of 5 from 25 reviewers. Passed 2nd profit target, expecting automatic new upgraded account as was the case during 1st upgrade. We can see that My Forex Funds claim they are focused on having profitable traders to manage their capital. Otherwise, this defeats the object. Verification can help ensure real people write reviews about real companies. Alternatively, you may demonstrate your abilities on an evaluation account before being accepted into the funded account process, which guarantees live accounts upon approval. If in addition to this My Forex Funds Accelerated program you would like to see other proprietary firms that offer instant funding you can check this list: No evaluation prop firms. Instant Funding Up to 85% profit share Favourable spreads and commission Hedging, EA's, copiers, and risk management tools are allowed Traders can trade during news events Weaknesses Trials and demos are not available Slippage Issues support is slow due to the waiting queue Last Updated on January 1, 2023 by Marco Di Chiara My Forex Funds offers a unique one-step evaluation, a two-step evaluation, and an instant funding program. Only profitable users who trade responsibly are given access to this addon. $84 // $10,000 Chat customer service is very quick and professional. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. Rules of the Evaluation program. Account cancellation will occur for repeated offences. Really great spreads for everything outside of Asia session, as low as 0.1 pips on EU GU during peak liquidity hours. You can trade Forex and other CFDs like Indices, Metals, Commodities, and Cryptocurrencies. My Forex Funds - Facebook However, from that point onwards, after increasing the account by 10% profit, and 20% for Emphatic accounts, the traders account will increase by 2x or 1.5x depending on the phase. The Rapid model has no time restriction. If you have a CEA account, you will be paid biweekly; if you have an NCA account, you will be paid every four weeks. InPhase I,you must reach a profit target of 8% within 30 days. You receive 80% of your profit split into two payments in the second month. Finally, the Rapid account is also really easy because you can potentially start earning right away, even if its comparatively low. Unfortunately, if a violation has been detected on your account, that account will not be eligible to proceed to the next phase. They claim that they vary based on your level of expertise as a Forex trader and that they range from new beginners to full-time traders. Yes, they offer frequent discounts, most often announced on their website and via social media. Youll get access to this account at the end of three profitable months. Its difficult to keep a prop firm afloat these days. The traders account balance should be breakeven or positive at the time of the scale-up request. To actively encourage ethical trading practises, they deliver seminars and information in real time. 4.3.1 Rules to Maintain for Accelerated Program. Best Mentorship: https://join.vvsedu.com/VVSEvaluation use code \"VVSC\": https://myforexfunds.com/accounts/evaluation/Accelerated use code \"VVSA\": https://myforexfunds.com/accounts/accelerated-program/Rapid use code \"VVS2021\": https://myforexfunds.com/accounts/rapid/Best Discord https://discord.gg/pdrKUFtPRfHow to Pass My Forex Funds Evaluation Phase 1 | My Strategy, Results and TipsMy Forex Funds was the easy top choice in my recent top 7 best prop firms video. If youre trading the accelerated account, you can only trade Forex and metals. Passed 1st profit target, received new upgraded account. Challenge Difficulty: 4.5 Profit Share: 4.0 Educational Resources: 2.5 Most prop firms require you to pass an assessment, challenge or audition to prove that you are a profitable trader and that you can properly manage the risk level of your trading operations. My Forex Funds offers a unique one-step evaluation, a two-step evaluation, and an instant funding program. Lets summarise the main advantages and disadvantages of this proprietary trading firm before making a final assessment. My Forex Funds is a prop trading firm based in Canada. Choose myforexfunds now! You are in charge! Keep it up! There are no profit targets, and 12% of whatever you make on the demo account is paid out into a live account for you that you get access to once you hit a threshold. In addition, you can now take advantage of this My Forex Funds coupon code and get a 5% direct discount on the access fee for any Rapid and Evaluation funded account. There are three kinds of funding programs with MyForexFunds, Rapid program, Evaluation program, and the Accelerated program.. To give you immediate earning benefits, they have created an industry-leading programme. He obviously didn't inquire about the spreads. The sizes of evaluation trading accounts range from $5,000 to $300,000. Evaluation is a programme designed for profitable traders who are not yet professionals, and who wish to be funded with capital ranging from $10,000 to $200,000 USD. How does profit split work in My Forex Funds programmes? At the time of our research on MyForexFunds, this education and tools firm only has a blog with a few posts, however we have found from unofficial sources that they are preparing to launch a Forex academy full of educational content. In this account, the trader must go through a two-stage process with certain requirements. Here, prop firms want to test your risk management, so youre expected to make 5% in 60 days. With My Forex Funds, there is something for beginner traders, intermediate traders, and even advanced traders who are ready to start managing significant capital from day one. You'd be risking less then 0.5% and will take ages for the account the compound. Currently My Forex Funds has 3 funding programs available, all with a single payment, i.e. As you will have seen, My Forex Funds is full of good things, but it also has some things that can be improved. If you used suitable risk management techniques (no excessive position size, trade numbers, etc. The My Forex Fund program enables traders to trade without risking their own capital. My Forex Funds - Prop Trader 2023 Proprietary Firms. The rules of the evaluation program are the following: Profit target 1: 8% Profit target 2: 5% Daily drawdown: 5% Overall drawdown: 12% Minimum trading days: 5 calendar days Phase 1 maximum trading period: 30 calendar days Phase 2 maximum trading period: 60 calendar days Leverage: 1:100 Low fees. Cutting through the noise and helping Forex traders succeed. Through the two-step evaluation approach, prospective funded traders can demonstrate their forex, CFD, or commodities trading expertise. So I thought it would be a good idea to spend $100 for an evaluation account ($10,000) on My Forex Funds. You can get a funded account with up to $2,000,000 in balance and up to an 85% profit split payout. Review Of MyForexFunds: Complete Guide - Trading Funder Along with a maximum 85% profit share, MyForexFunds is offering a $2 million and unlimited amount on Evaluation Program for the scale-up plan for the profitable traders. You also cannot make a withdrawal that decreases the account by more than 12% during a single pay period. No waiting; immediately after purchasing your chosen package, your forex account will be funded. Conventional Account You need to meet 10% account growth for the scale up opportunity. 4.2.2 Rules to Maintain for Evaluation Program. With the help of My Forex Funds Accelerated programme, they enable expert traders to cut in front of the crowd and start trading with real money right away. What a lovely prop firm. My Forex Funds - Evaluation Standard - ($200,000 account) They have three models to offer fund forex traders: Rapid, Evaluation, and Accelerated accounts. Forex Training Add your review Traders Reviews 2.037 44 REVIEWS Add your review Sort by: Excellent excellent excellent customer service and support team, billing team and management. If so, they may at their discretion award you your profit share at the time of termination. Traded on old account, assuming it was void as was the case during 1st upgrade. You also have access to a wide variey of instruments from Forex pairs, cryptocurrencies, metals, indices, and stocks. My Forex Funds bonuses are a reflection of their desire to draw in, inspire, and keep skilled traders. My Forex Funds allows trading in Forex, CFDs, indices, and metals. Automated trading is allowed on rapid and Evaluation accounts, including prop expert advisors. However, only on Rapid accounts, you will be able to trade all the instruments available on the MT 4/5 platform, as on the other two types of funded accounts trading in stocks and cryptocurrencies is prohibited. Companies can ask for reviews via automatic invitations. 5 Free Trial. The support teams are always here to help us with both Discord and e-mail. I opened a transaction on both the prop firm's MFF account and FTMO account, and the MFF account lost 25 pip but the FTMO account didn't. My Forex Funds funds traders with account balances that go from $2,000 up to $300,000. My ForeX Funds has fairly relaxed trading rules: you can trade news, hold trades over the weekend, scalp, swing trade, whatever your style is. MyForexFunds offer funded programs with very low subscription fees. Fee: The fees for the My Forex Funds challenges vary on the account size in question. I received my funded account and had some difficulty understanding a certain part of the contract, so I used the Chat function on the Website. At My Forex Funds, they promote ethical trading practises without impeding a traders freedom to trade at their own pace or according to their own schedule. You need to trade for at least 5 days: this is to ensure that youre not a one-hit wonder! In the comment above, from a Forex Peace Army user, we see clearly how a user refers to the false comments that the company receives, many of them probably from competitors, and not entirely true. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Living From Trading. Nevertheless, we would suggest trying this new prop firm out and experiencing their funding service. OMG! Dont miss the opportunity. Another common rule is the 5% Maximum Daily Drawdown and 12% Maximum Overall Drawdown. You must trade for at least 10 days during your first month of live trading in order to get your first payout, which will start after the full month has passed. Risk capital is money that can be lost without jeopardizing ones financial security or life style. MFF has a lower profit target in the first evaluation phase than FTMO does. All You Need to Know About FTMO, the Proprietary Firm, BluFX Review: Instant Funding for Forex Traders, Dollar Dips as UK Budget U-turn Improves Market Sentiment, Weekend holding option for the Swing traders, Variety of trading instruments (forex, indices, commodities, stocks, cryptocurrencies). The only exceptions to this rule are trade copiers and Risk Management EAs. I have passed phase 2 - My Forex Funds I recommend this prop firm to be the best of all the prop firms that I have encountered. My Forex Funds has similar rules set out like those found within FTMO's . You can find out more about My Forex Funds and open an account with them via their website: I'm Eduardo Montero. My Forex Funds program may be what youre seeking if you would like a more fundamental approach to Forex trading. Looking forward for some steady trading =). The accounts range in size from $10,000 to $100,000. ProprietaryFirms.com is a website dedicated to reviewing prop trading firms. I really appreciate your support team. For you to begin your career as a Forex Funded Trader, the My Forex Funds Prop Firm offers a variety of programmes. If you are thinking of using a questionable manual or automated strategy, you might want to ask them before hand to make sure that it is allowed. Aspiring traders can select one of their funding options to get started trading and begin earning bonuses and a 90% share of profits. MFF used KYC as an excuse and they didn't provide any proof, nor did they let me prove anything. After the first month of trading, you get paid 75% of your profit. Emphatic Account You need to meet 20% account growth for the scale up opportunity. You have all your Trading Stats on 1 page and its very easy to read and understand. MyForexFunds Review | Part 1 | $10,000 Evaluation Model Watch on Account Types: My Forex Funds offer 3 different types of accounts and they are based on your trading experience. My Forex Funds combined all three models under just one trading firm, vaulting them as one of the leading proprietary funds in 2022 and beyond! Every time you make 10% on your account, your account size is scaled up. The My Forex Funds VIP Program is here to revolutionise the game with a 90% profit share, withdrawals at any time with no restrictions, semi-automated payout confirmations (Money in your account within 10 hours), and many more unexpected rewards. They accept and allow all traders from around the world to open an account with us. Contacted customer support, they said to wait. Images, pictures, photos, wallpapers, and more are available in 0 tutorials and charts for the my forex funds evaluation rules. That being said, let's take a look at the comparison of the two-step evaluation programs. However, it appears that they execute the majority of the pay-out requests within 24 hours, with customers receiving the requested earnings the next day. All Rights Reserved, No Targets You get paid 12% of the profits you earn in your account, Profit split of up to 90% of profits generated (VIP account), Scaling programme that can take you to a funded trading account of up to $2,020,000, Funded accounts tailored for beginners, intermediate, and professional traders, You can receive a 100% refund of the registration fee for accessing the accounts on successful completion of the evaluation process, Affordable access prices on all programmes, with several options in each programme, Weekend trades are allowed on the Evaluation account, You can make profits without evaluation process if you pay for the Accelerated program, Weekly or bi-weekly payouts (depending on account) via bank transfer, cryptocurrencies, Paypal and TrasferWise, With an Accelerated account, you can have instant access to up to $50,000 of trading capital, Achievable target with Evaluation accounts, its 8% split to pass the first stage and then just 5% to move on to a funded account, Strict trading rules when compared to some other prop trading firms, Scaling and other features can be complicated to understand, Drawdown is based on your equity not your account balance, which may confuse some traders, Lack of educational resources to assist beginners, Overwhelming choice of accounts and conditions to wrap your head around, Prove your experience with an Evaluation Account, Get started immediately with Accelerated Funding, $50 in profit on a 5k, 10k, and 20k account, Leverage for the Evaluation program on all account sizes is 1:100, Leverage for the Rapid program on all account sizes is 1:500, However, for Cryptocurrency, it is 1:5 for all programs. There is a 5% daily drawdown depending on the trader's account balance or equity. In this sense we could say that its main difference is the Accelerated account, which gives you instant access to the live funded account (no evaluation or challenge). Accounts you are copying from must also not use prohibited EAs. The biggest factor in continuing my partnership with mff. MyForexFunds Review (Withdrawal Proof & 2022 Updates) - Forex Broker Report In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. The immediate funding varies from $99 for $2,000 to $2,450 for $50,000 - however, the cheapest package is scalable up to at least $3244,000. My Forex Funds will also scale your account. My Forex Funds has similar rules set out like those found within FTMOs guidelines, however, there is a $100 difference between these two firms at first appearance, and everything appears to be boosted to the traders benefit under the hood. Quick and automated processes, very good customer support and not to mention a quality website for thier brand. We require a variety of services, including a trustworthy trading account and capital, but there is no assurance that the prop firm will provide what we require or even allow Forex traders to trade as they see fit. With the Evolution program, there are two phases of trading requirements to succeed to get the real funded account. I have passed phase 2. In the case of this programme, two types of accounts are offered, Conventional and Emphatic, where the difference between them is determined by the next milestone to increase funding, which increases from 10% to 20% (in the Emphatic account), and the maximum reduction, which increases from 5% to 10%. If you have extensive trading experience, the accelerated program can get you towards trading volume in a very short amount of time. Pros Over 12k Trustpilot reviews with an excellent score of 4.9/5 Direct funded account sizes from $2,000 to $50,000 Trader receives account fees back +12% on the first payout 2% and 4% phase bonuses from evaluation stages Unlimited evaluation free retries Low commission costs Low fees Leverage 1:50 - 1:500 Three different account types The scaling plan for Accelerated accounts is determined by phases, where each phase will start with a base amount, which coincides with the amount the trader paid for access to the account. We urge you to double-check all of the rules around this issue and contact them if you have any questions before joining, like you should with any other prop firm. If we focus on the aspects that differentiate My Forex Funds from other proprietary trading firms, there are actually not so many. 2023 - 5 Best Proprietary Trading Firms, 5bestproprietarytradingfirms[at]gmail.com. They have a total account drawdown of 12% for any pay period in addition to the daily depletion. Moreover, I was very proud and satisfied to get my first payment from this prop which was the hardest for me because I failed 2 evaluation accounts before switching to the Rapid account. For a prop firm, MFF has pretty standard trading rules. Leverage ranges from 1:5 all the way up to 1:500. There are two types of accounts under Accelerated programs with the fastest opportunity for the scale-up plan. Taking My Forex Funds performance challenge entitles you for larger account and profit split, while smaller accounts are available without this performance test. Once you pass Phase I, youre inPhase II. $1,349 // $300,000, Live instant funded accounts up to $50,000 They have very favourable trading conditions and a range of achievable targets for all types of traders to qualify for a funded account. I got locked out of my 100k live account and got robbed of 5% of my profits. Updated If you were unable to reach the profit target, you may be eligible for an extension or a free retry if you meet the following criteria: - Your account is above the initial balance. Bonuses are given out either biweekly or monthly. In as little as 10 days, prove your worth and move up to a financed account. 657 talking about this. Same goes for SP500 and Crude oil, best spreads in the CFD world when it comes to prop firms. With MyForexFunds, a trader can earn in two ways. I received very quick help from Vardal (support). While it lacks educational resources, My Forex Funds is still an excellent option for most traders. Two-step Comparison: My Forex Funds Review - Rules, Pros & Cons - Michael Diamond Financial FTMO or My Forex Fund : r/Forex - Reddit Phase 1 must be finished within 30 calendar days, and Phase 2 must be finished within 60 calendar days. Proud to be funded with you guys. To ensure your success when trading forex with a prop firm, they will take care of the rest in terms of assistance and trading conditions. Start with 2,000 up to 50,000 USD and use My Forex Funds scaling to increase your funds all the way to a maximum of 2 million USD. . 5% Daily Drawdown; 12% Overall Drawdown; 8% profit target phase 1; 5% profit target phase 2; 5 trading day minimum; No trading restrictions; $5,000 $10,000 . An idea that FTMO has also been doing for some time now and one that brings a lot of value to traders just starting out, who are in need of success stories to motivate and motivate them to excel. Assured funding up to $1,350,000 This is closely monitored by an . This coupled with the fact that it is a relatively young prop firm, with only two years in business (at the time of writing), creates a bit of mistrust in some of its clients. Finotive Funding, on the other hand, also offers a one-step evaluation, two-step evaluation, and instant funding programs. You cannot have a daily drawdown of 5% of equity or balance in any of the My Forex Funds evaluation programmes on any one day. $749 // $100,000, $49 // $5,000 My Forex Funds evaluation program - Forex Prop Reviews - Your account does not have any violations. My Forex Funds Review 2023 - Pros, Cons and Ratings For you to begin your career as a Forex Funded Trader, the My Forex Funds Prop Firm offers a variety of programmes. As you trade the rapid account, youll be paid out in two ways. I really appreciate your support team. The live account will be worth 10% (all funds transferred) of the original trading account size and maintain the rules. Spreads are good too and plenty pairs to trade. My Forex Funds is one of the best proprietary trading firms in the market. After choosing your programme, you can immediately access your funded trader accounts. Advertiser Disclosure: We from ForexPropReviews.com spend thousands of hours annually to follow, monitor and review the latest updates and news when it comes to (new) proprietary firms. 1 review TR 2 days ago Every request is returned as soon as possible. The accelerated account is obviously really easy: just fork over the money and My Forex Funds offers instant funding! My Forex Funds is a fairly new prop firm that only got its start in 2020, but theyve taken the prop firm industry by storm thanks to their generous profit split, wide variety of ways for obtaining forex capital, and comparatively reasonable trading objectives. Im more than happy with this companys customer service , as they are quick and efficient. Testimonials: Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success. In this case it is important for you to know that you must request payment before 3:00 pm. Forex Pairs, Gold, Indices, Cryptocurrency, Maximum Daily Loss, Maximum Loss, Profit Target, Trading Period, No Positions Held Over Weekend. My Forex Funds & FTMO Two-step Comparison - Forex Prop Reviews My Forex Funds is similar to other of the industrys leading prop firms, except that they provide Accelerated accounts, which provide instant funding on day one.
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