MyForexFunds Review 2024

What is MyForexFunds?

Founded by Murtuza Kazmi, MyForexFunds is a prop trading company that provides funding programs to forex traders across the globe. Unlike traditional prop firms, MyForexFunds offers a unique accelerated program where traders can prove their proficiency and secure a funded account by reaching set profit targets within minimum trading days.

The firm’s transparent and simple rules, coupled with its acceptance of various trading strategies, make it a highly flexible and user-friendly platform. However, it’s important to remember that trading in the financial markets comes with substantial risks. This review should be taken as information only and not a substitute for professional financial advice.

External MyForexFunds Reviews & Ratings

Here are some reviews from traders who have experienced the platform firsthand:

How Does MyForexFunds Work?

Getting started with MyForexFunds involves a one-time registration fee and the selection of one of their evaluation accounts. These accounts vary in size from $5,000 up to $300,000.

Once registered, traders begin their journey through the firm’s two-stage Evaluation Program. The goal is to reach the profit target within a set number of trading days without violating any daily or maximum drawdown rules.

The firm’s rules include no holding positions over the weekend, maintaining the daily loss limit, and not hitting or exceeding the maximum drawdown limit.

Upon successful completion of the evaluation phases, traders are offered a funded account, retaining the same targets and rules.

Traders can monitor their progress through the firm’s trading server, managing their accounts, and interacting with other traders on the discord server.

MyForexFunds Options

MyForexFunds offers an array of options for traders, providing flexibility in terms of starting capital, contract sizes, profit targets, and fees. Here are the available options:

MyForexFunds Options

MyForexFunds offers an array of options for traders, providing flexibility in terms of starting capital, contract sizes, profit targets, and fees. Here are the available options:

• Rapid Account Program: This program is designed as a rewarding educational tool. With the Rapid Account program, traders can earn bonuses from the very beginning of their journey with My Forex Funds, while simultaneously developing their skills in a risk-managed environment. The program offers demo trading accounts ranging from $10k to $100k, allowing traders to receive a bonus on a bi-weekly or monthly basis as they hone their skills. There’s no time limit for this program, giving traders a chance to learn at their own pace while being assessed by My Forex Funds. After a three-month assessment period, successful traders are given access to live trading funds.
• Forex Funded Account Evaluation: This program is for semi-professional traders who have demonstrated a certain level of skill and are ready to take their trading to the next level. It is a two-step process designed to evaluate a trader’s skills in FOREX, CFD, or commodities trading, with account sizes ranging from $5k to $300k. Once traders prove their worth, they can access a funded account in as little as 10 days or take their time and pass within 90 days. The program allows traders to demonstrate their consistent trading and risk management skills in order to join the My Forex Funds Prop Firm and start trading with real capital.
• Accelerated Program: This program is for professional traders who wish to start trading with real money immediately. It allows traders to bypass the evaluation stage and start earning from day one. The program provides account sizes ranging from $2,000 to $50,000, with the potential to scale all the way up to $2 million. Traders in this program have access to higher leverage and can receive weekly payouts, making it a suitable choice for experienced and full-time traders who can effectively manage risk. However, due to the nature of these accounts, trading in shares is not permitted in the Accelerated program.

Once a trader has successfully completed the evaluation and met all the criteria, they are offered a funded account. Here, traders can keep a percentage of the profits they make. Profit shares can reach up to 85%, depending on the profit made.

For those who fail to meet the evaluation criteria, the firm offers a reset option, with unlimited resets allowed.

Who is MyForexFunds Best For?

MyForexFunds is an ideal choice for:

• Experienced Traders: With its Accelerated Program, MyForexFunds caters to professional traders who are confident in their trading skills and can meet higher profit targets in less time.
• Beginner Traders: The firm’s Evaluation Program, with its simplified rules and trading conditions, is tailored for beginners. It allows less experienced traders to learn and improve their skills while trading in real financial markets.
• Traders Seeking High Profit Shares: MyForexFunds offers a competitive profit split, with successful traders keeping up to 80% of their profits.

What are The Benefits?

There are several reasons why MyForexFunds is an excellent choice for forex traders:

• Wide Range of Account Sizes: The firm offers a variety of account sizes, providing options for traders with different trading experiences and styles.
• Competitive Profit Split: Once funded, traders enjoy a competitive profit split. The more profits traders make, the higher the percentage they get to keep, with the possibility of reaching up to 85%.
• Flexibility in Trading Strategies: MyforexFunds does not restrict its traders to specific strategies. This provides traders with flexibility and allows them to employ a strategy that best suits their trading style.
• Supportive Trading Community: The firm offers a discord server where traders can communicate, share experiences, and learn from each other.

Evaluation and Trading Rules at MyForexFunds

In order to make the most out of MyForexFunds’ offerings, understanding their evaluation and trading rules is crucial. Below, we’ll delve into the key rules that govern trading on the platform:

• Take It Slow and Observe Risk Management: MyForexFunds encourages traders to take their time and apply sound risk management techniques to achieve their targets. Traders who pass the evaluation quickly tend to fail on their live account, so patience and a well-planned strategy are key.
• Trading Behavior: Traders have the freedom to use their own trading style, whether it’s news trading, scalping, long-term or short-term trading. However, any activities that exploit the inefficiencies of Metatrader, such as gap trading or latency arbitrage, are not allowed and could lead to account suspension.
• Trading Instruments: MyForexFunds allows trading of a variety of instruments including FOREX, CFD’s, index CFD’s, and commodities like oil and metals. Crypto trading is also allowed on weekdays.
• Expert Advisers & Robot Usage: While MyForexFunds allows the use of expert advisers or robot trading, traders should ensure their trading activities don’t breach other platform rules. Using third-party expert advisers is acceptable as long as it is not managed or traded by another party.
• Account Management: Upon purchasing a program, traders will receive their login details within 24-48 hours. Changing these details is not allowed, and breach of this rule can lead to account suspension. Also, using signal bots, trade management services or trade copiers is not acceptable.
• Profit-Split: Traders will receive their first payout one month after placing their first trade in the live account. The first payment is monthly, with every subsequent payment being bi-weekly.
• Scaling Up: MyForexFunds offers a competitive scaling up plan. If traders have achieved a profit of 10% or more within a 4-month period and 2 of those 4 months were profitable, the platform increases the account size by 30% of the original account size.
• Drawdown Rules: Traders must not have a daily drawdown of 5% of equity or balance on any given day in any of the MyForexFunds evaluation programs.
• Losses: Importantly, no trader at MyForexFunds will be liable for any trading losses. However, traders are encouraged to practice good risk management practices.
• Retakes and Extensions: If a trader reaches the end of the 30-day limit of Phase I in profit without any breaches, they are entitled to 2 free extensions of up to 14 days each or unlimited free retakes.
• Refunds: All traders who pass Phase 1 and Phase 2 will receive a refund of their fees when they reach their first profit-split period at the end of the first month on their live trading account.
• Account Inactivity: An account inactive for 30 days will automatically be breached. If the platform is not informed within 10 days of the breach about the reason for the inactivity, the account will be permanently suspended.
• Use of Third-Party Software/Vendors for Trading: All trading activity with MyForexFunds should be the trader’s own. Use of any vendor promoting the passing of a prop firm evaluation or challenge will result in a ban.

These rules aim to create a safe, supportive, and fair trading environment that helps both novice and seasoned traders maximize their trading potential.

Limitations of MyForexFunds

Despite its many benefits, MyForexFunds has a few limitations to keep in mind:

• Maximum Drawdown Rule: MyForexFunds imposes a maximum drawdown rule which could be challenging for some traders. It requires careful risk management to ensure that the account balance does not fall below a certain point from its peak.
• Drawdown Rules Clarity: Some users have reported difficulties in understanding the drawdown rules, according to reviews on Forex Peace Army.

Final Thoughts

With its flexible programs, user-friendly rules, and impressive profit shares, MyForexFunds offers a highly appealing prop trading platform. Their evaluation and accelerated programs cater to both beginners and experienced traders, providing an excellent platform for individuals to kickstart or enhance their trading careers.

In this MyForexFunds review, we conclude that it is a highly competitive prop trading company for any forex trader aiming to secure a funded account, with substantial contract sizes up to $300,000.