MyForexFunds vs FTMO 2023
Important Update: In September 2023, both US and Canadian regulators took action against MyForexFunds. Bank accounts were frozen and a temporary cease trade order was issued. While MyForexFunds is trying to resolve this, it’s unlikely that there’s a quick fix and I’d be surprised if they are ever back in business.
For now we’ll leave our old comparison post intact below but you obviously cannot sign up. With what they’ve been accused of I wouldn’t recommend them anyway.
Also I suggest you tread carefully with your prop trading activities. This very well might be just the first domino to fall.
One of the most common limitations that traders run into is a lack of funding. Even a highly profitable trader who consistently generated high returns is limited by the amount they were able to initially invest. Fortunately, that’s why prop trading firms were created!
With prop trading firms, traders must first prove their value and expertise as a trader. Once they’ve passed the company’s evaluations, they will be provided with company funds that they can use to trade. From here, the profits are split between the company and the trader.
Funded trading conditions are ideal for forex traders, as they’ll be able to greatly increase their initial investment for a fraction of the cost. Today, we’ll be looking at two such firms in this MyForexFunds vs FTMO comparison. Which one will come out on top? Keep reading to find out!
|MyForexFunds is Better for:||FTMO is Better for:|
|Skipping evaluation||Higher profit share percentage|
|One-phase evaluation||Weekend crypto trading|
|Lower minimum trading days||Stocks|
As one might expect, prop trading firms generally have pretty high standards for traders (especially those active in the forex market). Passing the initial evaluation process shouldn’t be too much trouble for a gifted trader, but often, companies make the evaluation unnecessarily restrictive.
When considering prop firms, you should always check to see what their specific evaluation processes are. Some will allow you to skip the process entirely in exchange for a larger deposit, while others have mandatory evaluations.
Either way, you should ensure that the risk management metrics defined by the company are ones that you can realistically uphold. If you violate these metrics, it’s likely that your funding will be revoked. Keep this in mind as we compare MFF vs FTMO!
Factor 1: Features
Both funded trading platforms have their own trading objectives that forex traders must meet or exceed if they want to qualify for funding. They also have different profit share percentages, which is extremely important to potential investors. The higher the percentage, the more trading profits you’ll be able to keep!
FTMO Offers a Higher Funding Limit
- FTMO offers a maximum funding of $400k
- MyForexFunds has a maximum funding of $300k
- FTMO requires all traders to pass evaluation
This platform has relaxed trading rules so traders can try news trading, swing trading, or any other strategy they’d like. As long as they stay within the limitations of the program they’re on, they’re free to trade how they see fit.
The limitations—which include daily drawdown, maximum drawdown, and minimum trading days—vary from program to program. Currently, MyForexFunds offers three different programs: Rapid, Evaluation, and Accelerated. “Accelerated” requires a larger deposit than the other programs, but allows traders to skip the evaluation process entirely!
Funding options vary widely (from $10,000 up to $300,000). Profit split percentages go up to 85%, which is fairly competitive.
To be eligible for a funded account traders will first have to pass the FTMO Challenge, which is a paper trading challenge that gives traders specific trading conditions (daily drawdown, minimum trading days, maximum drawdown, etc.) that they must meet in order.
After the challenge has been completed, traders will move on to the Verification Phase. This phase serves as the company’s way to ensure that the trader will be able to perform consistently. Essentially, it’s a second challenge with a few tweaks: the maximum time frame doubles, and the profit goal is cut in half.
Once a trader passes both the Challenge and the Verification process, they’ll be eligible for a funded account and a profit split of up to 90%. Funding options vary from as little as $10,000 to as high as $200.000.
Factor 2: Costs
While paying a large deposit upfront might not seem like much to more successful traders, it could be a deterrent for beginner traders who aren’t 100% confident in their trading abilities. However, if your trading activity is profitable, this temporary expense should be worth it in the long run.
FTMO Has Lower Maximum Fees
- FTMO has a maximum fee of €1080
- MyForexFunds has a maximum fee of $2,450
- MyForexFunds has a minimum fee of $49
Refundable registration fees range from as little as $49 (for a $10k Evaluation account) to as much as $1,389 for a $300k Evaluation account. Fees for an “Accelerated” account range from $99 to $2,450 (for a $50,000 funded account), but these fees are not refundable.
Prices for FTMO are listed in euros, but even when converted to USD, they’re generally significantly cheaper than MyForexFunds fees. Once you pass the challenge and gain a funded account, your challenge fees will be refunded to your account.
Currently, fees range from as little as €155 (for a $10k account) up to €1,080 (for either a $100k or $200k account, depending on the account type).
Factor 3: Funding Options
Credit and debit cards are fairly commonplace funding options, but what if you want to pay a different way? Let’s look at the options for each platform.
FTMO Supports a Greater Number of Payment Options
- FTMO has five payment options
- MyForexFunds has three payment options
- Both support cryptocurrency payments
This platform only has two options: credit/debit card and crypto. Cryptocurrency payments must be made through Coinbase or another exchange. Currently, MyForexFunds supports five different cryptocurrencies:
In addition to credit/debit card payments, FTMO supports wire transfers, Google pay, Skrill, and cryptocurrency payments. Some of these payment methods may incur fees.
MyForexFunds vs FTMO: A Summary
Both prop firms are excellent options for forex traders looking for a funded trading experience. While MyForexFunds may be a bit more relaxed (which could be good for beginner traders), FTMO has better offerings overall. Regardless of which firm you choose, having good risk management practices and being able to confidently navigate the financial markets is a must.
Click here to try the FTMO Challenge and secure funded trading for yourself!