MyFundedFX Review 2024: Is it the best Prop Trading Firm?

Jeremy Biberdorf
By: Jeremy Biberdorf
Nov 13, 2023
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1/5

1.0 rating based on 5 ratings

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In a Nutshell: MyFundedFx claims to be a beacon for forex traders seeking to leverage substantial capital. However, with concerns about its long-term reliability and limited educational resources, traders are questioning its viability. In this review, we explore these concerns in detail and consider whether MyFundedFx is indeed a worthy investment of your time and money.

Type of ServiceFeesPromotion
Prop Trading FirmVariableSave 5% on MyFundedFX via our Exclusive Link!
Pros & Cons
Pros
  • Claims fast funding.
  • Promises weekend crypto trading.
  • Offers up to $1.5M in trading capital.
Cons
  • Limited educational resources to empower traders: MyFundedFx falls short in providing comprehensive learning tools for traders, a fundamental flaw that can leave beginners stranded and veterans wanting more. The lack of structured tutorials, market analysis, and trading education fails to equip traders with the necessary knowledge to navigate the complex forex market confidently.
  • No Free Trial to test the platform: The absence of a free trial period at MyFundedFx places potential traders at a disadvantage, forcing them to commit financially without experiencing the platform's offerings. This lack of a risk-free introduction is a significant deterrent compared to competitors that allow traders to familiarize themselves with services before investing.
  • Newer firm with unproven long-term reliability: As a relatively recent addition to the prop trading scene, MyFundedFx has not yet established a track record that can assure traders of its endurance and stability. The firm's longevity and ability to sustain profitable trading conditions over time remain untested, casting doubt on its future performance.
  • High profit share percentage potentially reducing trader's earnings: While an 80% profit split may seem generous, it raises questions about the firm's revenue model and sustainability. Such a high percentage could imply hidden costs or fees that might emerge later, potentially eating into traders' profits and diminishing their overall returns.
  • Restricted trading strategies may not accommodate all trading styles: MyFundedFx imposes limitations on trading strategies, which could stifle traders who employ diverse or unconventional methods. This rigidity can hinder creativity and adaptability, essential traits for traders in the dynamic forex market.
  • Limited transparency in trading outcomes and profit distribution: There is a concerning lack of clarity on how MyFundedFx calculates and distributes profits, as well as on the outcomes of their trading strategies. This opacity can make traders skeptical about what to expect in terms of returns and whether they are getting a fair share of their trading successes.

Overview of MyFundedFx

Initial Capital $10,000 – $300,000
Price Range $99 – $2450
Profit Split80%
Daily Loss4%
Max Drawdown
Profit Target10%
Tradable Products CFD, Forex, Indices, Metals, Oil, Crypto

MyFundedFx, a relatively new entrant in the forex trading space, offers up to $1.5 million in trading capital, but its novelty raises red flags about its sustainability and trustworthiness. While it boasts an active Discord community, the true measure of a prop firm lies in its transparency, trader support, and the real success rate of its traders—areas where MyFundedFx has yet to prove itself.

Concerns and Alternatives

The proprietary trading industry is crowded with established players like Elite Trader Funding, Fidelcrest, and FTMO, which have set high standards for trader support and transparency. MyFundedFx’s lack of comprehensive educational resources and a free trial option puts it at a disadvantage, leaving traders to wonder if they might be better off with these more established and reputable alternatives.

Trading Platforms and Instruments

While MyFundedFx partners with known brokers and offers popular trading platforms like MT4 and MT5, this is hardly unique in the industry. Elite Trader Funding, Fidelcrest, and FTMO also provide these platforms, often with more robust support and a track record of trader success.

Customer Support and Community Engagement

An active Discord community does not compensate for MyFundedFx’s insufficient direct trader support, especially when compared to the robust educational platforms and personalized coaching provided by alternatives like FTMO and Fidelcrest.

What Users Are Saying About MyFundedFX

1- “How can i get hold of these guys im not getting any replies i deposited money yesterday on their platform but didn’t get anything it says declined but it went off from my bank i don’t understand the money was deducted from my bank”
2- “terrible firm, orders were being cancelled for no reason so i messaged the staff and they were incredibly rude whilst not helping with my issue at all. after this i started losing .5% of my total equity every time an order filled, the CEO then reached out to me to offer a new account for the trouble, money kept disappearing from my account when orders filled again, he kept replying to me about the issue until i recorded it happening as undeniable proof then i couldnt get a reply, scam firm and will not use again”
3- Myfundedfx from serious firm to a joke firm! Advertising discounts, promotions but customers can’t purchase products. Seems myfundedfx is only collecting personal data from customers. Left discord and blocked myfundedfx’s twitter so annoying!

Final Thoughts: A Look Towards More Reputable Options

MyFundedFx’s offer of fast funding and access to substantial trading capital is overshadowed by its cons — limited educational resources, the absence of a free trial, and questions about its long-term reliability. Traders seeking a more secure and supportive trading environment might consider Elite Trader Funding, Fidelcrest, or FTMO as more reliable alternatives.

These established firms not only provide a solid foundation for traders to succeed but also offer better transparency, educational support, and proven track records. If you’re looking for a proprietary trading firm that aligns more closely with your trading goals and need for security, it may be wise to explore these alternatives.

Ready to explore a more reliable and established trading platform? Click here to sign up for Elite Trader Funding, here for Fidelcrest, or here for FTMO today, and embark on a journey with a prop firm that truly values your growth and success.

Frequently Asked Questions

MyFundedFx unfortunately provides limited educational resources for traders. This means that newcomers to forex trading have minimal guidance from the platform, which could hinder their development and success in trading activities.

No, MyFundedFx does not offer a free trial, requiring potential traders to commit financially to test their platform. This makes it difficult for traders to gauge the platform’s suitability without risking their funds.

As a newer entrant to the forex trading industry, MyFundedFx’s long-term reliability remains unproven. Traders might find this concerning when considering the platform for their trading journey.

MyFundedFx imposes certain restrictions on trading strategies, which may not align with every trader’s style or preference. This limitation can restrict traders from utilizing strategies that they find most effective.

MyFundedFx has been criticized for a lack of transparency in trading outcomes and the way profits are distributed. This lack of clarity can lead to skepticism and uncertainty among traders about the fairness of their earnings.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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