MyFundedFX Review 2023: Is it the best Prop Trading Firm?
In a Nutshell: MyFundedFx is a promising proprietary trading firm in the forex trading industry. The founder, Matthew Leech, created this trading company to offer traders the opportunity to access substantial capital, with offerings of up to $300,000 and potential scaling to $1.5 million.
One of the significant features that set MyFundedFx apart is its unique funding process. It offers both a 1-step and 2-step funding model, giving traders a flexible choice to match their trading strategy and risk tolerance. The 1-step model is particularly attractive for efficient traders, as it has the potential to grant access to funding within a single day from just one successful trade.
Another notable aspect of MyFundedFx is its partnership with Eightcap. This collaboration ensures reliable liquidity and quality trading platforms, including MetaTrader 4 and MetaTrader 5. Additionally, this partnership permits MyFundedFx to offer crypto trading during weekends – a boon for cryptocurrency enthusiasts.
MyFundedFx also strives to create a strong sense of community. They maintain an active Discord server with over 8000 members, facilitating open discussions and the sharing of trading strategies. Furthermore, they showcase their traders’ success through a public leaderboard, inspiring a competitive spirit and mutual motivation.
In this review, we’ll take a close look at MyFundedFx. Our goal is to give you all the details you need to figure out if this trading company is the right choice for you.
| Service Type | Fees | Promotion |
|---|---|---|
| Prop Trading Firm | Variable | Save 5% on MyFundedFX via our Exclusive Link |
- Fast funding via the 1-step process.
- Weekend crypto trading due to partnership with Eightcap.
- Up to $1.5M in trading capital.
- Generous 80% profit split.
- Active Discord community with over 8000 members.
- Strong reputation with minimal negative reviews.
- Regular competitions with cash prizes.
- Limited educational resources.
- No Free Trial
- Being new, its long-term reliability is unproven.
Table of Contents
What is MyFundedFx?
MyFundedFx is a legitimate proprietary trading firm that offers ambitious forex traders an opportunity to trade the firm’s capital and share in the profits. They offer a unique Trading Platform to prove one’s trading strategy and skills through one-step and two-step evaluation challenges, each with distinct account sizes and trading conditions.
A key feature of MyFundedFx is its 2-step challenge. The process begins with an evaluation phase, where traders need to achieve a minimum profit target within a set number of trading days while adhering to strict daily and maximum drawdown rules. If successful, traders advance to the second stage – the funded phase, where they continue to demonstrate their trading proficiency while adhering to the firm’s drawdown rules.
With its detailed prop firm challenges, MyFundedFx seeks to identify profitable traders who can consistently meet realistic trading objectives. Unlike many other Proprietary firms, MyFundedFx does not enforce a minimum trading day requirement, giving traders unlimited time to reach their targets. The firm also has more relaxed trading rules allowing a wider range of trading styles, including news trading and swing trading.
External MyFundedFX Review & Ratings
| Site | Rating | |
| Trustpilot | 4.7 from 960 reviews | |
| Scam Advisor | 4.7 from 889 reviews | |
| Forex Broker Report | 4.6 | |
| Forex Prop Reviews | 4.3 |
How MyFundedFx Works
MyFundedFx operates by providing forex traders with an opportunity to manage its funds. Traders can start their journey with a choice between a one-step and two-step evaluation challenge, depending on their trading strategy and confidence.
In the one-step challenge, you’ll be given an evaluation account and tasked with meeting a profit target of 10% within a period of maximum trading days. While doing so, you need to respect a daily drawdown limit and a maximum drawdown limit. This account offers more aggressive rules but a straightforward mission to secure a live-funded account.
On the other hand, the two-step challenge is a bit more intricate but offers a more relaxed environment. The first phase, or the evaluation phase, requires you to achieve an 8% profit target while managing daily and maximum loss limits. Successful completion of the evaluation phase leads you to the second phase, the Trader phase. Here, you must achieve a 5% profit target under similar drawdown rules.
Once you successfully meet the firm’s trading objectives and prove yourself as a profitable trader, you transition to becoming a professional trader under the firm. Traders are then provided with a live-funded account and can start making real money trading. You are allowed to trade during news releases, and there are no restrictions on the size of the trades you can make. Your profits are paid out on a bi-weekly basis.
How Does One Get Funding from MyFundedFx?
Acquiring funding from MyFundedFx is a relatively simple process, in contrast to the complexity typically found in the industry-leading prop firms. They provide two distinct funding programs: the 1-step funding program and the conventional 2-step challenge.
Here is a detailed explanation of each funding step:
1-Step Funding
In the 1-step funding model, you’re given an unlimited trading period to reach a minimum profit target of 10% on your evaluation account. The maximum drawdown limit is set at 6%, with a 4% maximum daily drawdown limit. The unique facet of this funding model is the minimum trading day requirement of just one day. This suggests that profitable traders could secure funding within a single business day of successful trading. An upfront, refundable fee is required to get started, consistent with the norms of the forex industry.
2-Step Funding
On the flip side, the 2-step funding challenge offers a more traditional path. This challenge incorporates two phases, each with similar trading conditions. In the first phase, the evaluation phase, you must attain an 8% profit on your challenge account, ensuring to respect the maximum loss limits. In the second phase, the Trader phase, you’re tasked to replicate the process but with a 5% profit target. Like its 1-step counterpart, the 2-step challenge doesn’t set a time limit, making it possible for skillful forex traders to complete these steps within days. These accounts come with a leverage of 1:100 and an entry fee, which is refundable upon successfully meeting the trading objectives.
Both the 1-step challenge and the two-step evaluation challenge accounts at MyFundedFx come with a progressive scaling plan that can extend up to a remarkable 1.5 million dollars. Therefore whether you’re more comfortable with a single aggressive push or prefer a two-step approach, MyFundedFx caters to diverse trading styles and strategies, making it an appealing option for anyone looking to turn their trading skills into a professional trading career.
Account Sizes and Prices
At MyFundedFx, they offer various account sizes tailored to suit every type of trader, from beginners to professionals. The account size and the corresponding price for each step evaluation are as follows:
- $5,000 account size is available at $50
- $10,000 account size comes at $100
- $25,000 account size for $200
- $50,000 account size at $300
- $100,000 account size comes at a price of $500
- $200,000 account size can be availed for $950
Whether you are just starting out or have a lot of trading experience under your belt, MyFundedFx has got you covered with their flexible account sizes and reasonable pricing structure. If you wish to get started right away, use this link to save 5% by getting a discount.
Profit Split
MyFundedFx offers a very competitive profit-sharing structure for its traders. The firm provides a substantial 80% profit split to its traders, which is amongst the highest in the proprietary trading industry. This structure is designed to reward traders for their successful trading strategies and risk management, thereby motivating them to reach their trading objectives. This percentage applies to both the 1-step and 2-step funding models, reflecting MyFundedFx’s commitment to rewarding successful traders fairly and transparently.
Does MyFundedFx Pay Withdrawals?
MyFundedFx is highly recognized in the Forex industry for its smooth and efficient payout system. An extensive array of withdrawal options is provided, catering to diverse preferences and ensuring flexibility for all traders. This wide variety of options is a testament to MyFundedFx’s commitment to customer satisfaction and ease of use.
A salient feature of MyFundedFx’s operations is their adherence to the stated payout procedures. The firm’s reputation in the industry and among traders is bolstered by its prompt and reliable withdrawal processing. As with any prop trading firm, the capacity to withdraw funds is intrinsically linked to the trader’s success in generating profits. Hence, it’s an essential factor to consider when assessing the firm’s overall reliability and integrity.
Based on general user experience, traders have positively highlighted MyFundedFx’s withdrawal process, noting the ease of transactions and punctuality of payouts. This consistency in meeting withdrawal requests adds an extra layer of trust and encourages traders to work diligently towards their trading objectives, knowing their hard-earned profits will be accessible when needed.
Trading Platforms
MyFundedFx offers traders the opportunity to trade using both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are renowned in the forex industry for their superior charting tools, intuitive interfaces, and compatibility with automated trading strategies. This flexibility allows traders to execute a variety of trading strategies, from swing trading to news trading and more. Furthermore, MyFundedFx allows the use of third-party Expert Advisors (EAs) and other trading tools on both platforms.
Trading instruments
At MyFundedFx, traders have access to a diverse range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. The leverage provided goes up to 1:100, granting increased trading potential. This wide choice of markets allows for greater portfolio diversification and the opportunity to capitalize on different market conditions.
Brokers Used by MyFundedFX
MyFundedFX is partnered with renowned brokers Eightcap and ThinkMarkets to provide optimal trading conditions for their traders.
Eightcap, established in 2009, is a Melbourne-based broker regulated by the Australian Securities and Investment Commission (ASIC). Upholding a clear and straightforward mission, they excel at offering superior financial services to their clientele. Their global presence, with five offices situated worldwide, enables them to cater to a diverse clientele and provide opportunities to trade across an array of markets – from Forex and commodities to indices and shares.
In choosing MyFundedFX, traders access top-tier brokers in the industry, providing them a competitive edge in their trading endeavors.
Customer Support
The MyFundedFx platform provides several support channels for its users. The company maintains a comprehensive FAQ page, which can be a valuable resource for finding answers to common queries. If you need personalized assistance or can’t find what you’re looking for in the FAQs, there are multiple ways to connect with the support team.
For immediate responses to any concerns, questions, or challenges, the live chat feature is especially helpful. You can also reach out to the team directly via email for more complex inquiries. Furthermore, their presence on various social media platforms allows for additional accessibility and responsiveness. Overall, MyFundedFx demonstrates a commitment to ensuring a smooth and informed experience for its users throughout their trading journey.
MyFundedFx Customer Review
In assessing the customer experience at MyFundedFx, their Trustpilot rating stands out – they boast a remarkable 4.7-star rating from over 847 reviews. This consensus points to high satisfaction among the company’s users. They frequently highlight aspects such as exceptional customer service, flexible trading rules, and the firm’s overall transparency. In addition, many users appreciate the ease of the payout process, reinforcing the trust between traders and the platform. This collective positive feedback underscores the commitment of MyFundedFx to serve its community of traders effectively and responsively.
MyFundedFX Review Final Thoughts
All in all, MyFundedFx presents a promising proposition for both new and seasoned forex traders. With its innovative funding model, flexible trading options, and access to substantial trading capital, this platform is a rising star in the proprietary trading industry.
The unique 1-step and 2-step funding process not only sets it apart but also provides an adaptable model catering to a diverse set of trading strategies and risk appetites. The seamless integration of quality trading platforms like MetaTrader 4 and MetaTrader 5, thanks to its partnership with Eightcap, adds to its robust appeal.
Moreover, MyFundedFx’s commitment to fostering a thriving community, as evidenced by its active Discord server and public leaderboard, is truly commendable. However, potential users should keep in mind its limitations, such as a lack of educational resources and a free trial. Nonetheless, the overwhelmingly positive reviews and ratings on Trustpilot indicate a high level of customer satisfaction.
So why wait? Take the first step towards your professional trading career with MyFundedFx today and seize the opportunity to transform your trading potential into reality. Click here to get started right away!
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