If you’re learning about prop trading and looking for a prop firm, you probably won’t need to do much googling before you bump into My Forex Funds. MFF is one of the most well-established prop firms around. It boasts more than 180,000 traders on its platform and over 5,000 TrustPilot reviews. We hope our My Forex Funds Review will help you make a decision on the best prop firm for you.
My Forex Funds Review
About My Forex Funds
Over the last few years, prop firm trading has revolutionized online forex trading. MyForexFunds, or MFF as people sometimes refer to it, is another proprietary trading firm that seeks to bring skilful traders together with the capital they need in order to make serious money. The company was founded in July 2020 in Canada and is only a couple of years old at the time of writing. And it’s Evaluation program is even younger than that, after having been launched in March 2021.
There are basically two ways to get funded with a prop firm: instant funding, and an evaluation. With instant funding, you simply pay an upfront fee, and you immediately gain access to a real account. The fee for an evaluation-based prop firm is usually a good deal smaller compared to the same size account. However, you need to pass an evaluation that will demonstrate your skill when it comes to risk management and money management.
One really neat feature of My Forex Funds is that offers both. In fact, the company offers three different paths to funding: one of them is evaluation-based, and the other two are immediate funding.
The Rapid Account
First up for our My Forex Funds Review, we’ll take a look at the Rapid account first of all, as it’s probably the simplest.
Basically, you select either a $10,000, $20,000, $50,000 or $100,000 account, and you get to keep 12% of everything you make, right from the start. There’s no challenge or evaluation, and no monthly subscription, just a one-off fee, which is refundable.
Here’s the registration fee for the different size accounts:
- $99 for a $10,000 account
- $189 for a $20,000 account
- $399 for a $50,000 account
- $749 fpr a $100,000 account
12% doesn’t sound like much in comparison to some prop firms, but what’s really cool about the Rapid Account is that there are no time limits or profit targets. It’s a great solution for learning to trade – firstly, because there’s no pressure of time or targets, and secondly, because you can actually make money while you earn.
On the other side of that argument though, is the upfront cost, which may not be a worthwhile investment if you’re just getting started. Theoretically speaking, you could pay $749 for a $100k account, and if you make 7% in the first month, then the account has already paid for itself. However, 7% is a fairly high amount, and the reality is, is that the majority of evaluations end in failure. Yes there is the possibility of getting a return right from the start, but if you’re new to forex trading, it always makes more sense to demonstrate that you are profitable on a demo account before ever risking real money.
The rules
Of course, prop firm accounts don’t come without rules and the My Forex Funds Rapid Account is no exception. You must enter at least one trade, per day, three times a week. These days don’t have to be consecutive, and you don’t have to close the trade on the same day. You just have to open at least one trade on three different days. Closing a trade won’t count towards this target.
The drawdown rules are simple:
- You may not lose more than 5% of the starting balance in a single day.
- The account must not drop below more than 12% of the starting balance at any time.
These loss limits apply to both balance and equity. If, at any time, your balance dips below these limits while you had trades open, you will forfeit the account. It doesn’t matter if the trades are subsequently closed in profit.
As for the available instruments, there are over 100 to chose from, and you can trade any of them. There are no restrictions.
However, another thing to consider is the leverage on all of these accounts: 1:500. This is really high, and enables a trader to easily take on positions which can quickly wipe out their account if the market moves against them. Good risk management and not biting off more than one can chew will be absolutely critical to keeping the account.
My Forex Funds – Evaluation Account
Next in our My Forex Funds Review, we’ll take at the Evaluation account, which is obviously the challenge-based entry route. There are six possible starting account balances: $5,000, $10,000, $20,000, $50,000, $100,000, and $200,000. The evaluation consists of two phases, and is slightly similar to the FTMO Challenge and Verification (be sure to check out our FTMO Review here). Here are the rules:
- Phase 1, the Evaluation phase: you have 30 calendar days to increase your account by 8% of its starting balance.
- Phase 2, the Establishment phase: you have 60 calendar days to increase your account by 5% of its starting balance.
Of course, taking the weekends into account, you only really have 20-21 actual days for trading in the first phase. The idea of the second phase is to prove that passing the first phase wasn’t simply a fluke. As for the other rules, they’re pretty similar to the Rapid Account.
- You may not lose more than 5% of the starting account balance in a single day.
- You may not lose more than 12% of the starting account balance overall.
- You must trade for at least 5 days. Like the Rapid account, they don’t have to be consecutive. You just need to open one trade, per day, five times.
And also like the Rapid account, the loss limits apply to both balance and equity. They can be triggered by open positions, even if those positions are or could be closed in profit at a later time.
What’s noticeable about My Forex Fund’s Evaluation is that these targets are some of the most competitive on the market. 8% is slightly less than the 10% required by FTMO, and the maximum drawdown of 12% is also slightly more than FTMO’s 10%.
There is no option of an “Aggressive” mode, where the profit targets and loss limits were presumably doubled. My Forex Funds say that this is due to its failure rate.
Prices
Here are the prices for the Evaluation:
- $49 for the $5,000 account
- $84 for the $10,000 account
- $139 for the $20,000 account
- $299 for the $50,000 account
- $499 for the $100,000 account
- $979 for the $200,000 account
At the time of writing, MFF are also offering a $300,000 account, for a $1,389 fee. This offer is only available for July 2022.
If you pass the evaluation and make it to the first profit split, the fee will be refunded.
My Forex Funds Review – Withdrawals & Profits
The first profit split comes 1 month after you place your first trade in your live account. In order to be eligible for this payment, you must trade for a minimum of 10 days within that month. This first profit split is 75%, so you get to keep three-quarters of everything you make.
From the second month, profit splits happen every two weeks. In the second month, you’ll keep 80% of everything you make. And in the third month, this rises to 85%, where it stays. This isn’t quite as generous as FTMO, which offers up to 90%, but it’s still very generous and isn’t bad at all after just 3 months of live trading.
What’s also pretty cool is that even if you breach one of the evaluation rules, like the loss limits, you can get a discount on another attempt. Here are the prices:
- $75.60 for the 10k account
- $125.10 for the 20k account
- $269.10 for the 50k account
- $449.10 for the 100k account
- $881.10 for the 100k account
There is no discount available for the 5k account.
My Forex Funds Account scaling
If you pass the evaluation, your account is not limited to its starting balance. Make 10% or more in 4 months, and you’ll get a 30% increase of the original balance. In order to get this, 2 or more of those months must have been profitable.
My Forex Funds – Evaluation Extension & Repeat
It’s always good to see time-limited evaluations offering an extension, and fortunately, that’s something MFF allows. If you haven’t quite met the profit target, but you come to the end of Phase 1 with the account in profit and you haven’t violated any of the rules, you are entitled to one free extension of up to 30 calendar days, or unlimited free retakes. The website makes it very clear that you’re only entitled to one of these things.
A 30 day extension sounds pretty good, but remember, this is up to 30 days, so it sounds like this could be discretionary, based on how much is left that you need to make. That’s still pretty generous, as the maximum possible FTMO extension is 14 days.
My Forex Funds Strategy, Instruments & Algos
You can trade common forex pairs, commodities such as oil and gold (XAUUSD), and CFD indices such as the Dow Jones and the Nasdaq. You can also trade cryptocurrencies but only during weekdays.
Algo trading and Expert Advisors (EAs) are generally allowed, and the rule that you must send in the source code of your EA for scrutiny no longer applies. However, you are not allowed to use other people’s forex signals and trade copiers, such as a Telegram to MT4 signal copier. MFF expects that all trades are a result of your own analysis and not someone else’s.
Also forbidden are gap trading, tick scalping, and arbitrage, as well as the use of any third party that will pass the evaluation for you.
Apart from these rules, your strategy is up to you. The daily drawdown limit is of course 5%, but My Forex Funds recommends staying clear of this by at least 1%. This is presumably to prevent any possible slippage from causing a breach.
My Forex Funds Accelerated Account
Now let’s take a look at the final category of offering, the Accelerated account. This is basically an instant funded account, and it exists in two possible modes: Conventional or Emphatic.
You can start with either $2,000, $5,000, $10,000, $20,000, or $50,000. There’s no evaluation or profit target that you need to reach in order to get a payout. You’re entitled to 50% of everything you make, right from the start. There are also no rules on how many times you have to trade per week or month, no time limits, and no restrictions on lot sizes.
The account instead works on a principle of milestones. Every time you hit a milestone, your account will be increased by either 1.5 or 2 times the previous starting balance, depending on whether it’s Conventional or Emphatic. Each account size has a number of phases, and each phase defines what the starting balance will be. If you start with a $50,000 account, for example, you can scale it up all the way to $1,350,000 in six phases or $2,020,000 on Emphatic mode in seven.
There’s also no daily drawdown limit, just an overall one. If your account is on Conventional, it may not, at any time, run lower than 5% of the starting balance. That figure changes to 10% on Emphatic mode.
So too do a few other things. On Emphatic mode, the necessary milestone for scaling up changes from 10% to 20%, and the available leverage goes from 1:50 to 1:100. And of course, the price does as well. Here’s the current prices for Conventional and Emphatic, with Emphatic obviously being the more expensive one.
- $99 / $198 for the $2,000 account
- $245 / $490 for the $5,000 account
- $485 / $970 for the $10,000 account
- $970 / $1,940 for the $20,000 account
- $2,450 / $4,900 for the $50,000 account
Additional rules, instruments & EAs
You won’t be liable for any losses on the Accelerated program. You can trade the typical forex pairs, commodities and index CFDs. However, it’s not possible to trade crypto or shares, and you can’t hold your positions over the weekend. EAs are permitted but only where you are copying your own setups, e.g., between multiple instances of MetaTrader. Copying someone else’s signals is not permitted.
My Forex Funds Review on TrustPilot
At the time of the writing, the company is doing very well on TrustPilot. It has a verified profile with over 5,700 reviews at the time of writing. 93% of these reviews give five stars, leaving it with an overall rating of 4.9.
My Forex Funds Review pros & cons
Pros:
- Well-known, trusted prop firm with thousands of traders already making money on its platform.
- Potential profit splits are not the highest, but still very generous.
- No monthly subscriptions, just one-off fees, which are refundable in some cases.
- At just 8% and 5%, its Evaluation profit targets are very competitive.
- A couple of its account solutions are evaluation free. You can start profiting immediately.
Cons
- Restrictions on Expert Advisors. You can’t integrate other traders’ signals into your strategy.
My Forex Funds FAQ
Is My Forex Funds a real prop firm?
Yes, absolutely. My Forex Funds is a very well-known and established prop firm.
Is My Forex Funds registered?
My Forex Funds is neither a broker nor a lender, and so doesn’t need to be registered with any authorities that regulate financial products.
Is My Forex Funds a scam?
No it isn’t. It is a widely known reputable prop firm among forex traders. It is a registered Canadian company with its physical headquarters in Vaughan, Ontario.
Are there any My Forex Funds discounts?
We were not able to find any general discounts at the time of preparing this My Forex Funds review. However, its marketing affiliates sometimes offer a 5% discount coupon, and MFF also occasionally offers season discounts. For example, the firm offered a 10% Independence Day discount. Plus, as mentioned above, there is also the discount on subsequent evaluation attempts, if you fail the first one.