MyFundedFX Review
Hello there, readers, and welcome back! We're delighted to have you with us today as we bring you another insightful review. In this discussion, we'll be shedding light on MyFundedFX, a prominent proprietary trading firm that has recently earned its place on our platform.
MyFundedFX is swiftly emerging as a force to be reckoned with in the world of proprietary trading. Their remarkable growth has made them an increasingly attractive choice for traders across the globe. In this review, we'll delve into their range of offerings for traders. As always, we have a special treat for you at the end – a discount code you won't want to miss. But, without further delay, let's get started!
MyFundedFX: A Proprietary Trading Firm Overview
The MyFundedFX website is notably impressive with its appealing design. While they may not have a long history, having been incorporated in June 2022, they have established themselves as a force to be reckoned with. The firm is headquartered in the heart of Texas.
MyFundedFX provides traders with an opportunity to operate accounts of varying sizes, ranging from $5,000 up to $300,000 USD. In a noteworthy feature, traders can manage a total of $1.5 million in capital, attainable through participation in the scaling plan. We'll delve into the details of this plan shortly.
In terms of brokerage, MyFundedFX has forged partnerships with Eightcap and ThinkMarkets. Now, let's explore the various funding programs and account sizes they offer to traders worldwide.
MyFundedFX provides traders with three distinct programs to choose from:
- The One-Step Evaluation Challenge Account
- The Normal Two-Step Evaluation Challenge Account
- The Pro Two-Step Evaluation Challenge Account
One-Step Evaluation Challenge Account Details
Now, let's explore the specifics of the One-Step Evaluation Challenge Account. To successfully complete this challenge, a trader is required to achieve a profit target of 10% on the account without exceeding the maximum daily loss of 4% and the overall maximum trailing loss of 6%. There are no restrictions on the time you can trade, and you must reach the profit target within a minimum of one trading day.
One Step Evaluation
| Capital | 5,000$ | $10,000 | $25,000 | $50,000 | $100,000 | 200,000$ | 300,000$ |
|---|---|---|---|---|---|---|---|
| Targets | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Profit Split | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days |
| Time Limit | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Daily Starting Drawdown | 4% | 4% | 4% | 4% | 4% | 4% | 4% |
| Max Trailing Drawdown | 6% | 6% | 6% | 6% | 6% | 6% | 6% |
| Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Fee | 50$ | 100$ | 200$ | 300$ | 500$ | 950$ | 1399$ |
Traders using this account can trade a wide range of instruments, and their trading style is entirely up to them. Upon successfully completing the One-Step Evaluation Challenge, you will be awarded a funded account without profit targets, but you must still adhere to the maximum daily and maximum trading loss rules.
Your initial profit split will be 80% of the profits you earn, and this payout occurs 14 calendar days after the first position is placed in your funded account. Subsequently, you will receive bi-weekly payouts. The leverage for One-Step Evaluation Challenge accounts is set at 1:100.
MyFundedFX also offers a scaling plan within the One-Step Evaluation Challenge accounts. To qualify for an account increase, you must achieve consistent profitability within a three-month period, with an average return of 12% or more. This achievement will earn you a 25% increase of the original account balance, up to a maximum balance of $1.5 million – a significant opportunity to access substantial capital.
The trading instruments available for the One-Step Evaluation Challenge accounts include forex pairs, commodities, indices, and cryptocurrencies.
Normal Two-Step Evaluation Challenge Account Details
Now, let's delve into the MyFundedFX Normal Two-Step Evaluation Challenge Account. This account is designed to identify traders who demonstrate consistency and discipline in a two-phase evaluation process.
Two-Step Normal
| Capital | 5,000$ | $10,000 | $25,000 | $50,000 | $100,000 | 200,000$ | 300,000$ |
|---|---|---|---|---|---|---|---|
| Targets | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% |
| Profit Split | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days |
| Time Limit | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Daily Starting Drawdown | 5% | 5% | 5% | 5% | 5% | 5% | 5% |
| Max Drawdown | 8% | 8% | 8% | 8% | 8% | 8% | 8% |
| Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Fee | 50$ | 100$ | 200$ | 300$ | 500$ | 950$ | 1344$ |
For this account, the leverage offered is set at 1:100. In the first evaluation phase, a trader is required to reach a profit target of 8% without exceeding the maximum daily loss of 5% or an overall maximum loss of 8%. These rules apply consistently throughout both evaluation phases, including initial account balance loss and overall maximum daily loss.
In the second evaluation phase, traders must achieve a profit target of 5%, while maintaining consistency with the maximum daily loss and maximum overall loss rules. There are no restrictions on the trading time, and you only need to reach the profit target, without any minimum trading day requirements, to proceed to a funded account.
Upon successful completion of both evaluation phases, you'll be rewarded with a funded account, which, as always, comes with no profit targets. However, you must adhere to the daily loss and maximum loss rules. Your initial profit split will be 80% based on the profits you've earned, and this payout occurs 14 calendar days after the first position in your funded account. Subsequent payouts will follow on a bi-weekly basis.
The Normal Two-Step Evaluation Challenge Accounts also include a scaling plan. To be eligible for an account increase, you must maintain profitability within a three-month period, with an average return of 12% profit or more. This achievement will result in a 25% increase in the original account balance, up to a maximum balance of $1.5 million.
Trading instruments available for the Normal Two-Step Evaluation Challenge Accounts encompass forex pairs, commodities, indices, and cryptocurrencies.
Pro Two-Step Evaluation Challenge Account Details
Now, let's explore the MyFundedFX Pro Two-Step Evaluation Challenge Account, which operates with a trade leverage of 1:50.
Two-Step Pro
| Capital | 5,000$ | $10,000 | $25,000 | $50,000 | $100,000 | 200,000$ | 300,000$ |
|---|---|---|---|---|---|---|---|
| Targets | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% |
| Profit Split | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 | 80/20 |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days | 1 days |
| Time Limit | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Daily Starting Drawdown | 5% | 5% | 5% | 5% | 5% | 5% | 5% |
| Max Drawdown | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Leverage | 1:50 | 1:50 | 1:50 | 1:50 | 1:50 | 1:50 | 1:50 |
| Refundable Fee | 70$ | 135$ | 250$ | 375$ | 575$ | 1100$ | 1600$ |
In Phase One, a trader must reach a profit target of 8%, ensuring they do not exceed the maximum daily loss of 5% or the overall maximum loss of 10%. These rules remain consistent throughout both evaluation phases, even once you become a funded trader.
Traders are allowed to trade for an unlimited period of time. During this time, they need to reach the profit target, with only a one-day minimum trading requirement to proceed to Phase Two.
Phase Two involves achieving a profit target of 5%, while still adhering to the maximum daily loss and maximum overall loss rules. Again, you have the flexibility to trade without a specific minimum trading day requirement to move on to a funded account.
Upon successful completion of both evaluation phases, you will be granted a funded account, free from profit targets. Your only obligation is to respect the maximum daily loss and overall maximum loss rules.
For your initial profit split, you'll receive 80% of the profits you've earned. This payout occurs within 14 calendar days after the first position is placed in your funded account. Subsequent payouts will follow on a bi-weekly basis.
The Pro Two-Step Evaluation Challenge Accounts also include a scaling plan. To access additional capital, you must maintain profitability within a three-month period, with an average return of 12% profit or more. This achievement will result in a 25% increase in the original account balance, up to a maximum balance of $1.5 million.
Trading instruments available for Pro Two-Step Evaluation Challenge Accounts encompass the same options: forex pairs, commodities, indices, and cryptocurrencies.
The MyFundedFX VIP Program
The VIP program offered by MyFundedFX is a unique feature designed to reward consistent and dedicated traders who put in the effort to achieve success with the platform. However, this program comes with specific requirements that traders must fulfill to become eligible.
The requirements for the VIP program include:
- A minimum of six withdrawals
- Trading for a minimum of four months
- Maintaining a consistent trading style throughout the four-month period
- Avoiding any account violations during that four-month period
If a trader successfully meets all of these objectives, they can enjoy the following VIP program benefits:
- A profit split of up to 92.75%
- The ability to withdraw funds at any time with no restrictions
- An always active payout request button when in profit
- An increased daily drawdown of up to 6% with one-step evaluation accounts and up to 8% with two-step evaluation accounts
- An increased maximum drawdown of up to 12% with one-step evaluation accounts and up to 14% with two-step evaluation accounts
This means that your trading style can be further unrestricted, making the VIP program a highly attractive feature. It's a clear distinction that sets MyFundedFX apart from some other proprietary trading firms in the industry.
Evaluating MyFundedFX's Unrestricted Trading Style
So, what sets MyFundedFX apart from other proprietary trading firms?
While the previously mentioned VIP program is a standout feature, it's not the only reason they've earned trust from traders worldwide. The most significant differentiator is their lack of significant restrictions on trading styles.
Here are some key aspects that make MyFundedFX accommodating for a wide range of traders:
- No maximum trading days
- Unlimited trading days on all plan types and phases
- No minimum trading days
- The potential to get funded in as little as two days
- No strict style restrictions, offering flexibility for traders
While there are important parameters to consider, MyFundedFX offers realistic trading objectives across all of their programs. This approach has made them an exceedingly appealing platform for traders worldwide.
Furthermore, MyFundedFX allows you to hold trades overnight during weekends and trade during news releases without imposing significant restrictions on your trading style. This open approach is why I'm a strong advocate of what MyFundedFX has to offer.
Realism of MyFundedFX Trading Requirements
Is it realistic to obtain capital from MyFundedFX? It's crucial to assess the realism of the trading requirements when evaluating a proprietary trading firm that best suits your specific trading style.
For instance, a company might offer an attractive profit split percentage on a well-funded account, which sounds enticing. However, if they require exceptionally high monthly gains with minimal drawdown percentages, your chances of success could be slim to none.
Getting capital from MyFundedFX is indeed a realistic option. It's an excellent choice for obtaining funding, as they offer three different funding programs, all of which have very realistic trading objectives and conditions for receiving payouts quickly.
If you're looking for payment proof and want to check out results from other traders, I recommend joining the Discord channel, which can be found on the website under the "Payout Proof" section. Here, you can view receipts of payouts and engage with the community if MyFundedFX is the platform of your choice.
Education and Support
Now in terms of education and support for traders on MyFundedFx, they've got a fair bit of information on their website. They don't have necessarily a big education platform. Maybe that's something that they will work on down the road, but they do provide a very well -structured dashboard that all of their clients can access, making it really easy to manage risk with all the objectives of their statistics.
So once you're inside, dashboard is incredible, but otherwise they're providing some very basic information on the website.
Regarding brokers, MyFundedFX utilizes Eightcap and ThinkMarkets as their broker partners. Traders on their platform have the flexibility to trade on both MetaTrader 4 and MetaTrader 5.
Trader Feedback and Reviews about MyFundedFX
It's always a good practice to explore other traders' opinions about MyFundedFX to gain an external perspective on this proprietary trading firm. We believe in providing a well-rounded view, so you're not solely relying on our word.
On TrustPilot, MyFundedFX boasts a diverse range of community and client comments, which overwhelmingly offer positive feedback. At the time of writing, they maintain an impressive median score of 4.7 out of 5 from over 900 reviews.
MyFundedFX garners praise from their community for various aspects, with special recognition for:
- An efficient live chat support team that provides essential information
- Accessible offerings and trading rules, such as no time limitations and inactivity rules
- The potential for significant growth with their scaling plan
Overall, the sentiment is overwhelmingly positive. As always, we encourage you to conduct your own due diligence, including reading through the comments, before deciding to pursue funding with any proprietary trading firm. However, it's worth noting that MyFundedFX isn't just our opinion; the general community tends to agree that they're doing an excellent job.
Our Recommendation: MyFundedFX for Traders
In conclusion, we wholeheartedly recommend MyFundedFX to traders in search of a legitimate and rapidly growing proprietary trading firm with clear and straightforward trading rules and objectives.
MyFundedFX offers exceptional conditions that cater to a diverse range of individuals with various trading styles and strategies. They are accommodating, regardless of how you approach your trading.
After a comprehensive evaluation of all that MyFundedFX brings to the table, they undoubtedly rank among the top proprietary trading firms in the industry. This wraps up our review of MyFundedFX.
We hope you found value in this review and enjoyed it. Please feel free to share any key takeaways or your general thoughts about MyFundedFX in the comments section below. If you found the content enjoyable, your feedback is much appreciated.