My Forex Funds were founded recently, in 2020, however, they are already creating waves in the industry, with funding up to $50,000 funded instantly with no challenges. They also offer a performance challenge with no daily drawdown limit, that should you pass, you could get funded up to $2,000,000 to trade with and a profit split of 85%! Should you have an interest in them, be rest assured knowing they have accommodated for any trader, beginner, or professional.
- Profit Split up to 85%.
- Offer 3 different account types.
- High Leverage 1:50-1:500.
- Low fees.
- Insufficient customer support.
- Slow Online Live Chat Support.
MyForexFunds Account Types:
MyForexFunds offer 3 different types of accounts and they are based on your trading experience. Can you imagine a beginner trader trying out a $100,000 challenge with challenging requirements and trading rules? It will end quicker than the fidget spinner phase. MyForexFunds have really thought outside the box by introducing this idea. These are the 3 accounts in detail:
The rapid account option is for traders that are either just reaching consistency, or haven’t been in the markets for too long. With a rapid account, you will pay a one-time, refundable fee (depending on if you are profitable or not), which allows you to trade a demo account for the company. The rapid account is designed for newer traders who have been in the markets for a short period of time or who have just started profiting and reaching consistency. This will require a one-time fee (this fee is refundable upon successful completion of the targets). This will enable you to trade a demo account for the company. The rules are very relaxed as mentioned before, for example, you have a large drawdown of 12%, a minimum of 3 trading days per week, and leverage options of either 1:50, 1:100, and 1:500. There are no profit targets, which is a bonus! 12% of your profits made will be transferred into a live account for you. So simply speaking, you will be able to trade a demo account and improve on your skills in the markets, and still, get paid.
Sounds interesting to me, however, this may be an unnecessarily lengthy process which to my understanding, is not what traders are looking for. This is almost as lengthy as the FTMO’s 2-step phase is. Traders want to sign up and start trading real live accounts and withdraw. – Instant funding offered by BluFX and The 5%ers among others.
The evaluation account gives you an option to choose a funding amount between $10,000 – $200,000. This is designed for traders who profit from the markets consistently! Hence the one-time fee with a 2 step challenge, similar to the FTMO and The 5%ers model.
On these accounts, you have a minimum of 10 trading days during a 30 calendar day month, and on the 2nd step challenge, you have 60 calendar days. The profit split is extremely competitive, 85%, even better than FTMO! – should you pass the 2 step challenge process. The maximum daily drawdown is 5% and the overall maximum drawdown is 12%. – that’s impressive. The profit target for stage 1 is 8% and stage 2 5%. The leverage is 1:100 across all these accounts.
The accelerated accounts are definitely amongst the most popular amongst experienced traders, emphasis on experienced! These accounts have been designed for traders who trade full time for a living, they know the markets better than you and I know the back of our hands! Instant funding with no challenge or verification phase, just like BluFX. They also charge no monthly fee. You can choose funding between $2,000 – $50,000. However, their charges are a bit high, (especially compared to other instant funding firms like BluFX who charge smaller fees for similar account sizes.) and understandably so! They are providing traders, that they are unfamiliar with, with large amounts of capital and that is a big risk!
Two account types are offered, with conventional and empathic. They are both exactly the same, apart from the fact that the parameters have been doubled for empathic accounts. This means that the next milestone to increase funding requires 20% gain, rather than 10%, the overall maximum drawdown is 10%, rather than 5% and the initial fee is doubled as well! The only key difference between their 2 types of accounts offered, conventional and empathic, is that empathic accounts require a 20% gain in net profit in order to receive next-level funding, as opposed to the conventional 10% net gain in profit requirement.
1:50, 1:100, 1:500
There are only 28 currency pairs as well as commodities, crypto, and indices available, the currency pairs are, GBPUSD, GBPJPY, GBPCAD, GBPCHF, EURAUD, EURNZD, GBPAUD, GBPNZD, AUDUSD, AUDNZD, AUDCAD, UADCHF, AUDJPY, NZDUSD, NZDJPY, NZDCHF, EURUSD, EURGBP, EURJPY, EURCAD, EURCHF, USDJPY, USDCAD, USDSCHF, CHFJPY, CADCHF, CADJPY.
MyForexFunds are one of the best in the Proprietary Firm industry. They have an account type for beginner traders, experienced traders, and professional traders, making sure every type of forex trader is provided for. As of now, My Forex Funds seems legitimate as it pays the percentage profits as disclosed in their earning plan. Most people are earning well using their trading skills with My Forex Funds.