MyfundedFX Review

1. What is MyFundedFX?
2. MyFundedFX Pros Cons
3. Is MyFundedFX Legit?
4. MyFundedFX Challenge
5. Funded Account
6. Account Conditions
7. Payout
8. MyFundedFX Alternative

Our Review Method

• 55Brokers Financial Experts with over 15 years of experience in Trading check and verify carefully Proprietary Trading Firm offerings and what the challenge you have to pass to become a Funded Trader to give an expert opinion on MyFundedFX and its reliability

What is MyFundedFX?

MyFundedFX is a platform that offers a trading challenge program designed to provide traders with the opportunity to trade on a simulated basis without risking their capital. The program is structured in several steps, starting with a trading challenge, followed by a verification phase, and finally, trading as MyFundedFX funded trader.

MyFundedFX has a global community, with a presence on various social media platforms and a strong following on channels like Discord and YouTube. They offer continuous support and resources for traders, including promotional codes, educational videos, and a platform for knowledge exchange and experience sharing among traders.

To become a proprietary trader, individuals are required to complete the evaluation program offered by MyFundedFX which includes four account types accessible through their platform. The firm has collaborated with BlueBerry Markets and ThinkMarkets that act as its brokers. This arrangement allows traders to engage in Real Trading without the necessity of investing their funds. For more info about Proprietary Trading follow the link.

Is MyFundedFX Legit?

MyFundedFX, although a newcomer in the trading industry, is a US-based prop trading firm that has established its legitimacy. The firm provides favorable conditions and collaborates with well-known brokers. Operating from the US, MyFundedFX, while not completely regulated, adheres to the broad financial regulations in place.

• Nonetheless, because prop trading differs from traditional forex trading, it lacks thorough regulation, and prop trading firms typically do not hold licenses. This results in less protection compared to entities in the forex industry. This situation arises as proprietary firms supply the capital for trading, in contrast to forex brokers who require traders to invest their funds.

Is MyFundedFX Scam?

We’ve taken a deep dive into the legitimacy of MyFundedFX and, from what we’ve seen, there’s nothing to indicate that it’s a scam. But it’s worth mentioning that the world of Prop Trading Firms often operates without regulation, which can make it tricky to get a complete picture of a firm’s true character.

Our professional advice is to thoroughly educate yourself about Prop Trading, comprehend the associated risks, and opt for a company that not only has a solid reputation but also has been operational for many years, offering a more stable proposition. Although you’re primarily paying subscription fees and not investing substantial money in trading, the potential financial losses are generally lower compared to real trading where you would be using your funds.

MyFundedFX Rules

The critical aspect of our MyFundedFX Review focuses on the structure and prerequisites of the evaluation challenge, specifically, the criteria for participating in the trading challenge. This includes the type of assessment candidates must complete to qualify for a Funded Trading Account and the pathway to becoming a Proprietary Trader. Additionally, it examines the financial obligations of the trader, typically encompassing the Registration Fee required to initiate the process.

• The objective of the Challenge or Test is to assess your trading competence. At MyFundedFX, the Evaluation consists of two phases with profit targets based on your chosen Account Size. Phase 1 has stricter rules, while Phase 2 allows for more flexibility, particularly with Drawdown, aiming to verify the sustainability of your trading approach over time.

Account Balance and Registration Fee

Before logging in to MyFundedFX, you must choose the Program and Account Balance you wish to qualify for. The conditions of the challenge vary slightly depending on the selected size. Additionally, this choice influences the registration fee required to enter the challenge. However, MyFundedFX refunds this fee once you achieve Funded Trader status. Refer to our comparison table below for a detailed overview of registration fees:

• MyFundedFX offers various evaluation programs for traders, including One-step, Two-step, Pro Two-step, and Three-step Challenges, each designed with different objectives and account management strategies. These programs are tailored to assess traders’ ability to meet profit targets while managing losses, with successful completion leading to a funded account.
• In summary, the fee structure and Account Balances offered by MyFundedFX are appealing. Our analysis reveals that both the account sizes and associated fees begin at levels lower than those of competitors, which represents a significant advantage.
• MyFundedFX offers traders the chance to manage accounts with sizes ranging from $10,000 to $300,000, through four evaluation programs.

Profit Target

The challenge at MyFundedFX includes specific profit targets that vary by program, designed to assess traders’ ability to generate gains. The One Step Challenge requires a 10% profit, the 2-Step Challenge demands 8% in the first stage and 5% in the second, the 2-Step Pro follows the same structure with 10% and 5% targets respectively, and the 3-Step Challenge sets a consistent 6% target across all stages.

Maximum Loss

For the 2-Step Pro evaluation at MyFundedFX, the risk management rules stipulate a maximum daily loss of 5% (scalable up to 8%) and an overall maximum loss limit of 10% (scalable up to 14%). These percentages are designed to ensure traders manage risk effectively.

• To ensure clarity, it’s important to adhere to all established rules during the challenge phase. Non-compliance will result in the termination of the test, necessitating a restart from the beginning after paying a reset fee.

Minimum Trading Period

MyFundedFX requires a minimum of 1 trading day of activity for traders across all account types and phases of its simulated trading programs. This is designed to ensure traders engage actively in the market, demonstrating their trading skills within a simulated environment.

See the detailed table with MyFundedFX Challenge conditions based on Account Size:

MyFundedFX 2-Step Challenge

 

Free Trial

MyFundedFX currently does not offer free trials or trial accounts. They have mentioned the possibility of introducing a free trial in the future and plan to notify their community if and when this option becomes available. All accounts provided by MyFundedFX are demo/simulated accounts, designed for traders to participate in their evaluation programs without a free trial option at this time.

MyFundedFX Funded Account

After successfully completing the challenge, the trader will be granted a Funded Account, which is typically activated within a few business days. The conditions and balance of this account match those qualified for during the challenge. To upgrade to a higher account level, traders must undergo and pass the challenge again for the desired account balance.

Profit Split

MyFundedFX offers traders an 80% profit split, which is among the highest in the proprietary trading industry. This competitive profit-sharing arrangement allows traders to retain a significant portion of their earnings from successful trading activities​

Payout and Withdrawals

Based on our research, traders can look forward to receiving their payouts every two weeks, with a minimum threshold of $50 for withdrawals.

Withdrawal Method

Bitcoin is the preferred method for these transactions, offering a secure and efficient way to transfer funds.

Account Conditions

When reviewing account conditions, we meticulously examine the broker’s account preferences, available platforms, instruments, and trading costs. It’s also crucial to assess leverage levels and trading conditions offered, as certain brokers may impose restrictions on strategies and disallow specific practices in funded accounts. Violating these conditions could lead to the loss of the account, requiring one to retake the test. Please see the detailed breakdown below:

Trading Instruments

MyFundedFX offers a broad range of instruments for simulated trading through demo accounts. This selection includes forex currency pairs, commodities like gold, silver, and oil, indices from global markets, and cryptocurrencies. They do not restrict the instruments available for trading, nor do they enforce consistency rules on tradable assets, allowing traders the freedom to explore and trade based on their strategies and market opportunities

MyFundedFX Commission

MyFundedFX has a transparent commission policy, charging a flat rate of $5 per lot for forex and commodities trading. This approach allows traders to easily manage and calculate their trading costs​. MyFundedFX spreads are known for being competitive, offering raw spreads with no commissions, enhancing trading efficiency for its users.

Leverage

MyFundedFX emphasizes flexibility in trading styles within certain rules and objectives, offering leverage up to 1:100 or 1:50 depending on the program.

MyFundedFX App Platform

MyFundedFX provides support for the widely-used MetaTrader platforms, including MT4 and MT5, and maintains solid partnerships with MetaQuotes and other technology providers. However, it’s important to note that they do not offer platforms beyond these options. Traders who prefer alternative trading software may find it beneficial to explore other proprietary trading firms.

Trading Conditions

MyFundedFX has crafted its trading conditions to foster a balanced environment conducive to trader profitability and growth. These conditions are designed to enhance trading opportunities and assist traders in advancing through their trading journey effectively.

• MyFundedFX offers traders the flexibility to pursue their preferred trading approaches without imposing restrictions on trading styles. This freedom allows traders to engage in a wide range of strategies, including scalping, hedging within the same account, swing trading, martingale strategies, and grid trading, subject to the firm’s rules and conditions.
• Furthermore, MyFundedFX is renowned for its competitive trading conditions, which include minimal slippage for traders. The firm prioritizes providing raw spreads and low commissions to enhance trading efficiency for its clients.

MyFundedFX Promotions

MyFundedFX occasionally offers promotions, including MyFundedFX discount code and specific discounts. However, these offers are typically temporary, so it’s advisable to check their current availability when you sign up.

MyFundedFX Alternative Brokers

• FTMO — Great Swing Trading Prop Firm
• Lux Trading Firm — Good for USA Trading on Funded Accounts
• The Funded Trader — Best for Higher Account Size