Author: Eduardo Montero
Last Updated on May 16, 2023
My Forex Funds was established in 2020 as a prop trading firm based in Toronto, Canada. Among all the companies that offer funding services to traders, this is probably the one that has grown the most in the last year (2021), reaching more than 80,000 traders from about 150 different countries.
One feature that makes it stand out from the competition is its versatility, as it offers 3 different funding programmes, which can be adapted to different trader profiles, and one of them does not even require evaluation and you manage a real funded trading account from the start.
The profit split is another reason why so many traders have decided to work with this firm, and is that the benefits of these can reach up to 85% of profits managing (in the best case) an account of up to $2,020,000.
Currently My Forex Funds has 3 funding programs available, all with a single payment, i.e. no monthly payments, you pay only once for access to the program or evaluation in the case that corresponds.
In addition, you can now take advantage of this My Forex Funds coupon code and get a 5% direct discount on the access fee for any Rapid and Evaluation funded account.
Each of these programmes has its own rules, although many are common to all.
For example, none of the 3 programmes restrict the way and methods of trading, nor the size of trades, nor the time of trades, even allowing trades to be left open from one day to the next or from one week to the next.
Another common rule is the 5% Maximum Daily Drawdown and 12% Maximum Overall Drawdown.
My Forex Funds Rapid accounts allow traders to get profits from day one, without having to go through the evaluation process, as this account itself is a kind of evaluation, a demo account, which allows the firm to evaluate the trader over a period of 3 months, to see if he/she has the necessary skills to trade a live funded account.
The My Forex Funds Evaluation account is designed for semi-professional traders who need more capital to move to the next level. In this account, the trader must go through a two-stage process with certain requirements.
In the case of My Forex Funds Accelerated, its third programme, the prop firm offers the possibility for the trader who opts for this account with no evaluation process or challenge and start trading from day one with a live funded account. A package designed for professional traders with experience in the financial markets but who do not want to take the risk of losing their own money.
More info about the programmes and My Forex Funds rules at https://myforexfunds.com
Payments with this company are usually quite fast, and are processed once in the first month, and every 15 days after the second month.
Another aspect we should mention about this firm is that it uses its own trading server (Trader Global Group), allowing trading only from the Meta Trader 4/5 platform.
Is MyForexFunds reliable?
My Forex Funds is a proprietary trading firm that does not need regulations (according to them), since the capital it offers to its traders is its own and they are not brokers or financial agents.
This coupled with the fact that it is a relatively young prop firm, with only two years in business (at the time of writing), creates a bit of mistrust in some of its clients.
However, this has not stopped the brutal growth it had last year 2022 and is having this year 2023.
Taking into account some opinions of users of this firm, and proof of payment shown by some of them, we can affirm that at least for now it is not a fraudulent prop trading firm that only charges for the evaluations and then does not pay the profits you get.
It is for all the above reasons that, before deciding whether you want to be a funded trader by My Forex Funds, we recommend you to analyze each aspect of this review carefully in order to make a decision.
In short, its reliability is questionable, but it doesn’t mean that it is a scam company, we think it just needs a little more time to establish a good reputation.
What are the user reviews of My Forex Funds?
As mentioned above, My Forex Funds has experienced a rapid growth in 2021, 2022 and so far in 2023, and with this also the amount of opinions and comments from its users, reaching more than 2800 reviews on Trustpilot and a few dozen on Forex Peace Army.
But not only that, the average score of this proprietary trading firm is indisputably high, reaching 4.8 on Trustpilot, a very positive number considering the number of ratings.
However, we must keep in mind that every day it becomes more difficult to identify between real, well-founded reviews, and fake reviews (bought in many cases), therefore, we must put special emphasis on this research process about the opinions, to know if the valuation is really fair.
For our part, we have searched and compiled some potentially real reviews, which represent to a large extent all the ratings left about this prop firm.
Most of the reviews you can find on Trustpilot about My Forex Funds refer to the excellent customer service, helping at all times and solving their clients’ problems in a timely and efficient manner.
On the other hand, as you can see in the image above, they not only speak highly of the support, but also give the firm a 5-star rating overall, for having features that set it apart from the rest, such as its clear rules, amazing dashboard, versatile access programs and of course, its customer service.
In the comment above, from a Forex Peace Army user, we see clearly how a user refers to the false comments that the company receives, many of them probably from competitors, and not entirely true.
How does My Forex Funds work?
How do the My Forex Funds programmes work?
One of the things that sets My Forex Funds apart from other of the best proprietary trading firms, and in turn makes it so popular, is its 3 programmes, which focus on each trader’s level of experience.
My Forex Funds offers three different programmes:
My Forex Funds Rapid
The Rapid programme is designed for traders with less experience in the markets, who are given access to a demo account where they can earn real profits in the form of a bonus for time spent while improving their technique.
On the prop firm’s side, the objective of this account is to measure the trader’s capabilities and results within 3 months, and based on this, decide whether or not he/she deserves a real account with real funds.
In this account the account sizes vary between $10,000 and $100,000, and the trader will be entitled to bonuses of 12% of the profits, which are paid bi-weekly or monthly depending on whether he is in CEA (Consistency Account) or NCA (Non Consistency Account).
My Forex Funds Evaluation
The My Forex Funds Evaluation programme, as the name suggests, consists of a two-phase evaluation process:
- The Evaluation phase
- The Establishment Phase
The target for each phase is different, being 8% account growth for phase 1, and an additional 5% for phase 2.
This programme is closer to the model used by other similar companies such as FTMO (view our FTMO review), where a one-off payment is made for access to the evaluation, but certainly much more affordable.
Evaluation is a programme designed for profitable traders who are not yet professionals, and who wish to be funded with capital ranging from $10,000 to $200,000 USD.
If you want to take it easy, you will have up to 30 days to complete the audition, but if you think you can do it in less time, you will have the possibility to do it in 20 days.
My Forex Funds Accelerated
The Accelerated program, designed for the most experienced traders, is very new within the prop trading firms, since in this case the trader will be able to skip the evaluation process and start trading with a real funded account immediately, from the first day, starting with a balance between $2,000 and $50,000, with the possibility to grow these funds up to a maximum of $2,020,000.
Most prop firms require you to pass an assessment, challenge or audition to prove that you are a profitable trader and that you can properly manage the risk level of your trading operations. If in addition to this My Forex Funds Accelerated program you would like to see other proprietary firms that offer instant funding you can check this list: No evaluation prop firms
Access to this type of account in My Forex Funds is, of course, more expensive than the previous ones, as the company assumes a higher risk, as it cannot evaluate your trading skills, with the $50,000 account in this programme being the most expensive of all.
In the case of this programme, two types of accounts are offered, Conventional and Emphatic, where the difference between them is determined by the next milestone to increase funding, which increases from 10% to 20% (in the Emphatic account), and the maximum reduction, which increases from 5% to 10%.
My Forex Funds Rules
The firm establishes some rules that must be complied with, as failure to comply with any of them may result in the permanent suspension of your account.
Trading frequency
This rule states that in order to receive payments, you must execute at least one trade per day, 3 times a week.
Trading behaviour and consistency
You will not receive payments if they detect any indication that you are using the account for gambling, or any change in erratic behaviour, such as significantly increasing your lot size, daily trades or risk per trade.
To ensure this, My Forex Funds imposes a rule that allows a maximum deviation of 2, meaning that, for example, if in the first week the average number of trades and lots traded is 10, next week you can increase your average to 20, or reduce it to 5, as more or less than that deviation will be considered a violation in consistency.
Another trading behaviour rule states that trading activities that take advantage of Meta Trader inefficiencies, latency arbitrage, long and short arbitrage, reverse arbitrage, or opposite account trading, will be a violation that will result in account termination.
Use of Expert Advisors (EAs)
The use of Expert Advisors is allowed, but before you can use them you must submit the source code to the firms so that they can verify the bot to determine if it is not infamous and can trade without any issues on your accounts.
Covered positions
In Forex you can only have two positions hedged simultaneously at any given time.
Risk management
Regardless of account size, the maximum daily drawdown must not exceed 5% of the account.
But there is another modality (specific to the Accelerated account) that allows a maximum of 10% in the Emphatic account model.
You also cannot make a withdrawal that decreases the account by more than 12% during a single pay period.
Keeping trades open during the weekend will not be possible except in the Evaluation account.
All information about the rules is available on My Forex Funds official website: https://myforexfunds.com
Financial instruments available
In any of the three programmes offered by My Forex Funds, you will be able to trade Forex, and CFDs on indices, commodities such as oil and metals.
However, only on Rapid accounts, you will be able to trade all the instruments available on the MT 4/5 platform, as on the other two types of funded accounts trading in stocks and cryptocurrencies is prohibited.
If you prefer to trade stocks, you may be better suited to these prop firms for stocks, and if you trade futures, these prop firms for futures.
According to the company, the list of available instruments is updated from time to time, depending on the availability of margin, leverage, liquidity and other factors.
They may even go as far as removing some, if traders are having trouble passing the evaluation phase when trading this instrument.
Leverage
The leverage available on My Forex Funds depends largely on the account you are using, being:
- 1:500 for Rapid accounts
- 1:100 for Evaluation accounts
- 1:50 for Accelerated Conventional accounts and 1:100 for Emphatic accounts.
Trading platforms
As for the available trading platforms, My Forex Funds only offers the popular MetaTrader in version 4 and 5, although according to the company itself, they plan to offer the possibility to choose cTrader as a trading terminal as well, but when this will happen is not yet confirmed.
But this should not be a problem as we are talking about the most popular trading platform of all times, which provides enough features and tools for professional trading.
MFF Scaling plan
In the Evaluation account, if you have reached a profit of 10% or more of the account in a period of 4 months, in which 2 of them were profitable, My Forex Funds will increase your account by 30% of the original size.
For the Accelerated (no evaluation) account programme, the scaling plan is different and works as follows:
If the picture is too confusing, I will explain it in words.
The scaling plan for Accelerated accounts is determined by phases, where each phase will start with a base amount, which coincides with the amount the trader paid for access to the account.
However, from that point onwards, after increasing the account by 10% profit, and 20% for Emphatic accounts, the trader’s account will increase by 2x or 1.5x depending on the phase.
Where 2x and 1.5x will occur alternately, until the trader’s account reaches its maximum allowed size.
On the other hand it is important to know that the account can only be increased once every 5 days.
How does profit split work in My Forex Funds programmes?
In each programme, the profit sharing is different, as in some of them you will start trading directly on a live account, while in others you will be trading on a demo account, or you will simply have to pass an evaluation.
Let’s take it one step at a time..
Profit split on Rapid accounts
As explained above, on Rapid accounts, you will be trading in demo mode, but at the same time you will be able to earn bonus profits, which are set at 12% of the total profits.
Profit split on Evaluation accounts
It is important to know that before you can access the live account, you must successfully complete the My Forex Funds evaluation process, which consists of two phases, as mentioned above.
Once you have completed the first phase, after a minimum of 10 working days and having obtained an 8% increase, you must write to evaluation@myforexfunds.com, informing that you are ready to move on to the next phase, and then complete the second phase, with an increase of 5% of the account (13% in total), and repeat the same procedure, that is, write to the same email to inform that you have passed the second phase, making sure to include your name and account number.
At this point, you will then be able to access the real account to start receiving winnings.
In the case of Evaluation accounts, you will receive 75% after the first month, then the second month, you will receive 80% of the total generated, and after that point, you will receive 85% of all profits for the remainder of the time.
Profit split on Accelerated accounts
If you choose to participate in the Accelerated account programme, you will receive a 50% payout of all profits earned.
Withdrawal of profits
Profit payouts are set individually for each account type.
In both the Rapid and the Evaluation programmes, you will be able to withdraw profits on a bi-weekly basis after the first month.
While in Accelerated accounts, withdrawals are allowed on a weekly basis, as long as your account is more than 5 business days old. In this case it is important for you to know that you must request payment before 3:00 pm. This will carry over to the next payment period.
Now, in general, you can request your winnings by Bank Transfer, Cryptocurrencies, Trasfer Wise, or PayPal.
There will be no limits on the amount of winnings requested, but there is a general withdrawal limit, which cannot exceed 12% of the initial balance.
MyForexFunds Tools and Educational Material
At the time of our research on MyForexFunds, this education and tools firm only has a blog with a few posts, however we have found from unofficial sources that they are preparing to launch a Forex academy full of educational content.
This prop trading firm has also recently started conducting interviews with some of the most successful traders in its funded account programmes.
An idea that FTMO has also been doing for some time now and one that brings a lot of value to traders just starting out, who are in need of success stories to motivate and motivate them to excel.
My Forex Funds Customer Support
The vast majority of My Forex Funds traders rate customer service with positive ratings, although some of them do not feel the same way, due to particular situations they have experienced.
At this point it should be noted that it is a relatively young proprietary trading firm, and is constantly growing, so at the beginning the service was certainly not the best, but every day with the increase in the number of active traders and trading volume (which already exceeds 200 billion per month) the customer support system has been improving as well.
The channels to contact support at Prop Trading Firm are:
- Discord server
- Live chat
- 24/5 email support, i.e. 24 hours a day, 5 days a week, from Monday to Friday.
Online chat is often a quick method of contact that I recommend over others. My experience with My Forex Funds is positive in terms of the service received but I must point out that the queue to be attended to is usually very long and I think they should improve this aspect.
Conclusion
As you will have seen, My Forex Funds is full of good things, but it also has some things that can be improved. Let’s summarise the main advantages and disadvantages of this proprietary trading firm before making a final assessment.
Pros of My Forex Funds
- Profit split of up to 85% of profits generated.
- Scaling programme that can take you to a funded trading account of up to $2,020,000.
- You will be entitled to receive a 100% refund of the registration fee for accessing the accounts on successful completion of the evaluation process.
- Affordable access prices on all programmes, with several options in each programme.
- You will be able to open trades during the weekend in the Evaluation account.
- You can make profits without evaluation process if you pay for the Accelerated program.
- High leverage available (especially in the Rapid programme which can be as high as 500:1)
- Weekly or bi-weekly payouts (depending on account) via bank transfer, cryptocurrencies, Paypal and TrasferWise
Cons of My Forex Funds
- Customer support via email or online chat available only from Monday to Friday (24/5), and the queue to be attended to is usually very long.
- Large number of rules to comply with in each program, more than in other prop trading firms, and also the scaling program is somewhat complex.
- Short track record (started operations in 2020).
Main differences between My Forex Funds and other prop trading firms
If we focus on the aspects that differentiate My Forex Funds from other proprietary trading firms, there are actually not so many.
In this sense we could say that its main difference is the Accelerated account, which gives you instant access to the live funded account (no evaluation or challenge).
On the other hand, it is also true that the prices of the programmes, which of course depend on the amount of capital requested, are quite affordable and competitive compared to other similar prop firms. More info: What are the cheapest prop firms?
The leverage is another thing that is a bit different with this company, as it can reach up to 1:500 on one of their accounts, which is quite high compared to the 1:10 offered by SurgeTrader (check here our SurgeTrader review), the 1:100 offered by Topstep (check here our Topstep review) or Fidelcrest (check here our Fidelcrest review) or even the 1:200 offered by The Funded Trader (check here our The Funded Trader review).
In our experience and assessment, My Forex Funds is one of the best offers for traders looking to bypass the vetting process and get funded from the start, which is possible thanks to their Accelerated account programme.
On the other hand, if you consider yourself a profitable trader and your trading is in line with the company’s rules and requirements, you won’t have much to lose, but you will have a lot to gain, as if you manage to generate profits and grow your account, you will be reimbursed 100% of the total cost of accessing the programme, not counting any profits you may make.
At both Trustpilot and Forex Peace Army, we have seen that many traders have received their payouts without any problems, which is a plus point for this proprietary trading firm.
This along with the rate at which they are growing tells us that they are doing things right, so it’s not a bad idea to try out their funding services.
You can find out more about My Forex Funds and open an account with them via their website:
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Author: Eduardo Montero
I'm Eduardo Montero. Computer scientist by profession and passionate about online trading with more than 10 years of experience in the financial markets. I'm the author of hundreds of articles published in other websites about the online trading industry. Learn more about me here: About the author.