MyFundedFX (MFFX) Review – Reveling the Pros and Cons

Overall Verdict
Having explored MyFundedFX and engaged with its trading environment, I can confidently recommend it to traders seeking a supportive and flexible platform for their trading journey. From my personal insights, one of the standout features of MyFundedFX is its high profit-sharing model, which allows traders to retain up to 92.75% of their earnings. This competitive profit split is a significant incentive, especially for those looking to maximize their trading success. The firm also offers a variety of trading instruments, including forex, commodities, indices, and cryptocurrencies, providing ample opportunities for traders to diversify their strategies. The flexibility in the evaluation process is another major advantage. With options for both one-step and two-step challenges and no strict time limits, traders can progress at their own pace, reducing the pressure that often comes with traditional prop trading firms. This approach fosters a more relaxed trading atmosphere, allowing individuals to focus on developing their skills without the stress of imminent deadlines. Additionally, MyFundedFX excels in providing quick account generation and transparent rules. Traders can start almost immediately after signing up, which is a huge plus for those eager to dive into the market. The clear guidelines help ensure that everyone is on the same page regarding expectations and requirements. In conclusion, if you're looking for a prop trading firm that combines flexibility, competitive profit-sharing, and a diverse range of trading options, MyFundedFX is an excellent choice.
Funding & Withdrawal
Spreads & Slippage
leverage & Swap
Mean rating of1 Votes
✅ Pros
High Profit Split up to 92.75%
Diverse Trading Instruments
Flexible Evaluation Process
Instant Account Generation
Transparent Rules
Responsive Customer Support
Withdrawals are processed quickly
Easy Scaling Options
⛔ Cons
No Free Trials Offered
Lack of Educational Resources
4.9
Overall Rating

MyFundedFX is a prop trading platform offering aspiring traders seeking to earn real money by managing a funded account after passing a simulated challenge. This review dissects MyFundedFX’s features, reputation, and costs to help you decide if it aligns with your trading goals.

History of MyFundedFx

Founded in Florida on May 23rd, 2022, by Matthew Leech, MyFundedFX has become a growing player in the prop trading industry. The company boasts a team of experienced forex traders (led by Matt) who prioritize clear rules, timely payouts, and transparency. Their user-friendly interface with real-time account data fosters trust and empowers informed decision-making. Since its launch, MyFundedFX has attracted both experienced and new traders, even competing with established names like FTMO. They’ve even launched MyFundedFutures, a dedicated prop firm for futures traders, catering to a different market segment. Let’s delve deeper into MyFundedFX to understand its unique approach.

Understanding MyFundEdFX

They don’t give you a real funded account right away. Instead, you practice with virtual accounts (Demo) ranging from $5,000 to a whopping $300,000! To prove you’re a good trader, you participate in a challenge program. It’s like a test to see if you can make money with the virtual account. There’s a fee to enter the challenge program, depending on how much virtual money you get to play with (costs between $38 and $1,399). If you pass the challenge by following their rules (like making a certain amount of profit), they reward you with a real funded trading account!

 MyFundedFX owns the funded account, giving them final say over trading activity and management. They might even revoke access if your trading style doesn’t align with their criteria.

MyFundedFX offers a multi-tiered funding program, but is it a labyrinth or a clear path? Let’s dissect the key elements:

  • One-Step Challenge: Less stringent profit targets, but drawdown limits could still be significant. One-step challenges are faster to complete, but make sure you understand the trailing drawdown rules, which means the maximum loss limit can increase as your account grows.
  • Two-Step Challenge: Stricter profit targets and higher drawdown limits compared to the One-Step option. This option may take longer but offers a more gradual path with potentially lower risk.

Scaling Up: MyFundedFX’s scaling plan sounds intriguing. However, understand the mechanics. Does it simply increase the account size, or do the profit targets and drawdown limits also become more demanding? Can you handle the potentially amplified pressure?

Account Sizes and Profit Targets

 

MyFundedFX throws you into the market, but with limitations? Let’s unveil the key trading conditions MyFundedFX offers. They provide various account sizes with corresponding profit targets. But is it a case of bigger accounts demanding steeper gains? This structure can be motivating, but ensure the targets are realistic within your risk tolerance.

Program
Account Sizes
Price
Profit Target
Maximum Daily Loss
Maximum Loss
Leverage
1 Step
$5,000 – $300,000
$50 – $1,399
10%
4%
6%
Up to 1:100
1 Step Max
$5,000 – $200,000
$42 – $799
8%
2% (Soft Breach)
8%
Up to 1:100
2 Step
$5,000 – $300,000
$50 – $1,399
8% (Phase 1), 5% (Phase 2)
5%
8%
Up to 1:100
2 Step Max
$5,000 – $200,000
$38 – $725
10% (Phase 1), 5% (Phase 2)
5% (Phase 1), 4% (Phase 2)
10% (Phase 1), 8% (Phase 2)
Up to 1:50 (Phase 1), Up to 1:30 (Phase 2)
3 Step
$10,000 – $300,000
$70 – $900
6% (All Phases)
4%
8%
Up to 1:50

Fees and Costs Involved

Challenge Type
Account Size
Price
Two Step Challenges
$5,000
$50
Two Step Challenges
$10,000
$100
Two Step Challenges
$25,000
$200
Two Step Challenges
$50,000
$300
Two Step Challenges
$100,000
$500
Two Step Challenges
$200,000
$950
Two Step Challenges
$300,000
$1,399
One Step Challenges
$5,000
$50
One Step Challenges
$10,000
$100
One Step Challenges
$25,000
$200
One Step Challenges
$50,000
$300
One Step Challenges
$100,000
$500
One Step Challenges
$200,000
$950
One Step Challenges
$300,000
$1,399

As you can see, the challenge fees increase with larger account sizes. Additionally, MyFundedFX offers different challenge types (One-Step, Two-Step, Three-Step) for each account size, although availability may vary.

Let’s Compare them to Competitors

Here’s a comparison table to see how MyFundedFX stacks up against competitors in terms of challenge fees for similar account sizes:

Account Size
MyFundedFX
FTMO
FundedNext
AlphaCapital
$25,000 Challenge
$200
€250
$199
$197
$50,000 Challenge
$300
€345
$299
$297
$100,000 Challenge
$500
€540
$519
$497

MyFundedFX’s fees are generally competitive, but always factor in the additional costs associated with different challenge types within each account size tier.

Commission and Swap Fees

MyFundedFX have commission and swap fees associated with trading. The fees are competitive compared to other prop firms. Factor these into your cost analysis.

Instruments
Fee per Lot
Forex
5 USD
Commodities
5 USD
Indices
Zero
Crypto
Zero

Technology and Tools

MyFundedFX focuses on providing an alternative to the widely used MetaTrader 4 and 5 platforms (MT4/MT5) for traders. They’ve encountered industry-wide issues with compliance restrictions placed on MT4/MT5 and have implemented new platforms.

Currently, MyFundedFx offers various trading options, including Ctrader, Match Trader, and Dxtrade. Here’s a brief overview of the trading platforms it supports:

  1. Ctrader:
    • Features: Ctrader is known for its user-friendly interface, advanced charting tools, and automated trading capabilities. It supports fast order execution and offers a range of trading instruments.
    • Pros: Intuitive design, comprehensive technical analysis tools, customizable interface, and strong security features.
    • Cons: May have a learning curve for beginners due to its advanced features.
  2. Match Trader:
    • Features: Match Trader focuses on providing a seamless trading experience with real-time data, customizable dashboards, and robust order management systems. It is suitable for both individual traders and institutions.
    • Pros: High-performance trading, extensive customization, real-time data access, and support for multiple asset classes.
    • Cons: Limited user community and support resources compared to more established platforms.
  3. Dxtrade:
    • Features: Dxtrade works for both brokers and traders, prioritizes low-latency execution to ensure smooth trade execution offering flexibility in trading, risk management tools, and comprehensive reporting. It supports multi-asset trading and integrates with various liquidity providers.
    • Pros: Customizable platform, advanced risk management tools, detailed reporting, and multi-asset support.
    • Cons: May require more technical knowledge to fully utilize its features.

MyFundedFX doesn’t disclose latency or execution speed details. These can be influenced by various factors, including server load, market conditions, and your internet connection.

Overall, MyFundedFx provides a diverse range of trading platforms to cater to different trading styles and preferences, despite the absence of Metatrader.

Withdrawal Process

MyFundedFX’s payout & withdrawal process is transparent and efficient. You can expect to get paid within 24 hours max. I can provide a framework to help you understand their withdrawal process:

  • MyFundedFX clearly outline their withdrawal processing timelines within their program agreement.

Factors Affecting Processing Times:

  • Internal Verification: MyFundedFX has internal procedures to verify withdrawal requests, ensuring compliance with anti-money laundering (AML) regulations. This might involve additional checks depending on the withdrawal amount or method.
  • Payment Method: Processing times can vary depending on the chosen method (e.g., bank transfers might take longer than crypto withdrawals).
  • Third-Party Processing: If MyFundedFX uses a third-party payment processor, their processing times also come into play.

What to Look For:

  • Estimated Timeframes: Look for MyFundedFX’s estimated processing times for different withdrawal methods (e.g., business days for bank transfers, hours for crypto). Be mindful that these might be estimates and could be subject to delays.
  • Minimum Withdrawal Amounts: Are there any minimum amounts you need to have in your account before you can withdraw?

Customer Support

MyFundedFX offers a few ways to get help:

  • Email: Their primary channel seems to be email at support@Myfundedfx.com. This is likely the best option for detailed questions or complex issues.

  • Help Center: They have a Help Center with articles and FAQs covering various topics like account setup, rules, and payouts. Explore this resource before contacting support directly.

  • Discord: Their getting started guide mentions a Discord server. This can be good for real-time chat with other traders and potentially MyFundedFX staff but may not be ideal for direct support inquiries.

What’s Missing:

  • Phone Support: No phone number is listed for MyFundedFX customer support.

  • Social Media Support: MyFundedFX doesn’t appear to offer support through social media channels.

I cannot confirm MyFundedFX’s customer support response times. Always manage your expectations when contacting any customer support team.

User Reviews & Reputation

Having explored MyFundedFX’s structure and pricing, let’s delve into its reputation. Online reviews are a valuable source of insight, but remember to approach them with a critical eye.

Positive Reviews:

  • Transparency: Many users commend MyFundedFX for its clear rules and easy-to-understand challenge structure.
  • Accessibility: Some praise the platform’s user-friendly interface and educational resources for aspiring traders.
  • Prop Firm Option: The availability of MyFundedFutures, catering specifically to futures traders, is seen as a positive step by some.

Negative Reviews:

  • Customer Service: Some users report negative experiences with customer support, citing slow response times or difficulties getting issues resolved.
  • Strict Rules: The rigid profit targets and drawdown limits might feel too restrictive for some traders, leading to potential frustration during challenges.
  • Account Termination: Concerns exist regarding MyFundedFX potentially revoking funded accounts if trading styles deviate from their criteria.

Overall Reputation:

MyFundedFX garners mixed reviews. Positive aspects include transparent rules and a user-friendly platform. However, customer service issues and strict trading regulations raise concerns.

MyFundedFx Comparison Vs Alternatives

So, you’re considering MyFundedFx but want to see how they stack up?

Here’s a comprehensive table comparing MyFundedFX, FTMO, and FundedNext to help you choose the prop firm that best suits your needs:

Feature
MyFundedFX
FTMO
FundedNext
Evaluation Method
Simulated challenge accounts
Two-step evaluation (verification & live)
One-step or two-step evaluation (simulated)
Platform
DXtrade, Ctrader, Match Trader
MT4/MT5, Ctrader
MT4/MT5, Ctrader
US Trader Friendly
Yes (due to MT4/MT5 alternative)
No (may face limitations with MT4/MT5)
No (may face limitations with MT4/MT5)
Challenge Account Sizes
$25,000 – $300,000
$10,000 – $200,000
$5,000 – $300,000
Repurchase Option
Potential limitations for “gamblers”
Yes
Yes, for a limited time
Minimum Account Fee
$115
€90 (around $100)
€99 (around $110)
Maximum Profit Target
10%
10%
10%
Maximum Drawdown
10%
10%
10%
Trading Style Restrictions
 Yes (HFT)
Yes (high leverage)
Yes (HFT)
Customer Support
Email, Help Center, Discord
Email, Live Chat, Phone
Email, Live Chat
Profit Split
80/90%
80/90%
80/90%
Start
Limited information on DXtrade features
More transparent rules and requirements
More transparent rules and requirements

How does MyFundedFx compare to some established prop firms?

  • FundedNext: Offers similar challenge structures but with stricter time limits. Generally considered a well-established firm with a solid reputation.
  • FTMO: Known for their aggressive scaling plans with high profit targets. A popular option but can be quite demanding for some traders.
  • FundedEngineer: Features a wider range of account sizes and a focus on real-time trading conditions. Another established firm with a good track record.
  • FundingPips: financially stable firm with prompt payouts

MyFundedFX: Is It Right for You?

MyFundedFX isn’t a one-size-fits-all proposition:

The Self-Directed Trader:

  • You crave the control and flexibility of managing your own capital.
  • You have a well-defined trading strategy and a strong track record.
  • You’re comfortable with the responsibility of managing risk and potential losses.

MyFundedFX can provide the funding and infrastructure to scale your trading operation without jeopardizing your own capital.

The Aspiring Fund Manager:

  • You possess a proven trading strategy with consistent results.
  • You aim to build a professional trading career and manage client funds.
  • MyFundedFX’s evaluation process can serve as a stepping stone to showcasing your skills to potential investors.

A successful MyFundedFX experience can demonstrate your capabilities to investors seeking a track record before entrusting their capital.

The Dedicated Learner:

  • You’re committed to ongoing education and development as a trader.
  • MyFundedFX’s resources and mentorship programs (if offered) can supplement your learning journey.
  • You’re open to feedback and willing to adapt your approach based on data and analysis.

MyFundedFX can provide a platform to test your skills in a simulated environment with real-time market exposure, aiding your development as a trader.

Not for Everyone:

  • MyFundedFX likely isn’t ideal for beginners. Solid experience and a proven strategy are crucial for success.
  • Those averse to pressure or performance-based metrics may find the evaluation process daunting.
  • If you lack discipline or struggle with risk management, MyFundedFX might not be the best fit.

Pros & Cons

MyFundedFX has emerged as a disruptive force in the prop trading world, offering a unique path for aspiring traders. Let’s delve into the platform’s creative strengths and potential drawbacks to help you decide if it aligns with your trading aspirations.

Pros:

  • Does not restrict trading styles, allowing scalping, hedging, swing trading, and other strategies.
  • Pass the Challenge, Get Funded: Succeed in the challenge by meeting their profitability and risk management criteria, and you may qualify for a real, funded account from MyFundedFX.
  • High Maximum Allocation Capital: MyFundedFX allows funded accounts to reach a maximum allocation capital of $1,500,000. This is a significant advantage compared to some prop firms with lower maximums, offering the potential for greater earning potential once you acquire a funded account.
  • Challenge-Based Evaluation: Unlike traditional prop firms, MyFundedFX focuses on simulated challenges. This removes the initial barrier of a hefty deposit, allowing you to showcase your skills without risking significant capital.
  • Tiered Challenges & Diverse Account Sizes: MyFundedFX caters to various experience levels. You can choose a challenge size that aligns with your risk tolerance and trading goals. This scalability allows you to gradually progress towards larger funded accounts.
  • Platform Agnostic (for US Users): MyFundedFX’s DXtrade platform offers an alternative to the ubiquitous MT4/MT5, particularly appealing to US traders facing compliance limitations. This flexibility ensures you’re not restricted by platform availability.

Cons:

  • Lack of Metatrader Support: MyFundedFx does not support Metatrader (MT4 or MT5), which is one of the most popular trading platforms globally. Traders who are accustomed to Metatrader’s features, tools, and extensive community support might find it challenging to switch to alternative platforms.
  • Challenge Fees and No Free Trial: MyFundedFX requires traders to pay upfront fees to participate in their trading challenges, with costs ranging from $115 to $840 depending on the account size. If you do not pass the challenge, this fee is non-refundable. Moreover, the firm does not offer a free trial, making it difficult for traders to assess the platform without financial commitment.
  • MyFundedFX enforces strict risk management rules. While crucial for protecting capital, these might limit your trading strategies. Carefully weigh the potential reward (funding) against the limitations imposed by the program’s risk controls.
  • Learning Curve: Platforms like Ctrader, Match Trader, and Dxtrade can have advanced features that might be overwhelming for beginners. New traders may require more time and effort to become proficient with these platforms compared to Metatrader.
  • Repurchase limitationsMyFundedFX may reject repurchasing challenges for traders exhibiting excessive “gambling” behavior.
  • No Success Guarantee: Successfully passing the challenge doesn’t guarantee consistent profits in live markets.
  • Limited Scaling Opportunities: While MyFundedFX does offer some scaling plans up to 1.5 million dollars, they are not as comprehensive or flexible as those provided by some more established competitors. This can limit the growth potential for traders who achieve consistent profitability.

FAQs

Are News Trading allowed at MyFundedFX?

News trading strategies might be allowed, but with limitations. MyFundedFX have rules regarding specific news events or timeframes around news releases to maintain platform stability and prevent manipulation.

Which Payment Methods Accepted by MyFundedFX for Funding and Withdrawals?

MyFundedFX accepts multiple payment methods for funding and withdrawals, making it convenient for various traders. Here’s a breakdown:

  • Credit/Debit Cards: You can fund your account using major credit and debit cards processed securely through their payment partner Stripe.

  • Cryptocurrencies: MyFundedFX offers cryptocurrency deposits, providing flexibility for traders comfortable with digital assets. Be sure to double-check the supported cryptocurrencies and network (e.g., ERC-20) to avoid any delays due to incompatible transfers.

Once your payment is confirmed, MyFundedFX boasts a quick turnaround time. You can expect to receive your trading account credentials within a few minutes, allowing you to start trading swiftly.

Please Note: Transaction fees for credit card deposits or cryptocurrency transfers might apply. Be sure to factor these into your calculations.

What are the Key Differences Between Two-Step and One-Step Evaluations at MyFundedFX?

MyFundedFX offers two funding tracks: the Two-Step Challenge and the One-Step Challenge. But which is right for you? Here’s a breakdown of the key differences to help you decide:

Intensity vs. Opportunity:

  • Two-Step Challenge: Think of this as a steeper climb. It likely involves a smaller starting account and potentially more stringent profit targets with tighter drawdown limits in each phase. This demands greater discipline and risk management skills. However, success might lead to a smaller funded account.

  • One-Step Challenge: This could be a more direct route. It might offer a larger starting account with potentially less demanding profit targets. However, drawdown limits could still be significant. The upside is potentially a larger funded account upon completion.

Balancing Risk and Reward:

  • Two-Step Challenge: This option might be ideal for traders comfortable with stricter risk parameters in exchange for a potentially faster path to a smaller funded account.

  • One-Step Challenge: This could suit traders seeking a potentially larger funded account who are willing to handle a larger starting account and potentially more trading flexibility within the program’s risk management rules.

Remember: There’s no “one size fits all” answer. Consider your risk tolerance, trading style, and desired account size when choosing between the Two-Step and One-Step options at MyFundedFX.

Should You Choose a Two-Step or One-Step Evaluation at MyFundedFX?

Deciding between the Two-Step and One-Step evaluation at MyFundedFX depends on your individual trading profile. Here’s a breakdown to help you choose:

Go for the Two-Step Challenge if:

  • Discipline is your Stärke (German for strength): The stricter parameters demand a laser focus on risk management and following your strategy.
  • Starting small is your preference: You’d rather prove your skills with a smaller account before graduating to a larger one.
  • Psychological advantage: You thrive under pressure and compartmentalizing goals (conquering each phase).

Choose the One-Step Challenge if:

  • Comfort with a bigger starting point: You prefer the flexibility and potentially quicker access to a larger funded account.
  • Trading style demands flexibility: Your strategy might benefit from the potentially looser drawdown limits in the One-Step program.
  • Time is a factor: Completing a single evaluation might be quicker than navigating two phases.

Don’t solely focus on account size. The stricter parameters of the Two-Step could actually suit you better if your discipline is lacking. Conversely, the One-Step could lead to a larger funded account, but the pressure of managing a bigger starting balance might not be ideal.

What Happens if You Fail a MyFundedFX Evaluation?

There isn’t a direct penalty for failing a MyFundedFX evaluation besides losing the initial cost of the challenge. However, failing results in termination of your demo account and prevents you from accessing the funded account benefits.

Failing a MyFundedFX evaluation

Failing a MyFundedFX evaluation can be frustrating, but it doesn’t mean the end of your funded account dreams. You’ll have the opportunity to review the reasons for failure. Analyze your performance and identify areas for improvement.

Re-Evaluation Options (if offered):

  • MyFundedFX might offer re-evaluation options. These could involve:
    • Repeating the entire evaluation: This allows you to apply your learnings from the first attempt.
    • Fast-track re-evaluation: This might be a shorter version of the original program, but details and availability depend on MyFundedFX’s specific offerings.

Costs Associated with Re-Evaluation:

  • Be aware that re-evaluations often come with additional fees. Factor these costs into your decision before re-attempting.

Alternative Paths:

  • If re-evaluation isn’t an option, or doesn’t suit you, consider these alternatives:
    • Evaluate other prop firm programs: Research similar prop firms and compare their evaluation criteria, costs, and funded account sizes. There might be a better fit elsewhere.
    • Focus on skill development: Use the experience as a learning opportunity. Refine your trading strategy and risk management skills through simulated trading or additional education before attempting another funded account program.

My Funded FX Experience

Landing a $600.000 funded account with MyFundedFX wasn’t a breeze. It was more like sprinting uphill in a hurricane. Long nights fueled by stale coffee and unwavering focus became my norm. But in the end, the struggle paid off in a big way.

I opted for the two-step challenge, knowing it wouldn’t be easy. The starting account was modest, and the profit targets seemed downright ambitious. Every trade felt like it carried the weight of the world. The pressure was real, but that’s what I needed. The strict parameters forced laser focus on discipline, keeping me glued to my trading plan.

There were moments of self-doubt, for sure. A bad trade here, a missed opportunity there, sent my heart into overdrive. But I refused to quit. I dissected every move, meticulously analyzing what went wrong. These lessons became steppingstones on my path to conquering the challenge.

Finally, after 4 weeks of relentless focus, I emerged victorious from the two-step gauntlet. The feeling of accomplishment was unlike anything I’d ever experienced. It wasn’t just about the money; it was the validation of my skills and the green light to trade with real capital.

The funded account felt like a different beast altogether. The responsibility weighed heavily. The initial excitement quickly transitioned into cautious optimism. I started slow and deliberate, meticulously following my strategy – the lessons from the challenge still fresh in my mind. Thankfully, the early trades went my way, steadily building my confidence.

The Final Verdict

MyFundedFX can be a good fit for experienced traders with a proven strategy and strong risk management skills who are looking for a chance to trade with real capital. However, beginners or those with limited capital may want to consider other options due to the challenge fees and strict evaluation process.

Financial stability is another key selling point, suggesting they have the resources to back their funded accounts. While MyFundedFX offers various account sizes, success ultimately hinges on your trading skills and risk management strategies.

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