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My Forex Funds: Reviews And In-Depth Analysis

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My Forex Funds is a prop trading firm located in Canada.

In this article, you’ll get a review of this prop firm, including analysis and instructions to get funded with an account from My Forex Funds.

Here’s what you’re going to learn:

What Is My Forex Funds?

My Forex Funds is a prop firm located in Canada. It was founded in 2020 so it already has some experience with funding traders.

What Can You Trade With My Forex Funds?

My Forex Funds is a prop firm that funds traders to trade Forex and other CFDs trading assets.

Here’s a list of all of the instruments:

  • Forex: Major and minor currency pairs
  • Indices
  • Metals: Gold, Silver, and Palladium
  • Commodities: Crude oil
  • Cryptocurrencies: BTC, DASH, ETH, and LTC

What Are The My Forex Funds Account Sizes?

My Forex Funds funds traders with account balances that go from $2,000 up to $300,000. These accounts can be scaled up to $2,000,000 as you keep having good results trading.

Depending on the product that you choose, you may get immediate funding, which applies to the Rapid and Accelerated products, or need to pass a 2-phase evaluation process, which applies to the Evaluation product.

The prices of the products are different according to the account size that you are applying to.

The prices of the smaller funded account start at $49 and go up to $4,900 for the bigger account.

What Is My Forex Funds Leverage?

The leverage provided by the prop firm depends on the instrument category that you are trading. Here’s the list of leverage by category:

  • Forex pairs: 1:100
  • Metals: 1:100
  • Commodities: 1:100
  • Indices: 1:100
  • Cryptocurrencies: 1:5

How Much Is The My Forex Funds Payout?

The profit split is different according to the product that you chose.

Here’s the payout for each product:

  • Rapid: 12% of all profits are shared with the trader
  • Evaluation: Starts at 75% for the first month, then 80% for the second month, and 85% for the third month.
  • Accelerated: 50% of the profits are split with the trader.

There are other prop firms with higher payouts, but we can say that this is pretty much the industry standard. The options with instant funding give you a smaller payout compared to the one with evaluation, but that’s understandable.

My Forex Funds Reviews

According to Trustpilot, My Forex Funds is classified as excellent. It’s scoring an impressive 4.9/5.0 after more than 12,000 reviews from users.

My Forex Funds Rapid

The Rapid program was made for traders with some knowledge about trading. It’s good to understand how prop firms work and you get paid as you gain experience. The entry cost is low.

This product has no targets to achieve. You just need to trade for a minimum number of days per week and avoid exceeding a maximum daily drawdown and a maximum overall drawdown.

Here are all the details:

  • Minimum days to trade: 3 days/week.
  • Challenge duration: No challenge.
  • Maximum daily drawdown: 5%
  • Maximum overall drawdown: 12%
  • Profit target: No targets, you get paid immediately as you make profits.

My Forex Funds Evaluation

The Evaluation program was created for experienced traders. You must prove your experience in a quick 2-phase evaluation process.

Unlike the Rapid program, here you have targets to achieve on every phase while having to comply with the maximum daily and overall drawdown.

Phase 1

During this phase, you need to achieve a profit target within 30 calendar days. Here are all the details:

  • Minimum days to trade: 5 days.
  • Challenge duration: 30 calendar days.
  • Maximum daily drawdown: 5%
  • Maximum overall drawdown: 12%
  • Profit target: 8%.

Phase 2

After you complete the phase 1 challenge, you’re ready to start phase 2.

This phase has an extended period. You now have 60 calendar days to achieve the profit target while not breaking any rules. All the rules are the same as in phase 1 except the profit target that reduces. Here are all the details:

  • Minimum days to trade: 5 days.
  • Challenge duration: 60 calendar days.
  • Maximum daily drawdown: 5%
  • Maximum overall drawdown: 12%
  • Profit target: 5%.

My Forex Funds Accelerated

The Accelerated program was made for traders that want immediate funding with a bigger profit split than the Rapid. The accounts also scale up frequently as you keep having good results.

This product has targets to achieve to go to the next milestone/account increase. The only rule here is to respect an Overall Drawdown limit, which can be different because we have two choices here: the Conventional and the Emphatic.

Let’s see the details for each one.

Accelerated Conventional

This is the cheapest product, but the account sizes are also smaller. They can grow up to a maximum of $1,350,000.

Here are all the details:

  • Minimum days to trade: No minimum.
  • Challenge duration: No challenge.
  • Maximum daily drawdown: No.
  • Maximum overall drawdown: 5% of starting account balance.
  • Profit target: 10% to get to the next milestone/account increase.

Accelerated Emphatic

This product is more expensive, but the account sizes are also bigger. They can grow up to a maximum of $2,020,000.

Here are all the details:

  • Minimum days to trade: No minimum.
  • Challenge duration: No challenge.
  • Maximum daily drawdown: No.
  • Maximum overall drawdown: 10% of starting account balance.
  • Profit target: 20% to get to the next milestone/account increase.

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My Forex Funds EAs (Expert Advisors)

If you like to use EAs to trade, My Forex Funds is a great prop firm for you. They allow EAs although some types of strategies are banned.

These include arbitrage trading, quote stuffing, or EAs that update orders in high volume.

My Forex Funds Free Trial

Unfortunately, My Forex Funds doesn’t offer free trials at the moment, but you can get free repeats and free extensions on the Evaluation product which is also good.

My Forex Funds Free Repeat

My Forex Funds provides free repeats for traders that want to take the Evaluation challenges again.

The only requirement is that you are profitable at the end of the trading period (although you didn’t achieve the profit target), and of course, that you didn’t violate any rule.

My Forex Funds Platforms

My Forex Funds gives you access to the most popular trading platforms used by Forex brokers.

You can use:

  • MetaTrader 4
  • MetaTrader 5

My Forex Funds Trading Hours

The only restrictions that exist are for the Accelerated program where holding trades over the weekend is not allowed. The Rapid and Evaluation programs don’t have any restrictions.

Besides that, holding trades overnight is allowed on all programs. You can have your positions open for as long as you want according to your own trading style. Just be careful with daily and weekend gaps.

My Forex Funds News Trading

There are no restrictions on news trading. You just need to be careful with the volatility, but if you’re like me, those are the best times of the day to trade. Just don’t exceed your maximum safe lot size and manage your trades properly.

Is My Forex Funds Legit?

Yes, My Forex Funds is a legit company.

Here are the contacts to reach them:

  • Email: support@myforexfunds.com
  • Address: 9131 Keele Street, Vaughan, Ontario, ON, L4K 2N, Canada

You can also contact them through the live chat on their website.

My Forex Funds Alternatives

Here’s the list of the best My Forex Funds alternatives:

Recap

  • My Forex Funds is a prop trading firm based in Canada.
  • You can get a funded account with up to $2,000,000 in balance and up to an 85% profit split payout.
  • To get access to a funded account you have two options: instant funding programs or a two-phase challenge program.
  • You can trade Forex and other CFDs like Indices, Metals, Commodities, and Cryptocurrencies.
  • The popular MT4 and MT5 platforms are available to trade.

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