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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:
My Forex Funds is a prop firm located in Canada. It was founded in 2020 so it already has some experience with funding traders.
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:
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.
The leverage provided by the prop firm depends on the instrument category that you are trading. Here’s the list of leverage by category:
The profit split is different according to the product that you chose.
Here’s the payout for each product:
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.
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.
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:
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.
During this phase, you need to achieve a profit target within 30 calendar days. Here are all the details:
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:
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.
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:
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:
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.
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 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 gives you access to the most popular trading platforms used by Forex brokers.
You can use:
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.
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.
Yes, My Forex Funds is a legit company.
Here are the contacts to reach them:
You can also contact them through the live chat on their website.
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