Founded in July 2020, MyForexFunds is operated from Toronto, Canada and considered as a fast-growing proprietary firm. This newly emerged prop firm has grown a lot over just one year, serving 40,000+ traders from 120+ countries. Unlike any other prop firm, MyForexFunds is offering some of the most lucrative opportunities to profit from trading with their funded account faster and easier.
With very low subscription fees, MyForexFunds is offering three kinds of funding programs with different pricing to the traders of all kinds.
Forex, Indices, Commodities, Stocks, Cryptocurrencies
1:50, 1:100, 1:500
Min-Max Funding capital
$10,000 to $200,000
Up to 85%
Up to $2 million,
On evaluation, there is no limit
Meta Trader 4 (MT4)
Live Chat / Email / Discord
Were you looking for a review of MyForexFunds? Then, here we are, giving you a thorough insight into this fairly new prop trading firm.
[joomdev-wpc-pros-cons disable_title=”yes” wpc_style=”wppc-view1″ title_tag=”H2″ title=”Title Here” pros_title=”Pros” cons_title=”Cons” button_text=”Get it now” disable_button=”yes” button_link=”” button_link_target=”_SELF” button_rel_attr=”dofollow” verdict_text=””][joomdev-wpc-pros]
- Personal Broker (FxPig)
- Low Subscription Fees
- 30% Scaling Plan for profitable traders
- Bi-weekly payouts on request
- Payouts in cryptocurrencies
- No trading strategic restrictions
- Weekend holding option for the Swing traders
- Variety of trading instruments (forex, indices, commodities, stocks, cryptocurrencies)
- 14 days extension to trade if traders do not meet the profit target.
- 3 days trade on consecutive weeks to earn CEA Profit.
- You can’t earn until you pass both assessment processes on the Evaluation Program.
- Subscription via only in USD
- No demo account for trial.
- Poor Customer Support.
Introduction to MyForexFunds
With a vision of “Your success is our business,” MyForexFunds is offering up to $200,000 as of the initial capital for the funded traders. They have been in the market for 19 months and gained good recognition. MyForexFunds has its headquarter in Toronto, Canada and are on the hunt for professional talented traders worldwide.
MyForexFunds offer funded programs with very low subscription fees. Offering up to 85% profits share, this fresh prop trading firm has three funding programs for traders of all kinds of experience to choose from. MyForexFunds allows traders to trade in forex, commodities, indices, stocks, and cryptocurrencies.
Along with a maximum 85% profit share, MyForexFunds is offering a $2 million and unlimited amount on Evaluation Program for the scale-up plan for the profitable traders.
Traders’ Earning in MyForexFunds
With MyForexFunds, a trader can earn in two ways,
With Demo Account
- Consistency Enabled Account (CEA) : If a trader follows the MyForexFunds Consistency rules accurately, you will be eligible to earn 12% of profits bi-weekly on request.
- No Consistency Account (NCA) : You do not need to follow the MyForexFunds Consistency rules. You can earn 12% profit in every month with the demo account
Real Funded Account
- The live account will be worth 10% (all funds transferred) of the original trading account size and maintain the rules.
- For every profit of a trading cycle, up to 3.5% account growth will be collected to meet the eligibility requirement (10% account growth) of getting the real funded account.
Let’s say, a trader with a $10,000 account has traded for 3 trading cycles, gaining 8%, 5%, and 10% profit on each. So on each cycle, 3.5% profits will be collected as the condition for the real account. And if you can profit more than 3.5% per cycle, you’ll be able to earn your real funded account in just three trading cycles.
Profit Sharing with MyForexFunds
- 12% profit sharing
Real Funded Account
- Refundable subscription fees
- 1st month profit 50% (Rapid program) / 75% (Evaluation Program)
- 2nd month profit 65% (Rapid program) / 80% (Evaluation Program)
- 3rd month profit 80% (Rapid program) / 85% (Evaluation Program)
- 50% with Accelerated program
Funding Programs of MyForexFunds
There are three kinds of funding programs with MyForexFunds, “Rapid program”, “Evaluation program”, and the “Accelerated program.”
The funding model Rapid program offers leverage up to 1:500 and a demo account for the traders to trade-in. This demo account is to assess their trading skills for unlimited time. Traders who are less confident in their trading capabilities can subscribe to this program.
To get the real funded account, you have to trade for a minimum of three trading days and grow your account to 10%, maintaining their trading rules.
But on a downside, the Rapid Program of MyForexFunds takes a lengthy period of time to gain a real funded account. Thus, if you are thinking of quick profit, then this program is not for you.
Rules & Subscription Fees for MyForexFunds Rapid Program
Rules to Maintain for Rapid Program
The funding program Evaluation program offers leverage up to 1:100 and a demo account for the traders. Semi-professional traders, who have had thorough knowledge and profitable experience in trading, should subscribe to this program. This demo account is to assess their trading worth and proficiency to maintain a consistent profit.
With the Evolution program, there are two phases of trading requirements to succeed to get the real funded account. You can get access to your real account even if you pass the phases within 10 days (5 trading days for each cycle). Or you can take it slow and trade for months by maintaining their trading rules.
Rules & Subscription Fees for MyForexFunds Evaluation Program
Rules to Maintain for Evaluation Program
The most interesting funding program by MyForexFunds is the Accelerated Program. If you are a professional trader, and highly confident about trading with success, you should subscribe to the account under this program. MyForexFunds is sharing 50% of the profit traders make with a great opportunity of scaling up the trader’s account.
There are two types of accounts under Accelerated programs with the fastest opportunity for the scale-up plan.
- Conventional Account (Not Applicable for the Cryptocurrencies and Share Trading Instruments)
- Emphatic Account (Not Applicable for the Share Trading Instruments)
Rules to Maintain for Accelerated Program
There is no scope for the free trial with MyForexFunds. But they are offering some free retake options.
- Suppose, you are trading with the demo account on the phase 1, maintaining every rule and regulation but unfortunately missed meeting the subscribed accounts’ profit target. Then MyForexFunds will extend your trading days to 4 weeks.
- But if you violate any rules, you won’t be given the change of extension. You have to retake the account, paying the subscription fees with a 10% discount.
MyForexFunds has a very defined scale up plan for each kind of funding program. They are offering a $2 million scale-up amount to maximize traders’ profit. To earn the scale-up amount, MyForexFunds do not look for the daily drawdown limit but the total drawdown.
- Rapid Program – No chance to scale up
- Evaluation Program – If you meet 10% account growth within 4 months, then your account will be scaled up by 30%.
- Accelerated Program
- Conventional Account – You need to meet 10% account growth for the scale up opportunity.
- Emphatic Account – You need to meet 20% account growth for the scale up opportunity.
With the Accelerated Program, in every odd number phase, the scale-up would be 2X and in every even number phase, the scale-up would be 1.5X.
Payouts & Commissions
To receive the payouts of your profits from the MyForexFunds, you need to contact their customer support team. The money will be transferred to your bank, or via paypal. Interestingly, MyForexFunds are sharing profits via Bitcoin.
As per our research, MyForexFunds has quite a bad reputation for their poor customer service. Dealing in the field where the customer support team has the full and ultimate control over every little detail of the funded trader, the team is expected to be very efficient. But that is not the case for this new prop firm, MyForexFunds.
MyForexFunds has a dedicated site for the blog content. Although they are not regular in posting the content, the resources are pretty enlightening.
MyForexFunds has a variety of reviews from its users. On Trustpilot, they have 4.7 ratings out of 5 from 1,975+ reviews.
And on the Forex Peace Army, they are rated 1.8 out of 5 from 25 reviewers.
My Forex funds have a big potential to succeed because of their low subscription fees and varieties of profit share structured funding programs to choose from. But due to poor customer support, people’s complaints will not slow down unless they make a drastic change. Nevertheless, we would suggest trying this new prop firm out and experiencing their funding service.