MyFundedFx Review
MyFundedFx prop firm is a unique trading firm that provides traders with the opportunity to trade on their accounts and benefit from the financial market. They provide various services, including managed accounts, direct execution, and liquidity solutions. Through their knowledgeable team, they can offer some of the most competitive spreads in the industry and a range of other benefits to traders.
The firm provides access to the global financial markets and indices, commodities, foreign exchange, equities, futures, and crypto all from one account. MyFundedFx also offers its clients an extensive educational resource library covering topics such as technical analysis, fundamental analysis, and risk management strategies.
What is MyFundedFx?
MyFundedFx is a prop trading Firm. A trading Firm is a company that provides trading services to its clients. Typically, trading Firms are organized in such a way that they have multiple traders, each responsible for their own trading decisions.
Trading Firms offer access to markets and trading instruments that can help traders identify trading opportunities. They also provide trading analysis, decision support, and access to trading platforms and technologies to help traders achieve their trading goals.
Trading Firms are typically staffed by experienced professionals who understand the markets, trading strategy, and risk management tools needed to succeed in trading.
By having access to these resources, trading Firms can help their clients identify trading opportunities and maximize trading profits.
What plans does MyFundedFx offer?
MyFundedFx offers two types of plans the 2-step plan and the 1-step plan.
2 STEP PLAN:
As the name says this Plan is composed of two steps. The first step is the trading challenge where you have these objectives:
Trading Challenge:
- Minimum Trading Days 1
- Max Drawdown of 8%
- Max Daily Drawdown of 5%
- Profit Target 8%
- Trading Period Up to 30 days
- leverage 100:1
These targets are equal to all the account sizes. Once you pass the trading challenge you now will have to pass the verification this is the second step.
Verification:
- Minimum Trading Days 1
- Max Drawdown of 8%
- Max Daily DrawDown of 5%
- Profit Target 5%
- Trading Period Up to 60 days
What changes in the verification phase is the profit target drops from 8% to 5% and you have up to 60 days to complete this phase.
Once you pass both phases you are now a MyFundedFx Trader, although you don’t have more profit targets you still have to respect some rules.
MyFundedFx Traders
- Max Drawdown of 8%
- Max Daily Drawdown of 5%
You can withdraw your first profits after 14 calendar days. If you brake any of these rules you will lose your funded account.
1-Step Plan:
In this type of challenge you only have one step and by successfully passing this challenge account you are a MyFundedFx trader, these are the objectives:
- Profit Target of 10%
- The trading Period is unlimited
- Minimum Trading days 1
- Max Trailing Loss of 6%
- Max Daily Loss of 4%
Once you pass this challenge you are officially a MyFundedFxTrader. When you get your funded account you still will need to follow some strict rules. These are the rules:
MyFundedFx Traders:
- Profit Target of 10%
- Max daily Loss
- Trading Period Unlimited
- Profits Split 80%
- Minimum Calendar Days 14
After 14 days if you are in profit you will be able to request a profit split. On your first profit split, you will get your challenge fee refunded plus 80% of the profits made during those 14 days.
During this time with your funded account, if you break any of those stipulated rules, you will lose your account.
One this to be careful of with this 1 phase account is the drawdown. This max drawdown is a trailing drawdown which means you can never lose 6% of the account even if you are in profit, if you have more risky risk management this account is not for you.
Account Sizes and Price
MyFundedFx offers a wide variety of account sizes at different price points.
Accounts Sizes for 2 Phases accounts:
- 5k — 50 euros
- 10k — 100 euros
- 25k — 200 euros
- 50k — 300 euros
- 100k — 500 euros
- 200k — 950 euros
Accounts Sizes for 1 phase accounts:
- 5k — 50 euros
- 10k — 100 euros
- 25k — 200 euros
- 50k — 300 euros
- 100k — 500 euros
- 200k — 950 euros
Competition Challenge
Every month MyfundedFx host a competition where 1000 traders can sign up, the competition starts on the first day of every month and the traders have 30 days to prove their abilities, the top 20 traders at the end of the month win free challenge accounts (different sizes) and the top 3 also wins prize money.
This is an excellent opportunity if you are confident in your trading skills and risk management, but like in everything in life, this competition has rules.
Competition rules:
- Max Drawdown of 8%
- Max Daily Drawdown of 5%
- Doesn’t have profit targets
- Trading Period 30 days
- leverage 100:1
If you brake any of these rules you will automatically lose your account. The profit done until that point will be lost and will not count toward the competition, so to win the competition you can’t lose the account and end in the top 20 best traders. Few prop firms offer this competition so this is a major pro for this prop firm.
Pros and Cons
Funded Fx is for sure an interesting prop firm to look out for but everything in life has its strong points but also has some flaws that can be improved.
Pros:
- No Commissions Broker
- No Minimum Trading Days
- No Style Restrictions
- Low and competitive registration fee
- Profit target of 8% on the 2 phases’ accounts
- Ideal for Forex Traders
- Fast Support
- A competition where you can win free accounts
- You can trade News events
- You can hold trades during the weekend
- allowed copy trading
- allows different trading style
- excellent and active discord community
- frequent sales
- Scaling plan
Cons:
- Low drawdown rules
- Not Ideal for indices traders
- No Third Party Eas
- Only have Mt4 as a platform available but at the start of 2023, they will add Mt5 and another broker.
- Not the best trader hub and dashboard but this will be renewed
Withdraw Prove.
If you want to see more withdrawal proof they have an excellent Twitter and discord community where they post regularly.
Conclusion
Overall this is an excellent prop firm to add to your list if you are mainly a forex trader. They have very good registration fees for the funding models, also don’t have broker commissions, no minimum days, very good profit targets, and no consistency rules, but they don’t have the best drawdown in the prop firm world, so if you have more of an aggressive trading style this might not be the prop firm for you. Other prop firms will suit you better
This prop firm also hosts a trading competition every month where the top 20 traders win a free account and on top the top 3 also win prize money.
Almost everything is perfect but if you like to have more drawdowns or mainly trade indices or futures this might not be for you. If you want to know other firms and the best trading prop firms.