My Funded FX: Review and Analysis [2024]

MyFundedFX offers traders unique opportunities to participate in trading programs that allow them to explore the world of trading without putting their funds at stake. Profitable traders are compensated with a financial reward that is determined by their earnings. Traders can earn significant profits, with the freedom to handle account sizes of up to $300,000 and receive profit splits of up to 92.75%. You can achieve this by trading a wide range of financial instruments, such as forex pairs, commodities, indices, and cryptocurrencies.

Does MyFundedFX prop firm have pros and cons? Definitely, yes. Here are some of them:

MyFundedFx is an exclusive trading firm in the forex industry, established by Matthew Leech. The company provides a range of funding options starting from $5,000 and reaching up to $300,000, with the possibility of expanding to $1.5 million. MyFundedFx offers traders the freedom to choose from two different funding methods: a 1-step and a 2-step approach. Traders have the option to select the model that best suits their trading strategies and risk tolerance. MyFundedFx has formed a valuable collaboration with ThinkMarkets, guaranteeing dependable liquidity and providing access to esteemed trading platforms such as MetaTrader 4 and MetaTrader 5. This collaboration also allows MyFundedFx to provide cryptocurrency trading services during weekends, catering to individuals who are passionate about cryptocurrencies. Aside from its financial services, MyFundedFx places a b emphasis on fostering a sense of community. The company operates a Discord server boasting a vast community of over 8000 members, encouraging vibrant discussions and the sharing of trading strategies. MyFundedFx also offers a leaderboard that is available to the public, allowing traders to display their achievements and foster a sense of healthy competition and motivation among the community.

MyFundedFX of Key Features

If you are reading the MyFundedFX prop firms review but still need to learn about the critical features of MyFundedFX prop trading firm. Now, we are going to fix this shortcoming:

• Gain access to substantial trading capital through MyFundedFx, potentially reaching up to $1.5 million with their scaling plan.
• Profit Sharing: MyFundedFx provides traders with a generous profit-sharing arrangement, enabling them to keep a significant portion of their earnings.
• Pricing Structure: MyFundedFx provides a reasonable pricing system for its challenges, offering affordable choices starting at $50 and ensuring accessibility for traders with different financial capacities.
• Responsive Assistance: The MyFundedFx management team can be easily reached through their Discord channel, which promptly attends to trader inquiries.
• Clear and straightforward rules are the foundation of MyFundedFx. We believe in transparency and do not impose any consistency requirements, lot size restrictions, or hidden terms. The drawdown allowances provided are fair and transparent, creating an equitable trading environment.
• Weekend Crypto Trading Partnership: MyFundedFx, in collaboration with ThinkMarkets, offers the chance to do weekend crypto trading specifically designed for those passionate about cryptocurrencies.

Matthew Leech, the creator of MyFundedFX, is a highly successful entrepreneur in the financial and tech industries. He is also an expert in trading forex, options, stocks, and cryptocurrencies. From 2018 onwards, he has been actively engaged in trading and currently serves as the CEO of MyFundedFX, in addition to managing various other ventures.

Matt’s decision to start MyFundedFX was driven by his realization of a void in the market. Frequently, privately owned trading firms place a higher importance on creating software that overlooks the requirements of individual traders. Nevertheless, MyFundedFX places great emphasis on educating traders and assisting them in their journey towards obtaining funding. Matt and the whole team are fully dedicated to this goal, constantly enhancing the fundamental abilities needed to become a trader with funding.

Website:	https://myfundedfx.com/
Start of work:	June 2022
Trading Platforms:	Metatrader 4, Metatrader 5
Account Size:	$10,000, $25,000, $50,000, $100,000, $200,000, $300,000, $5,000
Tradable instruments:	Commodities, Crypto, Forex, Indices, Metals
Account Currencies:	USD
Brokers:	Zenfinex, Purple Trading Seychelles, and Quality FX Ltd
Deposit Methods:	Bank Wire Transfer, Crypto, Debit/credit card, PayPal
Withdrawal Methods:	Bank Wire Transfer, Crypto
Maximum Capital Allocation:	$1,500,000
Rules:	No news trading, Profit target, Maximum daily loss, Maximum loss, Maximum trailing drawdown

Although MyFundedFX is a recent addition to the trading industry, it is a prop trading firm based in the United States that has proven its credibility. The company offers advantageous terms and partners with renowned brokers. Based in the US, MyFundedFX operates with a commitment to following the comprehensive financial regulations in effect, although they are not fully regulated.

• Legal/License: MyFundedFX, a new entrant in the proprietary trading firm arena, was founded in June 2022. The company is based in the United States and operates from its office at 100 Crescent Court Suite 700, Dallas, TX 75201. Its work is 100% legal and licensed, and all client rights are protected.
• Reputation: The company has an impeccable reputation among clients, which is confirmed by numerous reviews on Trustpilot and other reputable sites.
• Safety Measures: At MyFundedFX, ensuring the trust and security of our users is of utmost importance. Although prop trading firms are typically not subject to regulation, MyFundedFX takes extensive precautions to combat fraud and safeguard client security. Customers have the option to enhance the security of their accounts by verifying their email addresses. In order to mitigate any potential financial risks, all trading funds are simulated, ensuring that clients are never at risk of losing actual money. This innovative strategy not only provides the safety of client funds but also cultivates a tranquil trading atmosphere.
• Transparency and Trust: MyFundedFX provides transparent operations without any undisclosed charges, which helps to build trust. With a wide range of security measures in place, MyFundedFX is a dependable and secure option for traders.

MyFundedFx provides ambitious forex traders with the chance to trade using the company’s funds and partake in the ensuing earnings. They offer a Trading Platform with evaluation challenges that come in both one-step and two-step formats. Each challenge provides unique account sizes and trading conditions. MyFundedFx’s unique firm challenges are designed to discover skilled traders who can consistently meet achievable trading goals. Unlike numerous other exclusive companies, MyFundedFx does not enforce a minimum trading day prerequisite, giving traders plenty of time to achieve their goals. In addition, the company offers more flexible trading regulations that cater to a broader range of trading approaches, such as news trading and swing trading. MyFundedFx provides a profit-sharing structure that aims to incentivize traders for their effective strategies and risk management, ensuring fair compensation for their achievements. The company offers one of the most generous profit splits in the proprietary trading industry, with a split of 80%. This percentage is applicable to both the 1-step and 2-step funding models, showcasing MyFundedFx’s dedication to fairly compensating traders who achieve success.

MyFundedFX offers traders a selection of five distinct funding program choices:

• Two-step Challenge
• Two-step Max Challenge
• One-step Challenge
• One-step Max Challenge
• Three-step Challenge

Two-step Challenge

The Two-step Challenge offered by MyFundedFX allows traders to handle account sizes ranging from $5,000 to $300,000. The goal is to find skilled traders who are successful and can effectively handle risk during the two-step assessment phase. The Two-step Challenge enables trading with leverage of up to 1:100.

In the first evaluation phase, traders are expected to achieve a profit goal of 8% without exceeding their maximum daily loss limit of 5% or the overall maximum loss limit of 8%. In order to move on to the next stage, all you need to do is achieve the 8% profit goal while staying within the boundaries of the daily and maximum loss limits.

In the second evaluation phase, traders must aim to achieve a profit target of 5% without exceeding their maximum daily loss of 5% or maximum loss limit of 8%. Upon completing both evaluation phases, you will be granted a fully funded account with no obligations to meet any minimum withdrawal criteria.

Scaling Plan for the Two-step Challenge

The Two-step Challenge also incorporates a progressive strategy. If a trader has been successful in the past three months, earning an average return of 12% over that period, they will qualify for a 25% increase in their account size.

• After three months: A well-qualified account with an initial value of $100,000 grows to $125,000.
• Following six months: A qualified account of $125,000 grows to $150,000.
• Following nine months: A qualified account of $150,000 grows to $175,000.

Trading Rules and Objectives for the Two-step Challenge

• Profit Goal – Traders must reach a specified profit percentage to complete an evaluation phase. The desired profit margin for Phase 1 is 8%, while Phase 2 requires 5%.
• Maximum Daily Loss – The trader’s predefined limit on the amount they can lose in a single trading day without exceeding their account’s threshold. All account sizes have a daily loss cap of 5%.
• Maximum Loss – The trader’s allowable limit for overall losses without exceeding the account balance. Every account size has a cap on potential losses at 8%.
• Trading Restrictions – Trading during high-impact news releases is strictly prohibited. It is not allowed to make any new trades or close existing trades on the specified instrument during the 3 minutes before and after the announcement of specific news.

MyFundedFX offers traders a selection of five distinct funding program choices:

• Two-step Challenge
• Two-step Max Challenge
• One-step Challenge
• One-step Max Challenge
• Three-step Challenge

One-step Challenge

The One-step Challenge offered by MyFundedFX allows traders to handle account sizes that range from $5,000 to $300,000. The goal is to find skilled traders who are successful and can effectively handle risk during a comprehensive assessment period. The One-step Challenge offers the opportunity to engage in leveraged trading with a ratio of up to 1:100.

In the evaluation phase, traders must aim to achieve a profit target of 10% without exceeding their maximum daily loss of 4% or maximum trailing loss of 6%. There are no specific minimum or maximum trading day obligations in this phase. To achieve funded status, you need to meet the 10% profit goal without surpassing the daily maximum or maximum loss limits.

Upon successfully finishing the evaluation phase, you will receive a funded account with no minimum withdrawal prerequisites. Your initial payment will be processed after 14 days from the date you initiate your first transaction. Subsequent withdrawals can also be made every two weeks. You will receive a profit split ranging from 80% to 92.75%, depending on the profit generated from your funded account.

Scaling Plan for One-step Challenge

If a trader has been successful in the past three months, earning an average return of 12% over that period, they will be eligible for a 25% increase in their account size.

• After three months: A qualified account with an initial balance of $100,000 has grown to $125,000.
• Following the next three months: $125,000 grows to $150,000.
• Following the next three months: $150,000 grows to $175,000.

Trading Rules and Objectives for the One-step Challenge

• Profit Goal – The desired profit goal during the evaluation phase is set at 10%. Funded accounts do not have predetermined profit goals.
• Maximum Daily Loss – The trader’s permitted limit for losses in a single trading day is capped at 4%, which can be expanded up to 6%.
• Maximum Trailing Loss – The difference between the highest account balance and the lowest drawdown point sets the limit for how much a trader can lose without exceeding their account’s threshold. Trailing losses are capped at 6%, capable of being expanded up to 12%.
• Trading during high-impact news releases – Making new trades or closing existing trades on the specified instrument during the 3 minutes before and after the announcement of specific news is strictly prohibited. This rule is available exclusively for funded accounts.

One-step Max Challenge

With MyFundedFX’s One-step Max Challenge, traders can now take control of accounts with sizes ranging from $5,000 to $200,000. This single evaluation phase offers leverage of up to 1:100. Traders must meet an 8% profit goal while adhering to a 2% daily loss limit and an 8% maximum loss threshold. No specific trading day obligations are imposed, but there is a cap on daily profits at 2%. After successfully completing the evaluation phase, you receive a funded account and can make withdrawals weekly. The profit split ranges from 80% to 92.75%.

Three-step Challenge

The Three-step Challenge allows traders to handle account sizes ranging from $10,000 to $300,000, with a leverage of up to 1:50. Traders are expected to achieve a 6% profit target in each of the three phases, adhering to a 4% maximum daily loss and an 8% maximum loss limit. No specific minimum or maximum trading day obligations are defined. Upon completing all phases, a funded account is granted, and withdrawals can be made every two weeks. The profit split is based on the earnings generated from the funded account.

Profit Splits

Successful traders have the opportunity to get a profit share of up to 80 percent on all live sim profits.

ThinkMarkets is a well-established online trading service provider with a track record of praise, and MyFundedFx has announced a partnership with ThinkMarkets. This partnership is anticipated to enhance access to a wider variety of financial markets and improve trading opportunities for MyFundedFx clients.

Trading Instruments

At MyFundedFx, traders have access to a wide variety of trading instruments, including foreign exchange pairings, commodities, indices, and cryptocurrencies. The leverage available can go up to 100%, allowing for increased portfolio diversity and the capacity to profit from various market scenarios.

Trading Platforms

Traders at MyFundedFx can take advantage of the cutting-edge MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are renowned for their advanced charting tools, intuitive interfaces, and seamless integration with automated trading strategies. They offer a wide range of trading strategies, including swing trading and news trading, and provide the flexibility to utilize third-party Expert Advisors (EAs) and trading tools.

Trading Fees

• Forex: A fee of 5 USD per lot.
• Commodities: A fee of 5 USD per lot.
• Indices: Commission-free trading (0 USD per lot).
• Cryptocurrencies: Commission-free trading (0 USD per lot).

MyFundedFX prop trading firm offers a straightforward process for opening an account:

1. Fill out the registration form with your personal information and access the trading dashboard.
2. Select Your Account: Choose the type of account, size, trading platform, broker, and any add-ons.
3. Choose Your Payment Method: Select from options like PayPal, cryptocurrencies, and Visa/MasterCard.
4. Look for a welcome email from MyFundedFX containing login details to access your new trading account.

You’re now ready to start trading!

MyFundedFX ensures a seamless experience for depositing and withdrawing funds.

• Deposits: Unlike traditional deposit methods, MyFundedFX operates by acquiring accounts. There are no hidden costs, and every account is activated promptly after purchase.
• Withdrawals: The withdrawal process is efficient, with requests usually processed within a few hours. Withdrawals can be made using cryptocurrencies or Rise, free of charge.

Customer Support on MyFundedFX Company

MyFundedFx provides multiple options for customer support:

• A comprehensive FAQ section addresses common queries.
• Live chat for immediate responses.
• Email support at [email protected] for more detailed inquiries.
• Presence on multiple social media platforms to ensure responsiveness and accessibility.

Conclusion Review and Analysis About MyFundedFX Prop Firm

MyFundedFx offers a unique opportunity for aspiring forex traders to access significant funds and participate in the profits from their trading activities. It stands out in the proprietary trading market by offering flexible trading rules, transparent profit-sharing agreements, and a b sense of community. With access to a wide range of products and favorable broker agreements, and advanced trading platforms, MyFundedFx provides an accessible and lucrative pathway for traders aiming to enhance their skills in proprietary trading.