My Forex Funds and FTMO are well-established proprietary trading firms that have gained a reputation for success in the forex trading industry. My Forex Funds was founded in July 2020 and has quickly become one of the most successful firms in the industry. FTMO, on the other hand, was incorporated in September 2014 and has also made a name for itself in the world of forex trading. In this article, we will compare the two firms and explore the services they offer to forex traders.
What is My Forex Funds?
My Forex Funds, also known as MFF, is a proprietary trading firm based in Toronto, Canada. It was founded in 2020 by Murtaza Kazmi, the company's CEO. MFF offers a unique opportunity for forex traders to trade using the firm's capital, allowing them to profit without investing their own money. Users must pass the evaluation process to participate in MFF's trading program. In addition, the firm offers a range of account types and trading platforms, as well as educational resources and support to help traders improve their skills.
What is FTMO?
FTMO is a proprietary trading firm that provides traders with the capital to trade in the forex market. The company was founded in 2014 and is headquartered in Prague, Czech Republic. To trade with FTMO, users need to pass their evaluation process. After that, FTMO provides its traders with the capital to trade in the financial markets. In return, the firm takes a share of the traders' profits. FTMO offers funded trading accounts with profit sharing of up to 90%, allowing traders to earn a significant income without investing their own money. In addition to forex, FTMO traders can trade various assets, including cryptocurrencies, commodities, indices, and stocks.
My Forex Funds Vs. FTMO: MFF Evaluation Process
To become a My Forex Funds (MFF) trader, you need to pass the evaluation process by following the below steps:
Choose the trading account that best suits your experience and needs. MFF offers three accounts: Rapid Trading Account, Evaluation Trading Account, and Accelerated Trading Account.
Rapid Trading Account
The My Forex Funds Rapid account program is a trading account offered by My Forex Funds (MFF) that allows traders to earn rewards for their time and efforts. The program is designed to give traders a three-month snapshot of their capabilities before allowing them access to live trading funds. During this time, traders can earn bonuses bi-weekly or monthly and can use this time to improve their skills and knowledge without risking any real money—the account sizes offered by the program range from $10k to $100k.
Evaluation Trading Account
The My Forex Funds Evaluation Trading Account Program is offered by My Forex Funds (MFF). It allows potential traders to demonstrate their forex trading skills and potentially jump to a funded account in as little as 10 days. This program is a two-step process that begins with the trader opening an evaluation account with MFF. These accounts range in size from $10k to $200k. Once the account has been opened, the trader will have 90 days to demonstrate their proficiency in forex trading. Profit-split payouts will occur monthly, with the first month being paid out on the first month and then bi-weekly from that point on. If a trader is successful in demonstrating their forex trading skills within the 90 day timeframe, they will be granted a funded account and will be able to begin trading with MFF's prop firm.
Accelerated Trading Account
The My Forex Funds Accelerated Trading Account Program allows professional traders to bypass the usual evaluation process and begin trading real funds immediately. This program offers compounding rewards, allowing traders to grow their earnings quickly. With a starting balance of 2,000 USD, traders can potentially increase their funds to the maximum limit of 2 million USD. As a member of the program, traders will have access to a team of experienced professionals who can provide guidance and support.
It is important to note that trading in the forex market carries a significant level of risk, and it is not suitable for everyone. It is crucial to thoroughly research and understand the risks involved before making any investment decisions. Additionally, it is essential to work with a reputable and regulated company like My Forex Funds to ensure the safety and security of your funds. Be sure to carefully read and understand the terms and conditions of the Accelerated program before signing up to ensure it is the right fit for your trading goals and risk tolerance.
FTMO Vs. My Forex Funds: FTMO Evaluation
FTMO is a trading firm that offers a two-step evaluation process for traders. The first step is the FTMO Challenge, which tests a trader's ability to adapt their trading style and risk management to predefined rules. In the challenge, traders are given a balance of $10,000 to $200,000 and must make a profit of $1,000 within 30 days without exceeding daily or overall loss limits. For example, for a $10,000 account, the daily loss limit is $500, and the overall loss limit is $1,000. Traders must also trade for at least 10 days to pass the challenge.
The second step of the evaluation process is Verification, which tests if a trader can maintain profitability over a more extended time while following strict guidelines set by FTMO. In this step, traders are given 60 days to make $500 with a $10,000 account and must adhere to the same drawdown limits as in the challenge. They must also trade for at least 20 days to qualify.
If a trader completes the evaluation program, they will be offered the opportunity to access FTMO's proprietary trading accounts with a balance of up to $400,000. This is an excellent opportunity for talented traders to showcase their skills and earn rewards.
Please note that the rules and requirements discussed in this article are for the normal account option offered by FTMO. The firm also provides an aggressive account option with different rules and requirements.
FTMO Vs. My Forex Funds: Cost
My Forex Funds (MFF) offers three types of accounts: Rapid, Evaluation, and Accelerated. The Rapid account is the most basic, and costs vary depending on the funded amount. For example, a Rapid account with a $10,000 funded amount costs $99. The fees for the Evaluation account also vary depending on the funded amount and are refundable with the first withdrawal. The Accelerated account has two types, Conventional and Emphatic, and has no refund option. One-time registration fees for Conventional accounts range from $99 for a $2,000 funded amount to $2,450 for a $50,000 funded amount. Emphatic account fees range from $198 for a $2,000 funded amount to $4,900 for a $50,000 funded amount.
On the other hand, FTMO offers two types of accounts for traders: Normal and Aggressive. The fees for these accounts vary depending on the funds' size and the account type. The Normal account has one-time refundable registration fees that range from €155 for a $10,000 account to €1080 for a $200,000 account. The Aggressive account has fees that range from €250 for a $10,000 account to €1080 for a $100,000 account. These fees are refundable if the trader passes the evaluation program. Once a trader passes the evaluation, they can access FTMO's full range of trading tools and resources without additional monthly subscription fees. This includes daily market analysis, educational materials, and support from a dedicated account manager.
My Forex Funds Vs. FTMO: Profit Splits
Forex trading can be a lucrative endeavor, but it can also be risky. Many traders work with a prop firm, such as My Forex Funds (MFF) or FTMO, to help them navigate the markets and maximize their earnings.
When choosing a proprietary trading firm, one crucial factor is the profit split, which determines how much of the profits you will get to keep. We'll compare the profit splits offered by My Forex Funds and FTMO, so you can decide which is right for you.
My Forex Funds Profit Splits
My Forex Funds offers a tiered profit split system, where the percentage of profits you get to keep increases as you trade with them. You will receive 75% of your profits in your first month with MFF. In the second month, this increases to 80%, and in all subsequent months, you will get to keep 85% of your profits.
FTMO Profit Splits
FTMO has a different profit split system, with a default ratio of 80:20. This means that you get to keep 80% of your profits, while FTMO gets to save 20%. This is a generous profit split, especially compared to other forex funds that may take a larger share of your profits.
However, FTMO offers an additional incentive for traders who can meet the conditions of their Scaling Plan. If you can do this, your profit ratio is increased to 90:10, meaning you get to keep an even larger share of your profits.
In conclusion, My Forex Funds and FTMO offer generous profit splits that allow traders to retain a significant portion of their earnings. However, the specific profit splits offered by each company vary, so it's essential to consider which is right for you and your trading goals.
Who Should Choose My Forex Funds?
MFF is a proprietary trading firm that offers funded trading accounts to its members. If you're interested in trading forex and want to avoid the evaluation and demo trading process, MFF's Rapid account may be a good option. With this account, you'll be able to earn money for your time while also being assessed by the program. In addition, as a Rapid account holder, you'll receive 12% of your profits during your learning period.
MFF is more than just a funded account provider - it's also a community of forex traders. When you join MFF, you'll have the opportunity to connect with other traders and learn from their experiences. You can also share your own insights and strategies with the community. Overall, MFF may be a good fit for traders who want to learn from others and access a funded account without going through a lengthy evaluation process.
Who Should Choose FTMO?
FTMO is a popular and trusted prop trading firm that offers affordable opportunities for new traders to try out their strategies and potentially earn up to 90% of their profits. Even if you have your own capital to trade, FTMO is still a great option because of its industry-leading trader guidance app. Additionally, FTMO offers the most extensive array of tradable assets, including equities and crypto. Overall, signing up for FTMO can help you become a more conscientious and confident trader.
My Forex Funds Vs. FTMO: Customer Support
Both My Forex Funds and FTMO offer excellent customer support available 24/7. My Forex Funds provides assistance via email and live chat during business hours, while FTMO can be reached via email, live chat, Whatsapp, and phone in 15 different languages. Regardless of your chosen method, you can expect timely and helpful assistance from both companies.
Conclusion
My Forex Funds and FTMO are both proprietary trading firms that offer traders the opportunity to trade using the firm's capital. My Forex Funds was founded in 2020 in Toronto, Canada, while FTMO was founded in 2014 and is headquartered in Prague, Czech Republic. Both firms offer a range of account types, trading platforms, and educational resources to support traders. To become a trader with My Forex Funds, choose the account that best suits your experience and needs and go through their evaluation process. To trade with FTMO, you need to pass their evaluation process. FTMO offers up to 90% profit-sharing on their funded trading accounts. Choose your prop firm based on your needs and do research before jumping on any proprietary trading firm.