My Forex Funds Review and Ratings 2024

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Are you looking for a My Forex Funds review? If so, you've come to the right place. In this blog post, we'll take a close look at My Forex Funds and give you all the information you need to know about its service. We'll cover everything from what the program is and how it works. We'll even go over the three programs offered by My Forex Funds. By the end of this post, you should have a good idea of whether or not My Forex Funds is right for you.

What is My Forex Funds (MFF)?

My Forex Funds, or MFF, is a proprietary trading firm located in Toronto, Canada. MFF allows users to trade in forex using the company's capital. In other words, you can trade with MFF funds and earn a profit. MFF was started in 2020 by Murtaza Kazmi (CEO) and has its headquarters in Toronto. But is MFF the best proprietary trading firm in Toronto? Let's take a closer look.

How to Become My Forex Funds Trader?

Joining My Forex Funds is easy and only takes a few steps, depending on your experience level. My Forex Funds (MFF) offers three trading accounts: Rapid Trading Account, Evaluation Trading Account, and Accelerated Trading Account. Depending on your experience and expertise, you can select the account type that best suits your needs. Read on to find out how to become a My Forex Funds trader today.

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My Forex Funds Rapid Account Program

If you're a forex trader looking to get rewarded for your time and efforts, you'll want to check out the My Forex Funds Rapid account program. With account sizes ranging from $10k to $100k, this program is designed to assess your abilities as a trader while also providing bonuses bi-weekly or monthly. Keep reading to learn more about the My Forex Funds Rapid account program and how it can benefit you.

How the Program Works?

The My Forex Funds Rapid account 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 will be given bonuses for their time and efforts, making it a win-win situation for everyone involved. Not only will you be able to earn rewards during the first three months, but you'll also be able to improve your skills and knowledge during this time.

Benefits of the Rapid Trading Account

Many benefits come with participating in the My Forex Funds Rapid account program. First and foremost, you'll be able to get paid for your time while also being assessed by the program. This means you can use this time to improve your skills and knowledge without worrying about putting any real money at risk. Additionally, the account sizes offered by the program are very generous, so you'll have plenty of room to grow and experiment without having to worry about going over your budget. Lastly, the bonuses offered by the program are very competitive, which makes it an excellent way to earn additional income as a forex trader.

The MyForexFunds Evaluation Trading Account Program

MyForexFunds offers potential traders the opportunity to prove their forex trading skills through an evaluation program. This two-step program allows traders to demonstrate their abilities and potentially jump to a funded account in as little as 10 days. Here's everything you need to know about the My Forex Funds evaluation trading account program.

What is the My Forex Funds Evaluation Trading Account Program?

The My Forex Funds evaluation trading account program is a two-step process that allows potential traders to demonstrate their forex trading skills. Traders who are successful in the evaluation process will be granted a funded account. Through this program, MyForexFunds hopes to identify serious forex traders with the skills required to succeed with a forex prop firm.

How Does the Evaluation Process Work?

The evaluation process begins with the trader opening an evaluation account with My Forex Funds. 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 every month, with the first month being paid out on the first month and then bi-weekly from that point on.

Traders can have up to 600k in capital from evaluation accounts but only 300k per trading account. 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 My Forex Funds prop firm.

The MFF Accelerated Trading Account Program

With My Forex Funds' Accelerated program, professional traders can skip the line and jump right into trading real funds. The compounding rewards and benefits of being a professional trader make this an attractive option for those looking to grow their earnings quickly.

How Does the Accelerated Program Work?

The accelerated program from My Forex Funds is designed for professional traders who want to skip the evaluation process and jump right into trading. With this program, you can start with 2,000 USD and grow your funds to the max limit of 2 million USD. And best of all, they offer compound rewards so you can increase your earnings even more quickly. Once you're a part of the program, you'll have access to their team of experienced professionals who can provide guidance and support as needed.

Is the Accelerated Program Right for Me?

If you're a professional trader interested in forex trading, the answer is most likely yes! This program is perfect for those who want to get started immediately and earn some extra income. And because they offer compounding rewards, you can make even more money as you trade.

Benefits of My Forex Funds

MFF has many benefits that make it an attractive choice for both beginner and experienced traders. Here are some of the key benefits of MFF:

Accounts for Every Skill Level

One of the great things about MFF is that they have accounts tailored for beginners, intermediate, and professional traders. This is important because you want to ensure that your account matches your skill level. For example, if you're a beginner, you wouldn't want to be placed in an account with too much risk. Conversely, if you're a more experienced trader, you don't want to be held back by an account with too little capital. MFF has you covered no matter where you are in your journey as a forex trader.

Instant Funding

With an Accelerated account, you can instantly access up to $50,000 of trading capital. This is important because it allows you to start trading immediately without waiting for funding. For many traders, time is money. So being able to start trading as soon as possible is a significant advantage.

Cost Effective Pricing

Evaluation accounts with MFF are up to 25% cheaper than FTMO for the same level of capital. This is a big deal because it can save you a lot of money over time. Evaluation accounts are typically used by newer traders still working to prove their profitability. So saving money on your evaluation account can free up capital that can be used for other purposes, such as funding a live account or taking courses to improve your trading skills.

Great Profit Splits

Profit splits for Evaluation accounts start at 75% and go up to 85%. That's about as good as it gets. For those not familiar, profit splits refer to the percentage of profits that go to the firm and the percentage that goes to the trader. A higher profit split means more money in your pocket and less in the firm's pocket. So if you're looking for a firm with great profit splits, MFF should definitely be on your radar.

Low-Profit Targets

My Forex Funds has set low-profit targets for their rapid and evaluation accounts. For the Rapid account, there is no profit target. For Evaluation accounts, it's 8% to pass the first stage and then just 5% to move on to a funded account. Low-profit targets protect against downside risk and allow for profitable growth over time. They also force traders to focus on risk management, which is essential for long-term success. By setting low-profit targets, My Forex Funds is helping its traders to develop the habits that will lead to success in the long run.

The Disadvantages of My Forex Funds

There's no question that My Forex Funds is one of the hottest prop firms in the industry right now. They're attracting a lot of attention and a lot of new clients. In our My Forex Funds review, we will take a closer look at some of the disadvantages of trading with MFF:

Slow customer service 

Anyone who has ever had to wait on hold for customer service knows how frustrating it can be. You need help with a product or service, and the company you're trying to reach seems to be making it as difficult as possible to get in touch with a human being.

MFF needs to hire more trader support personnel, as their support is slow to respond. The good news is that there are some things you can do to minimize the amount of time you spend waiting on hold. For example, try calling during non-peak hours or use the company's chat or email support options if available. With a bit of patience, you should eventually be able to get the help you need.

Equity-based drawdown

Many traders get confused about the difference between account balance and equity. 'My Forex Funds' uses your equity to calculate the drawdown, not your account balance. This means that even if your account balance is positive, you can still have negative equity and be subject to a margin call. So be careful not to let your equity dip too low. The critical thing to remember is that your account balance doesn't necessarily reflect your actual equity position. Equity is left after you subtract your open losses from your open profits. So if you have a lot of open trades with significant losses, your equity can dip into the red even though your account balance is still positive. That's why it's essential to keep an eye on your account balance and equity, so you don't get caught by a margin call.

A lot of Rules

My Forex Funds has several different programs, each with its own rules to comply with. The scaling program is somewhat complex, and there are more rules to follow than in other prop trading firms. However, I have found that the firm is very organized, and I have been able to learn the ropes quickly.

Who Should Join My Forex Funds?

MFF is a proprietary trading firm that allows traders to have funds for their trading. But who should join MFF? Let's take a look.

You should join MFF if you don't want to go through the evaluation process or demo trading. In that scenario, MFF can be the right option. Their Rapid account allows you to get paid for your time while also being assessed by the program. In addition, you will get 12% of the profits you make during your learning period.

MFF is more than just a funded account service—it's a community of forex traders. When you join MFF, you'll be able to connect with other traders and learn from their experiences. You can also share your own insights and strategies with the community.

Who Should Not Join My Forex Funds?

My Forex Funds (MFF) is good but not suitable for everyone. We'll outline who should NOT sign up for My Forex Funds. If any of the following apply to you, you might want to look elsewhere for your forex trading needs.

MFF may not be for you if you're a trader who likes to hold positions overnight. However, you can get margin while sleeping, as the daily drawdown limit is 5%.

Cautious forex traders are always a little anxious. And for a good reason—the foreign exchange market is notoriously volatile.

How much does My Forex Funds cost?

My Forex Funds (MFF) offers a variety of account types with different features and benefits. We'll also talk about MFF's fees, so you can make an informed decision about whether or not this prop firm is right for you.

As previously mentioned, MFF offers three different types of accounts: Rapid, Evaluation, and Accelerated.

The Rapid account is the most basic account type offered by MFF. Rapid account costs vary depending on the funded amount. However, the fees are refundable with your first withdrawal.

• $10,000 Account Cost $99
• $20,000 Account Cost $189
• $50,000 Account Costs $399
• $100,000 Account Costs $749

The Evaluation account fees also vary depending on the funded amount. The fees are refundable with your first withdrawal as well.

• $5,000 Account Cost $49
• $10,000 Account Cost $84
• $20,000 Account Costs $139
• $50,000 Account Costs $299

The Accelerated account doesn't have a refund option. There are two types of Accelerated accounts. Conventional and Emphatic.

One-Time Registration Fees for these types of accounts are:

Conventional

• $2,000 Account Cost $99
• $5,000 Account Cost $245
• $10,000 Account Costs $485
• $20,000 Account Costs $970
• $50,000 Account Costs $2,450

Emphatic 

• $2,000 Account Cost $198
• $5,000 Account Cost $490
• $10,000 Account Costs $970
• $20,000 Account Costs $1940
• $50,000 Account Costs $4,900

MFF Rules

We have mentioned in our My Forex Funds review that they have three types of accounts. And all those accounts have their own rules. So let's have a look.

MFF Rapid Account Rules 

To help members to understand all the rules to follow, MFF has the following rules:

5% Drawdown

The first rule is that you cannot have a 5% drawdown based on your balance or equity at any time. This rule is in place to help you stay afloat and not lose all of your hard-earned money in one day.

12% Overall Drawdown

Their second rule is that you cannot have more than a 12% overall drawdown to your balance or equity. This rule is in place so that you don't lose all of your money and have to start from scratch.

No Restrictions

The final rule is that there are no restrictions on what you can trade or how much you can trade.

MFF Evaluation Account Rules 

We'll outline the rules you need to follow during the evaluation period.

5% Drawdown

First and foremost, don't let your account equity dip below 5% within 24 hours. This is probably the most important rule to follow.

12% Overall Drawdown

Your overall account drawdown should not exceed 12%, realized or unrealized.

8% profit target phase 1 

You'll need to reach a profit target of 8% within 30 calendar days without breaching any other rules.

5% profit target phase 2

Once you've completed phase 1, you'll move on to phase 2, where you'll need to reach a profit target of 5% within 60 calendar days without breaching any other rules.

Five trading day minimum

Remember that you must trade a minimum of 5 trading days to pass the evaluation.

MFF Accelerated Account Rules

Here's what you need to know about the rules.

5% or 10% Overall Drawdown

There are no daily drawdown limits. However, the overall drawdown is set to 5% for Conventional accounts and 10% for Emphatic accounts. This means you can only lose a certain percentage of your account balance before replenishing it.

Leverage Set at 1:100 or 1:50

Your leverage will be automatically set to 1:100 on Emphatic accounts and 1:50 on Conventional accounts for FOREX and Metals trades. This is done in order to protect your account balance and give you the best chance for success.

Scaling Your Account

Your account will scale by 2x or 1.5x (depending on which phase you are on) every pay period. This means you can increase your trade size and potential profits as you become more comfortable with the platform and your trading skills improve. The most prominent accounts can scale all the way up to USD 2 million.

My Forex Funds Payment Method

MFF is excited to accept payments via credit/debit card and cryptocurrency. They accept BTC, ETH, LTC, BCH, USDC, and DOGE if you wish to pay with crypto. You can pay via Coinbase, or you can send through any other exchange. MFF hopes that by accepting crypto as a form of payment, they will be able to reach a broader range of investors. Crypto is becoming increasingly popular, and MFF wants to ensure that it can cater to its investor's needs. MFF plans to continue accepting new forms of payment in the future.

Withdrawal Methods of My Forex Funds

My Forex Funds offers a variety of withdrawal methods to suit your needs. You can request your payout via cryptocurrency or Deel. With Deel, you can withdraw your payouts with Bank transfer, Wise, Paypal, Payoneer, Revolut, Mercury, etc. Note: You have to create an account with Deel before requesting a payout. https://app.letsdeel.com/signup

Withdrawing your earnings via cryptocurrency is also easy and convenient. You can request in BTC, LTC, ETH, and USDC. Whichever method you choose, My Forex Funds ensures that you can get your hands on your hard-earned money quickly and easily.

Trading Platforms Allowed by My Forex Funds

At My Forex Funds, they offer two different trading platforms - MT4 and MT5. Both platforms are popular among traders and provide various features that can be customised to suit your needs.

In addition, they also plan on offering cTrader in the future, which is another popular platform that offers even more customization options. However, they currently don't have solid confirmation on when this will be available. Regardless of which platform you choose, you'll be able to trade various assets and instruments easily.

Is My Forex Funds Legit?

Based on what we've seen, we believe this company is legitimate and offers an excellent service for forex traders.

This company has an "Excellent" rating at TrustPilot, where it has an aggregate rating of 4.9/5 stars. In addition, many reviews compare My Forex Funds favourably to its prop firm competitors, citing the clarity of the rules, great customer service, and prompt and generous payouts. So, if you're looking for a forex trading company to help you make money in the foreign exchange market, then we recommend giving My Forex Funds a try.

Customer Support

Good customer support is essential for any business, but it is especially important for a financial services company. After all, when it comes to money, people want to get help and answers as quickly as possible. That's why My Forex Funds offers customer support 24 hours a day, 7 days a week, by email. Whether you have a question about your account or just need some general information, their team is always available to help. They also offer live chat during business hours, so you can always get the assistance you need. With My Forex Funds, you can be confident that they're available to help you every step of the way.

Conclusion

My Forex Funds is an excellent option for anyone looking to get started in the world of forex trading with a funded account. They have a solid reputation, offer competitive profit percentages and fees, provide excellent customer support, and offer multiple platforms to trade easily. If you're ready to take your forex trading skills to the next level, then My Forex Funds is a great place to start. We advise that you take some time to learn about the risks and rewards associated with trading forex. Good luck!

FAQs

What is a Proprietary Trading Firm?

A proprietary trading firm (also called a prop trading firm) is a firm that allows traders to trade with the firm's money. Prop trading firms usually have strict requirements for their traders. For example, they may require that traders have a certain amount of capital to start trading with them. Or they may have experience requirements.

What are the Benefits of Trading with a Prop Firm?

There are several benefits of trading with a prop firm. Perhaps the most obvious benefit is that you don't need to put up your own capital to start trading. This can be a great benefit if you don't have much money to begin with or are unsure if you want to commit your own money to forex trading yet. Another advantage is that prop firms usually provide their traders with extensive training and support. This can be extremely helpful for new traders who are still learning the ropes.

What's The Downside of Trading with a Prop Firm?

Of course, there are also some downsides before trading with a prop firm. One downside is that you will likely be required to pay a commission or fee to the firm. Another downside is that you may not have as much control over your trades as you would if you were trading with your own money. And finally, if the firm goes out of business, you could lose all the money you've made from trading with them.