My Funded Futures Reviews

What are My Funded Futures?

My Funded Futures is a newcomer in the proprietary trading sector that has captured an interest due to its exceptional characteristics. It provides efficient trading challenges and quick payments, positioning it as a strong challenger to existing platforms such as TopStep as well as Apex Trader Funding. We have thoroughly examined the factors contributing to My Funded Futures’ rise as a leading competitor in the futures proprietary trading sector.

My Funded Futures runs inside the framework of My Funded FX and has important connections. The company’s information is mostly hidden, and there is little openness about who owns it and the composition of the team. The domain registration shows that the firm was recently established in the United Kingdom, but crucial details about the company are not disclosed.

The clear lack of openness is concerning, especially with a significant number of questionable reviews on platforms such as ScamAdviser. My Funded Futures has a reasonably reasonable trust score, distinguishing itself from Equithy, which has substantially lower trustworthiness despite red warnings.

My Funded Futures Funding Programs and Challenges: Rules and Requirements 

My Funded Futures’ evaluation process is unique for being a one-step challenge, in contrast to the more frequent two-step evaluations employed by its competitors. This straightforward method enables traders to promptly qualify for funding. Traders must show their capacity to make profits and display proficient risk management skills for a minimum of one day throughout the evaluation. Completing this task allows traders to qualify for funding, which permits them to trade with real money and withdraw gains every two weeks.

Traders must meet three primary challenges to pass the examination.

1. Profit target: The profit target is contingent upon the account size. An account with a balance of $50,000 has a profit target of $3,000. Trades that surpass 40% of the target will not count towards achieving it.

2. Consistency target: There are no consistency rules used throughout the review process or in Expert plans. A 40% consistency rule is applicable during the simulated fund’s stage.

3. Daily Loss Limit: This prop firm does not impose any daily drawdown restrictions, unlike other businesses. A maximum End of Day (EOD) drawdown of 3% is enforced instead. The maximum end-of-day drawdown for a $50,000 account is $51,600.

What are Forex Prop Challenges?

Forex prop challenges are a form of evaluation procedure put up by proprietary trading businesses (prop firms) to find exceptional traders and provide them with the opportunity to trade with the firm’s funds. These challenges are intended to put a trader’s capacity to earn profits while properly managing risk to the test, with a set of trading rules and objectives to adhere to over a specific period.

A forex prop challenge normally has two primary stages:

1. The challenge phase: During this initial phase, traders are given a demo account with a fixed balance and are asked to meet a certain profit objective within a set timeframe, often a month or two, while adhering to maximum drawdown restrictions and other trading guidelines. This phase evaluates the trader’s capacity to earn profits within specified risk constraints.

2. The Verification Phase: Traders who successfully met their profit objectives and followed the regulations during the challenge phase advance to the verification phase. This stage is similar to the challenge phase, although it often lasts longer and may include somewhat different profit objectives or criteria. The goal of this phase is to confirm the trader’s consistency and expertise across a longer time frame.

After completing both steps, traders are often awarded a funded account. This implies that the prop business sets aside a portion of its funds for the trader to handle. The profit gained by trading this capital is split between the trader and the prop business according to a predetermined split.

Forex prop challenges need a cost, which varies for each prop business. This charge covers the expense of the review procedure and guarantees that traders are committed to the offer.

The particular criteria aims, and structure of prop challenges might differ significantly between businesses. Traders are expected to match the following common parameters:

– Profit targets: A predetermined proportion of the account balance that traders must meet.

– Drawdown limits: The maximum permissible percentage loss from the account’s peak amount, both daily and cumulatively.

– Minimum trading days: The number of active trading days required throughout the challenge period.

– Trade style restrictions: Some companies may have regulations about trading strategies, such as forbidding high-frequency scalping or overnight positions.

Aside from the initial challenge fee, forex prop challenges provide traders with access to considerable trading capital without putting their cash at risk. However, participants must carefully evaluate the terms and circumstances of these challenges, since the criteria established by prop businesses are stringent and intended to test traders’ discipline, risk management, and trading acumen.

My Funded Futures Broker: Do They Use a Reliable Platform? 

My Funded Futures offers a diverse selection of trading platforms tailored to accommodate traders with different experience levels and interests. Traders have the option to select from many systems including NinjaTrader, R | Trader Pro, Tradovate, TradingView, Quantower, and Sierra Chart, each offering distinct features and capabilities.

NinjaTrader is a versatile platform with a user-friendly design and powerful capabilities, making it a great option for traders of all levels of experience. R | Trader Pro provides rapid data streams for users who value speed and reliability, enabling them to keep informed about market changes.

Tradovate is an excellent choice for traders who value simplicity while yet having access to a wide range of capabilities, due to its user-friendly design that offers convenient access to market data. TradingView provides outstanding charting features, visual tools, and direct access to the market.

Sierra Chart is the preferred platform for its excellent charting capabilities and comprehensive trading experience, recognized for its strength and complexity.

My Funded Futures offers a variety of trading platforms to suit the trading objectives, expertise, and favorite assets. The platforms easily interact with different third-party trading platforms and include full instructions for installation and operation in My Funded Futures’s FAQ section.

My Funded Futures Fees: How Much Do They Charge? 

My Funded Futures has two account options: Expert and Starter. The Expert account caters to seasoned traders and offers advantages including increased maximum drawdown on a $50k account, fortnightly payments, no minimum trading day restrictions, no scaling, no activation fees, and no consistency rules for challenge and simulated funded accounts. 

The Starter account is suitable for novices interested in exploring proprietary trading. The program features lowered profit targets, higher maximum drawdown on a $50k account, no daily drawdown limitations, no consistency constraints in the challenge stage, no minimum trading day requirements, a $100 account reset fee, and decreased total costs.

Account of My Funded Futures

$50,000 Account

The Starter account necessitates a $100 monthly subscription along with a $149 activation cost. The Expert account is $165 per month with no activation charge.

$100,000 Account

The Starter account has an initial price of $149 and a monthly subscription of $200. The Expert account has no upfront fees and a monthly subscription of $265.

$150,000 Account

The Starter account has an initial fee of $149 and a monthly fee of $300. The Expert account is free but requires a monthly payment of $375. 

Thus, Forex prop trading fees refer to the costs associated with participating in a proprietary (prop) trading firm’s program, particularly those that offer traders the opportunity to trade the firm’s capital. These fees are a critical aspect of the business model for many forex prop firms, especially those that run challenge or evaluation programs to vet potential traders. Here’s a breakdown of the types of fees that traders might encounter:

1. Challenge Fees

These are upfront fees paid by traders to enter into a trading challenge or evaluation program. The challenge is essentially a test that evaluates a trader’s ability to generate profits while adhering to specific risk management rules. If successful, the trader is usually offered the opportunity to trade with the firm’s money. Challenge fees can vary significantly depending on the firm, the size of the demo account provided for the challenge, and the complexity of the challenge itself.

2. Account Setup or Administration Fees

Some prop firms may charge a one-time setup fee for creating and managing a trader’s account. This fee might cover the administrative costs associated with setting up the trading infrastructure, account monitoring, and other backend services necessary for the trader to begin trading.

3. Monthly Desk Fees

Desk fees are akin to rental fees for the physical or virtual space and resources (like software, data feeds, and trading tools) provided by the prop firm. While more common in traditional prop firms that offer physical trading desks, some online forex prop firms might also charge a monthly fee for access to premium trading platforms or tools.

4. Profit Split

While not a fee per se, the profit split arrangement is a significant financial consideration in prop trading. After successfully passing a challenge, traders are allowed to trade with the firm’s capital, and any profits generated are split between the trader and the firm according to a predetermined ratio. Common splits might be 70/30 or 80/20, favoring the trader. It’s essential to understand the profit split terms as they directly affect the trader’s potential earnings.

5. Software or Data Fees

In some cases, traders might need to pay additional fees for access to specialized trading software, real-time data feeds, or analytical tools that are not included in the basic package offered by the prop firm.

6. Education or Training Fees

Some prop firms also offer educational courses, mentoring programs, or trading workshops. These might be optional or required parts of the trading program, with fees varying widely based on the content’s depth and duration.

Key Considerations

– Value for Money: Traders must assess whether the fees charged by a prop firm offer good value for the services provided, especially in terms of the trading capital access, technology, and support offered.

– Transparency: Reputable prop firms are transparent about their fee structure, with no hidden charges. Traders should thoroughly review all terms and conditions before committing.

– Risk: While paying fees for a chance to trade with significantly more capital can be appealing, traders should consider the risk of not passing the challenge and the potential loss of the fee paid.

Forex prop trading offers a unique opportunity for traders to leverage more substantial capital than they might otherwise access. However, understanding the fee structure is crucial to making an informed decision about which prop firm to engage with.

My Funded Futures Proof of Payment:

Traders that pass MyFundedFutures’ efficient one-step review can qualify for funding to start trading with real capital. Traders keep all profits up to $100,000 and receive 90% of profits over that amount.

Traders involved in real-money trading on the exchange must pay for real-time data feeds and cover data fees from exchanges like 

1. CME
2. CBOT
3. NYMEX
4. COMEX

The fees usually vary from $116 to $132 for each exchange. Since prop account traders are considered experts, these costs might increase quickly. Traders are required to pay the exchange fees from their accounts as per the contract with the exchange.

My Funded Futures Customer Support: 

The Starter plan is designed for beginners, providing lower profit targets & no daily drawdown limitations. Both programs offer extra advantages including round-the-clock customer service and faster payouts, allowing traders to select the option that suits their trading objectives and expertise.

Contact Information: 

1. Email- [email protected]
2. Online Form Submission 
3. Live Chat

What Makes My Funded Futures Unique? 

My Funded Futures is a unique proprietary trading firm that offers traders the chance to experience the futures market using simulated funds. Traders can engage in futures trading using simulated funds provided by the firm, thus avoiding the risk to their cash.

My Funded Futures is well-known for its unwavering commitment to developing traders in the forex market, establishing a reputation for excellence and success. The company’s strategic move into futures trading demonstrates a purposeful endeavor to enable traders to succeed in this dynamic and evolving field.

My Funded Futures Reviews: What Do Their Customers Say?

Trustpilot Reviews:

My Funded Futures has a rating of 4.9 out of 5 stars on Trustpilot, based on reviews from 261 consumers. The firm has been verified on Trustpilot. The firm is doing well on this platform.

#1. Auke Evers expressed his honest assessment after analyzing the funding prospects of future enterprises. My Funded Futures offers the highest quality products and a wide range of account options, all at the most competitive prices in the business. This is the reason he chose My Funded Futures. He encountered a trade issue that was his own mistake, but the customer care personnel promptly assisted me in resolving the problem. He is quite content with this finance company so far. Continue with their efforts.

#2. According to Joe Rafter, GabStyle provided exceptional customer service. The user rated four stars due to the publication of several promotional posters for their impressive 30k static account. One mentioned single use and one did not. He failed to see the banner indicating single-use and engaged in high-risk trading on the initial account, resulting in a drop. The account is a good deal but slightly expensive at full payment, which is disappointing.

#3. A asserts that Compared to other futures prop firms, there is a lack of transparency. They lack FAQs for common concerns.

1. The reset cost was not clearly stated in the FAQ for all accounts. They just stated that the reset can be performed on the dashboard after buying the evaluation account. He needed to reach out to customer service for assistance. He thoroughly reviewed all of their frequently asked questions before obtaining an evaluation account, although he admit that he overlooked the reset process.

2. There are no commission costs for buying and selling factored into the profit and loss evaluation account. He needed to reach out to customer assistance.

3. Occasionally, there is a delay in response during customer service chat sessions after they have started. He is accepting of that. He is referring to the usage of customer assistance as a marketing strategy during the Discord meeting, where they claimed to outperform most proprietary trading firms.

4. 30,000 inactive accounts have been deleted from the website. Traders are discussing this account from all angles and then deleting it. If traders promoted this account as one of the best in the industry, why delete it? What is the purpose of maintaining both starter and expert accounts? Is it due to the failure rate associated with trailing drawdown accounts? MFFU has the autonomy to act as they see fit.

The reset cost is equal to the evaluation cost in both the static and expert accounts. What is his motivation for desiring that? He can also buy a new assessment for 30 days.

The profit target is relatively high in comparison to other proprietary trading organizations. An example of a 100k EOD account might be MFFU expert 8k, Uprofit 6k, TickTick 6k, Tradeday 5k.

Conclusion

My Funded Futures is a platform that provides a significant opportunity for traders keen on futures trading. The evaluation procedure is simplified, the profit-sharing arrangement is attractive, and the expert accounts are highly adaptable.

The site exclusively focuses on futures trading and incurs additional charges for experts. Despite its drawbacks, the platform’s benefits, such as diverse account choices and its affiliation with a seasoned forex proprietary trading organization, make it an attractive choice. 

If traders seek a platform that offers a balance between risk and possible rewards, along with abundant growth opportunities, My Funded Futures is a viable option to explore.