MyFundedFX Review

What is MyFundedFX?

MyFundedFX, a proprietary firm, was founded in June 2022 and is based in Dallas, Texas, United States at 100 Crescent Court Suite 700. The firm works in partnership with brokers including Eightcap, ThinkMarkets, and Blueberry Markets. MyFundedFX allows traders to combine accounts with a maximum value of $300,000. 

They offer a scaling plan to help increase account balances, which includes challenge programs that enable trading without any risk. Successful traders receive rewards calculated as a portion of their gains while overseeing account sizes of up to $300,000. 

MyFundedFX also benefits from an 80% division of profits, which covers a wide range of trading options including FX pairings, commodities, indices, and cryptocurrencies.

Matthew Lech (Chief Executive Officer) at MyFundedFX

Matthew Leech, an accomplished entrepreneur in the fields of financial and technology services, as well as a skilled trader in forex, options, and stocks, including cryptocurrencies, established MyFundedFX. Since 2018, he has been actively involved in trading and currently occupies the role of CEO at MyFundedFX. Additionally, he has holdings in several other enterprises. 

The genesis of MyFundedFX stemmed from Matthew’s discernment of a void in the sector, wherein proprietary trading firms frequently disregard the requirements of individual traders. 

MyFundedFX, led by Matt, places a high importance on educating traders and helping them obtain funding. The company specifically focuses on enhancing fundamental abilities that are crucial for becoming a funded trader.

MyFundedFX Funding Programs and Challenges: Rules and Requirements 

MyFundedFX provides its traders with a selection of three distinct programs to select from:

• One-step evaluation challenge accounts
• Normal two-step evaluation challenge accounts
• Pro-two-step evaluation challenge accounts

One-step evaluation challenge accounts

MyFundedFX offers a one-step evaluation challenge account designed to find traders who demonstrate consistent and disciplined trading. These traders are awarded based on their ability to maintain consistency within a single evaluation period. The one-step evaluation challenge account enables one to engage in trading with a leverage ratio of 1:100.

Account Size	Price
$5,000	$50
$10,000	$100
$25,000	$200
$50,000	$300
$100,000	$500
$200,000	$950
$300,000	$1,399

The one-step assessment challenge account requires traders to attain a 10% profit objective while ensuring that they do not surpass the maximum daily loss limit of 4% and the maximum trailing loss limit of 6%. This account allows traders to have unlimited trading time and does not impose any minimum trading day limitations. 

After successfully finishing the program, participants receive a funded account that does not require them to meet any profit goals. Instead, they must strictly follow the criteria of not exceeding a 4% maximum daily loss and a 6% maximum trailing loss. 

The initial profit split is 80%, determined by the earnings made 14 calendar days after the first position is placed in the funded account. After that, payouts will occur every two weeks.

One-step evaluation challenge account scaling plan

One-step evaluation challenge accounts also incorporate a scaling plan. People must achieve profitability within a three-month timeframe by maintaining an average return of at least 12% throughout that period. They will be granted a 25% increment to their current account amount, capped at a maximum balance of $1,500,000.

FOR INSTANCE:

After 3 months, assuming people possess a $200,000 account, their account balance will experience an increment to $250,000.

In the following three months, the balance of $250,000 will rise to $300,000.

In the following three months, the balance of $300,000 will rise to $350,000.

The trading instruments available for the one-step evaluation challenge accounts include currency pairings, commodities, indices, and cryptocurrencies.

One-step evaluation challenge account rules

• Profit Target and Scaling: Traders must achieve a 10% profit target during the evaluation phase but face no profit targets in the funded account, enabling seamless scaling.

• Maximum Daily Loss: All account sizes adhere to a 4% maximum daily loss, ensuring risk control by limiting daily losses.

• Maximum Trailing Drawdown: A 6% maximum trailing drawdown is set, calculated from the highest account balance to address fluctuations and protect against excessive drawdowns.

• Lot Size Limit: Traders follow specified lot sizes based on the prop firm account’s initial balance, maintaining consistency in trading instruments.

• Third-Party Copy Trading Risk: Utilizing third-party copy trading services may pose risks, including replication of trading strategies and potential denial of funded account/withdrawal.

• Third-Party EA Risk: Using third-party EAs carries the risk of duplicated trading strategies, potentially leading to the denial of funded account/withdrawal if the maximum capital allocation rule is breached.

Normal two-step evaluation challenge accounts

The primary objective of MyFundedFX’s standard two-step assessment challenge account is to discover traders who demonstrate consistent and disciplined trading strategies. 

These traders are then awarded based on their ability to maintain consistency during the two-phase evaluation period. The evaluation program account enables to engage in trading with a leverage ratio of 1:100.

Account Size	Price
$5,000	$50
$10,000	$100
$25,000	$200
$50,000	$300
$100,000	$500
$200,000	$950
$300,000	$1,399

In Phase One of the evaluation process, a trader must attain a profit target of 8% while ensuring that their daily losses do not exceed 5% and their overall losses do not exceed 8%. 

There are no restrictions on the number of trades they can make, and there is no minimum requirement for the number of trading days. Successful completion of these criteria will allow the trader to progress to Phase Two. 

In Evaluation Phase Two, it is necessary to achieve a profit target of 5% while ensuring that the stipulated loss restrictions are not exceeded. This successful completion will allow for advancement to a funded account.

After completing all assessment rounds, traders are rewarded with a funded account that does not have any profit targets. However, they must strictly follow the regulations of a maximum daily loss of 5% and a maximum loss of 8%. 

The initial profit distribution is set at 80%, calculated from the profits earned within 14 calendar days from the first position in the funded account. Subsequently, payouts will be made every two weeks.

Normal two-step evaluation challenge account scaling plan

To complete the standard two-step evaluation challenge, one must attain an average return of 12% for three months. Upon achieving this, the account will be credited with a 25% increase, with a maximum limit of $1,500,000. 

For example, an account with a balance of $200,000 experiences growth and reaches $250,000 during three months. This pattern of increasing balances continues in subsequent cycles. Trading involves the buying and selling of FX pairs, commodities, indexes, and cryptocurrencies.

Normal two-step evaluation challenge account rules

• Profit Targets and Scaling: Phase 1 requires an 8% profit target, while Phase 2 mandates a 5% target. Funded accounts have no profit targets, allowing flexibility.

• Maximum Daily and Overall Loss: All account sizes adhere to a 5% maximum daily loss and an 8% maximum loss overall, ensuring risk control.

• Lot Size Limit: Traders must follow specified lot sizes based on the initial account balance, maintaining consistency in trading instruments.

• Third-Party Risks: Utilizing copy trading or EAs carries risks, including potential denial of funded account/withdrawal if exceeding the maximum capital allocation rule.

Pro-two-step evaluation challenge accounts

The pro-two-step evaluation challenge account provided by MyFundedFX aims to identify traders who exhibit consistent and disciplined trading methods. The traders are rewarded depending on their performance throughout the two-phase evaluation period. The evaluation program account allows traders to participate in trading with a leverage ratio of 1:50.

Account Size	Price
$5,000	$70
$10,000	$135
$25,000	$250
$50,000	$375
$100,000	$575
$200,000	$1,100
$300,000	$1,600

Assessment In Phase One, traders are required to attain a profit target of 8%, while ensuring that their daily losses do not exceed 5% and their overall losses do not surpass 10%. 

They have the freedom to engage in unrestricted trading. Upon successful completion, the progression to Phase Two is initiated, wherein a profit target of 5% is set, along with the same restrictions on losses. This phase leads to the establishment of a funded account, without any profit targets. 

The initial profit allocation is set at 80%, calculated from the gains generated 14 days after the first position is taken in the funded account. Subsequently, payouts will be made every two weeks. Strict compliance with the 5% maximum daily loss and 10% maximum loss regulations is mandatory for the funded account.

Pro-two-step evaluation challenge account scaling plan

Pro-two-step evaluation challenge accounts feature a scaling plan. Achieve an average 12% profit over three months to receive a 25% account increase, capped at $1,500,000. For instance, a $200,000 account grows to $250,000 in three months, with successive increases. 

Trading encompasses forex pairs, commodities, indices, and cryptocurrencies, offering a diversified approach. This structure encourages consistent profitability and growth for traders within the specified timeframe, aligning with the scaling plan’s objectives.

Pro-two-step evaluation challenge account rules

• Profit targets: It is a crucial benchmark for traders, marking specific percentages of profit to achieve before progressing through evaluation phases, withdrawing profits, or scaling their accounts.

Phase 1 Profit Target: 8%

In the initial phase, traders aim for an 8% profit before advancing in their trading journey.

Phase 2 Profit Target: 5%

The second phase introduces a 5% profit target, signaling the need for consistent performance and adaptation.

Funded Accounts Exemption

Funded accounts operate outside profit targets, allowing traders more flexibility in their profit pursuits.

• Maximum Daily Loss: Loss management is equally vital, with two key metrics determining a trader’s risk tolerance. Traders must cap their daily losses at 5% to avoid violating account terms, emphasizing the importance of daily risk control.

• Maximum Overall Loss: The overall loss threshold stands at 10%, requiring traders to maintain risk discipline across their entire trading journey.

• Lot size limits: dictate specific trading instrument sizes, often tied to the initial account balance of the prop firm account, ensuring precision and risk control.

• Third-Party Copy Trading Risk:  Engaging in copy trading services introduces the risk of duplicating strategies used by other traders. Traders should be aware that exceeding the maximum capital allocation rule through third-party copy trading may lead to denied funded accounts or withdrawals.

• Third-Party EA Risk: Similar to copy trading, using third-party EAs comes with the risk of employing identical strategies as other traders. Traders using third-party EAs must exercise caution to avoid exceeding the maximum capital allocation rule, potentially jeopardizing funded account eligibility and withdrawals.

VIP Program 

The VIP program is an exclusive attribute that will recognize and reward traders who consistently and devotedly put in the effort to achieve success. To become eligible, a trader must complete particular standards.

VIP Program requirements:

• Individuals must have a minimum of six withdrawals
• Engage in trading for at least four months
• Maintain a consistent trading style throughout the period (disqualifying all-in or high-risk styles)
• No account violations in the four months

VIP Program benefits:

• Profit split extends to 92.75%
• Allowing unrestricted withdrawals at any time
• Accompanied by an active payout request button for profitable traders
• While daily drawdown limits rise to 6% for one-step evaluation accounts and 8% for two-step evaluation accounts
• Maximum drawdown limits increase to 12% for one-step evaluation accounts and 14% for two-step evaluation accounts

• One-step Evaluation Challenge VIP Program
• Two-step Evaluation Challenge VIP Program

MyFundedFX Broker: Do They Use a Reliable Platform? 

When assessing prop firms for fit with the forex trading style, it is essential to evaluate the realism of their trading criteria. Although a corporation may present an attractive profit-sharing arrangement with a well-funded account, its feasibility decreases if it anticipates substantial monthly profits while allowing only small losses.

Choosing to obtain capital through one-step evaluation challenge accounts is a practical choice, considering their modest profit goal of 10% and the limitations that limit maximum daily loss to 4% and maximum trailing loss to 6%.

Likewise, obtaining funds from standard two-step assessment challenge accounts is practical, as it involves relatively modest profit goals (8% in phase one and 5% in phase two) together with slightly below-average restrictions on maximum daily losses (5%) and maximum overall losses (8%).

Pro-two-step evaluation challenge accounts prioritize realism by setting modest profit targets (8% in phase one and 5% in phase two) and implementing strict maximum loss limits (5% maximum daily and 10% maximum loss).

Considering these factors, MyFundedFX stands out as an exceptional option for funding, providing three unique programs with achievable trading goals and requirements for getting rewards.

Which broker does MyFundedFX use?

MyFundedFX employs Eightcap, ThinkMarkets, and Blueberry Markets as their brokerage firms.

Eightcap is a broker based in Melbourne, Australia that is regulated by ASIC. Established in 2009, their primary objective is to deliver great financial services to their clients. The company operates in five global offices and adheres to rules in several regions, enabling clients worldwide to engage in trading activities across various markets including FX, indices, commodities, and shares.

MyFundedFX Fees: How Much Do They Charge? 

Trading commission:

Assets	Fee Terms
Forex	5 USD / LOT
Commodities	5 USD / LOT
Indices	0 USD / LOT
Crypto	0 USD / LOT

Education & Support for traders

MyFundedFX lacks educational content on its website.

Furthermore, there is a discussion thread titled “PROP FIRM HUB” on ForexFactory, initiated by MasterrMind, in which MyFundedFX is frequently referenced. 

MyFundedFX Proof of Payment:

MyFundedFX was founded in June 2022 to provide traders with a smooth and effortless experience. After activating a live-funded account, consumers can anticipate receiving their first payment within 14 consecutive days. 

Traders receive dividends every two weeks, ensuring a steady and dependable source of revenue. The “Payout proof” area on MyFundedFX’s Discord channel provides ample payment testimonies that serve as verifiable evidence of successful payments.

Which broker is used by MyFundedFX?

Eightcap, ThinkMarkets, & Blueberry Markets have been chosen by MyFundedFX as their preferred brokers.

The main offices of ThinkMarkets, a high-end online brokerage for several assets, are in Melbourne and London. In addition to offering some of the most well-known trading solutions MetaTrader 4, MetaTrader 5, and their own ThinkTrader platform they offer rapid and simple access to a variety of marketplaces.

Blueberry Markets is an ASIC-regulated online Forex broker that gives thousands of traders worldwide access to trading financial assets. Their enthusiasm lies in offering traders an exceptional trading platform, exceptionally narrow spreads, and round-the-clock customer service.

Since 2009, Eightcap, an Australian broker authorized by ASIC and with its headquarters in Melbourne, has been in business. Their goal is simple and unambiguous: to provide clients with exceptional financial services. 

With five international offices and regulatory compliance in several jurisdictions, Eightcap provides clients with the chance to trade shares, FX, indices, commodities, and other markets globally. 

MetaTrader 4 and MetaTrader 5 are two of their trading platforms, offering consumers a flexible and all-inclusive trading environment.

What Makes MyFundedFX Unique? 

To differentiate itself from many of the leading prop firms in the market, MyFundedFX offers three different funding programs, which include a one-step evaluation and two two-step evaluation challenges. 

The company notably takes a more lax approach to trading regulations, permitting users to hold trades through the weekend and overnight in addition to conducting trading activity during news releases.

Compared to its competitors, MyFundedFX has a one-step assessment task with a single phase that traders must pass through to be qualified for rewards. For this challenge, the maximum daily loss is 4%, and the maximum trailing loss is 6%. The designated profit target is 10%. During the assessment period, there are no restrictions on the minimum or maximum number of trading days. 

This is noteworthy. A scaling plan is also included in the one-step evaluation challenge accounts. Compared to other top prop firms on the market, MyFundedFX stands out for having comparatively moderate trading regulations and an unrestricted trading window.

Additionally, for traders to be eligible for rewards, MyFundedFX expands on the standard two-step evaluation challenge by requiring them to finish two separate phases. 8% is the set profit target for phase one, and 5% is the target for phase two. There is a 5% daily loss cap and an 8% maximum loss restriction that apply to this challenge. 

Similar to the one-step assessment challenge, the standard two-step challenge has no restrictions on the minimum or maximum number of trading days that can be completed throughout the evaluation period. 

This challenge has a scaling plan, much like the other one. When compared to other top prop firms in the market, MyFundedFX becomes more noticeable because of its relatively smaller profit targets and unlimited trading period.

MyFundedFX Reviews: What Do Their Customers Say?

Trustpilot:

Reviews for MyFundedFX have been quite positive. Their community is quite diverse and has left excellent comments on Trustpilot, where they have received an impressive 4.7/5 out of 1,179 ratings.

#1. Asam Iqbal claimed to have said, “Many payouts!” extremely rapid payout system. The level of customer service is exceptional. Any issues, they take care of them quickly. Never seen or experienced greater service elsewhere. He wouldn’t use any other prop company. But there is one thing he would like larger financed accounts. Obtain funding, receive payment, lay, and then lay some more. 

#2. According to Mitchell Hawaii, he was pleased with the services since Jaye was helpful, responded quickly, and persisted with me while he went through the process of obtaining the credentials.

#3. Russell Savage said: “They’re a promising prop firm, for sure, but he thinks they’re living a nightmare by offering these free monthly comps.”

A few hours earlier, their new broker 8Cap experienced a one-hour fifty-minute outage.

A moderator on their Discord channel requested clarification from me, and he responded with a thorough screenshot that has since been removed, which included the moderator’s request.

He would advise against paying for a Challenge with MFFX right away until they have had some time to straighten things out.

#4. According to Christopher, although the support is excellent, there are a lot of technical problems. On their Discord channel, several merchants are voicing their complaints.

He stopped short of purchasing since they wouldn’t cooperate with him if he reported revenues under the name of his own business.

They only let people in, so amateur traders are welcome. That’s unfortunate because, aside from that, they appear to be trustworthy, but as soon as you make a major trade and win, they will be blocked. Very poor business plan.

#5. According to Muhammad Bilal, Myfundedfx is a liar. These are prop firms for Ponzi schemes. He is a native of Pakistan. Pakistani trader banned by CEO of myfundedfx. However, he stated that the current account will be open until the payout or DD occurs. However, he then arbitrarily suspended all active accounts from Pakistan. 

He has suspended my 50k challenge account. They are deceitful. Please do not purchase such a deceptive prop company. Please keep the funds to yourself. Purchase only genuine, reputable props. Like TFT, FTMO, and so on, avoid using myfundedfx.

Conclusion

In summary, MyFundedFX shows itself to be a trustworthy and open proprietary trading company that offers traders a range of choices through its three funding packages. One-step challenge accounts are a popular option for traders looking for growth and scalability because of their flexibility in offering indefinite trading duration, realistic profit targets, and drawdown rules.

The industry-standard two-step evaluation challenges both pro and normal further demonstrate MyFundedFX’s dedication to meeting the needs of traders with different tastes. Each phase’s attainable profit goals, along with sensible daily and maximum loss guidelines, support a trading environment that encourages achievement and prudent risk management. 

These programs are appealing to traders who want to optimize their profits because of the 80% profit splits and scalability choices.

Because of its clear goals and regulations, MyFundedFX is a great option for traders looking for a reliable prop firm. For traders using a variety of methods, the flexibility to hold trades overnight, on weekends, and during news releases, provides still another level of convenience. 

In light of its extensive portfolio and advantageous terms, MyFundedFX is one of the leading proprietary trading companies in the market. With confidence, it is recommended that traders searching for a dependable trading partner supported by a platform that recognizes and caters to their specific needs check out MyFundedFX.