Hello, welcome to My Funded FX Prop Firm Review.
My Funded FX Prop Firm claims to be the best option for you to trade in the forex industry.
This review covers everything about the prop firm, explaining everything you need to know.
That said, let’s get started…
Summary Of My Funded FX Prop Firm
Product Name: My Funded FX Prop Firm
Product Type: Trader’s funding program
Monthly fees: None
Evaluation Fee: $500
Official Site: https://myfundedfx.com/#getstarted
Program Founder: Matt L.
Overall Rating: 7/10
My Recommendation: Not for everyone; kindly read my review to see why
My Funded FX Prop Firm – Overview
My Funded FX Prop Firm is one of the top-performing proprietary firms in the forex industry.
The program claims to offer you the best opportunity to become a successful prop trader by providing instant funds.
The program also claims to offer you the best training on the different trading instruments accepted in the platform.
The trading instruments, including indices, Crypto, Forex, and commodities, are all accepted in the program, providing greater trading options.
My Funded FX program has up to three stages in their platform you need to pass to start trading with the funded account.
They include taking a challenge in the first challenge module, which is available in the evaluation stage.
This stage is to prove that you have a passion for the business that can enable you to become a prop trader.
After passing the evaluation stage, you’ll move to the verification stage, establishing yourself as a consistent prop trader.
In the verification stage, you’ll be expected to be consistent in your progress, with a profit target of 5% set for you.
Then, you’ll move to the funded account, where you’ll successfully start trading with their capital.
The program will allow you to trade as you want, providing you a profit split of 80% with their capital which can be as much as 1.5 million dollars.
When trading on the platform, you can also scale your business to your desired shape.
Pros Of My Funded FX Prop Firm
- Excellent Customer Support
The expert team from My Funded FX Prop Firm is very active in offering traders reliable customer support.
The team is always available to help you get answers to your questions.
Also, the expert team can offer financial support whenever you need their help.
- Straight Forward Rules
The set rules in the My Funded FX program are clear and easy to follow for everyone who joins the platform.
There are no restrictions on lot sizes or hidden items.
- The Price Tags Are Fair.
My Funded FX Prop Firm have set reasonable prices for all their prop challenges in the program.
You can purchase an account for as low as 50 Euros.
This allows the program to benefit even low-income earners passionate about joining the proprietary industry.
- The Promotions Are Regular.
My Funded FX program has exciting promotions for its customers, running regularly.
You can enjoy their promotion by watching their latest update on discord.
Cons Of My Funded Fx Prop Firm
- Not Available In Some Countries
Due to security purposes, the program still needs to be made available to fraudulent regions and countries such as Pakistan.
If you are from a country with a track record of security challenges, you may be unable to purchase any challenge in the program.
The firm still needs stronger security features that can overcome the numerous security challenges faced in the industry in the market.
- Does Not Have Third-Party EAs
My Funded FX program only accepts EAs developed by their prop traders.
For this reason, if you depend on the availability of a third party for trading, then you have it look for it elsewhere.
Who Should Sign Up with My Funded FX Prop Firm?
My Funded FX prop firm targets to trade with people passionate about trading with instruments such as indices, Crypto, Forex, and commodities.
You must also be trustworthy and profit-oriented to sign up and trade with the platform.
In addition, the program expects you to be able to adhere to its rules and be able to work with its trusted broker and the MT4 platform.
Who Should Not Sign Up with My Funded FX Prop Firm?
If you are not trustworthy or do not have ambitions of becoming a prop trader, then you don’t need to join this platform.
For instance, you’ll experience challenges passing their evaluation stage to join their funded account.
This is especially true if you lack more skills, passion, and commitment to trading in the forex industry.
What Is My Funded FX Prop Firm?
My Funded FX program is a new proprietary firm launched in 2022 in Dallas, Texas city in the United States.
The Prop firm has recorded significant market performance growth to become a real contender in attracting more traders.
The program provides its prop traders with up to two funding options: single-phase and two-phase challenges.
The available account sizes in the program can fit almost all their prop traders as they range from $5,000 to $200,000.
The program allows traders to learn how to trade on the proprietary firm in its phase challenges.
After you complete the training course, you’ll be allowed to manage a live-funded account with up to $300,000 to begin trading.
You can then continue trading to increase your maximum trading of up to 1.5 million dollars.
When you start trading in the program, the My Funded FX program offers up to an 80% profit split with no scaling plan required.
According to prop firm, every trader who joins the platform can trade without investing their capital.
For this reason, you’ll not risk losing your capital when trading in the platform, especially during the evaluation stage.
In their 80% profit share, the program claims not to put any liability on the traders allowing you to trade and make as much profit as possible.
How Does My Funded FX Prop Firm Work?
My Funded FX program is a prop firm that allows you to trade in the forex industry.
And when you join it, you’ll have two funding models provided in the platform, categorized under the demo account.
The trading models include one and two phases with unique drawdown rules and profit targets.
The two phases in the program represent the evaluation and verification phases you need to pass to join the funded account.
Let’s look at each in detail to understand the two phases well.
Funding Modules Of My Funded FX Prop Firm
Here are the two funding modules available in the program:
Phase One: Enrolling In Prop Challenge
This is the first option of trading models available for traders on the platform.
In this model, traders have no minimum trading days for trading.
This means that the traders can trade at their speed to ensure every trader passes the stage.
The phase challenge model is divided into stages: stage one and two.
Here are what is contained in the two stages:
Stage One: Evaluation
The traders have a demo account in stage one, also called the evaluation phase.
The trader is also provided with the capital amount they applied for in the program.
For instance, if you applied for a $50,000 challenge in the program, you will receive the $50,000 in your demo account.
In phase one, you have a profit target of 8%, which you must reach within thirty days.
However, the program allows for a free retry if the time expires before reaching the profit target.
The retry is allowed on condition that the trader is in profit and, therefore, trying to hit the required target.
Phase one of the model has a daily drawdown of 5% and an overall drawdown of 8%.
Stage Two: Verification
When you successfully pass the evaluation stage in phase one, you’ll get promoted to phase two for verification.
In this stage, you’ll be offered a new demo account to enable the program to prove that you can consistently trade.
You’ll have a more relaxed trading experience in this phase because you’ll have up to sixty days to hit the set profit target of only 5%.
If you successfully pass this phase, the program will entitle you to a complete refund of the fees you initially paid to the platform.
Phase two of the challenge has a daily drawdown of 5% and an overall drawdown of 8%.
Phase Two: Becoming My Funded FX Prop Trader
This final stage is available in the My Funded FX platform, making you a fully verified prop trader.
You’ll start trading with My Funded FX Capital at this stage, which will instantly be sent into your trader account.
No profit target is set for you at this stage, provided you don’t reach the maximum daily loss limit set in the program.
However, the funded account has a maximum daily loss of 5% and a maximum initial account balance of 8%.
Note that the overall drawdown in this account will begin from the challenge account’s high watermark.
For instance, if your starting balance is, let’s say, $10,000, your maximum drawdown will be $600, which is 6% of the starting balance ($10,000).
If, by mistake, you drop to a figure less than $9,400, then you’ll automatically fail the challenge.
But if you successfully pass this phase, the program will entitle you to a complete refund of the fees you initially paid to the platform.
What Is The Highest Amount You Can Make With My Funded FX Prop Firm?
Before you begin trading in this prop firm, you must, at some point, think of how much you can make from it.
The amount you make in the program will depend on your success in the prop challenge stage.
You’ll be in a better position when you successfully pass the two-phase challenges and get your $50,000 refunded into your account.
First, you’ll continue to make up to 5% on average of the monthly returns, even though it may only work for some traders.
Some traders may lose less or more than 5% profit, especially at the beginning of the trade.
The program, however, scales your profit share by up to 80% to help you archive your highest profits.
For instance, if you have a balance of $50,000 and a total profit of $2,500.
Your profit share will be $2,000 (80% of $50,000), totaling $2,000.
The program allows you to make substantial profits on the platform, especially if you can consistently improve your profits.
When you trade for a full year, you’ll profit more than $33,000.
Increase your trading time to more than two years to start making a profit of $10,000 every month.
However, reaching two years will be possible for a few traders, as shown in the performance statistics on the platform.
This means that getting to this point will require you to put more effort with a high skill level and discipline.
If you succeed at this level, you’ll be among the selected few in the program who will achieve the best of their trade.
What Are The Trading Rules Used In The My Funded FX Prop Firm?
The program has some important rules and restrictions that you need to know for your trading safety.
These rules apply to everyone who wants to trade in the platform, with some being unique to My funded FX program only.
You should, therefore, read them carefully and master them for you to adhere to them when trading on the platform.
My Funded FX Prop Firm allows members to freely trade around news in the challenge or funded accounts.
The prop firm allows you to use bots or expert advisors that you created.
For instance, the program allows you to convert your strategies into advisors and will not limit you from doing so.
However, that will only be allowed if you want to buy or use a third party as your expert advisor from the Mata trader store.
The Weekend Holding & Overnight Trading
My Funded FX Prop Firm allows you to trade overnight if you wish and also during the weekend.
For this reason, you’re not limited to the hours or days of trading; you can trade as much as you want and make your desired profits.
The Copy-Trading Rule
According to the My Funded FX Prop Firm, the only copy trading allowed will be from the trades of one member.
This means you can copy trade from your previous trades and not from someone else.
Therefore, copying from trade from a third party and engaging with a mass signal provider is prohibited.
Styles Used In Trading
You can use any trading style or strategy that can perfectly fit you according to your desires.
However, an attempt to cheat, manipulate or exploit the system is greatly condemned as it is against the program’s rules.
Who Is The Founder Of My Funded FX Prop Firm?
My Funded FX Prop Firm was founded and owned by Matt L., who is still the CEO of the program.
Matt L. is a successful tech and financial service entrepreneur focusing more on trading Crypto, stock change, options, and Forex.
He began trading in the Forex industry in 2018 and gained more experience, enabling him to develop the prop firm in 2022.
He is currently the CEO of the My Funded FX Prop Firm and owns several other industry businesses.
In his mind, Matt L. saw a gap that needed to be filled with a new prop firm in the industry.
Matt L. claimed that most prop firms in the market focus less on traders, which makes many traders feel unsatisfied.
For this reason, Matt L. aimed to develop a prop firm that educates traders more and funds them with as much money as possible.
According to Matt L., introducing a trader into the prop firm industry begins by building a firm foundation skill for the traders.
By offering training to traders in the forex industry, Matt L. aims to make the traders professional proprietary investors.
When the traders have skills with greater experience, they can easily pass the evaluation stages.
This will allow the traders to trade easily in the funded account and scale their business to make them achieve their desired goals.
Therefore, when you join the program, Matt L. expects you to undergo free training before you can begin trading.
Let’s look at how you can join the program.
Steps For Joining My Funded FX Prop Firm
For you to get started with My Funded FX Prop Firm, you will need to follow the steps below;
Step One: Registration
You will begin by opening its official website and creating your account on the platform.
You then need to review the terms and conditions of the program and ensure you are ready to adhere to them.
If you feel like speaking to anyone to inquire about something or for any misunderstanding, the program claims to set you free to do so.
Step Two: Choosing An Account Size
From account registration, you now need to navigate the dashboard of the My Funded FX challenge.
Please select the account size that suits you most according to your desires and purchase it to start the evaluation process.
Step Three: Making A Payment
After choosing your preferred account size, click the payment button and purchase it with the two available payment methods.
The two payment methods allowed in the program include:
- Credit/bank cards are always processed via the payment partners stripe of the program.
- Coinbase can be processed via exchange or by use of any external wallet.
You must place all your payments on the ERC20 networks to prevent the funds from disappearing or getting lost.
Step Five: Get The Account Credentials
After the program has confirmed your payment, you’ll receive your account credentials.
The credentials will help you make transactions that will take less than thirty minutes to get confirmed by the blockchain.
From there, you’ll fully become a prop trader of the My Funded FX, where you will now be free to start trading when you like.
What Are The Benefits Of Joining The My Funded FX Prop Firm?
- My Funded FX Prop Farm Provides Instant Funding
You will automatically join their funded account when you pass the one and two phases of the My Funded FX Prop Firm.
After joining the funded account, you’ll receive instant Funding on your account to enable you to start trading to achieve your profit targets.
- Offers Excellent Customer Support
After joining the Prop Firm, you’ll have excellent customer support from their expert team, available 24/7.
The professional team ensures all your queries and questions are perfectly tackled to keep you satisfied and happy.
The program also offers you free training to help you gather more knowledge on how to trade in the industry and earn more profits.
- The Set Prices For Their Services Are Fair
Unlike other prop firms that charge you more to join, the charges for this prop firm are fair.
By lowering their prices, the program targets to benefit more traders worldwide.
This includes those traders with a lower income rate who are passionate about succeeding in the forex industry.
What Is The Cost Of Joining The My Funded FX Prop Firm?
After joining this prop firm, you’ll begin by enrolling in their one-phase and two-phase prop challenge model.
One-phase and two-phase challenges will cost you $500 each to enroll.
The program offers you a capital of up to $300,000 in your capital account and allows you to trade up to 1.5 million dollars.
So, when you successfully pass the two-phase stage, you’ll get into the funded account and receive your capital to start trading.
After joining the program and trading with the funded account, the program will offer you a profit share of up to 80%.
If you wish to make withdrawals, you can request it after every 14 calendar days.
The days start counting from the first day you placed your trade on the funded account.
You are free to request a payout even on the platform’s dashboard and wait for it to get processed.
In addition, My Funded FX uses MT4 for trading only, unlike many other prop firms that use MT4 and MT5 platforms.
The program’s leverage is set at 1:100, with a maximum funding of one million allowed in the platform.
Is My Funded FX Prop Firm A Scam?
My Funded FX Prop Firm is technically not a SCAM.
The prop firm has an open approach to providing opportunities to prop traders to succeed in the forex industry.
If you visit the discord channel for the Prop Firm, their expert team is keen on taking questions from their traders.
In addition, the program also has great testimonies with an impressive rating of up to 4.7/5 on the trust pilot.
However, despite proving it is a real business, the program might only work for a few people.
Many individual challenges limit some people from reaching success in this prop firm.
For this reason, it is not guaranteed that you will become successful when you join the platform and start trading.
For instance, the program targets to work with trustworthy traders who are profit-oriented and, therefore, able to meet the profit targets.
My Assessment Of The My Funded FX Prop Firm
My assessment of the prop firm is based on the following factors;
Profits Split – 7/10
My Funded FX program has an impressive profit split, offering up to 80% of your profits.
For instance, if you have a trading balance of $50,000 and make a total profit of $2,500, you will get a profit share of up to $2,000.
The higher profit split is a strategy to ensure every trader in the program has the opportunity to scale up their trade to the maximum value.
Scaling Opportunities – 6/10
My Funded FX has a good scaling opportunity which requires traders to have hit a target of 12% in their profit target.
If you meet the 12% profit target in three months, you’ll qualify to scale your account up to 25%.
Therefore, to scale your business, you need to increase your earnings to hit the profit target.
Profits Targets – 7/10
Profit targets set for the evaluation stages in the program are fair for every trader to reach.
According to the program, lower profit targets are set to enable more traders to pass the evaluation stage.
After joining the funded account, no profit targets are set for you, allowing you to trade freely until you meet your goals.
Affordability – 8/10
My Funded FX program is affordable for many prop traders as its sets a fair price for its phase challenges.
The program, therefore, enables even traders with low income to easily trade with the program to achieve their business goals.
Trader Supports – 9/10
Regarding trader support, My Funded FX offers excellent customer care for their traders.
Their expert team is always available 24/7 to help you get answers to your questions and ensure you are safe and secure when trading.
In addition, the platform allows you to express your thoughts and feelings when trading, especially when using a funded account.
Tradable Assets – 6/10
My Funded FX Prop firm offers good tradable assets enabling its traders to achieve the best of their trade.
The tradable assets available in the program, such as the EA and the news with the free extensions, enable you to trade safely in the program.
You should maximize the use of the available assets to improve your trade and achieve your profit targets.
Trustworthiness – 9/10
My Funded FX Firm offers instant funding on your account when you pass the evaluation stage and join a funded account.
The program also pays you the profit share when you trade with the funded account and earn profits.
In addition, the program processes your withdrawal every 14 calendar days when you request a withdrawal.
My Overall Rating – 7/10
In general, My Funded FX is 7/10 as one of the top-performing prop firms in the forex industry.
The program has numerous testimonies and provides traders opportunities to achieve the best of their trade.
They have the best customer support with instant funding to facilitate traders to scale their business effectively.
What Are People Saying
My Funded FX Prop Firm has an impressive rating on trust pilot, hitting 4.7/5 with 90% of its review rating it at five stars.
This statistic is taken from more than 295 reviews of the platform, with most customers showing great satisfaction.
However, I noted some notable negative reviews.
Hakim Jlata raised a concern about the total loss being too low – 6%, which he/she hoped could be improved.
Also, another user, Ethem Ovali, had an issue with the restriction of the position with which the broker works with.
Ovali was concerned by the fact that the system claims that no restrictions are placed, yet again the system doesn’t allow you to place more than 100 positions.
My Founded FX has a Facebook group with over 4k members, including professional team members.
The members are showing great satisfaction with the services available in the program expressing their happiness in the comment section.
The program also has a YouTube channel with over 1,000 subscribers, with up to eight informative videos for its customers.
My Funded FX prop firm is also available on telegram and discord, attracting more than 1,000 followers on their telegram channel.
FAQs About My Funded Fx Prop Firm
What Instruments Can I Trade With My Funded FX Prop Firm?
My Funded FX prop firm allows you to trade with instruments such as Forex, indices, commodities, and cryptocurrencies.
All these instruments accepted by the program are also available with the trusted broker of the proprietary firm.
And all these instruments provide options to choose the best one to trade within the market.
What Is The Trusted Broker Used By My Funded FX Proprietary Firm?
My Funded FX company works with FXCL as their chosen trusted broker, and all their traders are expected to work within the industry.
FXCL broker benefits traders, including offers such as raw spreads and zero commissions.
Therefore, to be safer, you must accept using the FXCL as your broker when trading in the program.
Does My Funded FX Prop Firm Offer Commissions And Spreads?
My Funded FX program has zero commissions in all their available accounts in the platform.
However, the spreads in the program are raw, offering traders favorable trading conditions.
Can I Trade Over The Weekends With My Funded FX Prop Firm?
The program allows you to trade or hold your trade over the weekends.
In addition, the program does not limit you on the number of days or hours to trade in the forex industry.
You can also choose to trade overnight or 24/7, depending on your abilities and needs for money.
Thank you for reading My Funded FX Prop Firm Review.
I’ll be more than happy to know your thoughts in the section below.