MyFundedFX tests their traders’ potential with a task of passing a one-step or two-step evaluation challenge, where they are given a demo account with virtual funds to trade, while they monitor their performance.
- Unlimited trading period to complete evaluation phases
- Maximum balance of up to $1,500,000
- 80% profit splits
- Bi-weekly payouts
- Overnight and weekend holding allowed
- News trading allowed
- Scaling account option
- Leverage up to 1:100
- A large variety of trading instruments (forex pairs, commodities, indices, cryptocurrencies)
- Trailing drawdown on one-step challenge accounts
- Lot size limitations
- No Free Trial
MyFundedFX offers traders challenge programs that aim to provide an opportunity to trade without risking their own capital. Profitable traders receive a payment based on a specific percentage of the profits they make while having no liability on the firm’s capital. They allow them to earn high profits by managing account sizes up to $200,000 and taking home profit splits of 80%. They can achieve this by trading forex pairs, commodities, indices, and cryptocurrencies.
Who are MyFundedFX?
MyFundedFX is a proprietary firm incorporated in June 2022 with an office based in the US that offers its traders a chance to merge their accounts up to $300,000 with an additional scaling plan to increase their balance even further. They are partnered with Eightcap as their broker.
Their offices are located at 100 Crescent Court Suite 700 Dallas, TX 75201, United States.
Who is the CEO of MyFundedFX?
Matthew Leech is the founder of MyFundedFX, who is a prosperous entrepreneur in the financial and tech services sectors, as well as a skilled trader in forex, options, stocks, and cryptocurrencies. Since 2018, he has been actively involved in trading and currently holds the position of CEO in MyFundedFX, along with several other ventures.
Matt’s motivation for launching MyFundedFX stemmed from recognizing a gap in the industry. Often, proprietary trading firms prioritize developing programs that neglect the needs of individual traders. However, with MyFundedFX, the primary focus is on educating traders and facilitating their path to securing funding. Matt and the entire team are deeply committed to this objective, consistently strengthening the foundational skills required to become a funded trader.
Funding program options
MyFundedFX offers its traders two different programs to choose from:
- One-step evaluation challenge accounts
- Two-step evaluation challenge accounts
One-step evaluation challenge account
MyFundedFX’s one-step evaluation challenge account aims to identify consistent and disciplined traders who are rewarded for their consistency in a one-phase evaluation period. The one-step evaluation challenge account allows you to trade with 1:100.
| Account Size | Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
The one-step evaluation challenge account requires a trader to reach a profit target of 10% while not surpassing their 4% maximum daily and 6% maximum trailing loss rules. You are allowed to trade for an unlimited time period. During this time, you are required to reach the profit target and while having no minimum trading day requirements.
By completing the one-step evaluation challenge, you are awarded a funded account where you have no profit targets. You are only required to respect the 4% maximum daily and 6% maximum trailing loss rules. Your first profit split will be 80% based on the profits that you made 14 calendar days after the first position was placed on your funded account. After your first payout, you will continue receiving your payouts on a bi-weekly basis.
One-step evaluation challenge account scaling plan
One-step evaluation challenge accounts also have a scaling plan. You are required to be profitable within a three-month period where you average a return of 12% profit or more over the three-month period. You will receive an account increase of 25% of the original account balance up to a maximum balance of $1,500,000.
Example:
After 3 months: If you have a $200,000 account, your account balance will increase to $250,000.
After next 3 months: Balance of $250,000 increases to $300,000.
After next 3 months: Balance of $300,000 increases to $350,000.
And so on…
Trading instruments for the one-step evaluation challenge accounts are forex pairs, commodities, indices, and cryptocurrencies.
One-step evaluation challenge account rules
- Profit target is a specific percentage of profit that a trader is required to obtain before they can complete an evaluation phase, withdraw profits, or scale their account. Profit target for the evaluation period is 10%, while the funded account has no profit targets.
- Maximum daily loss is the maximum loss a trader can reach on a daily basis before the account is violated. All account sizes have a maximum daily loss of 4%.
- Maximum trailing drawdown is the maximum drawdown that is equal to the distance between the highest account balance achieved and the maximum drawdown. All account sizes have a maximum trailing drawdown of 6%.
- Lot size limit requires traders to follow specified lot sizes for specific trading instruments. These are most usually set based on the initial account balance of the prop firm account.
- Third-party copy trading risk means that if you intend to use copy trading services, you should keep in mind that by using a third-party copy trading service, there might be other traders that are already using it and therefore exactly the same trading strategy. By using a third-party copy trading service, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.
- Third-party EA risk means that if you intend to use an EA, you should keep in mind that by using a third-party EA, there might be other traders that are already using it and therefore using exactly the same trading strategy. By using a third-party EA, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.
Two-step evaluation challenge account
MyFundedFX’s two-step evaluation challenge account aims to identify consistent and disciplined traders who are rewarded for their consistency in the two-phase evaluation period. The evaluation program account allows you to trade with 1:100.
| Account Size | Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
Evaluation phase one requires a trader to reach a profit target of 8% while not surpassing their 5% maximum daily loss or 8% maximum loss rules. You are allowed to trade for an unlimited time period. During this time, you are required to reach the profit target while having no minimum trading day requirements in order to proceed to phase two.
Evaluation phase two requires a trader to reach a profit target of 5% while not surpassing their 5% maximum daily loss or 8% maximum loss rules. You are allowed to trade for an unlimited time period. During this time, you are required to reach the profit target while having no minimum trading day requirements in order to proceed to a funded account.
By completing both evaluation phases, you are awarded a funded account where you have no profit targets. You are only required to respect the 5% maximum daily loss and 8% maximum loss rules. Your first profit split will be 80% based on the profits that you made 14 calendar days after the first position was placed on your funded account. After your first payout, you will continue receiving your payouts on a bi-weekly basis.
Two-step evaluation challenge account scaling plan
Two-step evaluation challenge accounts also have a scaling plan. You are required to be profitable within a three-month period where you average a return of 12% profit or more over the three-month period. You will receive an account increase of 25% of the original account balance up to a maximum balance of $1,500,000.
Example:
After 3 months: If you have a $200,000 account, your account balance will increase to $250,000.
After next 3 months: Balance of $250,000 increases to $300,000.
After next 3 months: Balance of $300,000 increases to $350,000.
And so on…
Trading instruments for the two-step evaluation challenge accounts are forex pairs, commodities, indices, and cryptocurrencies.
Two-step evaluation challenge account rules
- Profit target is a specific percentage of profit that a trader is required to obtain before they can complete an evaluation phase, withdraw profits, or scale their account. Phase 1 profit target is 8% while phase 2 has a profit target of 5%. Funded accounts have no profit targets.
- Maximum daily loss is the maximum loss a trader can reach on a daily basis before the account is violated. All account sizes have a maximum daily loss of 5%.
- Maximum loss is the maximum loss a trader can reach overall before the account is violated. All account sizes have a maximum loss of 8%.
- Lot size limit requires traders to follow specified lot sizes for specific trading instruments. These are most usually set based on the initial account balance of the prop firm account.
- Third-party copy trading risk means that if you intend to use copy trading services, you should keep in mind that by using a third-party copy trading service, there might be other traders that are already using it and therefore exactly the same trading strategy. By using a third-party copy trading service, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.
- Third-party EA risk means that if you intend to use an EA, you should keep in mind that by using a third-party EA, there might be other traders that are already using it and therefore using exactly the same trading strategy. By using a third-party EA, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.
What makes MyFundedFX different from other prop firms?
MyFundedFX is different from most of the industry-leading prop firms by offering two different funding programs: one-step and two-step challenges. In addition, they also have relatively relaxed trading rules. You can hold trades overnight and during the weekends and trade during news releases.
Compared to other prop firms, MyFundedFX offers a one-step evaluation challenge that requires traders to successfully complete one phase before being eligible for payouts. The profit target is 10%, with a 4% maximum daily and 6% maximum trailing loss rules. You should also note that you have no minimum or maximum trading day limitations during the evaluation period. One-step evaluation challenge accounts also have a scaling plan. Compared to other industry-leading prop firms, they have average trading rules with an unlimited trading period.
Compared to other prop firms, MyFundedFX also offers a two-step evaluation challenge that requires traders to complete two phases before being eligible for payouts. The profit target is 8% in phase one and 5% in phase two, with a 5% maximum daily and 8% maximum loss rules. You should also note that you have no minimum or maximum trading day limitations during the evaluation period. Two-step evaluation challenge accounts also have a scaling plan. Compared to other industry-leading prop firms, they have relatively low profit targets and an unlimited trading period.
Example of comparison between MyFundedFX & My Forex Funds
| Trading objectives | MyFundedFX | My Forex Funds |
|---|---|---|
| Phase 1 profit target | 8% | 8% |
| Phase 2 profit target | 5% | 5% |
| Maximum daily loss | 5% | 5% |
| Maximum loss | 8% | 12% |
| Minimum trading days | No minimum trading days | 5 calendar days |
| Profit split | 80% | 75% up to 90% |
Example of comparison between MyFundedFX & True Forex Funds
| Trading objectives | MyFundedFX | True Forex Funds |
|---|---|---|
| Phase 1 profit target | 8% | 8% |
| Phase 2 profit target | 5% | 5% |
| Maximum daily loss | 5% | 5% |
| Maximum loss | 8% | 10% |
| Minimum trading days | No minimum trading days | 5 calendar days |
| Profit split | 80% | 80% |
Example of comparison between MyFundedFX & FundedNext
| Trading objectives | MyFundedFX | FundedNext |
|---|---|---|
| Phase 1 profit target | 8% | 10% |
| Phase 2 profit target | 5% | 5% |
| Maximum daily loss | 5% | 5% |
| Maximum loss | 8% | 10% |
| Minimum trading days | No minimum trading days | 5 calendar days |
| Profit split | 80% | 80% up to 90% |
In conclusion, MyFundedFX is different from most of the industry-leading prop firms due to offering two different funding programs with relatively relaxed trading rules and an unlimited trading period. You can hold trades overnight and during the weekends and trade during news releases.
Is getting MyFundedFX capital realistic?
It’s essential to see how realistic the trading requirements are when looking at prop firms that best suit your forex trading style. For example, a company offering a high % profit split on a highly funded account sounds great, but if they expect high % gains per month with low % maximum drawdowns, your chances of success become close to zero.
Receiving capital from the one-step evaluation challenge accounts is realistic mostly since they have an average profit target of 10% with average maximum loss rules (4% maximum daily and 6% maximum trailing loss).
Receiving capital from the two-step evaluation challenge accounts is realistic mostly since they have relatively low profit targets (8% in phase one and 5% in phase two) with slightly below average maximum loss rules (5% maximum daily and 8% maximum loss).
After considering all of that, MyFundedFX is an excellent choice to get funded since you have two different funding programs you can choose from that have realistic trading objectives to follow and conditions to receive payouts.
Payment proof
MyFundedFX was incorporated in June 2022. After getting a live-funded account, your first payout will be available in 14 calendar days. After that, traders continue to receive payouts on a bi-weekly basis.
You can find a large amount of payment proof on MyFundedFX’s Discord channel under the section ”Payout proof”.
Which broker does MyFundedFX use?
MyFundedFX uses Eightcap and ThinkMarkets as their broker.
Eightcap is an ASIC-regulated broker in Melbourne, Australia. They were founded in 2009 with a simple, straightforward mission to provide exceptional financial services to its clients. They have five offices around the globe and regulations in multiple locations providing clients worldwide with the ability to trade on markets across FX, indices, commodities, and shares.
ThinkMarkets is a premium multi-asset online brokerage with headquarters located in London and Melbourne. They provide quick and easy access to a wide range of markets while delivering some of the most recognized trading solutions: MetaTrader 4, MetaTrader 5, and their in-house developed ThinkTrader platform.
As for trading platforms, they allow you to trade on Meta Trader 4 and MetaTrader 5.
Trading instruments
MyFundedFX allows you to trade forex pairs, commodities, indices, and cryptocurrencies with up to 1:100 leverage.
| FOREX: | EURUSD | USDJPY | GBP/USD | USDCHF | USDCAD |
| AUDUSD | NZDUSD | AUDJPY | AUDNZD | CADCHF | CADJPY |
| CHFJPY | EURAUD | EURCAD | EURCHF | EURGBP | EURJPY |
| EURNZD | GBPAUD | GBPCAD | GBPCHF | GBPJPY | GBPNZD |
| NZDCAD | NZDCHF | NZDJPY | CADSGD | EURCZK | EURDKK |
| EURHKD | EURHUF | EURNOK | EURPLN | EURSEK | EURSGD |
| EURTRY | EURZAR | GBPDKK | GBPNOK | GBPSEK | NOKSEK |
| USDCNH | USDCZK | USDDKK | USDHKD | USDHUF | USDILS |
| USDMXN | USDNOK | USDPLN | USDRUB | USDSEK | USDSGD |
| USDTRY | USDZAR |
| COMMODITIES: | COPPER | XAGUSD | XAUUSD | XPTUSD |
| INDICES: | DAX | ESP35 | EUSTX50 | FRA40 | JPN225 |
| NAS100 | NGAS | SPX500 | UK100 |
| CRYPTO: | BATUSD | BCHUSD | BNBUSD | BTCUSD | DASHUSD |
| DOGEUSD | EOSUSD | ETCUSD | ETHUSD | IOTAUSD | LTCUSD |
| NEOUSD | OMGUSD | TRXUSD | UKOil | XLMUSD | XMRUSD |
| XRPUSD | ZECUSD |
Trading fees
Trading commission:
| Assets | Fee terms |
|---|---|
| FOREX | 5 USD / LOT |
| COMMODITIES | 5 USD / LOT |
| INDICES | 0 USD / LOT |
| CRYPTO | 0 USD / LOT |
Spread:
In order to check the live spreads login to the trading account below:
| Platform | Server | Login number | Password | Download platform |
|---|---|---|---|---|
| MetaTrader 5 | EightCapPTY-Demo | 23229 | 5qxbncor | Click here |
Education & Support for traders
MyFundedFX does not provide any educational content on its website.
In addition, a thread can be found on ForexFactory named ‘’PROP FIRM HUB’’ made by MasterrMind, where MyFundedFX also gets mentioned numerous times.
To see the mentioned thread click here.
In addition, they provide a well-structured dashboard that all of their clients can access, making it easier to manage risk with all the objectives of their statistics.
Traders’ Comments about MyFundedFX
MyFundedFX has excellent feedback from reviews.
On Trustpilot, they have a large variety of their community commenting and giving positive feedback with a great score of 4.8/5 out of 467 reviews.
MyFundedFX’s community praises its efficient live chat support team that will provide you with all the necessary information you are looking for.
There is also a lot of positive feedback regarding their accessible offerings and trading rules, such as no time limitations, no inactivity rules, and huge potential with the scaling plan.
Social media statistics
MyFundedFX can also be found on social media.
They have a:
- Facebook group with 9,6k members, and
- Youtube channel with 3,26k subscribers with 12 uploaded videos.
In addition, MyFundedFX also has a Discord channel with 46,110 members and a Telegram channel with 3,830 members for their community to interact with each other.
Support
MyFundedFX has a FAQ page where you might find the missing information.
The support team is available on their social media, or you can directly contact them on their email support@Myfundedfx.com.
They also have a very effective live chat support team that you can contact, and they will assist you with anything that you are struggling with or if you require some general information regarding their proprietary trading firm.
Conclusion
In conclusion, MyFundedFX is a legitimate proprietary trading firm that offers traders a chance to choose between two funding programs: one-step challenge accounts and two-step challenge accounts. In addition, they have relatively relaxed trading rules and an unlimited trading period. You can hold trades overnight and during the weekends and trade during news releases.
One-step evaluation challenge accounts require the completion of one phase before becoming funded and eligible to earn profit splits. MyFundedFX requires traders to reach a profit target of 10% before becoming funded. These are realistic trading objectives considering you have a 4% maximum daily drawdown and 6% maximum trailing drawdown rules to follow. With one-step evaluation programs, you can earn 80% profit splits while also being able to scale your accounts.
The two-step evaluation challenge is an industry-standard two-phase evaluation challenge that requires the completion of two phases before becoming funded and being eligible to earn profit splits. MyFundedFX requires traders to reach profit targets of 8% in phase one and 5% in phase two before becoming funded which are realistic trading objectives considering you have a 5% maximum daily and 8% maximum loss rules to follow. With evaluation programs, you can earn 80% profit splits while also being able to scale your accounts.
I would recommend MyFundedFX to any trader who is looking for a legitimate prop firm with straightforward rules and trading objectives. They offer traders excellent conditions for a large pool of individuals with unique trading strategies. After considering everything MyFundedFX has to offer, they are for sure one of the better proprietary trading firms in the industry.
This review about MyFundedFX was lastly updated on 25.05.2023 at 10:09 (CE(S)T).
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