In this article, we will be making a general and two-step comparison between FundedNext and My Forex Funds
FundedNext & My Forex Funds Two-step Comparison
In this article, we will be making a general and two-step comparison between FundedNext and My Forex Funds. We will compare the two mentioned proprietary trading firms in general and what they are offering to forex traders worldwide.
Company Details
| Company Details | FundedNext | My Forex Funds |
|---|---|---|
| Incorporation Date | March 2022 | July 2020 |
| CEO | Abdullah Jayed | Murtuza Kazmi |
| Office Location | UAE, USA, UK, Bangladesh | Toronto, Canada |
| Maximum Allocation Capital | $300,000 | 2x $300,000 |
FundedNext and My Forex Funds are both reliable and trustworthy proprietary trading firms. FundedNext was incorporated in March 2022, while My Forex Funds started operating in July 2020. When it comes to CEOs, Abdullah Jayed is the CEO of FundedNext, while My Forex Funds is being run by Murtuza Kazmi. FundedNext has offices located in UAE, USA, UK, and Bangladesh, while My Forex Funds has its headquarters in Toronto, Canada. And lastly, when it comes to the maximum allocation capital, traders can manage 300k two-step evaluation accounts with FundedNext, while with My Forex Funds, traders can obtain funding up to 2x $300k two-step evaluation accounts. Note that both proprietary trading firms also have a scaling plan.
Funding Program Options
| Funding Program Options | FundedNext | My Forex Funds |
|---|---|---|
| One-step Evaluation | ✅ | ✅ |
| Two-step Evaluation | ✅ | ✅ |
| Instant Funding | ❌ | ✅ |
FundedNext and My Forex Funds both offer multiple funding programs to forex traders worldwide. FundedNext offers two one-step evaluations and two two-step evaluations. My Forex Funds, on the other hand, also offers a unique one-step evaluation, two-step evaluation, and instant funding programs.
That being said, let’s take a look at the comparison of the two-step evaluation programs.
Two-step Comparison:
| Trading Rules/Objectives | FundedNext (Evaluation) | FundedNext (Stellar) | My Forex Funds |
|---|---|---|---|
| Phase 1 Profit Target | 10% | 8% | 8% |
| Phase 2 Profit Target | 5% | 5% | 5% |
| Daily Drawdown | 5% | 5% | 5% |
| Overall Drawdown | 10% | 10% | 12% |
| Leverage | 1:100 | 1:100 | 1:100 |
| Minimum trading days | 5 calendar days | 5 calendar days | 5 calendar days |
| Trading Period | Step 1: Unlimited Step 2: Unlimited | Step 1: Unlimited Step 2: Unlimited | Step 1: Unlimited Step 2: Unlimited |
| Profit split | 80% up to 90% | 80% up to 90% | 75% up to 90% |
Now that we have covered all the rules and guidelines of the two-step evaluation. Let’s take a closer look at prices.
| Account Site | FundedNext (Evalaution) | FundedNext (Stellar) | My Forex Funds |
|---|---|---|---|
| $5,000 | ❌ | ❌ | $49 |
| $6,000 | $49 | $59 | ❌ |
| $10,000 | ❌ | ❌ | $84 |
| $15,000 | $99 | $119 | ❌ |
| $20,000 | ❌ | ❌ | $139 |
| $25,000 | $199 | $199 | ❌ |
| $50,000 | $299 | $299 | $299 |
| $100,000 | $549 | $519 | $499 |
| $200,000 | $999 | $999 | $979 |
| $300,000 | ❌ | ❌ | $1,389 |
Brokers & Trading Platforms
After covering all the trading objectives, rules, and pricing, let’s take a closer look at brokers and trading platforms that we can use with each proprietary trading firm.
| FundedNext | My Forex Funds | |
|---|---|---|
| Broker | Eightcap, GrowthNext, Incenteco | Traders Global Group |
| Trading Platform | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
Trading Instruments
Another important factor when comparing proprietary trading firms is trading instruments. Below you can see which trading instruments we can trade with FundedNext and My Forex Funds.
| Trading Instrument | FundedNext | My Forex Funds |
|---|---|---|
| Forex Pairs | ✅ | ✅ |
| Commodities | ✅ | ✅ |
| Indices | ✅ | ✅ |
| Crypto | ❌ | ✅ |
Community Feedback
The last topic we will go through is community feedback from FundedNext and My Forex Funds. We will be looking at feedback from Trustpilot regarding both proprietary trading firms.
| Trustpilot Statistics | FundedNext | My Forex Funds |
|---|---|---|
| Rating | 4.7/5 | 4.8/5 |
| Number of Reviews | 6,530 | 16,913 |
FundedNext has a rating of 4.7/5 out of a total of 6,530 reviews, while My Forex Funds has a rating of 4.8/5 out of 16,913 reviews. Based on the statistics, we can clearly see that My Forex Funds is the more popular proprietary trading firm at the moment.
Conclusion
In conclusion, FundedNext and My Forex Funds are two excellent proprietary trading firm choices for any trader. We can see some clear differences regarding the trading rules and objectives, prices, and community feedback. In addition, we can also see that there is a difference regarding funding program options since FundedNext offers four: two one-step evaluations and two two-step evaluations. On the other hand, My Forex Funds offers three: a unique one-step evaluation, a two-step evaluation, and instant funding.
We will be ending the comparison with our special discount codes for each of the two compared proprietary trading firms. You can find both discount codes below!
FundedNext 10% active discount code: FOREXPROPREVIEWS
My Forex Funds 5% active discount code: forexpropreviews5
This comparison was lastly updated on 11.08.2023 at 12:51 (CE(S)T).
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