Apart from enumerating the pros, we are going to discuss probable drawbacks. By the end of this review, you will be more informed about where My Funded FX Prop Firm stands so you can determine whether this best suits your needs and fits your trading goals and style.
Key Features
- Instruments: Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy, Interest Rates Futures, Metals Futures.
- Max balance: $150,000
- Profit split: 90%
- Cost: from $80/month
- Platforms: Ninjatrader, Tradovate, TradingView, Quantower, Sierra Chart, ATAS
Pros of MyFundedFX
Competitive Funding Options
My Funded FX Prop Firm provides a range of funding options, which afford traders much-needed capital in volumes adjusted to diverse trading requirements and experience. This flexibility enables the traders to choose an account type appropriate for their needs and desired level of risk.
Advanced Trading Tools and Resources
Hence, the company provides traders with a set of advanced trading tools and resources. These definitely help traders to keep up with the markets and carry out their trade efficiently, supporting various trading strategies and, overall, enhancing the performance of their trade.
Intuitive User-Friendly Trading Platform
The trading platform is user-friendly, an essential feature for My Funded FX Prop Firm, because it aims to simplify and smoothen the process of trading. This helps traders in working effortlessly with their strategies by avoiding complicated software and any technical glitches in between.
Transparent performance review process
My Funded FX Prop Firm presents a straightforward performance evaluation process, making it easy for traders to understand how their performance is measured. By doing this, it can build positive trust and permit the trader to stand tall and observe his or her performance with confidence.
Exceptional Customer Support and Account Management Services
My Funded FX Prop Firm is renowned for its outstanding customer support and account management services, which assist traders promptly and provide personalized support. What sets My Funded FX apart is its foundation in weekend Bitcoin trading on Eightcap. This distinctive offering delivers great flexibility and innovation, catering to both new and experienced forex traders. This approach allows traders to resolve issues quickly and receive guidance throughout their trading journey.
Cons of MyFundedFX
No Trial of the Platform Available
My Funded FX does not offer any kind of trial for the trading platform. It simply means that the potential trader cannot test the features and functionalities of the platform before funding an account, and this, for sure, would be one of its drawbacks for those who would want hands-on exposure first before deciding.
While the company’s profit-sharing model seems very lucrative-the traders can retain as much as 75% of the profit-this hugely profitable share may be the reason for increased pressure and risks. Sometimes this aggressive split in profit influences the continuity of the trading strategy and long-term profitability.
Limited Trading Methods May Not Work for All
The trading environment at MyFundedFX Prop Firm can be constricting, as it does not support all types of trading strategies. For traders reliant on specific tools or methods that are unsupported, this can be a limiting factor.
Lack of Transparency in Performance and Profit Distribution
The firm does not provide clear information regarding the profits divided or the performance metrics. It is hard for any trader to know how many of the profits are divided and the broader performance of their trading accounts.
Lack of Trader Education
This may be a disadvantage for those traders who rely on their firms for guidance and learning opportunities to hone their trading skills, as My Funded FX Prop Firm does not invest much in trader education and training.
No Third Party EAs
This firm only permits EAs developed by the trader. If you depend on a third-party EA for your trading, it’s advisable to seek alternatives.
Rules and Restrictions
We touched on drawdown rules in the section on funding model. Let’s take a closer look at the other important rules that must be followed.
News Trading
Traders can engage in news trading during both the challenge and funded account membership stages.
Expert Advisors
The only expert advisors or bots that are allowed are those that the trader has developed themselves.
Overnight and Weekend Holding
Both overnight and weekend holding is allowed on the challenge as well as the funded account.
Copy Trading
Again, the only copy trading that will be allowed is that of the member’s own trades. Any copying from any third-party or mass signal provider is prohibited and will forfeit the challenge.
Trading Styles
MyFundedFX does not put any restrictions on the trader concerning strategy or trading style. In contrast, manipulation, exploiting, or trying to cheat on their system is considered against the rules.
Frequently Asked Questions (FAQs)
What is the role of MyFundedFX?
MyFundedFX is offering a prop trading avenue. The traders can trade on forex, indices, metals, cryptocurrencies, and oil with the company’s funds, therefore not assuming any risks personally.
What can I trade with MyFundedFX?
You can trade forex, indices, metals, cryptocurrencies, and oil on the MyFundedFX platform.
Does MyFundedFX provide a demo account?
Yes, MyFundedFX provides a demo account where you get to test and hone your strategies before actually trading live.
On what platforms am I able to trade with MyFundedFX?
The available trading platforms are Dx Trade,Ctrader,MatchTrader,and Platform 5,,,, in versions for Windows, Mac, and web, as well as mobile apps for Android and iOS.
How Much Is The My Funded Futures Payout?
My Funded Futures has a profit split of 90/10. This means that the trader gets 90% of the profits and the prop firm keeps 10% of the profits to them. There’s an exception for the first $10,000 of profits. They are entirely yours with a 100% profit split.
What Makes My Funded FX Unique?
My Funded Fx has rolled out an innovative 1-step funding strategy that is changing the dynamics of trading due to the potential of traders being funded with up to one trade. What sets My Funded FX apart is its unique weekend Bitcoin trading on Eightcap. This distinctive offering provides great flexibility and showcases the company’s innovation, catering to both new and experienced forex traders.
Which Broker Does MyFundedFX Use?
MyFundedFX partners with Zenfinex, Purple Trading Seychelles, and Quality FX Ltd as their brokers.
