MyFundedFX was founded in 2022 in Dallas, Texas, by the professional trader MattL. They are quickly proving to be a real contender in the prop firm industry.
The firm currently offers two funding options: the single-phase and the two-phase challenge. They have account sizes to fit nearly every trader, ranging from $5000 to $200k.
Read on to find out more about this new and exciting prop firm.
Current Promo Code: Click here for the latest Promotions from MyFundedFX
Current Affiliate Code: PTC
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Earning Report – How Much Can I Make?
So, you have a winning strategy and the right mindset for trading. Now the question is – How much can I make with this firm? Let’s take a look at some numbers.
The following is based on passing the $50,000 2-stage challenge and continuing to make an average of 5% returns monthly. In reality, this might not be so accurate as traders will have losing months and months with more or less than 5% profit, but it’s a place to start.
The table also factors in scaling and profit splits.
| Balance | Profit | Your Share (80%) | Total Profit | |
| Month 1 | $50,000.00 | $2,500.00 | $2,000.00 | $2,000.00 |
| Month 2 | $50,000.00 | $2,500.00 | $2,000.00 | $4,000.00 |
| Month 3 | $50,000.00 | $2,500.00 | $2,000.00 | $6,000.00 |
| Month 4 | $62,500.00 | $3,125.00 | $2,500.00 | $8,500.00 |
| Month 5 | $62,500.00 | $3,125.00 | $2,500.00 | $11,000.00 |
| Month 6 | $62,500.00 | $3,125.00 | $2,500.00 | $13,500.00 |
| Month 7 | $78,125.00 | $3,906.25 | $3,125.00 | $16,000.00 |
| Month 8 | $78,125.00 | $3,906.25 | $3,125.00 | $19,125.00 |
| Month 9 | $78,125.00 | $3,906.25 | $3,125.00 | $22,250.00 |
| Month 10 | $97,656.25 | $4,882.81 | $3,906.25 | $25,375.00 |
| Month 11 | $97,656.25 | $4,882.81 | $3,906.25 | $29,281.25 |
| Month 12 | $97,656.25 | $4,882.81 | $3,906.25 | $33,187.50 |
| Month 13 | $122,070.31 | $6,103.52 | $4,882.81 | $37,093.75 |
| Month 14 | $122,070.31 | $6,103.52 | $4,882.81 | $41,976.56 |
| Month 15 | $122,070.31 | $6,103.52 | $4,882.81 | $46,859.37 |
| Month 16 | $152,587.89 | $7,629.39 | $6,103.52 | $51,742.19 |
| Month 17 | $152,587.88 | $7,629.39 | $6,103.52 | $57,845.70 |
| Month 18 | $152,587.88 | $7,629.39 | $6,103.52 | $63,949.22 |
| Month 19 | $190,734.85 | $9,536.74 | $7,629.39 | $70,052.73 |
| Month 20 | $190,734.85 | $9,536.74 | $7,629.39 | $77,682.13 |
| Month 21 | $190,734.85 | $9,536.74 | $7,629.39 | $85,311.52 |
| Month 22 | $238,417.5 | $11,920.87 | $9,536.69 | $94,848.21 |
| Month 23 | $238,417.5 | $11,920.87 | $9,536.69 | $104,384.90 |
| Month 24 | $238,417.5 | $11,920.87 | $9,536.69 | $113,921.59 |
As you can see, you can make a substantial amount of profit if you can implement a consistent and profitable strategy.
After the first full year of trading, the total profit will be over $33,000.
At the two-year mark, the monthly take-home profit will be almost $10,000 per month.
In reality, very few traders will make it to this point, as shown by pretty much any prop firm statistics. I’m not saying this to put you off, but just be aware, to get to this point, it will take plenty of effort, skill, and discipline.
Pros and Cons
Pros
- Fair Prices – The prices of the challenges are fair and reasonable. There are also low-cost options available with prices starting at just $50.
- Fast support – The management team is very active on their discord channel where they can answer any questions or queries you may have.
- Regular Promotions – This firm runs regular and exciting promotions all the time. Keep an eye on their discord for the latest.
- Clear and Simple Rules – There are no consistency rules, lot size restrictions, or hidden terms. Furthermore, their drawdown allowances are very reasonable.
Cons
- Not Currently Available to Pakistan Residents – Due to mass fraudulent activities in this region, residents of Pakistan are not currently able to purchase challenges with this firm.
- No Third Party EAs – This firm only allows EAs that have been developed by the trader. If you rely on a third-party EA for your trading, it’s best to look elsewhere.
Funding Models
Traders have a choice of two funding models – one-phase or two-phase. Both have different profit targets and drawdown rules. They do share the same standard rules, however, such as news trading and EAs.
Firstly, let’s look at the two-phase challenge, their most popular model.
Two-Phase Challenge
This is the tried and tested two-phase challenge model, as made popular by firms such as FTMO. In this, the challenge is split into two phases, often called evaluation and verification.
It should be noted there are no minimum trading days for either phase.
Phase 1 – Evaluation
| Profit Target | Overall Drawdown | Daily Drawdown | Time Limit | |
| Phase 1 | 8% | 8% | 5% | 30 Days |
The trader is given a demo account with the amount of capital they are applying for (i.e., if you are doing a $50,000 challenge, you will receive a demo account with $50,000)
The goal of this phase is to hit the profit target within 30 days, whilst not hitting the drawdown limits.
It’s important to remember if you run out of time, yet are in profit, you will be allowed a free retry of this part of the challenge.
Phase 2 – Verification
| Profit Target | Overall Drawdown | Daily Drawdown | Time Limit | |
| Phase 2 | 5% | 8% | 5% | 60 Days |
Should the trader pass the initial evaluation phase, they shall be given a fresh demo account to prove they can trade consistently. This phase is slightly more relaxed than the first, with 60 days to pass and a lower profit target of just 5%.
Upon passing this phase of the challenge, you will be entitled to a complete refund of the initial fee paid.
One-Phase Challenge
The one-phase challenge is the latest offering by MyFundedFX. This is ideal for traders who don’t like the added pressure of time restraints, as there is no time limit set to pass.
| Profit Target | Overall Drawdown (Trailing) | Daily Drawdown | Time Limit | |
| Single Phase | 10% | 6% | 4% | No Limit |
The main thing to be aware of on this challenge is the fact that the overall drawdown will trail from the high watermark of the account. Let’s look at an example:
Starting Balance: $10,000
Your maximum drawdown is now $600 (6% of $10,000). If you drop below $9,400, you will fail the challenge.
Say you make $500 profit; your new balance is $10,500.
Now your new maximum drawdown is $630 (6% of $10,500). If you drop below $9,870, you will fail the challenge.
Upon passing this phase of the challenge, you will be entitled to a complete refund of the initial fee paid.
Rules and Restrictions
We have covered the drawdown rules in the funding model section. So, let’s look at the other important rules that must be followed.
News Trading
Members are allowed to trade around the news in both the challenge and funded account stages.
Expert Advisors
The only expert advisors or bots that are allowed are those that are created by the trader themselves.
I.E. If you would like to turn your strategy into an expert advisor – this is allowed.
Conversely, if you would like to purchase or make use of a third-party expert advisor, from the Meta trader store, for example, this is not allowed.
It is worth noting that indicators of all kinds are allowed and will not break this rule.
Overnight and Weekend Holding
Both overnight and weekend holding are allowed during the challenge as well as the funded account.
Copy Trading
Again, the only copy trading that is allowed is that of the member’s own trades. Copying from any third-party or mass signal provider is prohibited and will forfeit the challenge.
Trading Styles
MyFundedFX allows the trader to use any strategy or trading style they see fit. That said, any attempts to manipulate, exploit or cheat the system in any way are against the rules.
The MyFundedFX Competition – Get a Free Prop Firm Challenge!
September 2023 Update
– There are also now more cash prizes for the top performers
Every month MyFundedFX runs a trading competition. Those who perform well in the competition will receive a prize. Usually, the prizes are awarded to the top 20 traders. The current prizes are:
- 1st- 200k Challenge and $500 USD
- 2nd- 100k Challenge
- 3rd- 100k Challenge
- 4th- 50k Challenge
- 5th – 50k Challenge
- 6th – 10th 10k Challenge
- 11th -20th 5k Challenge
My Funded FX Vs Other Prop Firms
Let’s explore the differences between MyFundedFX and other top prop firms.
MyFundedFX vs Funded Trading Plus
Funded Trading Plus is a prominent UK prop firm offering multiple funding choices. It seems like a good firm to compare MyFundedFX with as they also offer a one-phase and two-phase challenge model.
Profit Targets and Drawdowns
Firstly, let’s compare the profit targets and drawdown rules.
As you can see, most of the targets are the same but MyFundedFX comes in better in a couple of areas. Another point to note, the overall drawdown on the two-phase funded trading plus model is trailing whereas MyFundedFX’s version it is static.
My Funded FX takes the win here.
Prices
For comparison’s sake, let’s take the $100,000 account of each firm.
- MyFundedFX (One-Phase) – €500
- MyFundedFX (Two-Phase) – €500
- Funded Trading Plus (One-Phase) – $499
- Funded Trading Plus (Two-Phase) – $499
As you can see, the prices are almost identical with Funded Trading Plus coming in slightly cheaper due to current exchange rates.
Another point to note, however, is each firm’s lowest-cost account. After all, not all traders would like to fork out hundreds of dollars before even trying the platform.
- MyFundedFX low-cost option – €50 for a $5000 account (Either model)
- Funded Trading Plus low-cost option – $119 for a $12500 account (Single Phase)
Other Information
Funded Trading Plus
Platforms: MT4 or MT5
Leverage: 1:30
Maximum Funding: $2.5m
No time limit on any challenges.
Instant funded option available.
Commissions: $7/lot
MyFundedFX
Platforms: MT4 Only
Leverage: 1:100
Maximum Funding: $1m
Time Limtis (Two-phase only)
No instant funding option.
Commissions: Free
MyFundedFX vs FTMO
FTMO is a heavyweight in the industry. There are some who swear by them and others who feel they have been slipping in recent months/years. Nevertheless, they are a top choice for many who seek the two-phase challenge model.
Profit Targets and Drawdowns
Again, the profit targets and drawdowns between the two firms are very similar.
FTMO does not offer a single-phase challenge so therefore, it’s only possible to compare the two-phase model.
Prices
As we have done before, let’s compare the $100k accounts.
- FTMO $100k Challenge (Normal) – €540
- MyFundedFX $100k Challenge – €500
It would appear that MyFundedFX wins on price as well coming in 8% cheaper. When considering the low-cost options, MyFundedFX also provides the cheapest entry-level account:
- MyFundedFX – €50 for a $5000 challenge
- FTMO – €155 for a $10000 challenge
Other Information
FTMO
Platforms: MT4/MT5 or CTrader
Leverage: 1:100 (1:30 for Swing)
Maximum Funding: $2m
Minimum Trading Days: 10
New Trading: Not Allowed
MyFundedFX
Platforms: MT4 Only
Leverage: 1:100
Maximum Funding: $1m
Minimum Trading Days: 1
News Trading: Allowed
MyFundedFX vs My Forex Funds
My Forex Funds is one of the largest online prop firms around, with over 35,000 live-funded accounts. They are well known for their massive 12% drawdown and relaxed rules. Lately, however, there have been widespread concerns about slippage and other issues with their live accounts.
Profit Targets and Drawdowns
For this comparison, we’re just going to take the two-phase challenge model into account. Whilst My Forex Funds does offer a single-phase challenge in the way of their “Rapid” accounts, there are too many differences to compare the two fairly.
As you can see the challenges are identical other than the slightly larger overall drawdown with My Forex Funds.
Prices
Let’s compare the $100k accounts of each firm:
- MyFundedFX $100k Challenge – €500
- My Forex Funds $100k Challenge – $499
Again, the prices are similar, with a slight edge towards My Forex Funds due to exchange rates. For the low-cost options:
- MyFundedFX – €50 for a $5000 Challenge
- My Forex Funds – $49 for a $5000 Challenge
Other Information
My Forex Funds
Platforms: MT4 or MT5
Leverage: 1:100
Maximum Funding: $600k
Minimum Trading days: 10
Funding Models: One-Phase, Two-Phase, Instant Funding
MyFundedFX
Platforms: MT4 Only
Leverage: 1:100
Maximum Funding: $1m
Minimum Trading Days: 1
Funding Models: One-Phase or Two-Phase
Communities and Socials
MyFundedFX is active across numerous social channels including:
YouTube
The firm currently has 290 informative videos on its channel and 22k subscribers (As of 31/08/2023). The videos are typically split between trading education and insights into the firm itself.
Discord
There is an active discord community which is made up of staff, funded traders, and other members of the prop firm.
Telegram
MyFundedFX also hosts an active Telegram with over 1000 members.
There is a Facebook page set up for MyFundedFX with around 2000 members.
Members of the MyFundedFX team, are also members of our Prop Trader Club Facebook group. You can join our group here:
Behind The Scenes
MyFundedFX is one of the few prop firms that have committed to providing transparency in regard to how it operates. Their management team is active in their discord channel and regularly shares updates with the community.
They have also released a video that explains how they handle copying their member’s trades. It’s well worth a watch if you want to get a greater understanding of how these firms work and how they make money.
What Is the Future of MyFundedFX?
Instant Funding Model
MattL, the CEO, has expressed his intention to create an instant funding option in 2023. Instant funding options are popular in the industry as traders can start earning from day 1. Moreover, there are no challenges to complete and no time limits (Usually) to contend with.
There is not a lot of information on this currently as it has only been mentioned in a Q and A session. Any updates will be posted on their socials. Additionally, popular updates like this will be posted in the Prop Traders Club Facebook group.
Fee-Free Program
Another promising concept mentioned in MattL’s Q and A session was the possibility of a “fee-free” program in which the trader will be given a completely free account to trade with and prove their ability as a trader.
Should the trader exhibit excellent trading skills, the company will then provide the trader with a funded account. The firm will then aim to make a profit by copying the trades of the member.
Support
The fastest way to get support for any questions or queries is to send a message on their discord. There are members of the team available 24/7 to provide support. Most general questions can be posted in the chat or for more personalized queries they have a ticket system.
Click here to join their discord channel.
They also provide an email address if that is your preferred option:
info@myfundedfx.com
Conclusion
The team at MyFundedFx is doing everything right. Whilst they are still newcomers on the scene, they are building the foundations of a great prop firm.
The rules they set are reasonable and balance the needs of traders with the ability of the firm to turn a profit and provide longevity in the industry.
Additionally, prices for the challenges are fair and typically slightly below their competitors. They have included low entry cost options for traders who are not comfortable (or able) to spend several hundreds of dollars on a challenge.
All in all, this firm has a lot to offer and is well worth checking out if you’re seeking funding for your trading.
If you found this review helpful, please consider sharing it on any social – Thanks!
Current Promo Code: Click here for the latest Promotions from MyFundedFX
Current Affiliate Code: PTC
Frequently Asked Questions
How Are My Profits Paid?
The trader has the option to receive their profits via Deel or Bitcoin.
Deel is a popular option among prop firms as it allows a smooth transaction in almost any country.
Is MyFundedFX Legit?
This firm has proven itself to be a legitimate prop firm. They have an open and honest approach to prop trading and are regularly seen taking questions in their discord community.
They have numerous videos to prove they are running a real business. If you are still unsure, be sure to check out their YouTube channel, Discord, or Facebook Page.
Furthermore, there has been great feedback on this firm in the Prop Traders Club Facebook group. Head over now to speak to traders who use this firm if you have any concerns or questions.
What Broker Does MyFundedFX Use?
FXCL is the chosen broker for this firm.
The benefit of this broker is they offer zero commissions and raw spreads.
What Can I Trade with MyFundedFX?
All instruments that are available with the broker are acceptable to trade with MyFundedFX.
Typically, these include:
- Forex
- Commodities
- Indices
- Crypto
What Leverage Can I Use with MyFundedFX?
The leverage for all accounts is set at 1:100.
What Platform Do MyFundedFX Use?
All accounts provided are currently with MetaTrader 4. You can download it here:
Can I Trade Crypto on the Weekend?
YES! – This firm is one of the few who now allow members to trade crypto on the weekend.
What are the Commissions and Spreads Like with MyFundedFX?
There are zero commissions on all accounts. The spreads are raw. This provides the trader with ideal trading conditions.
Can I Scale My Account?
Yes – you may request an increase of 25% provided you have achieved a minimum of 12% profit over the last three months.
