MyFundedFX Review: No Time Limits ($600K)

MyFundedFx is one of the leading trading firms in the Forex trading industry. Matthew Leech, the founder of the company, developed this firm with the motive of providing traders with exceptional trading opportunities like substantial capital. The company offers capital of up to $600,000 with potential scaling up to $1.5M. 

However, the most significant feature that makes the MyFundedFx apart from other forms is its exceptional funding process. The company provides a One-step and Two-step model for funding, which gives traders a versatile option to correspond their trading risk tolerance and strategies. The one-step funding model is considered super attractive for expert traders because the firm has the ability to offer funding within 24 hours from just a single successful trade. 

This REVIEW guide will look into all the necessary details and information you need to know about MyFundedFx. Also, the fact whether this trading firm suits your needs or not.

What Is MyFundedFx?

MyFundedFx, a legit trading company, provides ambitious traders with opportunities to trade the capital of a firm and earn profit with it. Moreover, they provide unique Trading funding accounts with 1-step and 2-step account challenges to evaluate the trading skills and strategies of the users. Each step account challenge comes with a different size of account and trading rules.

The two-step challenge is the main key point of MyFundedFx. The accounting process starts with a test stage. Here, a trader needs to reach a preset minimum profit target in a predetermined number of days of trading while fulfilling the strict maximum and daily drawdown rules. However, if the trader passes this phase, he passes on to the next stage. This stage refers to a funded stage where they intend to continue their trading expertise while complying with the drawdown rules of the firm.

With the comprehensive proprietary challenges, MyFundedFx searches for traders’ skills to constantly meet the real objectives of trading. Furthermore, it doesn’t implement minimum trading days rules as other companies do. The firm gives traders an unlimited period to achieve their profit target. Moreover, its highly flexible trading rules present a variety of trading ways, which include swing trading and news trading.

Funding Program Options

MyFundedFx offers three different account programs for traders to choose from:

1. One-Step Evaluation Challenge Account

The One-step evaluation challenge account of MyFundedFx aims to find disciplined and consistent traders. The account specifically enables traders to trade with a ratio of 1:100.

The one-step challenge account simply needs a trader to achieve a 10% profit target while remaining within the limits of 6% max drawdown and 4% max daily rules. Moreover, this account also allows traders to trade with an unlimited trading days option. The unlimited trading period aims to provide traders with enough time to polish their skills and reach their targets.

However, once the trader successfully achieves the profit target, he will be awarded a trading funding account. This account does not have any profit target. A trader only needs to follow the rules of daily 4% maximum and trailing loss 4% maximum. Traders will get their 80% split profit based on the profit they made after exactly two weeks of the first profit. After the first payout, traders will automatically get their payouts after every two weeks.

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One-Step Evaluation Challenge Account Scaling Plan

The one-step challenge account of MyFundedFx also contains a scaling plan. Traders need to get profit within three months or more, where they average a 12% profit return. Traders will get a 25% increase in their original balance in the account, which may rise to at least $1,500,000. 

For instance, if a trader has $200,000 in their account, then right after three months, the balance of the account will rise to $250,000. The balance keeps increasing after every 3 months. 

Well, after the next three months, the account balance will rise to $300,000 from $250,000. And after the next three months, the account balance will increase up to $350,000 from $300,000. This keeps going. 

One-step trading evaluation challenge accounts have trading instruments, which include forex pairs, indices, cryptocurrencies, and commodities.

One-Step Evaluation Challenge Account Rules

• Profit Target

A profit target refers to a certain profit percentage that an account challenge trader requires to achieve to complete his evaluation stage, scale his account, or withdraw profit. However, for the evaluation challenge account, the profit target is 10%. Whereas a funded account does not have any profit target.

• Maximum Daily Loss

This represents a certain value of the maximum loss, which a trader may reach regularly, violating his account. However, all accounts of MyFundedFx have a 4% maximum daily loss limit.

• Maximum Trailing Drawdown

This represents a value of maximum drawdown, which is actually equivalent to the space between the max account balance a trader achieved so far and the value of max drawdown. However, all accounts of MyFundedFx have a 6% maximum trailing drawdown.

• Lot Size Limit

The limit of lot size refers to a certain limit in the lot sizes that a trader needs to follow for certain trading instruments. These limits most likely depend on the starting balance of the trading account.

• Third-Party Copy Trading Risk

This term implies that if a trader wishes to use services of copy trading, then they should be aware of the fact that if they can use the third-party services of copy trading, then there must be other traders and users that are using the same services which means that both are using the same strategy of trading. However, with the use of third-party services of copy trading, a trader potentially poses a risk of getting rejected for a funded withdrawal or account if they surpass the maximum fund allocation guidelines.

• Third-Party EA Risk

This term implies that if a trader wishes to use third-party EA, they should be aware of the fact that the other trader might already be using the same company, EA, which automatically leads to the same style of trading strategies. However, using a third-party EA puts a trader at more risk of getting rejected for a funded withdrawal or account if he surpasses the maximum fund allocation guidelines. 

2. Normal Two-Step Evaluation Challenge Account

A normal Two-step challenge account of MyFundedFx aims to find disciplines and consistent traders who get rewards for their flexibility in a two-stage evaluation period. Moreover, this evaluation account program allows traders to trade within a ratio of 1:100.

The first stage of evaluation needs traders to achieve an 8% profit target while not exceeding their 8% maximum trailing loss or daily 5% maximum loss. The account also allows traders to trade without any time limit, giving them unlimited periods to reach their target. Traders simply need to achieve the set profit target without any time limitations to successfully go to the next phase. 

The second phase of the evaluation account requires traders to achieve a 5% profit target while not exceeding their maximum trailing loss of 8% and daily maximum loss of 5%. This phase also gives traders an unlimited period for trading. In between the unlimited period, traders simply need to achieve the set profit target to pass for a live funded account. 

After completing both stages of evaluation, traders get funded accounts where they do not have any profit targets. They just have to follow the rules of not surpassing the maximum loss of 8% and the daily maximum loss of 5%. Traders will get their very first 80% profit split right after the exact two weeks of their starting account date. However, after the first payout, traders will continuously get their payout every two weeks. 

Normal Two-Step Evaluation Challenge Scaling Plan

The Normal Two-step Challenge accounts of MyFundedFx also offer scaling plans. Traders need to get profits within three months or more where they average 12% profit return. Traders get an increase of 25% in their account balance, which will add up to their original balance. The increment may raise $1,500,000.

For instance, if your current account has a $200,000 balance, then after three months, the balance will rise to $250,000. 

However, the balance will again rise $300,000 from $250,000 after the next three months. Similarly, the balance will rise to $350,000 from $300,000 after the next three months. Therefore, this way, the increment keeps rising every three months. 

Moreover, the Normal Two-step Challenge accounts of MyFundedFx offer trading instruments like forex pairs, cryptocurrencies, indices, and commodities.

3. Pro Two-Step Evaluation Challenge Account

The Pro Two-step challenge account of MyFundedFx aims to find disciplined and consistent traders who get rewards for their flexibility in the two-stage period of evaluation. This evaluation account program allows traders to trade within the ratio of 1:50. 

The first phase of evaluation needs traders to achieve 8% of the target profit while not exceeding their maximum loss of 10% and daily maximum loss of 5%. The program gives traders an unlimited period for trading. However, traders need to achieve the set profit target with no time limit to reach the next phase of evaluation.

The second phase of evaluation needs traders to achieve a 5% profit target while not exceeding their maximum trailing loss of 10% and daily maximum loss of 5%. Traders have unlimited periods to trade. However, they simply need to achieve the set profit target within no day’s time limit to get a live funded account.

After completing both stages of evaluation, traders get funded accounts where they do not have any profit target. They just have to follow the rules of not exceeding the maximum loss of 10% and a daily maximum loss of 5%. Traders will get their very first 80% profit split right after two weeks of when they start a new account. After the first payout, they will continuously get their payout after every two weeks.

Pro Two-Step Evaluation Challenge Account Scaling Plan

The Pro Two-step Challenge accounts of MyFundedFx also offer scaling plans. Traders need to get profits within 3 months or more where they average 12% profit return. Traders get an increase of 25% in their account balance, which will add up to their original balance. The increment may raise $1,500,000.

For instance, if your current account has a $200,000 balance, then after three months, the balance will rise to $250,000. 

However, the balance will again rise $300,000 from $250,000 after the next three months. Similarly, the balance will rise to $350,000 from $300,000 after the next three months. Therefore, this way, the increment keeps rising every three months. 

Moreover, the Normal Two-step Challenge accounts of MyFundedFx offer trading instruments like forex pairs, indices, cryptocurrencies, and commodities.

VIP Program

The special VIP program of MyFundedFx offers unique features and options that award dedicated and consistent trades who passionately do trading for more success. However, this program has certain criteria and requirements for traders to qualify or be eligible for this.

VIP Program Requirements

• A trader who has a minimum of 6 withdrawals.
• Traders who are trading for a minimum of four months.
• Traders must have a consistent style of trading throughout the four-month period.
• Traders haven’t violated the account during the period of four months.

VIP Program Benefits

• Traders will get a 92.75% profit split.
• This program allows traders to withdraw without any restrictions at any time.
• It provides an increased drawdown limit of up to 6% for a One-step account and 8% for a Two-step account.
• It also offers an increased maximum loss of up to 12% for One-step accounts and 14% for Two-step accounts.

What Makes MyFundedFx Pop Firm Different From Other Prop Firms?

The unique three distinct funding programs of MyFundedFx set it apart from other leading Proprietary firms. The funding programs include One-phase Evaluation, Normal Two-Phase Evaluation, and Pro Two-Phase Evaluation challenge account. Furthermore, they also provide simple and flexible trading rules. Traders can trade any time, whether on nights, weekends, or even when trading news releases.

Unlike other proprietary firms, MyFundedFx provides a One-step Challenge account that needs to complete the first stage before qualifying for payouts. The account has a 10% profit target with a maximum of 6% loss and a daily maximum of 4% loss rules. 

Moreover, the evaluation accounts do not have any maximum or minimum trading days. One-step evaluation accounts also offer scaling plans. Unlike other leading Proprietary Trading Firms, these accounts have flexible and simple trading rules with unlimited periods of trading options.

Profit Split

MyFundedFx provides a very comprehensive structure of profit for traders. The company gives a substantial profit split of 80% to the traders, which is considered most likely the highest split share in the trading industry. The special profit structure is specially designed for traders to reward them for their consistently successful trading risk management and trading strategies. This motivates traders to reach more trading objectives. However, this split profit percentage applies to One-step and Two-step funding programs, which shows the commitment of MyFundedFx to reward successful traders transparently and fairly.

Pros

• Swift Account Acquisition and Comprehensive Agent Support: The MFFX platform has demonstrated its prowess with a remarkable account acquisition process. A 10,000 account was procured effortlessly in a single-step phase. Impressively, on the same day, the account had not only cleared the necessary stages but also undergone verification and funding on a LIVE server. This accelerated progression sets MFFX apart from the crowd.

Cons

• Unclear Loss Limit Conditions Leading to Account Termination: An issue that has surfaced in my experience with the platform pertains to the apparent discrepancy in loss limit conditions. Upon closer examination, it has come to my attention that the overall drawdown, which was previously understood to be 8%, is, in fact, set at 5%. This unexpected adjustment in the daily and overall loss limits has raised concerns.

My Final Thoughts

Overall, MyFundedFx offers promising options for both beginners and expert forex traders. MyFundedFx, with its flexible trading features, innovative funding programs, and options to gain substantial trading, is surely one of the leading platforms in the trading market.

The unique One-step and Two-step evaluation process not only makes it distinct but also offers an adaptable structure providing unique trading risk management and strategies. Moreover, the convenient incorporation of premium trading platforms such as MetaTrader 5 and MetaTrader 4, along with its collaboration with Eightcap, only enhances its strong appeal.

Furthermore, the commitment of MyFundedFx to cater to a thriving and struggling community, as represented by its public leaderboard and Discord server, is really appreciable. However, potential traders must keep its limitations in mind, like one free trial and educational resources are lacking. Anyhow, the extremely positive feedback and reviews on Trustpilot show a great level of customer and user satisfaction.