MyFundedFX Review 2024 – One of the best prop firms?

Greetings everyone! Here’s my initial prop firm review spotlighting MyFundedFX, my second encounter with a CFD prop firm. So, what makes MyFundedFX stand out? Well, it’s a rapidly growing proprietary trading firm, gaining immense traction among traders worldwide. Let’s dive in and explore the array of offerings they extend to traders.

Table of Contents

• My Funded FX Review
• Who is the CEO of MyFundedFX?
• Which brokers does MyFundedFx partner with?
• One-Step Evaluation Challenge Account
  • One-step Challenge Scaling Plan
• Trading Rules & Objectives for the One-step Challenge:
  • VIP Program (One-step Challenge)
• Two-Step Evaluation Challenge
• The Two-step Challenge Trading Rules & Objectives:
• Pro Two-Step Evaluation Challenge Account
  • Pro Two-step Challenge Scaling Plan
• Trading Rules & Objectives for the Pro Two-step Challenge
  • VIP Program (Two-step Challenge & Pro Two-step Challenge)
• Trading Fees
  • Trading Commission
  • Spread Account
• Myfundedfx Trustpilot reviews
• Conclusion

My Funded FX Review

MyFundedFX stands as a relatively established prop trading firm, having been incorporated in June 2022. Based in Texas, this firm provides traders with a variety of account sizes, spanning from $5000 up to $300,000. With the opportunity to handle up to 1.5 million dollars in capital through their scaling plan, traders can explore expanded opportunities within the platform.

Who is the CEO of MyFundedFX?

Matthew Leech, the brain behind MyFundedFX, is a successful entrepreneur deeply rooted in the financial and tech services domains. Engaged in trading since 2018, he presently serves as the CEO of MyFundedFX while also spearheading several other ventures. You can find him active on Twitter (@MattLCEO), where he consistently shares valuable insights about prop firms and beyond.

Which brokers does MyFundedFx partner with?

MyFundedFX collaborates with ThinkMarkets and Blueberry Markets as their brokerage partners.

ThinkMarkets is a premier multi-asset online brokerage, boasting headquarters in London and Melbourne. They offer seamless access to a diverse array of markets while presenting some of the most renowned trading platforms: MetaTrader 4, MetaTrader 5, and their proprietary ThinkTrader platform.

Blueberry Markets, an ASIC-regulated online Forex broker, extends its services to thousands of traders worldwide, offering access to a diverse range of financial instruments. Their dedication lies in furnishing traders with an exceptional trading platform, incredibly tight spreads, and an unwavering 24/7 customer support team.

So, MyFundedFX offers traders three different programs to choose from:

• One-Step Evaluation Challenge Account
• Two-Step Evaluation Challenge Accounts
• Pro Two-Step Evaluation Challenge Accounts

One-Step Evaluation Challenge Account

MyFundedFX introduces the One-step Challenge, offering traders the flexibility to oversee account sizes from $5,000 to $300,000. This challenge seeks to uncover traders who demonstrate discipline, profitability, and adept risk management over a single evaluation period. Participants in the One-step Challenge can access leverage of up to 1:100, enabling an enhanced trading experience.

During the evaluation phase, traders aim to hit a 10% profit target while navigating within the constraints of a 4% maximum daily loss or 6% maximum trailing loss. Interestingly, there’s no limit on trading days here, offering a liberating experience. Once that 10% profit target is met, reaching funded status becomes the next milestone, respecting the aforementioned loss limit rules.

Upon successful completion of the evaluation phase, traders receive a funded account sans any minimum withdrawal requirements. The key remains adhering to the 4% maximum daily loss and 6% maximum trailing loss rules. A wait of 14 calendar days after initiating the first position marks the arrival of the first payout, followed by subsequent bi-weekly withdrawals. Profit sharing varies between 80% and 92.75%, contingent on the profit generated from the funded account.

One-step Challenge Scaling Plan

The One-step Challenge incorporates a scaling plan that relies on a trader’s profitability over the last three months, necessitating an average return of 12% during this period. Meeting this criterion renders traders eligible for an account size boost equivalent to 25% of the initial account size.

Example:

After 3 Months: A qualified $100,000 account escalates to $125,000.

After Another 3 Months: A qualified $125,000 account progresses to $150,000.

Continuing for Subsequent 3 Months: A qualified $150,000 account advances to $175,000.

This pattern persists, reflecting the scaling opportunities as traders showcase consistent profitability.

Trading Rules & Objectives for the One-step Challenge:

Profit Target – Traders strive for a designated profit percentage to conclude an evaluation phase, withdraw earnings, or expand their trading account. The set profit target during the evaluation phase stands at 10%. Notably, funded accounts don’t specify specific profit targets.

Maximum Daily Loss – A trader’s maximum permissible loss in a single trading day without affecting the account stands at 4%. (Can be scaled up to 6%)

Maximum Trailing Loss – This is pegged to the disparity between the highest account balance and the lowest drawdown point. All account sizes adhere to a maximum trailing loss of 6%. (Can be scaled up to 12%)

VIP Program (One-step Challenge)

Two-Step Evaluation Challenge

The MyFundedFX Two-step Challenge offers traders the chance to handle account sizes varying between $5,000 and $300,000. Its primary goal is to spot skilled traders who exhibit profitability and adept risk management over the two-step evaluation duration. Moreover, the Two-step Challenge permits trading with leverage of up to 1:100.

Phase one of the evaluation demands traders to aim for an 8% profit target while ensuring they stay within the 5% maximum daily loss or 8% maximum loss boundaries. During this phase, there are no constraints on the minimum or maximum trading days. Traders must solely achieve the 8% profit target without surpassing the daily or maximum loss limits to advance to phase two.

Transitioning to phase two, traders aim for a 5% profit target while adhering to the 5% maximum daily loss or 8% maximum loss regulations. Similar to phase one, there are no limitations on the minimum or maximum trading days. Achieving the 5% profit target without violating the daily or maximum loss limits qualifies traders for funded status.

Upon successful completion of both evaluation phases, traders earn a funded account with no minimum withdrawal constraints. Traders must adhere strictly to the 5% maximum daily loss and 8% maximum loss rules. The initial payout occurs 14 calendar days from the day the first position is placed on the funded account, followed by bi-weekly withdrawal submissions. Profit splits range from 80% up to 92.75% based on the profits made on the funded account.

The Two-step Challenge also encompasses a scaling plan. Traders demonstrating profitability in the previous three months, averaging a 12% return, qualify for a 25% increase in the initial account size, scaling with each successive three-month period.

Example:

After 3 Months: A qualified $100,000 account escalates to $125,000.

After Another 3 Months: A qualified $125,000 account progresses to $150,000.

Continuing for Subsequent 3 Months: A qualified $150,000 account advances to $175,000.

This pattern persists, reflecting the scaling opportunities as traders showcase consistent profitability.

The Two-step Challenge Trading Rules & Objectives:

Profit Target – Traders must achieve specific profit percentages to conclude an evaluation phase, withdraw earnings, or scale their trading account. Phase 1 requires an 8% profit target, while Phase 2 targets 5%. Funded accounts have no designated profit targets.

Maximum Daily Loss – Traders are allowed a maximum loss of 5% within a single trading day across all account sizes (scalable up to 8%).

Maximum Loss – Traders are allowed a maximum overall loss of 8% across all account sizes (scalable up to 14%).

Pro Two-Step Evaluation Challenge Account

MyFundedFX‘s Pro Two-step Challenge offers traders the chance to handle account sizes spanning from $5,000 up to $300,000. Its objective is to pinpoint adept traders who showcase profitability and adept risk management across the two-step evaluation phase. Additionally, the Pro Two-step Challenge facilitates trading with leverage of up to 1:50.

Phase one of the evaluation demands traders to hit a 10% profit target without crossing the 5% maximum daily loss or the 10% maximum loss thresholds. There’s no set limit on trading days—neither minimum nor maximum—throughout phase one. Moving to phase two only requires reaching that 10% profit goal while abiding by the daily and maximum loss rules.

In the second evaluation phase, the target shifts to 5% profit without exceeding the 5% maximum daily loss or the 10% maximum loss criteria. Similarly, there are no restrictions on the number of trading days in this phase. To attain funded status, achieving the 5% profit goal while adhering to the daily and maximum loss limits is mandatory.

Successful completion of both phases secures a funded account without any minimum withdrawal criteria. Adhering solely to the 5% maximum daily loss and 10% maximum loss rules becomes essential. The initial payout occurs 14 calendar days after initiating the first position on the funded account, while subsequent withdrawals can be made bi-weekly. Profit sharing ranges from 80% to 92.75% based on the gains achieved in the funded account.

Pro Two-step Challenge Scaling Plan

The Pro Two-step Challenge integrates a scaling plan. Traders exhibiting profitability in the preceding three months with an average return of 12% over this period become eligible for a 25% increase in the initial account size.

Example:

After 3 Months: A qualified $100,000 account escalates to $125,000.

After Another 3 Months: A qualified $125,000 account progresses to $150,000.

Continuing for Subsequent 3 Months: A qualified $150,000 account advances to $175,000.

This pattern persists, reflecting the scaling opportunities as traders showcase consistent profitability.

Trading Rules & Objectives for the Pro Two-step Challenge

The Profit Target: Traders aim to achieve a specific profit percentage to successfully complete an evaluation phase, withdraw earnings, or scale their trading account. Phase 1 has a profit target set at 10%, while Phase 2 necessitates reaching a 5% profit target. Funded accounts operate without any specified profit targets.

Maximum Daily Loss: This represents the maximum allowable loss a trader can incur in a single trading day without compromising the account. Across all account sizes, the maximum daily loss limit is set at 5% (scalable up to 8%).

Maximum Loss: It denotes the highest permissible overall loss a trader can incur without affecting the account. Across all account sizes, the maximum loss limit is capped at 10% (scalable up to 14%).

VIP Program (Two-step Challenge & Pro Two-step Challenge)

Trading Fees

Trading Commission

Spread Account

To check the live spreads, log in to the trading account below.

Myfundedfx Trustpilot reviews

MyFundedFX boasts an outstanding Trustpilot score, derived from extensive community feedback.

Across Trustpilot’s platform, a diverse spectrum of MyFundedFX’s community actively engages, offering glowing reviews and positive sentiments about the company’s services. Impressively, the firm secures an impressive 4.6 out of 5 rating, drawing from an extensive pool of 1,226 reviews. Remarkably, a striking 89% of these reviews lavish MyFundedFX with the highest honor, granting a pristine 5-star rating for its exceptional offerings.

Conclusion

Summing up, MyFundedFX stands as a reliable and credible proprietary trading firm, offering traders a selection among three distinct funding programs: the Two-step and Pro Two-step Challenges, featuring a meticulous two-step evaluation process, and the One-step Challenge, designed for a more streamlined one-step evaluation.

MyFundedFX comes highly recommended for those seeking a reliable proprietary trading firm offering exceptional trading conditions tailored to diverse trading styles. With distinctive features like drawdown scaling, limitless trading periods, no minimum trading day demands, initial withdrawals within just 14 calendar days, and bi-weekly payouts, MyFundedFX stands out. Considering its comprehensive offerings, it undoubtedly ranks among the leading prop firms globally.