MyFundedFx.com – Forex Prop Firm Review! – Track All Prop Firms In One Place! (2024)

Who is the CEO of MyFundedFx?

Matthew Leech is the CEO of MyFundedFx.com who is based in Dallas Texas, USA.

He founded this prop firm back in 2022.

Matt and his team has managed to grow this prop firm at a rapid pace in a very short time.

The main reason behind their fast growth is that MyFundedFx.com focuses on innovations which are really a boon for traders out there.

You can follow Matthew on Twitter.

What are the Challenge/Funding options available?

MyFundedFX offers its traders two different programs to choose from:

• 1-Step Challenge
• 2-Step Challenge

1- Step Challenge Account

There are 2 options available in 1-Step challenge accounts:
1. Standard account
2. Swap-Free account

These are 1-Step STANDARD account prices:

These are 1-Step SWAP-FREE account prices:

1-Step Challenge Account Rules:

Profit target is a specific percentage of profit that a trader is required to obtain before they can complete an evaluation phase, withdraw profits, or scale their account.
For 1-step challenge account there is only 1 phase to pass before you get a funded account to trade.
Phase 1 profit target is 10%.Funded accounts have no profit targets.

Maximum daily loss is the maximum loss a trader can reach on a daily basis before the account is violated.
All 1-step account sizes have a maximum daily trailing loss of 4%. (up to 6% with VIP status)

Maximum loss is the maximum loss a trader can reach overall before the account is violated.
All 1-step account sizes have a maximum loss of 6%. (up to 12% with VIP status)

Minimum trading days is the minimum period which you are required to trade for before you can complete an evaluation phase, or request a withdrawal.
1-step evaluation phase has a 1 minimum trading day requirement.
While Funded accounts have 14 minimum calendar days before being eligible for payouts. (Anytime with VIP status)

Maximum trading days are the maximum period in which you are required to hit a specific profit target or withdrawal target.
Both Phase 1 and Funded account has NO Time Limit.
Yes, you can take unlimited time to complete your target.

Lot size limit requires traders to follow specified lot sizes for specific trading instruments.
MyFundedFx.com uses Eightcap broker and the max lot size is set to 40.

Copy Trading Rules
Copy Trading Is allowed from an account of your ownership and trades.
You are welcome to copy trade an account from another prop firm, a retail broker, or any external/internal source as long as the trades are your own.
MyfundedFx does not allow copy trading between two accounts not owned by the same person. This includes relatives and friends.
They also do not allow copy trading via EA unless the trades are taken by the same person. Failure to comply with these rules will result in an account termination.

Trading using bots/EAs
MyFundedFX does allow the usage of EAs on all accounts and all phases. However there are some restrictions listed below as to the types of EAs allowed.

Prohibited EA Types:
– High frequency trading EA
– News scalping EAs
– Arbitrage EAs (reverse and latency)
– Multi account reverse trading EAs
– Tick scalping
– Any EA designed to abuse a demo server

Note: Using a 3rd party EA from the open market increases the risk of violating their copy trading rules. If you are going to use a 3rd party EA, it is recommended to use different set files or settings so that everyone is taking different entry and exits.

2-Step Challenge Account

There are 2 options available in 2-Step challenge accounts:
1. Standard account
2. Swap-Free account

These are 2-Step STANDARD account prices:

These are 2-Step SWAP-FREE account prices:

2-Step Challenge Account Rules:

• For 2-step challenge account there are 2 phases to pass before you get a funded account to trade.
  Phase 1 profit target is 8% and Phase 2 profit target is 5%. Funded accounts have no profit targets.
• Maximum daily loss is the maximum loss a trader can reach on a daily basis before the account is violated.
  All 2-step account sizes have a maximum daily trailing loss of 5%. (up to 8% with VIP status)
• Maximum loss is the maximum loss a trader can reach overall before the account is violated.
  All 2-step account sizes have a maximum loss of 8%. (up to 14% with VIP status)
• Minimum trading days is the minimum period which you are required to trade for before you can complete an evaluation phase, or request a withdrawal.
  2-step evaluation phases have a 1 minimum trading day requirement.
  While Funded accounts have 14 minimum calendar days before being eligible for payouts. (Anytime with VIP status)
• Maximum trading days are the maximum period in which you are required to hit a specific profit target or withdrawal target.
  All Phase 1, Phase 2 and Funded account has NO Time Limit.
  Yes, you can take unlimited time to complete your target.

Which brokers does MyFundedFx use?

MyFundedFx has partnered with Eightcap and Thinkmarkets as their broker.

Eightcap is an ASIC-regulated broker in Melbourne, Australia. They were founded in 2009 with a simple, straightforward mission to provide exceptional financial services to its clients. They have five offices around the globe and regulations in multiple locations providing clients worldwide with the ability to trade on markets across FX, indices, commodities, and shares.

ThinkMarkets was established in 2010, It is a multi-awarded provider of online trading services. They are fully committed to making trading accessible to everyone, highlighting great importance on trading education and financial literacy. From learning the basics to developing strategies to actual execution, ThinkMarkets provides full guidance to their traders.

Trading Platform, Fees and Spreads

MyFundedFx offers both MT4 and MT5 platforms as an option for trading. You can choose any platform that suits you.

Trading Fees:

Spreads:

Eightcap offers very tight spreads to their traders. You can check the spreads using these login details:

Profit Split and Max Allocation

MyFundedFx.com offers a profit split starting from 80% on funded account and can go up to 92.75% with their VIP status.

Trading with MyFundedFx you can have a max allocation of $600,000.

You can have one 1-step $300,000 account and one 2-step $300,000 account.

MyFundedFx VIP Status

What is a VIP status and how to qualify for it?

The VIP status is tied to two criteria that both must be met in order to advance to the next tier.

For example to qualify for first VIP tier you need to have at least 6 different withdraws and have maintained the account in good standing for a minimum of 4 months.

All in strategies will not be considered for the VIP program.

Taking minimum withdraws and not actively trading the account with the intention of only getting VIP status will also not qualify.

How does the VIP program work for 1-Step?

How does the VIP program work for 2-Step?

What happens if you breach the VIP account?

MyFundedFx VIP program is tied to each individual account a trader has and if the account with VIP status is breached the trader will lose all benefits offered under the VIP program.

If a trader has two accounts that have both reached a VIP tier and one account breaches the second accounts VIP status will not be affected.

What Instruments Can You Trade With MyFundedFx?

You can trade around 175+ Assets including Forex, Indices, Crypto, and Commodities

News Trading and Weekend Holding

MyFundedFx.com has the best rules that are very beneficial for the traders out there.

• You can trade news
• You can hold your trades during news
• You can swing trade on your account
• You can hold your trades overnight
• You can hold your trades over the weekend

Payment Proofs

After getting funded, traders are eligible for bi-weekly payouts with no minimum profit targets.

You can find payment proofs in their Discord group, which you can find under the channel payout proof.

MyFundedFx.com uses Deel to send payouts to their traders.

Here are some of the payment proofs in the form of payout certificate:

MyFundedFx Support

MyFundedFx has a FAQ page where you might find the missing information.

The support team is available on their social media, or you can directly have a live chat with their support on the website, where you can message them, and chat with them.

You can also check out their Discord group, which has different channels where the support team and the community will help if you require any support or face technical issues.

MyFundedFx Trustpilot Rating

MyFundedFx has excellent feedback from the traders.

Trading Competitions

MyFundedFx.com runs a monthly competition on their website.

In that competition anyone can join for completely free and top 30 traders get awesome prizes.

First prize is a $300,000 challenge account and $1000 cash.

Here is how the competition works?

• You have to trade for 30 days without violating any rule
• The trades who have generated the most profit at the end of the competitions win prizes

Rules you need to follow:

• 5% Daily Drawdown Equity Based
• 8% Max Drawdown Initial Balance Based
• You can have a max 5 lot position open in total at one given time.
  (eg: 1 EURUSD 5-lot trade or 1 EURUSD 3-lot trade and 1 GBPUSD 2-lot trade)
• You can trade news
• You can hold your trades overnight
• Swing trading allowed
• You cannot use any EA’s to pass your competition account.

Its one of the first prop firm that started doing such monthly competitions and we think it will continue to do so in the future.

Here is how their competition leaderboard looks like:

MyFundedFx vs FTMO

FTMO does not offer 1-step challenge option. Hence, we will just compare 2-step challenge account:

MyFundedFx vs The Funded Trader

Here is how MyFundedFx 2-step challenge and The Funded Trader Rapid challenge compare with each other:

Conclusion

In conclusion, MyFundedFx is a legitimate proprietary trading firm that offers traders a chance to choose between two different funding programs.

It has a very positive feedback from traders as well as the rules are created to benefit the traders out there.

Hence, we highly recommend trying out MyFundedFx to our audience of PropFirmTracker.com