MyFundedFX has emerged as a notable player in the proprietary trading industry since its inception in 2022. Based in Dallas, Texas, this firm offers traders the opportunity to manage substantial simulated capital without risking their own funds.
With its diverse range of challenge programs, flexible trading conditions, and attractive profit-sharing model, MyFundedFX aims to cater to both novice and experienced traders. This review delves into the key features, benefits, and potential drawbacks of MyFundedFX, providing a comprehensive overview for those considering this platform for their trading journey.
MyFundedFX Overview
| Key Feature | Details |
|---|---|
| CEO | Matthew Leech |
| Platform | DxTrade, MT4, MT5 |
| Payout Split | Upto 92.7% |
| First Payout | 7 or 14 Days (Depending on the challenge) |
| Initial Maximum Drawdown | 8% |
| Headquarters | Dallas, United States |
| Expert Advisors | Allowed |
| Max Funding | $300,000 |
| Funding Programs | 1-Step, 2-Step and 3-Step Challenge |
| Leverage | Upto 1:100 |
| Weekend Holding | Allowed |
| Contact | support@myfundedfx.com |
| Trustpilot Rating | 4.3/5.0 |
What is MyFundedFx?
MyFundedFX is a proprietary trading firm based in Dallas, Texas, founded in October 2022 by CEO Matthew Leech. The company offers traders the opportunity to trade with the firm's capital and share in the profits through various funding challenges.
One of the key features of MyFunded FX is its flexible trading rules, with no minimum trading day requirements and the ability to hold positions overnight and over weekends. The company also offers a scaling plan and drawdown scaling features.
MyFunded FX aims to provide a supportive environment for traders to showcase their skills and potentially manage significant capital while sharing in the profits generated.
How Does the Evaluation Procedure at MyFundedFx Work?
MyFunded FX offers a unique evaluation process for traders to showcase their skills and potentially manage a funded trading account. The firm provides two main evaluation paths: the One-Step Challenge and the Two-Step Challenge.
In the One-Step Challenge, traders aim to achieve an 8% profit target while adhering to a 2% maximum daily loss and a 2% maximum daily profit. This structure encourages consistent and disciplined trading.
The Two-Step Challenge is divided into two phases, each with specific profit targets and risk parameters. In Phase 1, traders aim for a 10% profit target, while Phase 2 requires a 5% profit target. The maximum daily loss and maximum loss rules vary between the phases.
What sets MyFunded FX apart is the absence of time pressure. Traders can progress through the evaluation at their own pace, focusing on quality trades rather than rushing to meet arbitrary deadlines.
After successfully passing a phase, the reviewing process usually takes 1 business day. Traders can track their progress through the firm's online portal.
MyFunded Fx also has a Three-Step Evaluation Challenge that aims to achieve a profit target of 6% and will not go beyond 4% daily loss or 8% maximum loss rules.
MyFundedFX's transparent and fair evaluation process allows traders to demonstrate their abilities in a simulated trading environment before potentially managing a funded account.
Two Step Challenge
| Account Size | Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
| $300,000 | $1,399 |
Two-Step Max Challenge
| Account Size | Price |
|---|---|
| $5,000 | $38 |
| $10,000 | $75 |
| $25,000 | $140 |
| $50,000 | $210 |
| $100,000 | $425 |
| $200,000 | $725 |
One Step Challenge
| Account Size | Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
One Step Max Challenge
| Account Size | Price |
|---|---|
| $5,000 | $42 |
| $10,000 | $80 |
| $25,000 | $170 |
| $50,000 | $240 |
| $100,000 | $399 |
| $200,000 | $799 |
Three Step Challenge
| Account Size | Price |
|---|---|
| $10,000 | $70 |
| $25,000 | $150 |
| $50,000 | $225 |
| $100,000 | $375 |
| $200,000 | $570 |
| $300,000 | $900 |
MyFundedFx’s Competitive Payout Structure
Another compelling aspect of MyFunded FX is its competitive payout structure. The firm recognizes the hard work and dedication of its funded traders and rewards them generously. Once traders successfully complete the evaluation process and become funded, they are eligible for an impressive 80% profit split.
This 80% profit split applies to both the One-Step and Two-Step Challenges, providing a level playing field for all funded traders. Additionally, MyFundedFX offers a scaling plan, allowing traders to potentially manage account sizes up to $1.5 million. As traders consistently demonstrate profitability, they can gradually increase their account size and earning potential.
MyFunded FX has also streamlined its payout process to ensure that traders receive their hard-earned profits promptly. Payouts are processed every 14 calendar days, starting from the day a trader places their first trade on a funded account. This regular payout schedule provides traders with a steady income stream and the motivation to continue their successful trading journey.
Collaboration with the Renowned and Trustworthy Platforms
To support its traders in their quest for success, MyFunded FX has partnered with industry-leading trading platforms. The firm understands the importance of reliable and feature-rich trading software, and they have carefully selected platforms that cater to the needs of modern traders.
One of the key platforms offered by MyFunded FX is DXtrade. DXtrade is a versatile, multi-asset, and broker-agnostic platform that provides traders with a seamless and intuitive trading experience. With its clean interface and advanced charting tools, DXtrade empowers traders to analyze market trends and make informed trading decisions.
MyFundedFX's partnership with DXtrade has been a game-changer for US-based traders. In light of recent regulatory changes, MyFundedFX has migrated all US client accounts from MetaTrader platforms to DXtrade servers. This proactive move ensures that US traders can continue to access the firm's services without any disruption, while also benefiting from the enhanced features and stability of DXtrade.
In addition to DXtrade, MyFundedFX also supports the renowned MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These industry-standard platforms offer a wide range of trading tools, indicators, and automation capabilities, catering to traders of all levels. MyFundedFX's support for MT4 and MT5 ensures that traders can utilize their preferred trading software and strategies seamlessly.
FAQs related to MyFundedFX
What trading instruments are available at MyFundedFX?
Traders at MyFundedFX have access to a diverse range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies.
Does MyFundedFX have any broker partnerships?
Yes, MyFundedFX has a strategic partnership with ThinkMarkets, a well-established online trading service provider.
Does MyFundedFX have a scaling plan for simulated trading accounts?
Yes, MyFundedFX offers a simulated scaling plan that increases the demo account's initial simulated balance by 25% every 3 months, assuming certain criteria are met.
What is the maximum simulated daily loss allowed in the demo account?
The maximum simulated daily loss allowed in the demo account is 2%.
What is the drawdown rule for the 1-step simulated trading plan?
The 1-step plan has a maximum daily loss of 2% and a maximum daily profit of 2%.
How many phases are there in the 2-step simulated trading plan?
The 2-step plan of MyFundedFx consists of two phases.
Final Thoughts
The firm's commitment to transparency, fairness, and the success of its traders sets it apart as a trusted partner in the pursuit of trading excellence. Try it out for yourself and make a killing with MyFundedFx.
MyFundedFX provides a unique and supportive pathway for traders to demonstrate their abilities and potentially earn substantial profits. With its commitment to transparency, flexible trading styles, and robust customer support, MyFundedFX is well-positioned to support traders at all levels. Whether you are a novice or an experienced trader, MyFundedFX offers a compelling opportunity to advance your trading journey.
