Are you a beginner or professional trader looking to break into the forex market and grow your skills? If you’re passionate about trading but lack the funds, you should consider teaming up with a prop trading firm. Good prop trading firms fund traders and provide them with the tools necessary for success.
But with countless prop trading firms on the market, how do you know the best option for you? The last thing you want to do is get stuck at a firm with hefty fees, limited profit splits, and restrictive rules.
Luckily, we’re here to help you along your research process and find the perfect prop trading firm for you!
In this My Forex Funds review, we’ll ensure you have all the information necessary to decide if this is a trading firm that can match your needs.
What Is My Forex Funds?
My Forex Funds is one of the world’s leading prop trading firms. With 300+ support staff members and over 2,000 new traders per day, My Forex Funds is a leader in the forex market. However, traders aren’t just limited to trading forex; they can manage other assets too, including commodities and CDFs.
So how does it work?
This prop firm provides funded accounts to profitable traders, allowing them to use their skills without risking their own capital. The company’s mission is to help traders grow by giving them the resources necessary to become self-sufficient and profitable.
To this day, My Forex Funds continues to grow its empire; the firm hopes to branch out into new niches to support even more types of traders.
Who Founded My Forex Funds?
Anurag Jaiswal, a long-time trader with a primary interest in forex, founded My Forex Funds in July 2020. While My Forex Funds is somewhat of a new player in the market, it is one of the fastest-growing prop firms. Even now, My Forex Funds continues to launch new prop trading programs to ensure company growth and the growth of its traders.
How My Forex Funds Works
Let’s discuss how My Forex Funds works, including its multiple programs and their benefits, rules, and restrictions. There are four programs that forex traders can choose from:
- Rapid Account
- Evaluation Program
- Accelerated Program
- VIP Reward Program
The Rapid Program provides traders with a demo account while the experts at My Forex Funds assess their skills. Traders with Rapid Accounts handle virtual capital, but My Forex Funds still pays them 12% of their profits. Features like this are what make My Forex Funds stand out from the rest; they provide multiple incentives for their traders to succeed.
There are four different accounts traders can choose from in the Rapid Program, each with varying virtual initial balances; $10K, $20K, $50K, and $100K. There are no time limits or profit targets for traders with Rapid Accounts, and they can trade any instruments and any lot size.
However, traders must earn a profit while following trading rules. Not only will this help beginners get comfortable trading before handling live accounts, but it will help the experts at My Forex Funds decide if they’re worth taking on as a funded trader.
The rules for the Rapid Account include:
- 5% daily drawdown
- 12% overall drawdown
- Enter one trade for at least three days a week
If you’re a beginner trader who wants to test your skills safely but still earn real capital, the Rapid Account Program is an excellent choice.
The Evaluation Program is a two-step process where traders can put their forex, CFD, or commodities trading skills to the test. Traders in the Evaluation Program can choose between seven different account sizes: $5K, $10K, $20K, $50K, $100K, $200K, and $300K.
This program is designed to help My Forex Funds identify profitable traders with the skills necessary for success. To pass the Evaluation Program, traders must complete Phases I and II by hitting the profit target and following trading rules. After passing, My Forex Funds rewards traders with a live-funded account and the opportunity to grow their trading careers.
The rules for the Evaluation Program include:
- Reaching an 8% profit target in Phase I
- Reaching a 5% profit target in Phase II
- Placing trades for a minimum of 5 days
- 5% daily drawdown
- 12% overall drawdown
During the Evaluation Program, there are no trading restrictions. You can use any trading style, hold trades over the weekend, and trade multiple assets, including crypto.
If you’re a semi-professional trader ready to access capital and grow your career, the Evaluation Program is an excellent option.
The Accelerated Program lets traders skip the evaluation and earn instant funding. There are two account types in this program:
Whether you pick the Conventional or Emphatic route, you’ll have the following five account sizes: $2K, $5K, $10K, $20K, and $50K. The Conventional Account offers easy-to-reach profit targets, but the Emphatic route provides more opportunity for growth as the maximum account size is higher.
Here are the trading rules for Conventional Accelerated Accounts:
- Reach a 10% profit target to get to the next milestone
- No daily drawdown limits
- 5% overall drawdown of the starting account balance
- 1:50 leverage
Here are the trading rules for the Emphatic Accelerated Accounts:
- Reach a 20% profit target to get to the next milestone
- No daily drawdown limits
- 10% overall drawdown of the starting account balance
- 1:100 leverage
If you’re a profitable full-time trader looking to boost your capital, the Accelerated Program is your best bet. Traders who prefer a lower profit target can sign up for a Conventional Account, while traders hungry for larger accounts can sign up for an Emphatic Account.
VIP Reward Program
My Forex Funds recently introduced the VIP Reward Program, designed to reward their most successful traders. VIP traders can enjoy the following benefits:
- 90% profit share
- The ability to withdraw at any time
- Semi-automated payout confirmation
- Other surprise benefits
To be eligible for the VIP Reward Program, traders must meet the following requirements:
- Must have been paid out at least five times
- Must have been trading for a minimum of three months
- Must follow the drawdown rules for three straight months
- No rule violations
The VIP Reward Program is an excellent feature that encourages traders to follow trading rules and succeed in the company.
Top Features of My Forex Funds
Let’s look at the essential features that My Forex Funds offers its prop traders.
12%, 50%, or 75-90% Profit Split
The profit split at My Forex Funds works differently compared to other prop firms; the percentage of profits you keep varies depending on your account. For example, traders who sign up for the Accelerated Program keep 50% of their earnings. Traders who sign up for the Evaluation Program keep 75% the first week, 80% the second week, and 85% the third week.
Traders who sign up for the Rapid Account get to keep 12% of their profits, which is impressive considering they’re trading simulated capital on a demo account. But it gets even better- if you’re a VIP member, you can enjoy a profit split of 90%.
Automated Funded Accounts
At My Forex Funds, traders have the option for instant funding with the Accelerated Program. Many prop firms require an evaluation stage no matter which trading challenge you choose, so this feature sets My Forex Funds apart from much of its competition.
Access to the Most Popular Trading Platforms
My Forex Funds allows traders to use the platforms MetaTrader 4 or MetaTrader 5. This lets you trade with ease while choosing between two of the most popular trading platforms on the market.
My Forex Funds has an active Discord channel to create a sense of community among its prop traders. In Discord, the expert staff at My Forex Funds talks to its traders and assists them in improving their trading behaviors.
24/7 Support Team
With a 24/7 support team, traders at My Forex Funds can reach out with questions, comments, and concerns anytime. Considering that My Forex Funds supports traders worldwide, this is a crucial feature many prop firms lack.
My Forex Funds Pricing and Fees
Before you can decide if this prop firm is right for you, you’ll need to know how much it costs; let’s break down how much you’ll pay for each program at My Forex Funds.
Rapid Account Prices
See the table below to determine the Rapid Account prices.
|Rapid Account||Refundable Registration Fee|
These one-time fees are refundable, so traders will get them back after making their first withdrawal from a live account.
Evaluation Program Prices
See the table below for a breakdown of the Evaluation Program prices.
|Evaluation Account||Refundable Registration Fee|
Like the Rapid Account, the one-time registration fees for the Evaluation Program are refundable once traders make their first withdrawal.
Accelerated Program Prices
Here’s what the fees look like for a Conventional Accelerated Account:
|Conventional Evaluation Account||One-Time Registration Fee|
Here’s what the fees look like for an Emphatic Accelerated Account:
|Emphatic Accelerated Account||One-Time Registration Fee|
Unlike the Rapid and Evaluation Accounts, the fees for the Accelerated Program are non-refundable.
My Forex Funds Pros & Cons
Let’s check out a quick overview of the pros and cons of My Forex Funds.
My Forex Funds Pros
- Fast payouts
- Instant funding options
- Affordable fees
- Reasonable profit targets for Evaluation Accounts
- 24/7 customer service
- Active Discord channel
- Multiple program options for different traders
- Reward program for profitable traders
My Forex Funds Cons
- Complaints of slow customer service
- Lack of educational resources
- Fast growth could lead to a lack of capital
My Forex Funds User Reviews
My Forex Funds has a 4.9-star rating on TrustPilot, a highly competitive score. Let’s look at what forex traders think of My Forex Funds!
One happy trader named Ryan spoke highly of their customer support and payout method:
Another user named Prince loves the accessible dashboard, fast payouts, and excellent customer support team:
Of course, even My Forex Funds has its share of negative reviews; one user named José called the company unreliable and criticized the prop firm’s motives:
Another unhappy trader thinks many of the firm’s features need improvements, such as the homepage, customer service, and live chat.
My Forex Funds Alternatives
So we’ve laid out the pros, cons, features, and user reviews for My Forex Funds. If you’re still thinking of exploring other options, here’s a list of competing prop firms that may suit your needs:
Our Personal Experience with My Forex Funds
But how do we think My Forex Funds compares to other prop firms? My Forex Funds is one of the best-rated prop firms on the market, and we can see why. First and foremost, we love that they provide multiple program options to suit traders of varying levels and styles; we find this makes My Forex Funds accessible for most types of traders.
Another feature that’s hard to beat is their fast and reliable payout system; just look at the reviews on TrustPilot, and you’ll see how excellent they are at paying their traders on time. The fact that they provide instant funding options is just icing on the cake, allowing traders to earn money and get paid fast.
We also appreciate the 24/7 customer support feature; we’ve found that many prop firms don’t offer this, making it hard to get help if you’re in a different time zone. At My Forex Funds, you can rest assured knowing someone is there to help you at all times.
But one of the features that stands out from the rest is the My Forex Funds VIP Reward Program. Not many prop firms offer such a strong incentive for their traders to succeed; this makes it feel like My Forex Funds really cares about its traders and supporting their growth.
Of course, My Forex Funds still has its drawbacks. While we love that this prop firm offers many programs, keeping track of the rules, fees, and profit splits for each can get a little confusing. Also, the Accelerated Program only gives traders a 50% profit split, which is lacking compared to other firms.
We should also add that many traders complain that the customer service is slow. The slow replies are likely because the firm has grown fast and is trying to keep up, which raises the question: Does My Forex Funds have the stamina and capital to survive? Traders may prefer a firm with a long-standing reputation to a firm that’s only been around for a few years.
Finally, their educational resources leave something to be desired. Other prop firms offer educational courses with one-on-one mentorship, but My Forex Funds only has a small blog.
Conclusion: Should You Trade with My Forex Funds?
So you may wonder: should I trade with My Forex Funds? Ultimately, My Forex Funds is an excellent choice for beginner traders, expert traders, and everyone in between. While the prop firm advertises itself as a forex trading firm, traders can also handle other assets like commodities and CDFs, making it that much more accessible.
With fast payouts, instant funding options, and reasonable rules, it’s hard to imagine a trader that wouldn’t be happy with My Forex Funds. While it lacks the educational resources that other firms offer, newbies can still test their trading skills and earn profits on a demo account; this is nearly unheard of anywhere else!
If you’re a trader looking to grow your skills with a reliable prop trading firm, My Forex Funds is an excellent choice with a positive reputation and countless benefits. But if you’re still not sure if it’s the right fit, check out or list of the Best Forex Prop Firms!