MyFundedFX Review

MyFundedFX Evaluation Process and Challenges

MyFundedFX offers four different prop trading challenges in total, with funded traders receiving an 80% profit split for all programs. Each challenge type has different requirements, with set profit targets and loss levels, as well as minimum trading days.

While profit shares start at 80% for all MFFX prop traders, for an additional fee (20% of challenge fee), you can increase your profit split to 90%.

The one step evaluations have much stricter risk management requirements, while three step programs are the most relaxed.

• 1-Step – Suited for experienced traders aiming for quick funding with higher risk tolerance.
• 2-Step – Good for intermediate traders wanting a balanced approach with moderate risk.
• 2-Step Max – Fits risk-conscious traders who need more relaxed drawdown limits.
• 3-Step – Ideal for beginners or conservative traders preferring a gradual, low-risk evaluation.

Prop traders take note, MyFundedFX has offered a 1-Step Max program in the past, yet this isn’t available at present. When the prop firm starts offering this evaluation process again, we will update our review.

One Step Challenge

The 1-Step Challenge requires traders to meet a single-phase target to get funded. The profit target is set at 10%, with maximum daily loss limits of 4% (balance-based) and a maximum trailing drawdown of 6%.

Funded accounts offer a 14-day payout period with an 80% profit split. Traders can upgrade to a 90% split by paying an additional fee.

Two Step Challenge

The 2-Step Challenge offers two phases with slightly relaxed targets compared to the 1-Step Challenge. Phase 1 requires an 8% profit target, and Phase 2 reduces this to 5%.

Daily drawdowns are set at 5%, and the maximum drawdown is fixed at 8%. Upon passing, traders enjoy an 80% profit split, with an option to upgrade to 90%.

Two Step Max Challenge

The 2-Step Max Challenge has a similar two-phase structure to the standard 2-Step but with slightly higher profit targets.

Phase 1 requires 10%, while Phase 2 lowers it to 5%. Daily drawdowns are more lenient at 4%, with a static maximum drawdown of 10%. Successful traders receive an 80% profit split, upgradeable to 90%.

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Three Step Challenge

This challenge spreads the evaluation across three phases, with the lowest initial targets. Phases 1 and 2 have a profit target of 6%, while Phase 3 requires 4%.

Daily drawdowns are 4% across all phases, with a static maximum drawdown of 8%. Once funded, traders enjoy faster 5-day payout cycles with an 80% profit split.

VIP Program

MyFundedFX offers a VIP upgrade, allowing traders to increase their profit split to 90% by paying an additional 20% of the challenge fee.

This option is available across all challenge types, providing an enhanced return for traders who meet the trading requirements and want to maximise their earnings.

MyFundedFX Scaling Plan

MyFundedFX’s scaling plan allows traders to grow their account size incrementally, rewarding consistent profitability over a three-month period.

To qualify for a scale-up, traders need to achieve a total simulated profit of at least 12% within 90 days. When these criteria are met, MyFundedFX increases the demo account’s balance by 25% of the initial starting balance.

• Scaling Example: If a trader starts with a $100,000 account and meets the scaling criteria, they would be eligible for an increase of $25,000, bringing their account to $125,000.

If you qualify you can submit a scaling request to MyFundedFX’s support team, which reviews your prop account’s performance and approves the scale-up based on the criteria.

While a decent scaling program, we recommend reading our FTMO review for the best scaling opportunities.

Verdict on Challenges and Evaluation Process

MyFundedFX offers a mix of challenges to suit different trading journeys. The 1-Step is quick but best for experienced traders, while the 2-Step and 2-Step Max bring balanced targets for those wanting more structure.

The 3-Step Challenge offers the lowest pressure for a slower path to funding, the ideal prop trading account for beginners. With options to boost profit splits up to 90% and a solid scaling plan, MyFundedFX is versatile and rewarding for prop traders looking to grow their funded accounts.

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Spreads and Commission Fees

MyFundedFX offers competitive spreads and varying commission fees across its four trading platforms. The prop firm partners with multiple liquidity providers to ensure a range of options for traders, from near-zero spreads to flexible commission structures.

Spread competitiveness largely depends on the platform, with MatchTrader and MT5 often providing the lowest rates.

Here’s an overview of the spread and commission structure based on your platform choice.

Forex Spreads

Spreads can be as low as 0 pips during the challenge, but are entirely dependent on the trading platform you choose, with MyFundedFX using different brokers and liquidity providers for each platform.

• MetaTrader 5 (MT5) – Liquidity provider is Quality-FX
• cTrader – Provider is Purple Trading
• MatchTrader – Provider is Match-Prime
• DXTrade – Provider is Zenfinex

During testing, we found MatchTrader and MT5 to be the most competitive, with spreads as low as 0 pips for major forex pairs like EUR/USD and USD/CAD.

If you prefer another platform, cTrader / Purple Trading offered the next most competitive spreads getting as low as 0.1 pips, while DXTrade was 0.5 pips.

Commission Fees

Commission fees also vary depending on which trading platform you selected when signing up, ranging from  $3 – $6 per lot, roundturn.

When spreads are accounted for, MatchTrader is the most cost effective trading environment with spreads from 0 pips + $3 round turn commission.

Verdict on Spreads and Commission

MyFundedFX’s spread and commission structure is well-suited to traders seeking flexibility in cost. MatchTrader and MT5 deliver the most competitive pricing on forex pairs, with low to zero spreads and affordable commissions, while cTrader and DXTrade offer higher costs but greater customisation.

Trading Instruments and Leverage

MyFundedFX offers over 175 trading instruments across forex, indices, commodities, and crypto, providing you with a solid selection of financial markets to suit different trading strategies.

Financial Markets and Leverage

Leverage across MyFundedFX is capped at 1:30 for forex, which is conservative compared to what we’ve seen with other prop firms like IC Funded and DNA Funded, where leverage can go up to 1:50 on forex.

IC Funded Review DNA Funded Review

This lower leverage aligns with regulatory limits seen in FCA and ASIC regulated regions, catering to risk-averse traders or those wanting tighter control over exposure.

• Forex Pairs: With leverage up to 1:30, you can trade major pairs such as EUR/USD, USD/JPY, and GBP/USD, alongside select minors and exotics. Each platform has slightly different pairs, spreads, and execution settings, so you can pick what best suits your trading needs.
• Indices: Leverage for indices is set at 1:10, covering popular indices like NASDAQ, S&P 500, and Dow Jones.
• Commodities: MyFundedFX provides access to commodities like Gold and Oil, also leveraged at 1:10, including a range of metals and energies.
• Crypto: The crypto offering includes Bitcoin (BTC/USD), Ethereum (ETH/USD, and a few others, with a maximum leverage of 1:2.

Verdict on Markets and Leverage

MyFundedFX provides a well-rounded range of trading instruments with over 175 assets, although leverage is capped at a modest 1:30 for forex. This limit is lower than some prop trading firms, which offer up to 1:50.

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Trading Platforms

MyFundedFX offers four trading platforms, each tailored for different trading styles and preferences: MetaTrader 5 (MT5), cTrader, MatchTrader, and DXTrade.

However, there are essential trading rules to consider before choosing your platform and trading activities.

Automated trading, such as using Expert Advisors (EAs), is restricted to specific platforms, and copy trading is limited to accounts owned by the same trader.

Here’s a look at each platform, highlighting how they align with MyFundedFX’s trading rules and user needs.

MetaTrader 5 (MT5)

MetaTrader 5 (MT5) is a powerful, widely-used platform suited to technical traders and those looking for robust automation options. Though EAs are generally not permitted on MT5 within MyFundedFX’s trading rules, the platform’s sophisticated tools make it an excellent choice for manual strategy execution and technical analysis.

• Advanced Technical Tools: Includes over 80 technical indicators and charting tools, ideal for in-depth market analysis.
• Multi-Asset Capability: Supports Forex, commodities, indices, and crypto trading from a single interface.
• Depth of Market (DoM): Provides insight into liquidity, assisting traders with accurate pricing.
• Multi-Device Access: Available on desktop, web, and mobile, offering flexibility for on-the-go trading.

cTrader

cTrader is popular among prop traders for its user-friendly interface and advanced trading features, making it particularly suitable for manual trading. It provides efficient trade execution, which appeals to traders who employ quick, high-frequency strategies.

• One-Click Trading: Fast execution helps traders enter and exit positions instantly.
• Advanced Charting: Customisable charts and technical indicators are available for in-depth strategy building.
• Risk Management Tools: Includes features such as advanced stop-loss and take-profit levels, essential for precise risk management.
• Market Depth Access: Offers Level II pricing, allowing traders to see order flow for better decision-making.

MatchTrader

MatchTrader is designed with social trading in mind, allowing traders to follow and mirror successful strategies. This platform is ideal for those who benefit from collaborative strategies, though copy trading across different users’ accounts is restricted within MyFundedFX’s rules.

• Social Trading Features: Enables traders to follow and replicate successful strategies, appealing for newcomers.
• Comprehensive Analytics: Offers various analytical tools to assess strategy performance.
• Flexible Execution Options: Supports quick order management, which is useful for high-paced trading.
• Mobile Access: Available on mobile, making it suitable for traders who need flexibility.

DXTrade

DXTrade is known for its customisable interface, making it suitable for traders who want a straightforward platform with control over their layout. It’s an accessible choice for those prioritising stability and ease of use over advanced features.

• Customisable Interface: Allows traders to tailor the platform layout to suit their trading style.
• Streamlined Order Management: Offers efficient order placement and management, making it ideal for quick, low-complexity trades.
• User-Friendly Design: Simple navigation for beginner to intermediate traders.
• Risk Controls: Built-in risk management tools align with prop trading standards.

Trading Rules

MyFundedFX has clear and strict trading rules designed to manage risk and maintain account integrity. Here’s a breakdown of their key rules:

• Daily Drawdown: This is calculated as a percentage of the balance and is strictly enforced across all plans. If a trader exceeds this daily limit, the account is terminated.
• Trailing Drawdown (1-Step only): For 1-Step challenges, the maximum drawdown is trailing, meaning it’s calculated based on the highest balance achieved. This approach encourages growth but requires traders to maintain some buffer against large losses.
• Minimum Trading Days: Traders must trade a minimum number of days to complete each phase (ranging from 1 to 3 days, depending on the challenge type). This helps verify consistent performance rather than a single large gain.
• News Trading: Trading during major news events is permitted during all challenge phases, allowing traders flexibility in strategy.
• Inactivity Rule: To keep the account active, traders must execute at least one trade every 28 days. Failure to do so may lead to account termination or loss of funded status.
• Algorithmic Trading: Automated trading via Expert Advisors (EAs) is not allowed on MetaTrader 5.
• Copy Trading: Traders are allowed to copy trades from their own accounts on other platforms but cannot engage in copy trading between accounts owned by different individuals.
• Other Restricted Trading Strategies: High-frequency trading, tick scalping, arbitrage, or any bot that exploits demo conditions is prohibited. This rule helps maintain a fair environment and ensures trades reflect genuine trader skill.

Verdict on Trading Platforms

Each trading platform offered by MFFX has strengths suited to different styles of prop trading, ensuring you can find a platform that complements their strategy, risk tolerance, and trading style.

Payments and Payouts

MyFundedFX offers a range of payment methods for challenge fees, including credit card and cryptocurrency options, making it accessible for traders worldwide. This flexibility is supported by a streamlined payout process that allows funded traders regular profit payouts every 14 days.

Challenge Fee Payments

For challenge fees, MyFundedFX accepts credit cards and cryptocurrency, offering traders a range of choices.

Cryptocurrency payments support various digital assets, so it’s essential to select the correct network for the transfer to ensure the payment is processed smoothly.

A disclaimer emphasizes that incorrect network usage may result in payment failures, which would delay access to trading credentials.

Payouts and Withdrawals 

After passing a MyFundedFX challenge and becoming a funded trader, you’re eligible for your first profit payout after 14 calendar days, and then every fortnight.

This payout cycle starts once you place your first trade, with the ability to request withdrawals via Crypto or Risework through the prop firms dashboard.

The minimum payout amount is set at $65, and traders can continue trading while waiting for their payout to process, as account activity is not paused during the withdrawal period.

It’s worth noting that payouts requested over weekends or holidays will be processed on the next business day.

Verdict on Payments and Payouts

MyFundedFX’s payment and payout system is streamlined, providing reliable access to funds through bank and crypto payments. The 14-day payout frequency aligns well with prop trading industry standards, and options for both crypto and Risework offer additional flexibility for traders.

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Customer Support and Education

MyFundedFX provides a responsive, accessible support experience paired with solid educational resources.

The company uses a live chat feature and comprehensive FAQs for immediate assistance and offers extensive video resources through YouTube for deeper learning on trading strategies and prop trading processes.

Customer Service

In our experience, MyFundedFX’s live chat is particularly helpful, offering prompt responses that can quickly address common questions on challenges, trading rules, or account setup.

This makes for a smooth support experience, ideal for both new and experienced traders looking to quickly resolve issues or gain clarity on processes.

You can also contact the MFFX customer support team via social media channels.

Educational Resources

For educational content, MyFundedFX’s YouTube channel is a key resource, with 31.5K subscribers and nearly 800 videos covering everything from trading strategies to passing funded challenges.

This extensive library offers traders reliable guidance on improving their trading performance and understanding prop trading dynamics.

Verdict on Support and Education

MyFundedFX’s support and educational resources make it a strong choice for traders looking for clear, accessible guidance.

The live chat feature and YouTube resources ensure traders can find answers and gain deeper trading insights, solidifying MyFundedFX as a supportive environment for traders at any level.

MyFundedFX Trust and Community

MyFundedFX has a strong reputation in the prop trading community, with a 4/5 star TrustPilot score based on nearly 2,000 reviews. Feedback highlights fast payouts and responsive support, though some users mention recent rule changes.

The MyFundedFX Discord, with over 125,000 members and about 1,700 funded traders, is one of the largest prop trading communities.

MyFundedFx TrustPilot Score

MyFundedFX has a great TrustPilot score of 4/5 stars from nearly 2,000 reviews. Positive reviews often highlight the speed of payouts, with some users noting that funds were received within minutes.

Others have shared great experiences with customer support similar to my own personal experience, pointing to quick resolutions for account or platform issues.

However, some negative reviews mention dissatisfaction with rule changes and trading limitations, with a few users feeling the firm’s policies have become less favorable over time.

Trading Community

MyFundedFX’s Discord server, with over 125,000 members and approximately 1,700 funded traders, is a hub for traders to interact and access resources. Channels include:

• General Chat and Customer Support: Facilitates day-to-day trading discussions and support requests.
• Payout Proofs: A dedicated channel where traders share successful payouts, promoting transparency within the community.
• Competition and Trade Ideas: A space for sharing trading strategies and participating in community competitions.
• Economic News and Updates: Regular updates on economic events relevant to trading, helping traders stay informed about market conditions.

These channels make the MyFundedFX Discord server a valuable resource, allowing traders to exchange ideas, receive support, and remain updated on trading insights. The large and active community makes it a great platform for both beginners and experienced traders to connect and grow.

As well as a strong Discord community, MyFundedFX has a substantial social media following, with 136.7K followers on X (formerly Twitter) and a thriving Facebook group of 35.5K members.

Their content frequently covers promo codes, trading insights, and competition updates, engaging both current and prospective traders.

Verdict on Trust and Community

MyFundedFX offers a supportive community and maintains a solid reputation in prop trading circles. Its active Discord server and generally positive TrustPilot reviews show a commitment to customer engagement, despite some criticisms.

Final Verdict on MyFundedFX

MyFundedFX delivers a reliable prop trading experience with a solid 4/5 TrustPilot score, praised for its fast payouts and helpful customer service. With flexible challenge types and regular payouts every 14 days, it suits a variety of trading styles. The active Discord community of over 125,000 members adds value, providing support and trading insights.

However, some users have noted recent rule changes that may not fit all traders. Overall, MyFundedFX is a good prop firm if you are looking for diverse funding challenges, fast withdrawals, and strong community support.

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