#1. My Forex Funds

My Forex Funds is dedicated to supporting and aiding traders in their growth, fostering mutual growth between the firm and traders. They are committed to offering programs, services, and information that facilitate traders' progress on their journey.

Who are My Forex Funds?

My Forex Funds, established in July 2020 under the leadership of CEO Murtuza Kazmi, is a proprietary trading firm situated in Toronto, Canada. They provide three distinct account types to undercapitalized traders, granting them the opportunity to secure funding and access up to $2,020,000 in capital. With the potential to earn up to 90% profit splits, traders are given a valuable chance to grow. My Forex Funds operates with their own broker called Traders Global Group, utilizing servers located in Frankfurt, Germany.

MyForexFunds is a company owned and operated by Traders Global Group Incorporated, located at 9131 Keele Street Unit A4, Vaughan, L4K 2N1, Ontario, Canada.

Who is the CEO of My Forex Funds?

Murtuza Kazmi is the CEO of My Forex Funds

Funding program options

My Forex Funds provides traders with a selection of three distinct programs to choose from:

• Rapid program accounts|
• Evaluation program accounts
• Accelerated program accounts

Rapid program accounts

The objective of My Forex Funds' rapid program account is to assess a trader's capabilities during a three-month period before granting access to trade with live funds. One notable benefit of the rapid program account is the provision of a 12% bonus profit payout, even when trading in a demo environment.

With rapid program accounts, there are no specific profit targets. Instead, you receive a 12% share of the profits earned in your account while utilizing 1:500 leverage. It is crucial to prioritize adherence to the 5% maximum daily loss and 12% maximum loss rules. Additionally, the only other requirement is to engage in a minimum of three trading days per week.

Rapid program accounts have the option to select between two types: consistency enabled or no consistency accounts.

No consistency accounts are only required to adhere to basic regulations regarding minimum trading days, maximum daily trades, and maximum loss limits. However, for consistency enabled accounts, additional factors such as the average number of trades executed per day and the average lot sizes utilized must also be taken into account. The table below provides an example for better understanding.

If a trader consistently deviates from their usual trading pattern, their account may be suspended. However, a one-time violation will only result in not receiving payment for that specific payment period.

After successfully completing a three-month demo period and being granted a funded account, you will start receiving a profit split of 50% in the first month. This profit split increases to 65% for the second month, and from the third month onwards, it becomes 80%. Additionally, when you make your first withdrawal from the funded account, you will receive a 100% refund of your initial paid fee.

The rapid program accounts do not offer any scaling plan options.

The trading instruments available for rapid program accounts include forex pairs, commodities, indices, and cryptocurrencies.

Rapid account program rules

• The maximum daily loss refers to the highest amount of loss a trader can incur in a single day without violating the account rules. For all account sizes, the maximum daily loss allowed is 5%.

• The maximum loss represents the highest allowable cumulative loss that a trader can reach before violating the account rules. For all account sizes, the maximum overall loss permitted is 12%.

• The minimum trading days refer to the required duration during which you need to engage in trading before completing an evaluation phase or making a withdrawal request. The minimum trading days requirement is a minimum of 3 days per week.

• The maximum trading days represent the prescribed timeframe within which you must achieve a specific profit target or withdrawal target. The maximum trading days period is set at 90 days.

• The consistency rule is a rule that requires traders to have consistent position sizes, risk management, losses, gains, etc… Meaning that the characteristics of the account results should not differentiate drastically. However, you can choose if you want to go for consistency or non-consistency rule account.

Evaluation program accounts

The purpose of my Forex Funds evaluation program account is to identify dedicated and skilled traders who are rewarded for their consistent performance during the two-phase evaluation period. The evaluation program account allows you to trade with a leverage of 1:100.

During the first phase of evaluation, traders must achieve a profit target of 8% while adhering to the maximum daily loss of 5% and the maximum overall loss of 12%. You are required to reach your profit target within 30 calendar days from the day you initiate your first trade in the evaluation account. Additionally, a minimum of five trading days is necessary to proceed to the second phase.

In the second phase of evaluation, traders must reach a profit target of 5% while maintaining the maximum daily loss of 5% and the maximum overall loss of 12%. The profit target should be achieved within 60 calendar days from the day of the first trade in the evaluation account. Similar to the first phase, a minimum of five trading days is required to advance to a funded account. Upon completion of phase two, you will also receive 2% of the profit earned during the first evaluation phase.

Successful completion of both evaluation phases grants you a funded account, where you must adhere to the minimum withdrawal policy. In the funded account, you are only required to comply with the maximum daily loss of 5% and the maximum overall loss of 12%. Your first payout will be processed 30 calendar days after you initiate your first trade in the funded account. Within this timeframe, you must engage in a minimum of 10 calendar days of trading. The first payout includes 75% of the profit generated from the funded account, along with an additional 4% profit earned during the second evaluation phase and a 112% refund of your initial paid fee. Subsequent payouts are processed bi-weekly. Furthermore, your profit split increases to 80% in the second month and further rises to 85% from the third month onwards.

Minimum withdrawal policy of Evaluation program accounts:

• Account sizes of $5k, $10k, and $20k necessitate achieving a profit of $50.
• Account sizes of $50k and $100k require reaching a profit of $100.
• For account sizes $200k and $300k, the required profit is $150.

VIP Reward program

The VIP Reward program is an innovative addition designed to recognize and reward traders who consistently put in the effort to achieve success. To qualify for this program, traders must meet specific requirements and fulfill certain criteria.

VIP Reward program requirements:

• Have received a minimum of 5 payouts.
• Engage in trading for a minimum of 3 months.
• Maintain a consistent trading style throughout the 3-month period (trading styles characterized by all-in or high-risk strategies are not eligible).
• Avoid any account violations during the 3-month period.

VIP Reward program benefits:

• A 90% profit split, ensuring you retain a significant portion of your earnings.
• Flexibility to withdraw your funds at any time, without any limitations. The payout request button will always be active as long as you are in profit.
• Streamlined payout confirmation process with semi-automated procedures. You can expect to receive the funds in your Deel account within 10 hours.
• Additional advantages and perks that may occasionally be communicated to you through your mailbox.

Evaluation program account scaling plan

The evaluation program accounts also feature a scaling plan, which allows for potential account growth. To qualify for scaling, you need to achieve a profit target of 10% or more within a four-month period, with at least two of those months being profitable. Upon meeting this requirement, your account balance will be increased by 30% of the original account balance.

For example:

After 4 months: If you initially had a $200,000 account, your account balance will be boosted to $260,000.

After the subsequent 4 months: The balance of $260,000 will increase to $320,000.

After the following 4 months: The balance of $320,000 will further increase to $380,000.

And so on...

In terms of trading instruments, the evaluation program accounts allow trading in forex pairs, commodities, indices, and cryptocurrencies.

Evaluation program account rules

• The profit target refers to the predetermined percentage of profit that traders must achieve in order to successfully complete an evaluation phase, withdraw their profits, or scale their account. In phase 1, the profit target is set at 8%, while in phase 2, it is reduced to 5%. For funded accounts, traders are expected to comply with the minimum withdrawal policy.

• The maximum daily loss signifies the highest permissible amount of loss that a trader can incur within a single day before their account is considered in violation. For all account sizes, the maximum daily loss is capped at 5%.

• The maximum loss represents the upper limit of cumulative loss that a trader can reach before their account is considered in violation. For all account sizes, the maximum allowable loss is set at 12%.

• Minimum trading days refers to the minimum duration that traders must engage in trading before they can successfully complete an evaluation phase or request a withdrawal. In both evaluation phases, there is a requirement of at least 5 trading days. However, for funded accounts, traders need to trade a minimum of 10 days before becoming eligible for a payout.

• The maximum trading days indicate the prescribed timeframe within which traders are expected to achieve a specific profit target or withdrawal target. In phase 1, the maximum period allowed is 30 trading days, while in phase 2, it is extended to 60 trading days.

Accelerated program accounts

My Forex Funds provides an Accelerated account program that offers the following two options to choose from:

• Conventional
• Emphatic

Accelerated program accounts do not impose a maximum daily loss rule, focusing solely on a maximum loss limit. Moreover, there are no time constraints, lot size restrictions, or requirements regarding trading consistency. An additional advantage of accelerated account programs is the absence of mandatory profit targets for qualifying for weekly payouts.

Conventional accelerated program accounts:

The conventional accelerated program account offers the opportunity to bypass the evaluation period and immediately start trading a funded account, earning profit splits. With this account, you will receive 50% profit splits based on the profits generated while trading with 1:50 leverage.

Below is the scaling plan for the conventional model:

The conventional accelerated program accounts feature a scaling plan, as shown in the provided spreadsheet. To qualify for scaling your account, the only requirement is to achieve a profit target of 10%. You can scale your account once per pay period. An additional advantage worth noting is that your withdrawals will not hinder your account's ability to scale up. Once your total profits reach the 10% profit target, your account becomes eligible for scaling.

Example:

In this account type, the profit target is set at 10%.

Week 1: You achieve a gain of 4% and decide to withdraw 50% of your profits.

Week 2: You experience a gain of 7% and again withdraw 50% of your profits.

By the end of these two weeks, your total profits have reached 11%, surpassing the required 10% profit target. This achievement makes you eligible for a scale-up opportunity.

Emphatic accelerated program accounts

The emphatic accelerated program account offers the advantage of bypassing the evaluation period and immediately commencing trading with a funded account, while earning profit splits. With this account, you will receive 50% profit splits based on the profits generated while trading with 1:100 leverage.

Below is the scaling plan for the emphatic model:

The emphatic accelerated program accounts include a scaling plan, as illustrated in the provided spreadsheet. The sole requirement to qualify for scaling your account is to achieve a profit target of 20%. Scaling of your account can be performed once in every pay period. An important benefit to note is that your withdrawals will not impede the scaling process of your account. Once your total profits reach the 20% profit target, your account becomes eligible for scaling.

Example:

In this account type, the profit target is set at 20%.

Week 1: You achieve a gain of 8% and decide to withdraw 50% of your profits.

Week 2: You experience a gain of 14% and again withdraw 50% of your profits.

By the end of these two weeks, your total profits have reached 22%, surpassing the required 20% profit target. This accomplishment makes you eligible for a scale-up opportunity.

The accelerated program accounts allow trading in various instruments, including forex pairs, commodities, indices, and cryptocurrencies.

Accelerated program account rules

• The maximum loss refers to the highest acceptable amount of loss that a trader can incur in total before their account is considered in violation. For all account sizes, the maximum allowable loss is limited to 5%.

• The restriction of "No EAs allowed" indicates that traders are prohibited from utilizing any form of EA (Expert Advisor) services. However, they are permitted to use expert advisors solely for the purpose of copying trades.

• No weekend holding means that traders are not allowed to hold open positions during the weekends.

What makes My Forex Funds different from other prop firms?

My Forex Funds stands out among other leading prop firms by offering three distinct funding programs: Rapid, Evaluation, and Accelerated. One notable aspect is the flexibility it provides to traders in terms of trading style. You have the freedom to trade during news events, hold trades overnight, and even trade on weekends (with the exception of accelerated programs).

The rapid program offered by My Forex Funds is truly unique compared to other prop firms. It spans a three-month period during which traders are awarded a 12% profit split, despite operating within a demo environment. The leverage offered in this program is 1:500, and traders need to adhere to minimum requirements of three trading days per week, a maximum daily loss of 5%, and a maximum overall loss of 12%. Additionally, traders have the choice between consistency enabled and no consistency accounts in the rapid program. However, it's important to note that rapid programs do not have a scaling plan.

The evaluation program offered by My Forex Funds follows a two-phase structure, wherein traders must successfully complete both phases to become eligible for payouts. The profit target for phase one is 8%, and for phase two it is 5%, while maintaining the same maximum daily loss of 5% and maximum overall loss of 12% rules. Traders are required to trade for a minimum of five days in each phase before being funded. The evaluation program also includes a scaling plan, distinguishing it from other leading prop firms. It is worth mentioning that My Forex Funds sets relatively lower profit targets and minimum trading days compared to other firms in the industry.

A comparative example between My Forex Funds and FTMO:

A comparative example between My Forex Funds and True Forex Funds:

In comparison to other prop firms, My Forex Funds sets itself apart by providing accelerated programs, which are direct funding options. Traders can opt for either the conventional or emphatic accelerated programs, both of which do not impose a maximum daily loss rule but maintain a maximum loss rule. Moreover, these programs have no time limitations, lot size restrictions, or consistency rules, offering traders greater flexibility. An appealing aspect is that traders are not required to meet specific profit targets to qualify for weekly profit splits of 50%. Furthermore, the accelerated programs include a scaling plan for account growth.

In summary, My Forex Funds distinguishes itself from other leading prop firms through its offering of three distinct funding programs. Additionally, the relaxed trading rules they provide make them an excellent choice for traders of any experience level.

Is getting My Forex Funds capital realistic?

When evaluating prop firms that align with your forex trading style, it is crucial to assess the realism of the trading requirements. While a company may offer a high percentage profit split on a well-funded account, it may become impractical if they expect substantial monthly gains with minimal drawdowns, significantly diminishing your chances of success.

Obtaining capital through the rapid programs is a realistic option, particularly due to the absence of profit targets. You can start earning 12% profit splits right from the three-month demo phase. Additionally, the trading rules are more relaxed, allowing you to choose between consistency enabled or no consistency accounts.

Receiving capital through the evaluation programs is also realistic, primarily because they have relatively low profit targets (8% in phase one and 5% in phase two) alongside higher maximum loss limits (5% maximum daily and 12% maximum loss).

Similarly, obtaining capital through the accelerated programs is realistic as they are direct funding programs that allow you to start earning right away. There are no profit targets to meet, and you can request withdrawals on a weekly basis.

Taking all of this into consideration, My Forex Funds emerges as an excellent choice for obtaining funding. They offer three distinct funding programs with realistic trading objectives and conditions for receiving payouts.

Payout proof

Depending on the program account you select, My Forex Funds provides either bi-weekly or monthly payout options.

Which broker do My Forex Funds use?

Traders Global Group serves as the trading server for My Forex Funds. It is an institutional fintech company that offers liquidity to the firm. Since My Forex Funds operates as a proprietary trading firm, using their own funds to finance their traders' live accounts, they do not necessitate regulation.

Regarding trading platforms, My Forex Funds enables trading on the following platforms:

• MetaTrader 4
• MetaTrader 5

Trading instruments

My Forex Funds provides an extensive range of trading instruments, encompassing forex pairs, commodities, indices, and cryptocurrencies. Traders are granted the freedom to engage in trading activities involving these diverse financial assets.

Trading fees

Education & Support

My Forex Funds does not offer educational resources per se. However, they do have a blog where you can find occasional posts covering some fundamental topics that you may find beneficial to explore.

Social media statistics:

You can also connect with My Forex Funds through their presence on various social media platforms. They have accounts on:

• Facebook page with 40k followers,
• Twitter account with 16k followers, and
• Instagram account with 162k followers.

Summary

To summarize, My Forex Funds is a reputable proprietary trading firm that provides traders with three distinct funding programs: Rapid, Evaluation, and Accelerated.

Rapid programs serve as a three-month evaluation period to assess a trader's capabilities before granting access to live trading with funded accounts. An attractive aspect of the rapid program is the 12% bonus profit payouts, even while trading in a demo environment. Traders can earn up to 80% profit splits through rapid programs.

Evaluation programs follow the industry-standard two-phase evaluation process, where traders must complete both phases to become funded and eligible for profit splits. In phase one, traders aim for an 8% profit target, while phase two requires a 5% profit target. These targets are realistic and aligned with the 5% maximum daily loss and 12% maximum loss rules. With evaluation programs, traders can earn up to 90% profit splits and have the opportunity to scale their accounts.

Accelerated programs are direct funding programs that bypass the evaluation phase, allowing traders to start trading funded accounts immediately and earn weekly profit splits. Accelerated programs have no time limitations, lot size restrictions, or consistency rules. Traders can earn 50% profit splits and also have the option to scale their accounts.

My Forex Funds is suitable for traders of all levels of experience. Beginners can start with rapid programs, while more experienced traders can opt for evaluation programs and undergo a two-phase evaluation. Accelerated programs are ideal for experienced traders looking to earn weekly profits. Considering the comprehensive offerings provided by My Forex Funds, they stand as one of the leading proprietary trading firms in the industry.