| Year Established | 2022 |
| Headquarters | Dallas, Texas, USA |
| CEO | Matthew Leech |
| Mission | Your Success is Our Mission |
| Funding Models/Programs | Two-step Challenge, Two-step Max Challenge, One-step Challenge, One-step Max Challenge, Three-step Challenge |
| Account Sizes | Up to $300,000, scalable up to $1.5 million |
| Profit Splits | Up to 92.75% |
| Leverage | Up to 1:100 |
| Trading Instruments | Forex pairs, Commodities, Indices, Cryptocurrencies |
| Trading Fees | Competitive spreads, commissions vary by broker and account type, overnight swaps |
| Payout Frequency | Initial payout within 7-14 days, subsequent payouts weekly or bi-weekly |
| Payment Methods | Credit/Debit Cards, PayPal, Cryptocurrencies, Bank Transfers |
| Restricted Countries | Cuba, Iran, Lebanon, Syria, North Korea, Libya, Russia, Sudan, Somalia, South Sudan, Belarus, Myanmar, Central African Republic, Democratic Republic of Congo, Congo, Ethiopia, Iraq, Nicaragua, Venezuela, Yemen |
| Support Channels | Email, Live Chat, Discord Channel, Telegram Channel, FAQ (English) |
| Educational Resources | Webinars, Articles, Mentorship Programs, Blog (Technical Analysis, Trading Indicators, Psychology, Algorithms, Scalping, Technology, Risk Management, Market Analysis, Strategies, Broker, Diversification, Volatility, Leverage, Financial Education, Entrepreneurship, Analysis), Success Stories |
| Trading Platforms | cTrader, DXtrade, MetaTrader 5, Match-Trader |
| Account Currencies | USD |
| Brokers | Zenfinex, Purple Trading Seychelles, Quality FX Ltd |
| Rules | No mandatory stop-loss, max daily loss varies, max overall loss varies, no news trading |
| Deposit and Withdrawal Methods | Credit/Debit Cards, PayPal, Cryptocurrencies, Bank Transfers |
| Pros | High Profit Splits, Flexible Rules, High Leverage, Multiple Programs, Comprehensive Support, Educational Resources, User-Friendly Dashboard |
| Cons | Expensive Fees, Strict Risk Parameters, Trading Restrictions |
Introduction
MyFundedFX is a proprietary trading firm that offers traders the opportunity to choose between five account types, including two two-step evaluations, two one-step evaluations, and a three-step evaluation.
MyFundedFX partners with Zenfinex, Purple Trading Seychelles and Quality FX Ltd. Traders can access the markets using platforms such as cTrader (Purple Trading Seychelles), MetaTrader 5 (Quality FX Ltd), DXtrade (Zenfinex), Match-Trader.
In this MyFundedFX review, we’ll get into the company’s background, examine the various funding programs they offer, and explore the trading conditions and requirements. We’ll also cover profit splits and payout processes, weigh the pros and cons, analyze broker partnerships and the trading environment, and review the support and resources available to traders.
Furthermore, we’ll highlight user experiences and testimonials, provide expert opinion, and conclude with final thoughts and recommendations.
MyFundedFX Company Overview
MyFundedFX, legally known as MyFunded Solutions, LLC, was incorporated in June 2022. The firm is headquartered in Dallas, Texas, and is managed by CEO Matthew Leech. The firm partners with Zenfinex, Purple Trading Seychelles, and Quality FX Ltd as their brokers.
Matthew Leech, the founder of MyFundedFX, is a successful entrepreneur in the financial and tech services sectors, as well as a skilled trader in forex, options, stocks, and cryptocurrencies. Actively trading since 2018, Matt currently holds the position of CEO at MyFundedFX, along with several other ventures. His motivation for launching MyFundedFX stemmed from recognizing a gap in the industry, where proprietary trading firms often neglect the needs of individual traders. MyFundedFX focuses on educating traders and facilitating their path to securing funding, with a strong commitment to strengthening the foundational skills required to become a funded trader.
MyFundedFX offers traders challenge programs designed to provide an opportunity to trade without risking their personal capital. Successful traders are rewarded with payments based on their profits. Traders have the opportunity to manage account sizes up to $300,000 and receive up to 92.75% profit splits. This can be achieved by trading various financial instruments, including forex pairs, commodities, indices, and cryptocurrencies.
Key Highlights
- Headquarters: Dallas, Texas, United States
- Year Established: 2022
- Mission: Your Success is Our Mission
- Vision: To educate traders and facilitate their path to securing funding, ensuring they have the foundational skills to become successful funded traders.
In the next sections, we will explore the specific services and opportunities provided by MyFundedFX.
MyFundedFX Funding Programs
MyFundedFX have five different funding program options:
Two-Step Challenge
Two-Step Max Challenge
One-Step Challenge
One-Step Max Challenge
Three-Step Challenge
Two-Step Challenge
The Two-Step Challenge is designed to evaluate a trader’s skill and discipline over two phases. In Phase 1, traders must achieve an 8% profit target without exceeding a 5% max daily loss or an 8% max overall loss. There are no minimum or maximum trading days, providing flexibility. Phase 2 requires a 5% profit target with the same risk parameters as Phase 1.
This program is ideal for traders who prefer a balanced and structured evaluation process. It suits those who have a moderate risk tolerance and appreciate the flexibility of not being constrained by minimum or maximum trading days. The Two-Step Challenge allows traders to demonstrate consistent performance and risk management skills over multiple stages, making it suitable for those who thrive under a methodical approach with clear milestones.
Two-Step Max Challenge
The Two-Step Max Challenge is tailored for traders aiming to reach higher profit targets with a slightly accelerated evaluation process. In Phase 1, traders must achieve a 10% profit target while adhering to a 5% max daily loss and a 10% max overall loss. Phase 2 lowers the profit target to 5%, with a 4% max daily loss and an 8% max overall loss. Both phases offer flexibility with no minimum or maximum trading days.
This program is best suited for aggressive traders who are confident in their ability to hit higher profit targets quickly. The Two-Step Max Challenge provides an opportunity for those who can handle increased risk parameters and aim for substantial profits within a shorter evaluation period. It’s ideal for experienced traders looking for a fast-tracked path to significant capital.
VIP Program for Two-Step Challenge & Two-Step Max Challenge
The VIP Program offers an enhanced version of the Two-Step Challenge and Two-Step Max Challenge. These programs provide traders with higher account sizes, increased profit splits, and personalized support. The evaluation process and risk parameters remain similar but are tailored for higher stakes and elite performance.
These VIP programs are best suited for highly skilled and experienced traders looking to manage larger account sizes with more favorable profit splits. They are ideal for those who have proven their trading abilities and seek additional support and resources to maximize their trading potential. The VIP status also offers exclusive benefits and a more personalized trading experience.
One-Step Challenge
The One-Step Challenge is designed for traders who prefer a straightforward and rapid evaluation. Traders must achieve a 10% profit target with a maximum daily loss of 4% and a max trailing loss of 6%. There is no need to complete multiple stages, providing an expedited route to funding.
This program is ideal for experienced traders who seek immediate funding and can consistently meet profit targets quickly. It’s suited for those who excel under pressure and prefer a single, clear-cut evaluation phase to prove their trading prowess.
VIP Program (One-Step Challenge)
The VIP Program for the One-Step Challenge offers enhanced benefits for traders, including higher account sizes and increased profit splits. The evaluation criteria remain the same, but with added personalized support and exclusive resources, making it a premium option.
This VIP program is best suited for elite traders who have demonstrated exceptional skills and seek to manage larger accounts with better profit-sharing terms. It is ideal for those looking for a more tailored and supportive trading experience to maximize their potentia
One-Step Max Challenge
The One-Step Max Challenge is designed for traders who seek a quick and intensive evaluation process. Traders must achieve an 8% profit target with a maximum daily loss of 2% (soft breach) and a max overall loss of 8%. This program focuses on immediate funding, allowing traders to prove their skills in a single stage.
This program is ideal for high-frequency traders who can achieve targets quickly and operate effectively under strict risk parameters. It suits those who prefer a fast-paced trading environment and can demonstrate their abilities within a condensed timeframe.
Three-Step Challenge
The Three-Step Challenge is a comprehensive evaluation process designed to thoroughly assess a trader’s skills and consistency over three stages. Each phase requires meeting a 6% profit target, with a maximum daily loss of 4% and a max overall loss of 8%. This progressive approach ensures traders can maintain performance and risk management over an extended period.
This program is best suited for traders who prefer a gradual and detailed assessment process. It is ideal for those who thrive under a structured evaluation with clear, progressive milestones. This challenge is perfect for traders looking for a thorough validation of their trading skills and consistency.
MyFundedFX Trading Conditions and Requirements
Leverage
MyFundedFX offers leverage up to 1:100 across most account types, allowing traders to amplify their positions and potential returns.
Trading Instruments
Traders at MyFundedFX can trade a wide range of financial instruments, including:
- Forex pairs
- Commodities
- Indices
- Cryptocurrencies
Specific Rules
- Stop-Loss Requirements: No mandatory stop-loss; effective risk management is encouraged.
- Maximum Daily Loss: Adherence to daily loss limits, which vary by program.
- Maximum Loss: Overall loss limits specific to each evaluation program.
- No News Trading: Trading is restricted during high-impact news releases to avoid volatility.
Trading Days
- Minimum Trading Days: No minimum trading days required.
- Maximum Trading Days: No maximum trading days imposed, providing ample flexibility.
MyFundedFX Profit Splits and Payment Methods
Profit Splits
- Traders can earn up to 92.75% of the profits generated in their funded accounts. The exact profit split depends on the specific challenge and performance.
Payout Frequency
- Initial Payout: Within 7 to 14 days from the first trade in the funded account.
- Subsequent Payouts: Weekly or bi-weekly, depending on the chosen program.
Payment Methods
- Deposits: Payments for challenge fees can be made via major credit/debit cards, PayPal, and cryptocurrencies.
- Withdrawals: Profits can be withdrawn through bank transfers, PayPal, and cryptocurrency transfers.
Unique Payout Features
- No Minimum Withdrawal: Traders can withdraw any amount from their profits.
- Scaling Plan: Accounts can be scaled up by 25% every three months based on consistent performance, enhancing earning potential.
MyFundedFX Pros and Cons
Pros:
- High Profit Splits: Up to 92.75% profit split for successful traders.
- Flexible Evaluation Programs: Variety of programs including one-step, two-step, and three-step evaluations.
- No Minimum Trading Days: Traders have the flexibility to meet targets at their own pace.
- Leverage: High leverage up to 1:100.
- Scaling Plan: Accounts can be scaled up by 25% every three months based on performance.
- Multiple Payment Methods: Includes bank transfers, PayPal, and cryptocurrencies.
- Comprehensive Support: Access to a professional dashboard, educational resources, and personalized support.
Cons:
- Expensive Fees: Higher costs for challenge programs compared to some competitors.
- Strict Risk Parameters: Low initial maximum drawdown and stringent daily loss limits.
- Trading Restrictions: No trading during high-impact news events.
- Trailing Drawdown: Particularly in the one-step challenges, which can be challenging for some traders.
MyFundedFX Broker Partnerships and Trading Environment
Brokers
- Zenfinex
- Purple Trading Seychelles
- Quality FX Ltd
Trading Platforms
- cTrader: Available with Purple Trading Seychelles.
- DXtrade: Available with Zenfinex.
- MetaTrader 5: Available with Quality FX Ltd
- Additionally, traders are also provided with an option to choose Match-Trader.
Trading Fees
- Spreads: Competitive, though specific numbers are not provided.
- Commissions: Charged per trade, varying by broker and account type.
- Swaps: Overnight fees for holding positions, dependent on the instrument and broker.
MyFundedFX Support and Resources for Traders
Available Support Channels
MyFundedFX provides a variety of support channels to assist traders:
- Email Support: Traders can send inquiries to the support email for detailed assistance.
- Live Chat: Immediate help and quick responses are available on their website.
- Discord Channel: An active community where traders can interact and get support.
- Telegram Channel: Another platform for real-time support and updates.
- FAQ Section: Comprehensive answers to common questions.
- Language: Support is available in English.
Educational Resources
MyFundedFX offers an extensive range of educational resources to help traders improve their skills and knowledge, including:
- Webinars: Regular sessions covering various trading topics and strategies.
- Articles: In-depth articles on technical analysis, trading strategies, and market insights.
- Mentorship Programs: Personalized guidance from experienced traders to assist new traders in navigating the trading environment.
Blog and Success Stories
MyFundedFX provides its community with a detailed blog featuring educational content across 16 categories:
- Technical Analysis
- Trading Indicators
- Psychology
- Algorithms
- Scalping
- Technology
- Risk Management
- Market Analysis
- Strategies
- Broker
- Diversification
- Volatility
- Leverage
- Financial Education
- Entrepreneurship
- Analysis
Additionally, the platform features a Success Stories section, which includes educational interviews with the most successful traders working with MyFundedFX. These stories provide insights and tips from top performers, helping to inspire and educate other traders in the community.
MyFundedFX User Experiences and Testimonials
MyFundedFX has a rating of 4.3 out of 5 stars based on 1,626 reviews, indicating a “Great” overall rating.
Positive Feedback
Customer Support: Many users appreciate the responsive and helpful customer support provided by MyFundedFX. The support team is known for addressing queries efficiently, enhancing the overall user experience.
Trading Conditions: Traders commend the favorable trading conditions, including flexible trading strategies and a generous profit split starting at 80%, which can increase to 90%.
Evaluation Process: The structured evaluation process, including both one-step and two-step challenges, is often praised for being fair and transparent, allowing traders to prove their skills.
Negative Feedback
Profit Distribution Transparency: Some users express concerns about the transparency of profit calculations and distributions, leading to skepticism about the fairness of their earnings.
Account Setup Delays: A few users report delays in account setup and funding after completing the evaluation process, causing frustration and hindering their trading activities.
Trading Restrictions: Certain trading restrictions, such as prohibitions on news trading around high-impact events, are seen as limitations by some traders who prefer more freedom in their trading activities.
Conclusion
MyFundedFX offers a supportive trading environment with responsive customer support and favorable trading conditions. While there are concerns about profit distribution transparency and account setup delays, the overall positive feedback highlights MyFundedFX as a reliable choice for traders looking to grow their careers.
MyFundedFX Trading Dashboard
Expert Opinion on Usability
- Intuitive Interface: User-friendly layout with key information like account balance and performance metrics prominently displayed.
- Real-Time Data: Access to live price feeds, market news, and economic calendar events for informed decision-making.
- Comprehensive Analytics: Detailed performance reports and customizable charts to track progress and optimize strategies.
- Risk Management Tools: Built-in features such as stop-loss and take-profit settings, along with alerts for critical events.
- Customization Options: Personalized layout, preferred trading instruments, and alert settings to enhance user experience.
- Educational Resources: Integrated access to webinars, articles, and tutorials for continuous learning.
- Support Integration: Easy access to support channels like live chat and email directly from the dashboard.
Overall, the MyFundedFX trading dashboard is well-designed to meet the needs of traders at all levels, combining essential features and tools for an optimized trading experience.
Expert Opinion on MyFundedFX
MyFundedFX stands out as a reputable and trustworthy proprietary trading firm that offers a variety of funding programs designed to cater to different trading styles and preferences. As an experienced trader, I find their offerings comprehensive and well-structured, providing both flexibility and robust support to traders.
Summary of Key Points:
- Five Unique Funding Programs: MyFundedFX provides a selection of five funding programs: Two-step Challenge, Two-step Max Challenge, One-step Challenge, One-step Max Challenge, and Three-step Challenge.
- Flexible Evaluation Criteria: Each program has realistic profit targets and loss limits, with no minimum or maximum trading day requirements, allowing traders to perform at their own pace.
- High Profit Splits: Traders can earn up to 92.75% of profits, which is highly competitive in the industry.
- Comprehensive Support and Resources: MyFundedFX offers extensive educational resources, including webinars, articles, and mentorship programs, alongside excellent customer support.
- User-Friendly Trading Dashboard: The intuitive and customizable trading dashboard provides real-time data, comprehensive analytics, and integrated risk management tools.
Detailed Program Analysis:
Two-Step Challenge: Ideal for traders who prefer a balanced and structured evaluation. It requires an 8% profit target in Phase 1 and 5% in Phase 2, with no time constraints, making it flexible yet challenging.
Two-Step Max Challenge: Suitable for aggressive traders aiming for higher profit targets. It requires a 10% profit target in Phase 1 and 5% in Phase 2, with higher loss limits, catering to those who can handle more risk.
One-Step Challenge: Perfect for experienced traders seeking immediate funding. It demands a 10% profit target with a 4% max daily loss and 6% max trailing loss, offering a straightforward path to funding.
One-Step Max Challenge: Designed for high-frequency traders who can achieve targets quickly. It has an 8% profit target with strict risk parameters and a soft breach limit on daily gains.
Three-Step Challenge: Best for traders who prefer a thorough and gradual assessment. It requires a 6% profit target in each of the three phases, ensuring a comprehensive evaluation of trading consistency.
Positive User Experiences:
- High Profit Splits: Up to 92.75% profit split is highly appreciated by traders.
- No Minimum Trading Days: Flexibility in trading pace is a significant advantage.
- Excellent Customer Support: Responsive and helpful support channels.
- Educational Resources: A wealth of resources to support trader development.
Negative User Experiences:
- Expensive Fees: Some users find the challenge program fees higher than competitors.
- Strict Risk Parameters: The stringent loss limits can be challenging for less experienced traders.
- Trading Restrictions: Prohibition of trading during high-impact news events can be seen as a limitation.
Final Thoughts
MyFundedFX is a well-rounded proprietary trading firm that excels in providing flexible and supportive trading conditions. The variety of evaluation programs caters to different trading styles and risk tolerances, making it accessible to a broad spectrum of traders. The high profit splits and robust educational support further enhance its appeal.
Final Verdict and Recommendation
In conclusion, MyFundedFX is a reputable proprietary trading firm offering five well-structured funding programs: Two-step Challenge, Two-step Max Challenge, One-step Challenge, One-step Max Challenge, and Three-step Challenge. Each program is designed with realistic trading objectives and offers substantial profit splits. The firm provides excellent support and educational resources, making it an attractive option for traders looking to develop and succeed.
Recommendation: I highly recommend MyFundedFX to traders seeking a reputable and flexible proprietary trading firm. Their comprehensive programs, supportive resources, and competitive profit splits make them one of the leading prop firms in the industry.
