MyFundedFX offers a unique opportunity for traders to engage in simulated trading with potential payouts based on their performance. With a strong emphasis on transparency, MyFundedFX provides various plans and flexible trading conditions to cater to different trading styles and objectives.
About MyFundedFX Prop Firm: An Overview
Legal Company Name:
MyFunded Capital (HK) Ltd
Address Details:
Suite 1601, 16/F., AXA Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon, Hong Kong
Founding Year:
June 2022
Registration Location:
Hong Kong and Cyprus
Executive Team:
CEO Matthew Leech
Trading Platforms
MyFundedFX supports multiple trading platforms including DXTrade, cTrade, MatchTrader, and more. This variety allows traders to choose the platform that best suits their trading style and preferences.
Instruments Available at MyFundedFX
Traders can access a wide range of instruments, including Forex, Metals, Commodities, Indices, and Cryptocurrencies (BTC, BCH, LTC, ETH).
How to Make Payments at MyFundedFX Prop Firm
MyFundedFX accepts payments via credit card and cryptocurrency. It's essential to ensure the correct network is used for cryptocurrency payments to avoid any issues.
Account Sizes
MyFundedFX offers various account sizes ranging from $5,000 to $300,000, catering to both novice and experienced traders.
Profit Splits in MyFundedFX Prop Firm
Traders can enjoy up to an 80% profit split on all net simulated gains generated.
Profit Targets for MyFundedFX Prop Firm
- 1-Step Challenge: 10% simulated gain target
- 1-Step Max Challenge: 8% simulated gain target
- 2-Step Challenge: Phase 1 - 8%, Phase 2 - 5%
- 2-Step Max Challenge: Phase 1 - 10%, Phase 2 - 4%
Maximum Daily Drawdown and Loss at MyFundedFX Prop Firm
- Daily Simulated Loss: Ranges from 2% to 5% depending on the plan
- Overall Simulated Loss: Ranges from 6% to 10% depending on the plan
Minimum/Maximum Trading Days Required at MyFundedFX Prop Firm
- Minimum Trading Days: 1 day
- Maximum Trading Days: Unlimited
Steps Available Across Challenges
MyFundedFX offers various challenge steps:
- 1-Step: Verification and Live Simulated Trader
- 1-Step Max: Verification and Live Simulated Trader
- 2-Step: Phase 1, Phase 2, and Live Simulated Trader
- 2-Step Max: Phase 1, Phase 2, and Live Simulated Trader
Pricing for MyFundedFX Prop Firm Challenge
- 1-Step: $50 - $1399
- 1-Step Max: $42 - $799
- 2-Step Plan: Detailed pricing not provided, ranges available
- 3-Step Challenges: $70 - $900
Commissions and Fees at MyFundedFX Prop Firm
- ThinkMarkets:
- Forex/Metals: $7 per standard lot
- Indices/Crypto: $0 per lot
- Purple Trading:
- Forex, Oil, Metals: $6 per standard lot
- Indices, Crypto: commission free
MyFundedFX Prop Firm: Refund Policies
Refunds are available for fees paid for simulated challenge demo accounts if canceled within 14 days, provided the demo account remains untraded. Refunds for crypto purchases require KYC/AML verification.
Trial Offers at MyFundedFX Prop Firm
No free trial is available.
Payout Schedules of MyFundedFX Prop Firm
Traders can receive payouts based on simulated trading performance through Crypto or Riseworks, with a minimum payout amount of $65.
Advantages and Disadvantages
(according to Trustpilot Reviews)
Positive Reviews
- Organized Customer Care: Prompt and considerate customer support, assisting with platform transitions and resolving issues swiftly.
- Fast Payouts: Extremely quick payout process, with funds often received within minutes.
- Reliable Support: Effective issue resolution and account recredits for platform interruptions, demonstrating strong customer service.
- User-Friendly: Easy account recovery and login assistance, facilitating smooth trading experiences.
- Consistent Service: Reliable payouts and no payout rejections, maintaining a trustworthy and efficient operation.
Negative Reviews
- Inactivity Penalty: Accounts get disabled if inactive for 30 days, requiring good reviews for reactivation.
- Frequent Rule Changes: Constantly changing rules make passing challenges difficult, pushing users to buy new challenges.
- KYC Verification Issues: Problems with KYC verification leading to account breaches and refunds, causing frustration.
- News Trading Concerns: Complaints about fake spreads during high-impact news events, leading to unexpected stop-outs.
- Poor Customer Focus: Customer support perceived as unhelpful and rigid in resolving issues, diminishing user satisfaction.
FAQ Section
How do I get started with MyFundedFX?
To get started with MyFundedFX, follow these steps:
- Create an account on the MyFundedFX website.
- Select your account size from the MyFundedFX challenge dashboard.
- Make payment and receive your account credentials.
- Start trading as a MyFundedFX trader.
What is the trading environment like for MyFundedFX, and what are the phases involved?
All trading phases with MyFundedFX occur within a simulated trading environment using demo accounts.
What payment methods does MyFundedFX accept, and what should I be aware of when making cryptocurrency payments?
MyFundedFX accepts credit card and cryptocurrency payments. Ensure the correct network is used for crypto payments to avoid issues.
What plans do you offer?
MyFundedFX offers the following plans:
- 1-Step Challenge
- 1-Step Max Challenge
- 2-Step Challenge
- 2-Step Max Challenge
- 3-Step Challenge
For more detailed information and to join the MyFundedFX community, visit their Discord channel.