Whether you’re a seasoned trader or just getting started in the world of forex trading, finding the right proprietary trading firm can be a game-changer. A viable prop trading firm provides trading capital to traders and shares in the profits generated. In today’s post, we delve into a detailed My Forex Funds review.
Traders Union published My Forex Funds review, aimed at helping you make an informed decision in your trading journey. This analysis aims to comprehensively understand how My Forex Funds works, its advantages, drawbacks, and other critical features.
What is My Forex Funds?
According to Traders Union experts, My Forex Funds is a proprietary (prop) trading company that has been offering its capital to forex traders since July 2020. It provides three financing plans, including a quick-start program with a live account activated on the subscription payment day. Clients can use the funds from My Forex Funds to trade various financial instruments such as currency pairs, metals, oil, stock indices, and cryptocurrencies in CFD format. The trading facilitated through MT4 and MT5 platforms offers leverage and floating narrow spreads.
Advantages and disadvantages of My Forex Funds
As with any other trading platform, My Forex Funds has its own pros and cons. According to the Traders Union experts:
Advantages of My Forex Funds include:
- No country restrictions except for Canada, allowing a wide range of traders to participate.
- A wide array of financing plans.
- Relaxed requirements for general and daily drawdown levels.
- Traders can gain profits ranging from 12% to 85% of the total amount.
- The company’s capital is accessible after paying just $49.
- An accelerated plan for professional traders commences from the first day of trading.
- Availability of partnership and bonus programs.
Drawbacks:
- A fee per lot is imposed for spreads on all trading instruments.
- There are some restrictions on trading strategies.
- No technical support via telephone is available.
Analysis of the main features of My Forex Funds
Traders Union experts conducted a comprehensive analysis and rated the main features of My Forex Funds as follows:
Execution of orders: 6.99/10 Investment instruments: 7.41/10 Withdrawal speed: 7.05/10 Customer Support work: 7.35/10 Variety of instruments: 6.83/10 Trading platform: 7.57/10
This gives My Forex Funds an overall score of 7.2/10.
Trading conditions for My Forex Funds users
According to the Traders Union experts, the trading conditions for My Forex Funds users include a wide variety of options:
- Trading platform: MetaTrader 4, MetaTrader 5.
- Account types: Evaluation, Rapid (CEA, NCA), Accelerated (Conventional, Emphatic).
- Account currency: USD.
- Payment methods: Bank cards, BTC, LTC, ETH, USDT, USDC, Deel, bank transfer, Paypal, TransferWise, Payoneer, Revolut, Mercury, and cryptocurrencies.
- Minimum deposit: $49.
- Leverage: Varies from 1:50 to 1:500 based on the plan.
- Minimum order: 0.01.
- Spread: from 1 pip (for currency pairs).
- Instruments: Forex, CFDs, commodities, metals, indices, stocks, cryptos.
- Mobile trading: Yes.
- Affiliate program: Yes.
- Order execution: Market execution.
- Contests and bonuses: Yes.
My Forex Funds commissions & fees
Per the My Forex Funds website, the minimum spread for currency pairs is 1 pip. A $3 fee per lot is also deducted from a trader for each transaction. The company’s fee is charged once during the subscription payment, and it varies from $49 to $4,900, based on the selected financing plan. Note that banks and payment systems may impose additional charges for facilitating withdrawals.
Additionally, Traders Union has also reviewed and published the OneUp Trader review. To read an insightful and detailed review, please visit the official website of Traders Union.
Conclusion
My Forex Funds is a viable prop trading firm, offering various trading options, affordable fees, and accessible trading capital. Like every other platform, it has its strengths and shortcomings. Potential traders should weigh these factors according to their trading needs and objectives. For more insights and reviews about various trading platforms, visit the official Traders Union website. Our experts remain committed to delivering in-depth reviews and guidance for your trading journey.
